Table of contents
Introduction
1. Theoretical bases of the economic and legal substantiation of
realization of innovative activity
1.1 Economic bases of innovative activity
1.2 Legal bases of innovative activity
1.3 Working out and the analysis of the innovative project
2. The technique of the estimation of efficiency of the innovative
project
2.1 Existing technique of an estimation of the investment project
2.2 Offered model of an estimation of efficiency of the innovative
project
2.3 Comparison of standard and offered models of an estimation of
efficiency of the innovative project
3. The estimation of efficiency of the innovative project in public
health services
3.1 Estimation of efficiency of the innovative project by a standard
technique
3.2 Estimation of efficiency of the innovative project by an offered
technique
3.3 Comparison of estimations of efficiency of the innovative project on
standard and offered models
4. Management of the personnel of the scientific organizations
4.1 Personnel of the scientific organisations
4.2 Motivation of the personnel in the scientific organisations
4.3 Problem of a choice of the optimum schedule (mode) of work in the
scientific organisations
5. Bases of safety of ability to live
5.1 Legal bases of a labour safety
5.2 Planning of actions for a labour safety
The conclusion
The literature list
Introduction
In modern conditions successful activity of medical institutions is in
many respects defined by activity of economic service since the changes
which have occurred in all spheres of our society, could not lay aside
public health services. In the conditions of transition to the market
without strengthening of an economic orientation of activity of the head
it is difficult to count on stable work of establishment. So, is
precipitate to sign contracts, to enter new medical services and to make
other important decisions without corresponding economic examination. In
this connection for medical institutions there is actual a question of
the analysis and economic activities planning. Many of methods of
economic (especially financial) analysis are not new in itself, but
those are only in relation to public health services. Application
(adaptation) of these methods to features of concrete area? A problem
difficult enough, demanding the big work and qualification [12].
In the present degree work the innovative project of manufacture of
iatrotechnics on the basis of treatment-and-prophylactic establishment
will be considered. Offered in the given degree work to consideration
the innovative project is developed for a substantiation of manufacture
and realisation of the new medical device? The biotest?, intended for
diagnostics and treatment of many of disease on a method to the
developed R.Follem. This direction in medical branch has started to
develop only in the last some years, and its further expansion is
planned. Development of this direction has the big prospects in view of
that R.Follja’s method allows to treat many diseases, including
congenital, and medical institutions engaged in diagnostics and
treatment on R.Follja’s method which will be the basic buyers of the
device? The biotest?, can organise the activity in such a manner that
technology use would make notable profit.
Medical institutions, private clinics and simply separate doctors
constantly expand a field of the activity, all new and new services
render, and aspire to receive from them benefit. Device “Biotest” allows
to organise the whole medical office on research and treatment, helps
with many branches of medicine. For example R.Follja’s method is applied
in stomatology to diagnostics of compatibility of the material, seals
offered the patient and crowns, with its organism. The purpose of degree
work is the substantiation of expediency of introduction of the
innovative project on manufacture of the new device? The biotest?.
For achievement of this purpose in work following problems are solved:
1) to Describe the theoretical? Economic and legal? Bases of innovative
activity.
2) to develop own model of an estimation of efficiency of the innovative
project.
3) to spend the comparative description of standard and offered model of
an estimation of efficiency of the innovative project.
4) For the considered innovative project? Device manufactures? The
biotest?? To spend an efficiency estimation by both techniques, standard
and developed in the present degree work.
5) to consider the important questions concerning innovative activity,
such as questions of management of the personnel in the scientific
organisations and ability to live safety issues at realisation of
innovative activity. In the appendix to the present degree work the
Passport of the innovative project is resulted.
1. Theoretical bases of the economic and legal substantiation of
realization of innovative activity
1.1 Economic bases of innovative activity
Before to speak about the economic bases of innovative activity, we will
short describe the basic terms and the concepts connected with
innovative activity (in the field of public health services) [26].
