Possibility to make choice between two alternative investments in an enterprise

Abstract

Expected profitability level of particular alternative investments could be quite different, so in the case of some investments it is even lower than the one investor likes to obtain for the total invested amount of money. In that situation it is necessary to be calculated expected minimal profitability level, which should serve as the basis in the process of selection the possibly accepted investment projects. In the process of investment decision making it is not only the question should some investment has to be implemented, but it has frequently appeared a problem of selection the best project between two or more alternative investment projects in an enterprise. The investor will decide to implement those investment projects, which have real possibilities for as great as possible contribution to the enterprise development goal. That is why the solving of such problem has been deduced onto the economic analysis, calculation of economic parameters as well as their comparison among alternative investments. Such problem could be solved according to the methodological procedure applied in the models analyzed in this paper. On the basis of determined indicators, the investor could make decision on economically most profitable project.

Očekivani stepen rentabilnosti pojedinih alternativnih investicija može da bude dosta različit, tako da je kod nekih investicija čak niži od stepena rentabilnosti koji investitor želi da postigne za ukupno uložena sredstva. Tada je potrebno da se utvrdi željeni minimalni stepen rentabilnosti, koji bi trebao da posluži kao osnova pri izboru mogućih investicionih projekata. Prilikom donošenja investicionih odluka ne postavlja se samo pitanje da li neka investicija treba da bude realizovana, već se često javlja problem izbora između dve ili više alternativnih investicionih projekata u preduzeću. Investitor će se odlučiti za realizaciju onih investicionih projekata za koje postoje realne mogućnosti da bi mogli u najvećoj meri da doprinesu ostvarenju cilja razvoja preduzeća. Zato se rešavanje ovakvog problema svodi na ekonomsku analizu, utvrđivanju ekonomskih pokazatelja i njihovom poređenju za alternativne investicije. Dati problem se može rešiti prema metodološkom postupku analiziranih modela u ovom radu. Na osnovu utvrđenih pokazatelja investitor može da donese odluku o ekonomski najcelishodnijem projektu.