Economic bases of innovative activity in public health services (стр. 3 из 8)
Where CFj - an entrance monetary stream during j th period, INV? Value of the investment. The sense of this factor at the analysis of efficiency of planned investments consists in the following: IRR shows expected profitableness of the project, and, hence, as much as possible admissible relative level of expenses which can be ассоциированы with the given project. For example, if the project is financed completely at the expense of the loan of commercial bank value IRR shows the top border of admissible level of the bank interest rate which excess does the project unprofitable. Thus, IRR is as though? A barrier indicator?: if cost of the capital above value IRR? Capacities? It is not enough project to provide necessary return and return of money and therefore the project should be rejected [32]. 4) (ARR) [12] This factor has Calculation of effectiveness ratio of the investment two characteristic features: he does not assume discounting of indicators of the income; The income is characterised by an indicator of net profit PN (balance profit minus deductions in the budget) [19]. The algorithm of calculation is exclusively simple, as predetermines wide use of this indicator in practice: the investment effectiveness ratio (named also in registration rate of return) (Accounting Rate of Return) (ARR) pays off division of mid-annual profit PN into average size of the investment (the factor undertakes in percentage). The average size of the investment is division of the initial sum of capital investments into two if it is supposed that after term of realisation of the analyzed project all capital expenses will be written off; if presence of residual or liquidating cost (RV) its estimation should be considered in calculations is supposed.
ARR = PN / [1/2 (IC + RV)],
The given indicator is compared to factor of profitability of the advanced capital counted by division of the general net profit of the enterprise for a total sum of means, advanced in its activity (a result of average balance net) more often. The method based on use of effectiveness ratio of the investment, also has a number of the essential lacks caused, basically, that it does not consider time components of monetary streams. In particular it does not do distinction between projects with the identical sum of mid-annual profit, but the varying sum of profit on years, and also between the projects having identical mid-annual profit, but generated during various quantity of years. 5) decision-making by criterion of the least cost After a statement of the general scheme of standard model of an estimation of efficiency of investment projects, we will state some conclusions. There are investment projects in which it is difficult or it is impossible to calculate the monetary income. This sort of projects arise at the enterprise when it is going to modify the technological or transport equipment which takes part in many versatile work cycles and it is impossible to estimate a monetary stream. In this case as criterion for decision-making on expediency of investments operation cost acts.
2.2 Offered model of an estimation of efficiency of the innovative project
Feature of subjects of research considered in the present degree work consists what the general model of an estimation of efficiency of the innovative project in public health services till now is not made? This problem at thesis for a doctor's degree level on economy. In frameworks of usual degree research it is possible to offer only the model focused on the concrete innovative project. In this connection? To complete the picture? Before actually statement of offered model of an estimation of efficiency of the project it is necessary to describe in brief the project, i.e. to make the short resume of the project. The innovative project considered in the present degree research consists in the organisation of manufacture and sale of the diagnostic device? The biotest? предназначеного for a finding акупунктурных points, carrying out электропунктурной the express train of diagnostics of a condition of a human body by results of measurements of parametres of biologically active points, testings of preparations and therapy according to R.Follja's technique. The Scope - the diagnostic device of the doctor of the therapist, the homeopathist, the anaesthesiologist, etc. Novelty of the project (innovation, an innovation) consists what release of the product, analogue not having to in Russia, abroad is supposed? The device very cheap and reliable.
