Lecture Innovation policy of the state and the enterprise

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In modern economic conditions "Globalizing", products are changing rapidly (in 3-4 years), innovations (innovations) are constantly being created. In this context, the role and importance of marketing and innovation is growing. the global market economy is emerging, the economy The market for high-tech goods and services is expanding, growing by an average of 1.2-2% annually, several times larger than the markets for raw materials - oil, gas, wood. The Russian Federation has a market share of only 0.3%, the United States - 32%, Japan - 23%, Germany - 10%. It is obvious that the countries that have built their economies on the basis of an innovative approach to the future are now leading the world economy. Today, a number of measures and programs are being developed and implemented to increase the competitiveness of the country's economy. These programs are based on the modernization, diversification and technical re-equipment of the economy, the widespread introduction of innovative technologies, as well as the support of the banking system, which will ensure the competitiveness of the economy and sustainable growth. Innovation is the driving force of structural change in the world economy The innovative type of economic development does not lead to a reduction in costs for the product. It is possible that innovations will have a significant impact on the structure of sectors of the economy, specialization and the development of cooperation between industries and sub-sectors. Uzbekistan seeks to increase the efficiency of the national economy through the creation of high-tech, modern industries. In this context, one of the most important tasks in the integration into the world economy is the transition of the economy to the path of innovative development.was a factor. In recent years, the terms "innovation", "innovation process" and "innovative activity" have become more common in our economic sources. In particular, it is widely interpreted in the period of modernization of the economy. Therefore, a comprehensive approach to understanding the essence of the concept of innovation is expedient. Economic sources have different interpretations of "innovation". Many foreign economists N. Manchev, I. Perlaki, VD Hartmann, E. Mansfield, B. Twiss, I. Schumpeter, E. Rodgers and others interpret this concept differently. For example: B. Twiss: - "Innovation is a process of discovery or idea, economic meaning." F. Nixon: "Innovation is a set of technical, production and commercial measures, the emergence of updated production and equipment in new markets."


Translated from Uzbek to English - www.onlinedoctranslator.com I.Shumpeter: "Innovation is a scientific and organizational generalization of the factors of production, which stimulates the spirit of entrepreneurship." B. Santo: “Innovation is a social, technical, economic process; the practical application of ideas and discoveries leads to the fact that products, technologies have good quality qualities, that is, innovation implies high efficiency. Its emergence could bring additional revenue to the market. ”Summarizing these distortions, we can say that innovation is a set of all technical, technological, economic, organizational and management processes aimed at improving production (service) processes, technology, providing new quality features of products and services, improving management efficiency. The competitiveness of the country's economy is influenced by its role in the international division of labor, the conditions of formation of its natural, labor and financial resources. Recent indicators of natural resource adequacy suggest the development of resource-saving trends. In the use of labor resources, the advantage is not their cheapness or value, but, first of all, the knowledge, skills, innovative potential of production staff. The innovation mechanism should be used as the most important additional factor of growth. It should not be limited to attracting potential goods and services with a comparative advantage in foreign trade. It should not only create value-added products based on the technological chain of processing of primary raw materials. It is necessary to create innovative processes and innovative products capable of significantly strengthening the national economy and increasing its export potential. The term innovation is derived from the English word "innovation", which means a new scientific and technical achievement, the process of putting a new product into practice. Innovation literally means innovation, which is applied from the micro-scale to the macro-scale, ie the introduction of certain changes in order to increase the efficiency of the enterprise's production mechanism or the introduction of new directions in the economic policy of the country. understood. Based on the analysis of various distortions of innovation, the Austrian scientist Y. Schumpeter highlighted 5 separate descriptions of it: - The use of new equipment and technological processes or the production of new markets supply of products; - Introduction of products with new features; - Use of new types of raw ashe; - Positive changes in the organization of production and maintenance of its material and technical base; - creation of new sales markets. The main types of innovations: - product innovation; - technical and technological innovation; - organizational management innovation. Product innovation is the most common and is available in many businesses. In this case, the nature of the transition from one enterprise to another varies. For some, the replacement of the range of products included in the traditional profile or a significant increase in the number of products, for others is to improve the consumer quality of the traditional product, taking into account consumer requirements.Technology - technology innovation - is the leading motive of innovation, the production of new products that meet market demand. Organizational-managerial innovation is more characterized by the reorganization of work at all levels of the firm, departments, divisions and services. An innovation process is an activity related to the creation, assimilation and dissemination of innovations in an organization. Innovative processes occur mainly at the level of households, firms, companies, corporations, and gradually penetrate into the full economic system, macroeconomic sectors. The purpose of innovation processes can be seen in the following: - inventing a new technical solution to the problem; - Organization of research and development; - organization of production of new products; - Determining the demand for the product; - serial production; - introduction of a new product to the market; - to settle in a new market by increasing the competitiveness and quality of products. The subjects of the innovation process can be divided into: 1. Innovators are generators of scientific and technical knowledge. These may include inventors and research organizations. They will be able to get a portion of the income that comes from using the inventions. 