The dissertation deals with main problems of the justification of urban transport systems infrastructure development solving methodological issues of preparation, selection and implementation of projects. These issues are relevant for the implementation of sustainable urban development strategy of Lithuania as a member state of the European Union. The main aim of the Research is to develop a theoretical model for the justification of urban transport systems infrastructure development by adapting the model for the identification of priorities and practical execution of construction or reconstruction projects. The following tasks have been set for implementation of the objective of the Research: to analyse the objects of the current urban transport infrastructure and their role in sustainable urban development, to define the trends for their development; to analyse the principles for justification of transport infrastructure development projects; to carry out the analysis of the assessment methods applied during the processes of justification; to develop a theoretical project justification model by defining social – economic and other characteristic assessment criteria and aspects; to test theoretical performance of the developed model through the assessment of the selected and implemented urban transport infrastructure development projects in Lithuania. The dissertation consists of Introduction, 4 chapters, Conclusions, References and 6 Annexes. The Introduction reveals the... [to full text] / Disertacijoje nagrinėjamos miestų susisiekimo sistemų infrastruktūros plėtros pagrindimo problemos, sprendžiant plėtros projektų rengimo, atrankos bei įgyvendinimo metodologinius klausimus, kurie ypač aktualūs Lietuvos, kaip Europos Sąjungos narės, darnios miestų plėtros strategijai įgyvendinti. Šio darbo pagrindinis tikslas – sukurti teorinį miestų susisiekimo sistemų infrastruktūros plėtros projektų pagrindimo modelį, pritaikant jį prioritetų nustatymui ir praktiniam susisiekimo sistemų infrastuktūros statybos ir rekonstravimo projektų vykdymui. Darbe sprendžiami keli pagrindiniai uždaviniai: išanalizuoti šiuolaikinių miestų susisiekimo sistemų infrastruktūros objektus, nustatyti susisiekimo sistemų infrastruktūros plėtros tendencijas, įvertinant egzistuojančias miestų susisiekimo problemas; atlikti naudojamų susisiekimo infrastruktūros plėtros projektų pagrindimo principų, naudojamų vertinimo metodų analizę; suformuoti plėtros projektų pagrindimo principus miestų susisiekimo sistemų infrastruktūrai; sudaryti teorinį projektų pagrindimo modelį, nustatant būdingus vertinimo kriterijus ir aspektus; patikrinti sudaryto modelio praktinį veiksmingumą, atliekant pasirinktų įgyvendintų ir įgyvendinamų Lietuvos miestų susisiekimo sistemų infrastruktūros plėtros projektų vertinimą. Disertaciją sudaro įvadas, keturi skyriai, rezultatų apibendrinimas, naudotos literatūros ir autoriaus publikacijų disertacijos tema sąrašai ir 6 priedai. Įvadiniame skyriuje aptariama tiriamoji problema... [toliau žr. visą tekstą]