According to a management of Fraskati (the document is accepted in 1993
in the Italian city of Fraskati) the innovation is defined as the end
result of the innovative activity which has received an embodiment in
the form of a new or advanced product (service), introduced on the
market, new or advanced technological process, or in the new approach to
social services. In other words the innovation (innovation) means result
of the creative activity directed on working out, creation and
distribution of new kinds of products, technologies, introductions of
new organizational forms etc. [31]. In this connection it is necessary
to consider the term an innovation as registration of result
fundamental, applied or experimental researches in any field of
activity, promoting development and increase of efficiency of this
activity [47]. Besides opinions of authors of various editions, in
terminology questions it is necessary to consider standard documents. So
in the project of the Federal law? About innovative activity and the
state innovative policy? Following definitions of concepts considered in
the present degree work [62] are given:? An innovation – the end result
of the creative activity which has received realisation in the form of
new either advanced production, or the new or advanced technological
process used in an economic turn;? Innovative activity? Creation of the
new or advanced production, the new or advanced technological process,
realised in an economic turn with use of scientific researches, workings
out, developmental works, or other scientific and technical
achievements;? The state innovative policy? The component of a social
and economic policy directed on development and stimulation of
innovative activity;? Venture innovative funds? The noncommercial
organisations established legal and (or) physical persons on the basis
of voluntary property payments and (or) voluntary investment in exchange
for a share in the share capital, the creations focused on financing,
development in manufacture of new kinds of production and (or) the
technologies connected with a high risk;? An infrastructure of
innovative activity? The organisations rendering subjects of innovative
activity of service, necessary for realisation of innovative activity.
In connection with the above-stated the central concept for the present
degree research? The innovative project? It is necessary to define as
follows. As the innovative project we will understand the introduction
business plan (manufactures and sales) innovative working out (the new
goods, service or technology). The business plan, in turn, is both a
substantiation of economic feasibility of introduction of an innovation,
and planning of actions for realisation of the project [46]. Following
kinds of activity concern innovative activity [63]: performance of the
research, developmental and technological works directed on creation of
new or advanced production, the new or advanced technological process,
realised in an economic turn; Carrying out of marketing researches and
the organisation of commodity markets of innovative products; creation
and development of an innovative infrastructure; preparation and
retraining of personnel for innovative activity; protection, transfer
and acquisition of the rights to objects of intellectual property both
the confidential scientific and technological information; realisation
of technological re-equipment and manufacture preparation; realisation
of tests, certifications and standardization of new processes, products
and products; the initial period of manufacture of new or advanced
production, application of new or advanced technology before achievement
of a standard time of recovery of outlay of the innovative project;
financing of innovative activity, including realisation of investments
into innovative programs and projects; other kinds of works which
necessary for realisation of innovative activity and are not
contradicting the legislation of the Russian Federation. Further from
the conceptual device we will pass to the description of the economic
bases of innovative activity. Above it was already told about necessity
of steadfast consideration of the questions connected with an economic
aspect of activity of treatment-and-prophylactic establishments. The
first, what it is necessary to note in this connection? This increase of
the importance of economic service in activity of the medical
institutions, connected with increase of the importance of financial
indicators. Other moment? This essential change last years character of
economic work, increase of its complexity and labour input? Complexity
and labour input of economic work in public health services is
connected, first of all, with expansion of sources of financing, various
principles of planning [40]. The Major factors influencing occurrence of
new directions in economic work of medical institutions, Changes in
public health services economic mechanism are following [53: 1]). 2) the
Computerization of establishments of public health services. 3) changes
of the status and the organizational-legal form of medical institutions,
their transformation into full managing subjects with the wide rights in
questions of the organisation of the work. One of the major kinds of
economic work traditionally is planning. In modern conditions its
relative density. However in modern conditions instead of charges of
medical institutions priority value starts to get costs planning on the
medical aid rendering, called to provide coordination of resources with
volumes of the rendered services, instead of quantity of capacities (the
areas, cots, states etc.) [20]. By consideration of new tendencies in
approaches to the analysis of economic activities of medical
institutions what varies not only toolkit of the economic analysis, but
also a methodological basis is essentially important? The economic
analysis of work of medical institution acts as the analysis of activity
of the independent and full managing subject, instead of simply consumer
of resources as it was earlier [39]. Rather new sphere of activity of
economic service is pricing. This problem has got the practical
importance in connection with introduction of a new economic mechanism
and obligatory medical insurance [35]. In the conditions of market
relations at an establishment of the sizes of a payment it is necessary
to consider a supply and demand both on a labour market, and in the
market of medical services [48].