2. The first recipients are the entrepreneurs who are the first to master the innovation. They seek to generate additional revenue by rapidly bringing news to market. They were called "pioneers." 3. The first majority are the firms that were the first to introduce innovations into production. This gives them extra income. 4. The laggards are the ones who are late for the innovations and face the situation that leads to the production of spiritually obsolete products. All groups except innovators are imitators. There are 3 logical forms of the innovation process: Simple internal organization (natural) Simple organizational space (brand) Extended A simple internal organizational innovation process is the introduction and use of innovation in an enterprise. In this case, the novelty will not be branded. Simple organizational space is the object of buying and selling innovation in the innovation process. This form of innovative process shows the difference between the function of a producer with its creator of innovation and its function of a consumer. An extended innovation process is an update that manifests itself in the form of new manufacturers. The monopoly character of the producer is broken, the connection between the parties improves the consumer character of the goods produced through competition. At least two economic entities operate in the context of the product innovation process - producer and consumer.If innovation is a technological process, then the producer and the consumer can be one business entity. There are seven components of the innovation process, the combination of which forms the structure of the innovation process. these elements are: - Innovation initiative - Innovation marketing - Development of innovation - Implementation of innovations - introduction of innovations - Assess the cost-effectiveness of innovation - diffusion of innovation. The initiative is the beginning of the innovation process. An initiative is an activity consisting of setting an innovation goal, organizing the work to be done through innovation, searching for innovative ideas and its feasibility and materialization of ideas. Materialization of ideas means that the idea becomes a commodity. Once a new product is established, a marketing study of the innovation being introduced is conducted. In this case, the demand for a new product is studied, the volume of production is determined, the consumer characteristics and product characteristics of the product entering the market, where innovation must be introduced. Then the innovation takes place, i.e. a small batch of this innovation is reflected in the market, its distribution, efficiency assessment and diffusion. The spread of innovation includes a set of measures aimed at the realization of innovation. The cost-effectiveness of innovation is based on a statistical analysis of the cost of implementing and disseminating innovation. The innovation process ends with the diffusion of innovation. Diffusion of innovation implies the spread of innovation in previously occupied, new region, new markets. In general, innovative activity is one of the main drivers of modernization of the economy of our country today, and therefore it is necessary to increase innovation activity at all levels of the economic system. 12.2. Organization and methods of innovative activity in enterprises The innovative orientation of economic development, the growing need for technological innovation emphasizes the importance of clear and consistent with the principles of organization in innovation activities and structural-organizational interactions. It is about finding appropriate ways to bring innovation impulses to economic reality. It is clear that as innovation expands, it is necessary to form a scientifically based functional-elemental base of innovative development. The organization of innovations includes three main aspects:an entity that is an association of people who jointly develop, implement and produce innovations of innovative activity; A set of processes and actions of the organization aimed at fulfilling the necessary tasks in innovative activities; Structures that ensure the internal regulation of the system and the improvement of the interaction between the systems of its elements. In this context, the organization of innovation as a process of regulating innovation, as a subject, firm, institute, innovative enterprise, as an organizational structure that determines the composition and location of divisions, as well as forms, methods, processes of innovative activity need to understand. From the firm’s point of view, an organization can be seen as an association of people or their agreement to do work to implement innovations. Firms, companies, associations, universities, research institutes, technical colleges, technology parks, etc. with different elements and different sizes will be the subjects of innovative activities. All of these organizations will be the main sources and business entities that will carry out the actual renewal of production. The emergence of a special innovative business, which is closely linked with the "own" stage of the life cycle, will be a matter of time. For example, innovative enterprises and organizations may specialize in fundamental research (academic and higher education sector and ITI (applied research and development), which include scientific and innovative enterprises, universities, small businesses, scientific and technical complexes and associations. Both business structures and firms, institutes and corporations with a developed base of ITTKI are connected with the stage of creation and implementation of experimental models. On the basis of practical ITTKI and TKI innovators create basic technological, scientific-technical and product innovations. The