This article describes and analyses the present conditions of the application of the Public Work Tax Deduction (PWTD) mechanism, identifying six main obstacles that difficult on a appreciable way his concrete implementation or the rate of it.For this purpose, this study has identify and analyze the 30 main highlights that conform the critical path of PWTD process, determining the actual times for his performance and comparing them with the legal times established on the PWTD actual law, and so with the optimal times reasonably according with the experience on the public management of similar work projects. / El presente artículo describe y analiza las condiciones actuales de la aplicación delmecanismo de Obras por Impuestos (OXI), identificando seis obstáculos principales que dificultan de manera apreciable su implementación concreta o la velocidad de la misma. Para efectos del presente estudio se han identificado y analizado los principales 30 hitos que conforman la ruta crítica del proceso OXI, determinando los tiempos reales para su cumplimiento y comparándolos con los tiempos legales establecidos en la normativa OXI actual, y con los tiempos óptimos estimados razonablemente de acuerdo a la experiencia en la gestión pública de proyectos similares.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Given the necessity to adopt techniques with the aim of predict the viability of the investment and know the real economic result, alternatives using simulation and joint analysis of various indicators, can provide consistent information to assist decision making. The objective of this study was to evaluate various financial indicators, estimated deterministically, on the economic feasibility of finishing steers commercialized with different weights, using the simulation technique. A deterministic analysis was conducted, simulating performance data steers with average initial weight of 350 kg, fed in confinement for slaughter with 410, 440, 470, 500, 530, 560 and 590 kg. The feeding period varies from 46 to 185 days, respectively. The date of the sale was the same for all weights on the highest price of the year, varying the date of purchase. Based in various economic indicators, the viability of the investment decreased linearly according to the increase in weight. The net present value was R$ 41,18, R$ 41,04, R$ 10,06, R$ -27,31, R$ -9,88, R$ -28,37, R$ -37,37, the index benefit: cost R$ 1,029, R$ 1,028, R$ 1,004, R$ 0,997, R$ 0,996, R$ 0,989, R$ 0,986, Additional Return on Investment 0,96, 0,92, 0,11, -0,06, -0,07, -0,18, -0,20% per month and Internal Rate of Return 1,69, 1,64, 1,00, 0,61, 0,79, 0,66, 0,65% per month, respectively from lowest to highest weight. The use of confinement as termination option to obtain the direct benefits of this technology is an alternative investment with low economic return. / Diante da necessidade de adotar técnicas com o objetivo de prever a viabilidade do investimento e saber o real resultado econômico, alternativas usando simulação e análise conjunta de vários indicadores, podem fornecer informações consistentes para auxiliar a tomada de decisão. O objetivo deste estudo foi avaliar diversos indicadores financeiros estimados de forma determinística na viabilidade econômica da terminação de novilhos em confinamento, comercializados em diferentes pesos, utilizando a técnica de simulação. Foi realizada uma análise determinística simulando dados de desempenho de novilhos com peso médio inicial de 350 kg, alimentados em confinamento para serem abatidos com 410, 440, 470, 500, 530, 560 e 590 kg. O período de alimentação variou de 46 a 185 dias, respectivamente. A data da venda foi a mesma para todos os pesos, na cotação mais alta do ano, variando a data da compra. Baseada em vários indicadores, a viabilidade do investimento diminuiu linearmente de acordo com o aumento do peso. O Valor Presente Líquido foi de R$ 41,18, R$ 41,04, R$ 10,06, R$ - 27,31, R$ -9,88, R$ -28,37, R$ -37,37, o Índice Benefício:Custo R$ 1,029, R$ 1,028, R$ 1,004, R$ 0,997, R$ 0,996, R$ 0,989, R$ 0,986, Retorno Adicional sobre o Investimento 0,96, 0,92, 0,11, -0,06, -0,07, -0,18, -0,20% a.m. e Taxa Interna de Retorno 1,69, 1,64, 1,00, 0,61, 0,79, 0,66, 0,65% a.m., respectivamente do menor para o maior peso. O uso do confinamento como opção de terminação visando obter os benefícios diretos desta tecnologia representa alternativa de investimento com baixo retorno econômico.

A avaliação de riscos em projetos de produtos inovadores transformou-se em peça chave, na atualidade de competição crescente, para as empresas. Esse fato foi reconhecido na área de pesquisa nas últimas décadas e vários autores desenvolveram modelos para estimar riscos em projetos de produtos inovadores, tanto qualitativos como quantitativos. Porém, não foram encontrados, nas principais bases de dados, estudos que tratam o tema pela integração dos riscos de desenvolvimento e comercialização, mensurados por meio do Value at Risk (VaR). O objetivo geral do trabalho, portanto, é propor um modelo de análise de investimento que integre as etapas de desenvolvimento e comercialização para projetos inovadores, com utilização do VaR como medida de risco. Para a elaboração do modelo foi desenvolvido, primeiramente, um framework, qual relaciona os principais riscos em projetos de inovação e as variáveis que quantificam as tais. Este framework serve como base para a construção do modelo conceitual. Com a utilização das variáveis no modelo é possível estimar e quantificar os processos de desenvolvimento. A aplicação do VaR para a avaliação econômica em projetos de investimento representa uma novidade, mas se baseia na aplicação normal de estimação de riscos desenvolvida para o mercado financeiro. A vantagem do VaR é que resume os riscos considerados no cálculo do projeto em um único número, em unidades monetárias e de fácil compreensão, o que permite a comparação de projetos de investimento mutuamente exclusivos. O modelo integrado proposto possibilita uma avaliação econômica mais tangível que os métodos tradicionais de avaliação, aproximando o resultado à realidade e assim apresentando um avanço na estimação de risco no ambiente de desenvolvimento de produtos inovadores. Este fato foi comprovado na aplicação do método proposto em duas simulações de casos reais, quais resultados foram consistentes e compreensíveis. / Risk assessment in innovative product projects has become a key point for companies in today\'s growing competition. This fact was recognized by research in the area in recent decades and several authors have developed models to estimate risks in innovative product projects, as well as qualitative and quantitative. However, in the main databases could not be found studies dealing with the issue by integrating the risks of the development phase and the commercialization phase, measured by Value at Risk (VaR). The overall objective of this work is, therefore, proposing an investment analysis model that integrates the stages of development and commercialization for innovative projects, using VaR as a risk measure. Firstly, a framework, which relates the main risks in innovation projects and the variables that quantify such, was developed. This framework serves as a basis for the construction of the conceptual model. With the use of the defined variables and the conceptual model it is possible to estimate and quantify the processes of innovation projects. The application of VaR for economic evaluation of investment projects is new, but it is based on the risk estimates application used in the financial market. The advantage of VaR methods is that they summarize the risks considered in the project calculation in a single number expressed in monetary units, which is easy to interpret, allowing the comparison of mutually exclusive investment projects. The proposed integrated model enables a more tangible economic assessment than traditional methods of evaluation, bringing the result closer to reality and thus presenting an advance in risk estimation in innovative product development environment. This was proven in the application of the proposed method in two simulations of real cases, which results were consistent and understandable.

