Визначення критерію економічної ефективності проектних рішень в галузях з тривалим життєвим циклом (на прикладі будівельної галузі)
Determination of the Сriterion of Economic Efficiency of Design Solutions in Industries with a Long Life Cycle (on the Example of the Construction Industry)

Summary/Abstract: The purpose of this article is to define the criterion of economic efficiency in the construction industry for each of the participants in the construction process and to justify specific formulas that can be easily applied and would show the best option for project developers, project executors (i.e. contractors) and operators, i.e. those who operate the building. The paper considers in detail the criterion of cost-effectiveness in the form of annualized or total costs, depending on the situation and the position of the participant in the construction process. The nature and composition of capital investments and current costs, taking into account the specifics of the construction industry, with considerable attention paid to determining the discount rate are analyzed. It is proposed to use the discount rate not as for ordinary industries, such as mechanical engineering, but to take into account the peculiarities of construction. These peculiarities are that different structures have different service lives and, accordingly, different discount rates will be applied. It is also substantiated to use depreciation rates for calculating operating costs not as for accounting calculations, but based on actual service lives, which will contribute to a more accurate determination of actual costs. Based on the above refinements, formulas for calculating the actual costs of contractors and building operators are derived. It is substantiated that the proposed formulas will contribute to the fact that the construction contractor and the operator will have accurate information about the most economical, from their point of view, the designed construction solution and its implementation. This information can be used to more accurately position construction companies and construction customers in the competition and help strengthen their position in the market.

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