introduction and production of scientific, technical and product innovations, as a rule, are carried out by large firms with a good resource base, qualified staff, established positions in the market. Although researchers do not link the size of the firm to the number of inventions, Western Europe has accumulated a great deal of experience in innovative development. But in France and the UK, it is widely believed that the academic and higher education sector and small firms play a key role in the scientific development phase. At the stage of experienced production, marketing and sales, business of different scales will advance, while the production and distribution of innovations will be carried out in large and medium-sized enterprises and industrial companies. According to the type of economic division of labor created in innovative activities, most small and medium-sized enterprises will be subcontractors of large firms specializing in the production of semi-finished products, components, as well as providing and maintaining the main business. The so-called spin-disaster ("spin. Disaster"), which independently develops scientific and technical innovations, also serves the stage of innovation. Innovative enterprises also differ in the priority type of innovation that they are the object of activity. For example, they are divided into the following classes: leading innovators planning new scientific discoveries, new methods of application and pioneering (first) discoveries; leading innovators who create radically new processes and products based on previous discoveries; innovators who create basic innovations based on the old method;innovators who produce, modernize and rationalize innovation; innovators who create innovation that replaces previous products and technologies; innovators specializing in news sales and marketing; innovators who create innovations that meet demand in new markets; innovators engaged in the diffusion, distribution and reproduction of innovations in various sectors of the economy. Innovative enterprises also specialize according to the level of novelty of the innovations produced (radically new, relatively, in part, local novelty or imitation). 12.3. The main stages of creating and implementing an innovative project A relatively new concept of project management ('project management') is rapidly entering the economy. The basis of this concept is to look at the project to measure the initial state of any system in terms of time and money spent. This is the process of change, which is carried out within the budget and time constraints on previously developed programs - project management. To date, project management has been recognized by all industry-developed and investment activity methodologies in newly industrialized countries. In the practice of our country, this concept is reflected in the application of software-targeted programs (DMD). The concept of "innovative project" can be considered as follows: form of targeted management of innovative activities; the process of implementing innovations; set of documents. An innovative project is a complex system of interrelated and interconnected resources, timelines and executors aimed at achieving specific goals (objectives) of priority development of science and technology as a form of targeted management of innovative activities. As a process of innovation, it is a set of scientific, technological, production, organizational, financial and commercial activities that lead to innovation, performed in a defined sequence. At the same time, an innovative project is a set of technical, organizational, planning and computational financial documents required to achieve the goals of the project. Taking into account these three points of view, the following distortion can be made: an innovative project is a set of documents that define science-based goals and activities for solving problems at a distance and time, the organization of innovation processes. Scientific substantiation of goals and activities is achieved through adherence to scientific approaches to management, the use of modern methods. The development and implementation of an innovative project is supervised by the project manager (project manager) and the Scientific and Technical Council (SCC). The ITC is responsible for the selection of scientific and technical solutions, the level of their implementation, the completeness and completeness of the measures necessary to achieve project goals, the selection of executors on a competitive basis and the examination of the results. The project manager is a legal entity, which delegates the authority to lead the work on the project: planning, control and coordination of the work of project participants. The exact composition of the powers of the project manager is determined by the contract with the customer. The project team is a unique organizational structure managed by the project manager and established in order to achieve the planned targets in a timely manner during the project implementation. The composition of the project teamand tasks depend on the complexity and other distortions of the scale of the project. The developer may engage specialized organizations to perform part of its tasks. Project supporters include innovation centers, programs and project support funds, consulting firms, independent expert organizations, patent and license firms, audit firms, exhibition centers, etc. The classification of innovative projects is based on the classification of innovations. For example, in terms of approval, funding and level of implementation, innovative projects can be divided into interstate, state, regional, sectoral, individual enterprise. The principles, objectives, stages and methods of project formation and justification, the mechanism of their design and implementation can not differ significantly from the topics we have previously considered. The previous 9 topics were reviewed by us to scientifically substantiate, materialize, and effectively implement innovative projects. 