[pt] Devido ao seu tamanho e complexidade, a atuação da Petrobras gera impactos diretos na economia do país e na indústria fornecedora de equipamentos e serviços. Na perspectiva de acelerar o desenvolvimento dos mercados nos quais atua, os projetos de investimento e as contratações da empresa devem suportar os desafios expressos em seu Plano Estratégico e maximizar o conteúdo local, em base competitiva e sustentável, contribuindo para o aperfeiçoamento da política de conteúdo local brasileira. Esta dissertação tem como objetivo principal avaliar a aplicabilidade da análise de insumo-produto nas práticas de gestão de conteúdo local da Petrobras, como instrumento para avaliação da relação entre a política de conteúdo local brasileira e os impactos socioeconômicos na implementação de projetos de investimentos no setor de petróleo, gás e naval. A pesquisa pode ser considerada aplicada, metodológica e descritiva. Quanto aos meios de investigação, a metodologia compreende: (i) pesquisa bibliográfica e documental; (ii) pesquisa de campo, envolvendo gestores e especialistas da empresa; e (iii) desenvolvimento do estudo de caso, com análise dos resultados gerados. Destacam-se como resultados: (i) a revisão crítica da literatura existente sobre conteúdo local e análise de insumo-produto; e (ii) análise dos resultados do estudo de caso e demonstração da aplicabilidade e efetividade da abordagem metodológica proposta. / [en] Due to its size and complexity, Petrobras operations and activities have direct impact on the Brazilian economy and on the local supplier industry (equipment and services). From the perspective of accelerating the development of markets in which it operates, Petrobras investment projects and hiring processes should bear the challenges defined in its Strategic Plan and maximize the local content on competitive and sustainable basis, contributing to the improvement of Brazilian local content policy. This dissertation aims at evaluating the applicability of input-output analysis to Petrobras local content management practices, as a tool to assess the relationship between the Brazilian local content policy and social and economic impacts of implementation of investment projects in oil, natural gas and shipbuilding sector in Brazil. The research can be considered applied, methodological and descriptive. The methodology comprises: (i) bibliographical and documental review; (ii) field research, by consulting managers and experts involved in local content and corporate strategy areas; and (iii) a case study, including analysis of results and propositions for stakeholders. The main results are: (i) critical review of the literature on local content and input-output analysis; and (ii) Petrobras case study, illustrating the applicability and effectiveness of the methodological approach proposed.

The diploma thesis focuses on complex economic evaluation of the investment project regarding the purchase of machining centre. Based on the elaborated literature review are those findings applied to the real investment project. Economic efficiency is calculated using the identified cash flows, discount rate and static and dynamic methods. Subsequently are identified project risks and their significance. In conclusion, the results are summarized and is reported recommendation whether or not to implement the project.