The device device. The case is made of shock-resistant polystyrene. On the obverse panel are located: 1 - the microampermeter 2 - the switch of operating modes of the device 3 - the switch? Diagnostics/therapy? 4 - the step switch of frequencies of therapy 5 - the indicator of inclusion and the category of the power supply 6 - light indicators of a finding of biologically active points (definition of degree of falling of an arrow) On a lateral surface of the device is located a regulator of amplitude of influence of electroimpulses. The device block diagramme? The biotest? It is presented on fig. 3 and includes: - the device of search of biologically active points - the measuring amplifier - the microampermeter - the setting generator with a frequency divider - target pressure
Remote terminal units: passive round electrodes; an active electrode; a foot electrode; a plate for testing of preparations and medicines Additional devices. Under the demand of the customer the device is completed with a charger (З.У.) . The charger is intended for gymnastics of accumulators (if they are present instead of electric batteries at a food compartment). As delivery of a diagnostic office of the doctor is possible. The device enters into it for device connection? The biotest? To the COMPUTER. The device of the coordination of the device has been for this purpose specially developed? The biotest? And the COMPUTER and as the software allowing completely is written to automate work of the doctor. Assortment. 1 kind of the device will be issued? The biotest? With стрелочным the indicator, completely corresponding to the above-stated description of Advantage of the given device in comparison with analogues available in the market. Device "Biotest" was developed strictly on the basis of R.Follja's method. The device has included all most necessary qualities such as simplicity, удобность both ease in circulation and device adjustment, small weight of a product, reliability and durability of a product, small power consumption, a food from battery power supplies "finger-type" which are widely accessible, aesthetic appearance of the device and its remote terminal units. Device life cycle? The biotest? Basically it will be defined by life cycle of the most applied method of R.Follja. Development tendencies will consist in device improvement, addition in it of new functions, improvement of available characteristics, change of appearance of the device. As it is planned to develop new updating of the device? The Biotest Th? With стрелочным the indicator + the additional digital indicator of level, degree of falling of an arrow and some other parametres. The offered model of an estimation of efficiency of the innovative project will include: 1) an estimation of competitive advantages of the goods (service), offered by the considered project; 2) an estimation of a market capacity of sale on which the considered project, including as the basic indicator the sales volume forecast is focused; 3) calculation of the capacity necessary for realisation of the project, and its comparison to a predicted sales volume; 4) calculation of the project of volume of investments necessary for realisation; 5) calculation? Break-even points?, i.e. critical for a recoupment of the project of volume of output; 6) summarising calculation of the basic indicators of the project, such as profit (total and pure); profitability of production; profitability of funds; the full cost price; labour input; the predicted price for production; a critical sales volume and release; efficiency of capital investments; a time of recovery of outlay; a stock of financial durability. A core of offered model is the analysis of break-even and a project recoupment. The break-even analysis includes regular work under the analysis of structure of the cost price of manufacturing and sale of principal views of production and division of all costs into variables (which change with change of a volume of output and sales) and constants (which remain invariable at change of a volume of output). The Main objective of the analysis of break-even - to define a break-even point, i.e. a sales volume of the goods which corresponds to zero value of profit. Importance of the analysis of break-even consists in comparison of a real or planned gain in the course of realisation of the investment project with a point of break-even and the subsequent estimation of reliability of profitable activity of the enterprise. The most responsible part of financial section of the project is actually its investment part which includes? Definition of investment requirements of the enterprise for the project? Establishment (and the subsequent search) sources of financing of investment requirements? Estimation of cost of the capital involved for realisation of the investment project? The forecast of profits and monetary streams at the expense of project realisation? An estimation of indicators of efficiency of the project. In the course of an estimation of a recoupment of the project the question of the account of inflation is critical. Really, the monetary streams developed in time, it is necessary to count in connection with change of purchasing capacity of money. At the same time there is a position according to which the final conclusion about efficiency of the investment project can be made, ignoring inflationary effect. In one of heads it will be shown that inflationary change of a price level does not influence an estimation of the pure value of monetary streams led to the present moment on which base the basic indicator of efficiency of the investment project is defined.