10-13 topics of the textbook are devoted to the final issues. We reiterate that the depth of categorization of an innovative project, the scientific approaches and principles taken into account in the design, the amount of management methods used are determined by the project general manager (project manager) and ITC members according to the complexity of the problem, project cost and external and internal factors. The development of an innovative project will be completed with the preparation of project documentation. The single structure of the "Project Documents" has not yet been determined, and in each case its content is determined in the initial (technical and economic) task. An innovative project at any level should include the following units: the content and relevance of the problem (idea); project manager's resume; a project goal tree built on marketing research and problem categorization; a system of measures to implement the project goal tree; comprehensive justification of the project; comprehensive implementation of the project; Distortion of ITK; expert opinion of the project; project implementation mechanism and motivation system. The project implementation mechanism includes regulations on the structure of the innovative organization, its divisions and job descriptions, operational-calendar plans and network models (tables), project management programs, integrated implementation of project tasks, issues and goals , control, coordination and regulatory plans. Determining the order of completion of the project, including the submission of the project and the closure of the contract, will be one of the issues of innovative design. Innovative project department is the determination of the decisions made by the customer in the development of project concepts in accordance with the results obtained in its implementation. All requirements for the submission and acceptance of the work are determined by the contract. A ready-made object must receive the results of the project implementation and conduct operational tests. They include: comparison of technical and economic parameters of development with the planned indicator; identify the causes of discrepancies, develop measures to eliminate the discrepancies found and organize work to eliminate gaps.If as a result of acceptance tests a product that meets the requirements of the project is obtained, then the protocol of the commission on the acceptance of the finished objects is drawn up. The results of the tests will be the basis for the transfer of responsibility for the delivery of the finished product (object novelty, etc.) from the developing organizations to the customer during the period of acceptance. Closing the contract is carried out in the following stages: audit of financial statements; comfort; identification of unfulfilled obligations; completion of unfulfilled obligations. The audit of financial statements is included in the report of the customer and the executing agency. Checking the customer's financial statements includes: checking the invoices for the entire volume of completed work - invoices; coordination of received payments with submitted invoices; check the availability of documents on changes; control of the amount withheld made by the customer. Examination of the executor's financial statements includes: verification of payments from suppliers and co-executors; Correspondence of the order amount to the purchases of suppliers by mail; search for overdue payments to the supplier; confirmation of appropriate deductions. The results of these inspections will provide information for the preparation of final financial statements for the project. At this stage, final settlements will be made with the executors. Passporting is one of the important elements of organizing a contract closing. It is held in the following sequence: the executors of the departments submit reports on the required applications to the parent organization by department; submits the next final report to the ITC by department; ITC receives reports on the department and draws up acts; the parent organization generally prepares a report on the project and sends it to the General Client. The contract closes. Examination of innovative projects. Examination of innovative projects is a comprehensive inspection and control of: a) quality of the system of normative-methodical, design-design and other documents included in the structure of the project and innovative Management; b) professionalism of the project manager and his team; c) scientific, technical and production potential, competitiveness of the innovative organization; g) performed calculations - reliability of books, level of risk and efficiency of the project; d) the quality of the project development and implementation mechanism, the ability to achieve the set goals. Examination of innovative projects on the set of tasks can be compared with certification. Not an expertise on valuable innovative projects of international or national importance, aimed at solving major environmental, informational, humanitarian problemsWe believe that the certification is correct. The size and group of subjects to be examined in the examination is determined by the general customer according to the type and characteristics of the innovative project.1 In accordance with the recommendations of the Organization for Economic Cooperation and Development (OECD), the examination of innovative projects should be based on the following principles: The results of the examination show the existence of an independent group of research, which acts as an arbitrator in disputes over the selection of specialists; Innovations in the calculation of value added in research activities are considered as production; Carry out cost forecasting and planning in the medium term to have the opportunity and time to control the proposed efficiency; The methods of control should be linked to the prospects for the development of leadership in science and technology policy at the state level. The expertise of projects should take into account the future impact of the results of research and development on the social, economic and environmental environment. The examination has not only a quantitative but also a qualitative assessment of the projects. Evaluations made by each member of the expert group are taken into account in decision-making. Experts may request any information relevant to the project being produced. Any expert group may include a highly qualified representative of the examination client. We consider it necessary to supplement the listed principles of expertise of innovative projects recommended by the OIC with the following: The expert group should consist of at least seven specialists working on a contract basis in this field; The work of the expert group should be organized on the principles of independence, objectivity, professionalism, integrity, structure, interest