The diploma thesis discusses the evaluation and financing of investment in a shopping centre in the city of Hradec Králové. The first part of the thesis contains theoretical background focused mainly on the issue of investment decisions and determinig methods for evaluating the effectivness of investments, including their financing. The second part of the thesis is focused on performing strategic analysies to determine the current market situation and the current state of investment. The main part of the thesis consists of proposals aimed at renting shopping centers with a high quality mix of tenants to achieve adequate profitability and return of investment.

This diploma thesis is dealing with the issues of the building projects management, mainly developer projects or investment building projects respectively and their financing. There is solved specific situation of the company that decided for realization of the investment project of building the family houses in the designated location and is deciding the way of its financing. In the practical part of the thesis is determined optimistic, pesimistic and most probable variant of the sales and their influence on the financial difficulty of the project. In the end the whole investment is evaluated and the recommendation for the investor is determined.

Este articulo presenta la gran importancia del uso del método de valorización de opciones reales en proyectos de inversión con alto grado de incertidumbre, y el por qué es una mejor opción a diferencia de los métodos tradicionales que actualmente se conocen, los cuales son difíciles de adaptar a situaciones donde existe un gran índice de incertidumbre. El presente artículo da una mirada general a las opciones reales desde una revisión literaria y el surgimiento de las mismas a base de las opciones financieras, los tipos de opciones reales que existen y las distintas metodologías que se requieren para hallarla el valor de las mismas. Finalmente se muestra seis estudios realizados por distintos autores donde muestra que esta metodología es la más adecuada para la evaluación de proyectos ya que toma en cuenta la flexibilidad que se requiere en proyectos que se encuentran en mercados de alta volatilidad como son el sector de construcción, la minería, biotecnología, entre otros. / This article presents the great importance of the use of the real options valuation method in investment projects with a high degree of uncertainty, and why it is a better option unlike the traditional methods currently known, which are difficult to adapt to. situations where there is a high index of uncertainty. This article gives an overview of real options from a literary review and the emergence of them based on financial options, the types of real options that exist and the different methodologies required to find their value. Finally, six studies carried out by different authors are shown, showing that this methodology is the most appropriate for evaluating projects, since it takes into account the flexibility required in projects that are in highly volatile markets such as the construction sector, mining, biotechnology, among others. / Trabajo de Suficiencia Profesional

El presente trabajo de investigación realiza una propuesta de buenas prácticas que se propone en una Universidad Pública para que se lleven a cabo en la Fase de Formulación y Evaluación correspondiente al ciclo de inversiones del INVIERTE.PE, el cual es el Sistema Nacional de Programación Multianual y Gestión de Inversiones, cuyo principal objetivo es el cierre de brechas de infraestructura o de acceso a servicios públicos para la población. Estas buenas prácticas están basadas en la guía para la dirección de proyectos del PMBOK® 6ta edición, tomando en cuenta las áreas de conocimiento de gestión de los interesados, gestión del alcance, gestión del cronograma y gestión de riesgos del proyecto. Asimismo, se han incluido otras mejores prácticas no PMI, como Gestión de Realización de Beneficios (BRM) y gestión de valor, incluyendo técnicas como Curva J. Las cuales pretenden ser una guía para el Jefe de la Unidad Formuladora. Se precisa que este trabajo está enfocado a los proyectos de inversión pública a nivel de Perfil que se elaboran en las Universidades Públicas, las cuales tienen autonomía e ingresos por canon, como se detalla en el siguiente trabajo de investigación. Finalmente, este trabajo de investigación propone un proceso de implementación de estas buenas prácticas, las cuales incluyen la Gestión del Cambio Organizacional. / This research work makes a proposal of project management best practices at Public University to carry out in the Formulation and Evaluation Phase corresponding to the investment cycle of INVIERTE.PE, which is the National Multi-annual Programming and Investment Management System, whose main objective is the closing of infrastructure gaps or access to public services for the population. These best practices are based on the project management guide PMBOK® 6th edition, taking into account the process of stakeholder management, scope management, schedule management and risk management. Other best practices have also been included, such as Benefit Realization Management (BRM) and value management, including techniques such as Curve J. Which are intended to be a guide for the Head of the Formulatory Unit. Is precised that this work is focused on public investment projects at the Profile level that are elaborated in Public Universities to whom have autonomy and income by canon, as detailed in following research work. Finally, this research put forward an implementing process based on such good practices, which include Organizational Change Management. / Trabajo de investigación