1.2 Legal bases of innovative activity
Innovative activity is carried out according to the Constitution of the
Russian Federation and the Civil code of the Russian Federation. The
Project of the Federal law on innovations and innovative activity
Besides, prepares. To regulate innovative activity according to this Law
and laws accepted according to it and other standard legal certificates
of the Russian Federation, laws and other standard legal certificates of
subjects of the Russian Federation, and also the international contracts
of the Russian Federation, concerning innovative activity [64]. If the
Federal Law on innovative activity while exists only in the project in
many regions of Russia Regional laws on innovative activity [63]
operate. Regional laws on innovations and innovative activity and the
Project of the Federal law are under construction approximately on the
same structure, therefore for illumination of legal bases of innovative
activity it will be pertinent to state the maintenance and substantive
provisions of the Project of the Federal law on innovations and
innovative activity, having resulted the maintenance of this Project
[62]. We will consider substantive provisions of this Project. First of
all, in the Project it is supposed to consider following concepts: an
innovation? The end result of the creative activity which has received
realisation in the form of new either advanced production, or the new or
advanced technological process used in an economic turn; innovative
activity? Creation of the new or advanced production, the new or
advanced technological process, realised in an economic turn with use of
scientific researches, workings out, developmental works, or other
scientific and technical achievements; the state innovative policy? The
component of a social and economic policy directed on development and
stimulation of innovative activity; venture innovative funds? The
noncommercial organisations established legal and (or) physical persons
on the basis of voluntary property payments and (or) voluntary
investment in exchange for a share in the share capital, the creations
focused on financing, development in manufacture of new kinds of
production and (or) the technologies connected with a high risk; an
infrastructure of innovative activity? The organisations rendering
subjects of innovative activity of service, necessary for realisation of
innovative activity [63]. In the Project makes a reservation that
innovative activity is carried out according to the Constitution of the
Russian Federation, the Civil code of the Russian Federation, the
present Federal law and laws accepted according to it and other standard
legal certificates of the Russian Federation, laws and other standard
legal certificates of subjects of the Russian Federation, and also the
international contracts of the Russian Federation, concerning innovative
activity. If the international contracts of the Russian Federation
establish other norms, than provided by the present Federal law norms of
the international contracts [63] are applied. In the Project it is
noticed that following kinds of activity concern innovative activity:
Performance of the research, developmental and technological works
directed on creation of new or advanced production, the new or advanced
technological process, realised in an economic turn; carrying out of
marketing researches and the organisation of commodity markets of
innovative products; creation and development of an innovative
infrastructure; preparation and retraining of personnel for innovative
activity; protection, transfer and acquisition of the rights to objects
of intellectual property both the confidential scientific and
technological information; realisation of technological re-equipment and
manufacture preparation; realisation of tests, certifications and
standardization of new processes, products and products; the initial
period of manufacture of new or advanced production, application of new
or advanced technology before achievement of a standard time of recovery
of outlay of the innovative project; Financing of innovative activity,
including realisation of investments into innovative programs and
projects; other kinds of works which necessary for realisation of
innovative activity and are not contradicting the legislation of the
Russian Federation [63]. Subjects of innovative activity are legal
bodies, irrespective of the organizational-legal form and a pattern of
ownership, physical persons? Citizens of the Russian Federation, the
foreign organisations and citizens, and also persons without
citizenship. Subjects of innovative activity can carry out functions of
customers and (or) executors of innovative projects and programs,
investors, consumers of results of innovative activity, and also the
organisations serving innovative process and promoting development and
distribution of innovations [62]. The state according to the current
legislation guarantees to subjects of innovative activity: The state
support of innovative programs and the projects directed on realisation
of the state innovative policy; the state support of creation and
development of subjects of an infrastructure of innovative activity; the
state support to preparation, retraining and improvement of professional
skill of the shots which are carrying out innovative activity;
intellectual property protection, protection against an unfair
competition and monopolism; access freedom to the information on
priorities of the state innovative policy; freedom of distribution and
gathering of the information on innovative requirements and results of
scientific and technical and innovative activity, except for the
information containing state, office and the trade secret [64]. Public
organisations and associations in which charter innovative activity is
provided, can carry out on the competitive beginnings it at the expense
of means of the federal budget, budgets of subjects of the Russian
Federation and to get the state support. Public authorities of the
Russian Federation, authorities of subjects of the Russian Federation by
preparation of projects of standard legal certificates and programs in
the field of innovative activity can involve public organisations and
associations [62]. The basic form of relations between subjects of
innovative activity are the contracts (contracts) concluded according to
the current legislation of the Russian Federation [63].