in the final results of the work; The main task of the expert group should be to verify the observance of scientific approaches, principles and methods of Innovation Management by the innovative organization when designing the facility. Ensuring high quality of normative and methodological documents on innovation management and operation of any structure will be an important condition for achieving high quality of the innovative project, organization and effectiveness of the work of the expert group. Documents can be classified according to the following main criteria: a) The level of the hierarchy of normative and methodological support is the international community, country, region, city, village, firm. b) the legal status of the document - binding (laws, standards, decrees, decisions, rules, programs, plans, official orders) and recommendations (guidelines, methodologies, guidelines, etc.); c) the content of the document - technical (investment projects, design and technological documentation, methodologies, etc.), economic (feasibility study, financial, accounting, tax documents, business plans, etc.), organizational (organizational projects, organizational charter, protocols, guidelines, etc.). 1 Akoff R., Magidson D., Eddison G. «Idealizirovannoe proektirovanie: Kak predotvratit zavtrashniy krizis segodnya. Creation of a future organization », 2007.Mandatory attributes (signs) of the company's documents - the purpose of the document, the basis for its development, the role of this goal (task, service management system), the purpose (references to scientific approaches and principles that must be followed in solving the task) 'owners, criteria and rules of their use, probable scope of executors, quality of work, resource savings, time requirements, penalties, sources of information. In addition to this information, specific methods should be provided in the methodological documents. It is proposed to evaluate the documents on the following quality criteria: The complexity of the document, ie the technical, environmental, ergonomic, economic, legal, organizational and other issues in which they are interrelated, consider the document when it is targeted; The degree to which the document (object) meets international requirements on environmental, safety, interchangeability, patent purity, legal protection and other issues; Integration of the level of use of world achievements and harmonization of the document with world standards; Number of scientific approaches (systematic, marketing, reworked, functional) used in the development of the document; The number of modern methods used in the development of the document (functional - value analysis, modeling, forecasting, coordination, etc.). If it is recommended to use these methods in the development of the object, then this requirement should be clearly stated in the document; Economic justification of management decisions; Duplication of the document, its prospects, scope; Approval of the document by scientific circles, state and regional administrations and in practice; Reputation of the organizations developing the document and qualifications of its producers; Agencies that coordinated and approved the document; The degree of compliance with the standards in the design of the document, the uniqueness of the concepts, the accuracy of the statement, reliability, visualization. Documents that meet the listed criteria (requirements) of quality will be competitive in the domestic and foreign markets. The quality of the document will be the main condition for ensuring the competitiveness of goods, firms, countries. The methodology of examination of innovative projects is based on the analysis and forecasting of management decisions, methods and approaches to development. The following will be the most common methods of examination. Indicators included in the innovative project and obtained as a result of expert (certification) tests, international and national requirements for environmental friendliness, ergonomics, safety of the object, its coexistence, interchangeability, the world in this field methods of comparison with other parameters of achievement; expert; indexed balanced graphs (tables) and other methods and paths. These methods are not alternatives, they complement each other.One method is used for one component (section, problem), another for another. The application of any method is not possible without the use of scientific approaches and methods of innovative management. The following is a methodology for examining projects outlined in the Innovative Management textbook written by the team led by SD Ilgenkova. For the implementation of federal scientific and technical programs, state contracts are concluded with the executors of programs obtained on a competitive basis by state customers. The expert assessment is formed in the form of answers to the questions of the expert questionnaire and provides the following options for the final conclusion of the expert: 5– the project definitely deserves support; 4 - the project deserves support; 3 - can be supported; 2 - the project is not worthy of support; the project does not deserve consideration by an expert council. The expert assessment takes into account the circumstances that complicate the objective examination. This may be due to a “conflict of interest”: The expert’s scientific interests and project content do not match; with the project manager or executors of the expert project, the scientific management with the project manager or executors (partnership with one of the main executors of the project, financial), standing or standing in a kinship relationship. The expert assessment is based on an analysis of the scientific content of the project and the scientific potential of the author (or team of authors). The analysis of the scientific content of the project takes into account the following: Accuracy of statement of project idea (clear, vague); Clarity of research objectives and methods (clear, unclear); Qualitative distortions of the project (the project has: fundamental character; interdisciplinary or systemic character; practical character); Scientific beginning (there are: a great scientific and methodological beginning in solving the problem formed in the project; publications on a given topic; there is no scientific and methodological development of the problem); The novelty of the problem statement (the research problem was first formulated and scientifically based