Two models applied to an estimation of efficiency of the innovative project were above described. A problem of this point? To give their comparative description. These models in two basic directions will be compared: by results and under the maintenance. Concerning comparison by results. Certainly, both these models bring the purpose the answer to an attention to the question, whether it is necessary to put up money in the considered innovative project or not; but these two models differently answer this question. In what here similarities and distinctions? It also is a problem of the comparative description of models by results. Comparison of models under the maintenance assumes transfer qualitative and the quantitative parametres used in both models, and also a conformity establishment between these two sets of parametres. Also it will be necessary to draw the general conclusion under the analysis of two models: what are? Pluses? And? Minuses? Applications of everyone them them what of them it is necessary to prefer at the analysis of the considered project, etc. Let's remind that the standard model assumes: 1) calculation of factor of the pure resulted cost (NPV); 2) calculation of an index of profitability of investments (PI); 3) calculation of internal rate of return or norm of profitability of the investment (IRR); 4) decision-making of realisation of the project. The offered model assumes 1) an estimation of competitive advantages of the goods (service), offered by the considered project; 2) an estimation of a market capacity of sale on which the considered project, including as the basic indicator the sales volume forecast is focused; 3) calculation of the capacity necessary for realisation of the project, and its comparison to a predicted sales volume; 4) calculation of the project of volume of investments necessary for realisation; 5) calculation? Break-even points?, i.e. critical for a recoupment of the project of volume of output; 6) summarising calculation of the basic indicators of the project, such as profit (total and pure); Profitability of production; profitability of funds; the full cost price; labour input; the predicted price for production; a critical sales volume and release; efficiency of capital investments; a time of recovery of outlay; a stock of financial durability; 7) decision-making on realisation (or to a deviation) the project. As it is possible to see, in sense of the purpose of application both these models have the purpose to answer a question, to accept to realisation or to reject the considered innovative project. On a way of the answer to this main point of model differ. Distinction consists what the standard model basically uses relative factors, and offered model? The absolute. To show this difference it is possible on a simple example: the standard model will tell that it is necessary to put money, as each enclosed rouble will bring 20 copecks of the income (i.e. Let's enclose 1 rouble, we will receive 1 rouble of 20 copecks), whereas the offered model of an estimation of efficiency will tell what to put up money in the innovative project costs, as the enclosed 1000 roubles will return as 1200 roubles. It is obvious, what this distinction not essential since at use of that and their other model it is possible to add with corresponding indicators? Standard model absolute, offered? The relative. The standard model uses relative indicators owing to tradition; the offered model uses absolute indicators from convenience reasons? At application of offered model it is possible to draw a conclusion of such grade that for realisation of the innovative project it is necessary to involve 14011 c.u. that through 7 months to receive 19873 c.u. Under the maintenance of indicators two considered models basically coincide. We will prove it. The standard model does not give possibility to execute an estimation of competitive advantages of the goods (service) offered by the considered project. However the standard model should contain this indicator as intermediate result? If the project is not directed on manufacture of a competitive product the project will be unprofitable and inefficient. A similar situation with a market capacity indicator? This indicator is not necessary for application of standard model, however, it does not mean that the offered model wins at standard, having this indicator. Capacity calculation is designated as an obligatory indicator at application of offered model. This indicator is not present as a part of standard model, however for calculations of factors of standard model anyhow it is necessary to know the capacity requested by the project. For this reason for application of standard model more low we will use this factor, but counted within the limits of application of offered model. Calculation of necessary volume of investments is necessary for application of both models: in offered model it is taken out as a separate indicator, in the standard? Is present at quality of parametre (intermediate result) at calculation of all indicators of standard model. Means, at application of standard model we will address partly to results of application of offered model. The break-even point pays off at application of offered model, but anything similar is not present in standard model. It is caused by what a break-even point? An indicator absolute whereas the standard model uses relative indicators. As to such characteristics of the project, such as profit (total and pure), profitability of production, profitability of the funds, the full cost price, the labour input, the predicted price for production, a critical sales volume and release, a time of recovery of outlay, a stock of financial durability? All of them are present at offered model, and at standard model there are only relative indicators, namely: efficiency of capital investments and analogue of an indicator of profitability of production. If the purposes of application of models coincide, some indicators and intermediate results are crossed, in what a difference between them and what for it is necessary to use two models? First of all, the numerical characteristics given by models, not should differ strongly from each other as we consider their application to the same project: If the standard model gives any numerical indicator its accuracy will be difficult for improving owing to that the standard model has already proved. We will draw conclusions by results of considerations of techniques of an estimation of efficiency of innovative projects. How it was possible to notice, the standard model is less labour-consuming in the application? In it, undoubtedly, there is an advantage of standard model before offered model. However, the basic difference between standard and offered models what the offered model gives more information on the concrete project? And in it the big advantage of offered model before the standard. For example, the standard model of an estimation of efficiency of the project cannot answer on a question, in what volume it is necessary to make production that the project was profitable? The standard model uses this indicator, but does not count it whereas the offered model at first counts it, and then uses. So, both those and other models can tell that, for example, as a result of three years of realisation the project will be profitable whereas the offered technique can tell that the project will pay off in 7 months. The offered model also has one essential lack? All basic indicators pay off on the basis of the sales volume forecast. But it is the forecast, obviously, can be only approximate. Hence, all basic indicators of offered model will be approximate. In the following chapter the comparative analysis of application of standard and offered model on an example of the concrete innovative project will be given.