The disputes arising at realisation of innovative activity, are
considered in an order established by the legislation of the Russian
Federation and the legislation of subjects of the Russian Federation
[62]. Public authorities in an order established by the legislation of
the Russian Federation and the legislation of subjects of the Russian
Federation, can stop or suspend innovative activity in cases of
spontaneous and other disasters, introductions of state of emergency in
territory of the Russian Federation, and also if continuation of
innovative activity can lead to infringement established by the
legislation of the Russian Federation and the legislation of subjects of
the Russian Federation of ecological, sanitary-and-epidemiologic and
other norms and rules, the rights and interests legal and physical
persons [62].
1.3 Working out and the analysis of the innovative project
By means of the innovative project the important problem on finding-out
and a substantiation of technical possibility and economic feasibility
of innovative activity dares. Despite a variety of projects, their
analysis usually follows some general scheme which includes the special
sections estimating commercial, technical, financial, economic and
????????th feasibility of the project. [49]. Essentially the essence of
the analysis of the innovative project consists in the answer to two
simple questions [52:
1]) whether we Can sell a product which is growing out of realisation of
the project?
2) whether we from it can receive sufficient volume of the profit
justifying the investment project? The analysis of efficiency of the
innovative project conditionally breaks on [52]: the market analysis,
the analysis of the competitive environment, working out of the
marketing plan of a product, maintenance of reliability of the
information used for the previous sections. As innovative projects are
carried out at already existing markets, in the project their
characteristic should be resulted. The marketing analysis should include
the analysis of consumers and competitors also. The analysis of
consumers should define consumer inquiries, potential segments of the
market and character of process of purchase. For this purpose the
developer of the project should carry out detailed research of the
market. Besides, it is necessary to carry out the analysis of the basic
competitors within the limits of market structure and restrictions, on
it influencing [29]. In drawing 1.1 the general sequence of the analysis
of the innovative project is presented. It is necessary to notice, what
the resolution used on the scheme? The project deviates? Has conditional
character. The project should be really rejected in the initial kind. At
the same time the project can be altered because of, for example, its
technical impracticability and the analysis of the modified project
should begin from the very beginning.
Let’s describe high lights of the analysis of efficiency of the
innovative project [37]. The technical analysis [37] Problem of the
technical analysis of the innovative project is:? Definition of the
technologies most suitable from the point of view of the purposes of the
project? The analysis of local conditions, including availability and
cost of raw materials, energy, a labour? Stock-taking of potential
possibilities of planning and project realisation. The technical
analysis is usually made by group of own experts of the enterprise with
possible attraction of narrow experts. Standard procedure of the
technical analysis begins with the analysis of own existing technologies
[51]. The rule of a choice of technology provides the complex analysis
of some alternative technologies and a choice of the best variant on the
basis of any aggregated criterion [56]. The financial analysis of [37]
investment projects Given section is the most volume and
labour-consuming. The general scheme of financial section of the
innovative project follows simple sequence [37]. 1) the Analysis of a
financial condition of the enterprise in preparation of the innovative
project. 2) the analysis of break-even of manufacture of principal views
of production. 3) the forecast of profits and monetary streams in the
course of realisation of the innovative project. 4) an estimation of
efficiency of the innovative project. We will stop short on key
questions of financial section of the innovative project. The financial
analysis of the previous work of the enterprise and its current position
usually is reduced to calculation and interpretation of the basic
financial factors reflecting liquidity, credit status, profitableness of
the enterprise and efficiency of its management. Usually it does not
cause difficulty. It is important to present also in financial section
the basic financial reporting of the enterprise for a number of previous
years and to compare the basic indicators on years [51]. 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 [27]. The Most responsible part of financial
section of the innovative project is actually its investment part which
includes [37]:? 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. The most
difficult is the question of an estimation of a recoupment of the
project during its term of realisation [5]. The volume of monetary
streams which turn out as a result of project realisation should cover
size of the total investment taking into account a principle? Costs of