by the author; the author proposed unique approaches to solving the problem; the research problem formed in the project is known to science and the author did not offer unique approaches to problem solving). The scientific potential of the team of authors is assessed taking into account the analysis of the scientific content of the project (authors / participants are able to perform the published work; the expert doubts the ability to perform the work). Thus, the expert should not only give a description of the project, but also evaluate: its relevance for this area of knowledge; whether the project is included in the research priorities; the novelty of the problem posed; project development prospects; the qualitative composition of the participants, as well as the project cost based on the above system. Expertise for experimental laboratory research provides answers to the following questions: Is a research program prepared? Are questionnaires prepared for the survey?Has a pilot study been conducted? The examination is based on a comparative analysis of several projects. Three stages of examination are envisaged. The first stage is the initial consideration of the project and the solution of the following tasks: The second stage is the selection of projects to participate in the examination; Drawing conclusions based on rejected projects; Assign experts to each project that has passed the individual level of expertise. The results of the examination are based on the rating. The rating of an individual project is determined in the second stage. In the third stage, conclusions are given on the project (adjustments can be made to the overall rating of the project, funding decisions are made). Keywords: fundamental research, applied research, experimental design work, experimental work, organization of ITTKI, patent, utility models, industrial designs, licensing, license royalties, innovative project, expertise of innovative projects. Summary: The main tasks of scientific research and experimental design work (ITTKI) are: Acquisition of new knowledge in the field of development of nature and society, new areas of their application; Theoretical and experimental examination of the possibility of materializing the criteria of competitiveness of goods of the organization, developed at the stage of strategic marketing in the field of production; Implementing a portfolio of news and innovations. A patent is a document that certifies authorship and gives its owner an exclusive right to an invention. Licensing is one of the main forms of trade in technology, which includes transactions with patents, licenses, know-how, etc. License is a patent-protected invention, technical task, technological and design secrets of production, allowing certain individuals or organizations to use the trademark. A relatively new concept of project management ('project management') is rapidly entering the economy. The basis of this concept is to look at the quality of measuring the initial state of any system in relation to the time and money spent on the project. Innovative project is a set of documents defining a system of scientifically based goals and measures to address the problem of remote and timely organization of innovative processes The main general principles of investment projects in innovative activities are: - In the process of development and implementation of investment innovative projects it is necessary to combine scientific and technical analysis with commercial, financial and economic, social to ensure a comprehensive approach to their implementation. - In the development and examination of investment projects in innovative activities, the flow of innovative products obtained as a result of the project should be presented in the form of cash flows, such as the flow of various resources used in the project.- In assessing the effectiveness of innovative projects, it is necessary to compare costs and results, taking into account the change in the value of money over time. - In the implementation of investment innovative projects it is necessary to take into account the uncertainties and risks associated with the implementation of the project. Investment projects arise from the needs of the enterprise. The condition for the viability of investment projects is that they correspond to the investment policy and strategic goals, which are mainly reflected in the increase of economic efficiency of the enterprise. Evaluating the effectiveness of investment projects One of the key elements of investment analysis will be the main tool for correctly selecting the most effective from several investment projects. 12.4. Evaluation of innovative projects The methods of evaluating investment projects may not be the same in all cases, as investment projects have enormous risks in terms of cost, duration, and useful results. It does not require large capital investments, does not have a significant impact on changes in production, and has a relatively short useful life. Simpler calculation methods can be used for small investment projects. At the same time, large-scale investment projects that require higher investment costs require the consideration of a large number of factors of new construction, reconstruction, development of radically new types of products and, as a result, more complex calculations, as well as identification of efficiency assessment methods. . The larger the scale of the investment project and the greater the change in the outcome of the business, the more accurate the methods of calculating cash flows and evaluating the effectiveness of the investment project should be. The fact that the movement of cash flows from the implementation of investment projects over a number of years makes it difficult to assess their effectiveness. Given that the implementation of investment projects over a longer period affects the economic potential of the enterprise and the results of economic activity, the error in assessing their effectiveness can lead to significant financial risks and losses. Several main reasons for the difference between the design and actual performance of investment projects in economics are known. The first group of reasons includes a conscious increase in the effectiveness of the investment project based on the subjective views of individual scientists, researchers and business professionals, and their struggle to allocate financial resources. Evaluation of the effectiveness of investment projects.