money in time?. Each new stream of money received in a year has the
smaller importance, than equal to it on size the monetary stream
received year earlier. As the characteristic measuring the time
importance of monetary streams, the norm of profitableness from
investment received acts during realisation of the investment project of
monetary streams [5]. The economic analysis [37] be integrated procedure
of an estimation of economic efficiency can it is presented in the form
of the following sequence [37: 1]) to Present results of the financial
analysis. 2) to make new classification of expenses and incomes from the
point of view of the economic analysis. 3) to translate financial values
in economic (they do not coincide because of discrepancy of the prices
and expenses for external and home market). 4) to Estimate cost of other
possibilities for use of resources and reception of the same product. 5)
to exclude all calculations on internal payments (as they do not change
the general riches of the country). 6) to Compare annual economic
streams of means with initial volume of the investment (it will be a
final analysis). The institutsionalnyj analysis of [37]
Institutsionalnyj the analysis estimates possibility of successful
performance of the investment project taking into account
organizational, legal, political and administrative conditions. This
section of the investment project is not quantitative and not financial.
Its main task? To estimate set of the internal and external factors
accompanying the investment project [37]. The estimation of internal
factors is usually made under the following scheme. 1) the analysis of
possibilities of industrial management. Well-known that bad management
in a condition to fill up any, even over the good project. Analyzing
industrial management of the enterprise, it is necessary to be focused
on following questions [37]:? Experience and qualification of managers
of the enterprise? Their motivation within the limits of the project
(for example, in the form of a share from profit)?
Compatibility of managers with the purposes of the project and the cores
ethical and project cultural values. The analysis of a manpower. A
manpower with which it is planned to involve for project realisation
should correspond to level of technologies used in the project [42]. The
analysis of organizational structure. The organizational structure
accepted at the enterprise should not brake project development. It is
necessary to analyse, as there is at the enterprise a decision-making
process and as distribution of responsibility for their performance is
carried out. It is not excluded that it is necessary to allocate
management of realisation of the developed investment project in
separate administrative structure, having passed from hierarchical to
matrix structure of management as a whole on the enterprise [51]. The
basic priorities in respect of the analysis of external factors are
mainly caused by a policy of the state in whom following positions [37]
are allocated for the detailed analysis:? Conditions of import and
export of raw materials and the goods? Possibility for foreign investors
to put means and to export the goods? Laws on work? Substantive
provisions of financial and bank regulation. This points in question are
most important for those projects which assume attraction of the western
strategic investor [37]. The analysis of risk [37]. The essence of the
analysis of risk consists in the following. Without dependence from
quality of assumptions, the future always bears in itself an uncertainty
element. The most part of the data necessary, for example, for the
financial analysis (elements of expenses, the prices, production sales
volume, etc.) Are uncertain. In the future forecast changes as to the
worst (profit decrease), and in the best are possible. The risk analysis
offers the account of all changes, both towards deterioration, and
towards improvement [48]. In the course of project realisation following
elements are subject to change: cost of raw materials and accessories,
cost of capital expenses, service cost, cost of sales, the prices and so
on. As a result of target parametre, for example profit, will be casual.
The risk uses concept of likelihood distribution and probability. For
example, the risk is equal to probability to get negative profit, that
is the loss. The wider range of change of factors of the project, the
?e??o is subject to risk the project [57]. As a rule, definitively
innovative project is made out in the form of the business plan. In this
business plan all questions listed above, as a rule, are reflected. The
business plan of the innovative project, first of all, should meet
requirements of that subject of innovative activity on which decision
the further destiny of the project [36] depends. So, in chapter 1 of
degree work theoretical bases of innovative activity in public health
services have been considered, and, the basic terminology is entered,
the economic reasons of innovations and legal maintenance of innovative
activity are described. From chapter 1 it is possible to draw a
conclusion, what a principal cause causing innovative activity in
economy in general and in public health services in particular? The new
market relations compelling each concrete enterprise to search
additional sources of financing. These economic bases in turn generate
the legislative base providing a legal field of innovative activity.
2. The technique of the estimation of efficiency of the innovative
project
2.1 Existing technique of an estimation of the investment project
Existing (standard, classical) the technique of an estimation of
efficiency of the innovative project includes [35:
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 on project realisation. We will describe each step of
this technique.
At the heart of process of acceptance of administrative decisions of
investment character the estimation and comparison of volume of
prospective investments and the future monetary receipts lie. As
compared indicators concern the various moments of time, a key problem
here is the problem of their comparability. To concern it it is possible
differently depending on existing objective and subjective conditions:
rate of inflation, the size of investments and generated receipts,
horizon of forecasting, a skill level of analysts etc. The international
practice of an estimation of efficiency of investments essentially is
based on the concept of time cost of money and is based on following
principles.
1) the estimation of efficiency of use of the invested capital is made
by comparison of a monetary stream (cash flow) which is formed in the
course of realisation of the investment project and the initial
investment. The project admits effective if return of the initial sum of
investments and demanded profitableness for the investors who have given
the capital is provided.
2) the invested capital no less than a monetary stream is resulted by
this time or by certain settlement year (which as a rule precedes the
beginning of realisation of the project).
3) Process of discounting of capital investments and monetary streams is
made under various rates of discount which are defined depending on
features of investment projects. At definition of the rate of discount
the structure of investments and cost of separate components of the
capital are considered. The essence of all methods of an estimation is
based on the following simple scheme: Initial investments at realisation
of any project generate monetary stream CF1, CF2…, CFn. Investments
admit effective if this stream is sufficient for? Return of the initial
sum of capital investments and? Maintenance of demanded return on the
invested capital. 1) calculation of factor of the pure resulted cost
(NPV) [29] Calculation of this factor is based on comparison of size of
the initial investment (IC) with a total sum of the discounted pure
monetary receipts generated by it during predicted term. As inflow of
money resources is distributed in time, it is discounted by means of
factor r, established by the investor independently, proceeding from
annual percent of return which he wants or can have on the capital
invested by it. Let’s admit, the forecast becomes that the investment
(IC) will generate during n years, revenues at a rate of CF1, CF2,
CF…. The general saved up size of the discounted incomes (PV) (Present
Value) and the pure resulted cost (NPV) (Net Present Value) Pays off.
picscalex100010009000003000c000000006207000000006207000026060f00ba0e574d
464301000000000001005da50000000001000000980e000000000000980e000001000000
6c00000000000000000000009c010000290000000000000000000000402a00004b040000
20454d4600000100980e00000c0000000100000000000000000000000000000090060000
1a040000b801000013010000000000000000000000000000c0b606003832040046000000
2c00000020000000454d462b014001001c000000100000000210c0db0100000060000000
60000000460000002c04000020040000454d462b224004000c000000000000001e400900
0c00000000000000244001000c000000000000003040020010000000040000000000803f
214007000c0000000000000008400005780300006c0300000210c0db0100000000000000
0000000000000000000000000100000089504e470d0a1a0a0000000d494844520000019d
0000002a0100000000401cbb7600000002624b47440000aa8d23320000000c636d50504a
436d7030373132000000074f6db7a5000002ef4944415448c7c5d63d6ed440140060a32d
b6c32514487b048a142908f111b80170039028024ab2138903e40088b8a445a24122d9dd
280505122e5200cd7a9548b168321b8c625b63cfe3bdf9dbc1b690a0c14a94f1d8dfbc99
796fac04f0f75719fc2f24077b4c35967706ae736f31b2cd7a18745153241af1c9b6ebdc
cd53f5370410fca08b2a8b92159216dd05c8fb505ee8e7104f5c5fdd14baf10820e3d32e
cae0b56e443577d12163162570af0fbdb468b4420bdd784068d8875e5994aed0857b9ec0
7a1ffa6050e3a14b0f6df5a1c8a06ab5a3f82a5db3600489645d54f0482f7afac2a94668
740e31f0396388cae5ecf18949356e793ad6e8405cbb2d3769b88214b20910aa45b6c64d
aa31f2c648a3e38574c90d8727ea19fe2e9f6fc684b6b3b5d4a45a5dccceca9bf5271551
3d912ad256b636d5a91616a5163133c617f57ae49058e78428d5bf23d14630f2d0e767ac
0c29d5c28ea7d0d243a7783b827d358158a1d90f93ea99598eb447a90ce9c75d1f6d7750
ec27574091b6ccf4c044022f12a848e71e8aaf2812ce55d481ba58bad00d85747348992f
75fb765024718e1d7c3e667f8c44efb8483c8de98c6593660a9dabca62ef2e75e8641e72
95eafb1615f6a5b885cc0b8557b02e52667b9eb4e2b27ec4b1bfa048f45599ea35089c55
5363f6b018e7b4b2ef2df415914024a94253bd866b2c04594f555dbda5409987e878cd19
7dfab0ad3654a38296b54ba3013fa4c859eb104e180789a8c97101855e248f311547346f
487670079b1e54cfcf35ba284287d68f704d8b2044541d7d6ba14dc6e5010e5a21fa99eb
be04d11b9ae22cb889a8d9800eba513f54a80ccf1c9ab15b3a5d72470ecac32ee2b53491
322f5244081fd1f4ea1ed458c43dc414126344a20f5516252b24153a5528efa009838abe
42b87b90981ae431a690763f116c07bf404d1bbd8ff050113ac682303578196201458406
ec2966af6a23aa01fa0aa96f1e37f5696b151105147d485894ae90ba7f57abc351b411f7
47d655a40669bc41f93ffe4bf00bba40be8c7f65dec10000000049454e44ae4260820000
0840010824000000180000000210c0db0100000003000000000000000000000000000000
1b40000040000000340000000100000002000000000000bf000000bf0080ce4300002842
03000000000000b3000000b3ff7fce43000000b3000000b3ffff27422100000008000000
620000000c00000001000000150000000c00000004000000150000000c00000004000000
510000000809000000000000000000009c01000029000000000000000000000000000000
000000009d0100002a00000050000000300000008000000088080000000000002000cc00
9d0100002a000000280000009d0100002a00000001000100000000000000000000000000
00000000020000000000000000000000ffffff00ffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff8
ffffffffffffffffffffffffffeffffffff7ffffffff7fffffffbffffffffffffffbffff
fffdffffffffffffffdfffffffeffff8ffffffffffffffffffffffffffdffffffffbffff
fffeffffffffdffffffffffffff7fffffffeffffffffb3fcffbffffffff7fff8ffffffff
ffffffffffffffffffdffffffffdfffffffeffffffffeffffffffffffff7ffffffff7fff
ffffcf037fbffffffffbfff8ffffffffffffffffffffffffffb83ffffbfcfffffffdc1ff
ffdfe7ffffffffffffee0ffffeff3fffffffcf037f707ffff7f9fff8ffffffffffffffff
ffffffffffbe7ffff9fefffffffdf3ffffcff7ffffffffffffef9ffffe7fbfffffffcffb
7f7cfffff3fdfff8ffffffffffffffffffffffffff3e7feff9fe7ffffff9f3ff7fcff3ff
ffffffffffcf9ffbfe7f9fffffffd3fb7e7cffdff3fcfff8ffffffffffffffffffffffff
ff3e7feffdfe7ffffff9f3ff7feff3ffffffffffffcf9ffbff7f9fffffffeffb7e7cffdf
fbfcfff8ffffffffffffffffffffffffff3e7feffcfe7ffffff9f3ff7fe7f3ffffffffff
ffcf9ffbff3f9fffffffeffcfe7cffdff9fcfff8ffffffffffffffffffffffffff3e7f01
fc5e7ffffff9f3f80fe2f3ffffffffffffcf9fc07f179ffffffffffffe7cfe03f8bcfff8
ffffffffffffffffffffffffff3e7feffe9e7ffffff9f3ff7ff4f3ffffffffffffcf9ffb
ffa79fffffffc0000e7cffdffd3cfff8ffffffffffffffffffffffffffbe7feffcdee3ff
fffdf3ff7fe6f70fffffffffffef9ffbff37bd3fffffe0000f7cffdff9bdd9f8ffffffff
ffffffffffffffffffbe7feffffef7fffffdf3ff7ffff7bfffffffffffef9ffbffffbd7f
fffff7ffcf7cffdffffde7f8fffffffffffffffffffe7fffffde7ffffffdf7fffffef3ff
ffffefdffffffffffff79fffffff7d7ffffffbffefbcfffffffbe7f8ffffffffffffffff
fffdbfffffd87ffffffbf7fffffec3ffffffdfdffffffffffff61ffffffefcbffffffdff
ffb0fffffff7e7f8fffffffffffffffffffdbfffffef7ffffff7f7ffffff7bffffffbfef
fffffffffffbdffffffdfc3ffffffeffffdeffffffefe9f8fffffffffffffffffffdbfff
ffffffffffffe7ffffffffffffffff6fffffffffffffffffffffffffffffff7fffffffff
fffff7f8c3de0feffffffff0783dbffffffffffffffff7ffffffffffffffff9ffff9e79f
ffffffffffffffffffffffbffffffffffffff7f8efdf9ff7ffffffe7befdbfffffffffff
fffffffffffffffffffffffffff9e79fffffffffffffffffffffffdffffffffffffffff8
f7cf9ff3ffffffefde7e7ffbffffffffffffffffdfffffffffffffffff7fffff7fffffff
ffffffffffffffeffffffffffffffff8f78f9ff1ffffffcffe7ffffbfc0000000000007f
dfe0000000000000ff7fffff7f00000000000007fffffff7f800000000000018f78fcff1
fff80fcfff77fffbffffffffffffffffdfffffffffffffffff7fffff7fffffffffffffff
f01fffe3fffffffffffffff8fb37c0f2ffffffcfff37ffc07ffffffffffffffe03ffffff
fffffffff80ffff80fffffffffffffffffffffc7fffffffffffffff8fb37ce737ff80fcf
ff07fffbfffffffffe3fffffdffffffffff0ffffff7fffff7fffffffffd3fffff01fff8f
fffffffffd9ffff8fb37ef33bfffffcfff3bfffbffffffffff7fffffdffffffffffbffff
ff7fffff7fffffffffd7ffffffffff1ffffffffffe7ffff8fc77e733bfffffe7efbffffb
ffffffffff7fffffdffffffffffdffffff7fffff7fffffffffd7fffffffffe3fffffffff
fe7ffff8fc7be733dffffff3ef9effffffffffffff7ffffffffffffffffdffffffffffff
ffffffffffcbfffffffffc7ffffffffffe7ffff8fcfbe733effffffbef9efffffffff83c
1f7fffffffffffc1e0fefffffffffffffffffe0f07c3fffffffff8fffffff0783e9ffff8
f8f0c060c3fffffc0700fffffffff3df7e7fffffffffff9efbf6fffffffffffffffffcf7
dffffffffffff1ffdfffe7beff7ffff8fffffffffffffffffffffffffffff7ef3f7fffff
ffffffbf79f9fffffffffffffffffdfbcfffffffffffe3ff9fffefde7f7ffff8ffffffff
ffffffffffffffffffffe7ff3fffffffffffff3ff9fffffffffffffffffff9ffcfffffff
ffffc0001fffcffe7ffffff8ffffffffffffffffffffffffffffe7ffbbffffffffffff3f
fddffffffffffffffffff9ffeeffffffffffffffffffcfff77fffff8ffffffffffffffff
ffffffffffffe7ff9bffffffffffff3ffcdffffffffffffffffff9ffe6ffffffffffffff
ffffcfff37fffff8ffffffffffffffffffffffffffffe7ff83ffffffffffff3ffc1fffff
fffffffffffff9ffe0ffffffffffff4fffffcfff07fffff8ffffffffffffffffffffffff
ffffe7ff9dffffffffffff3ffceffffffffffffffffff9ffe77fffffffffff5fffffcfff
3bfffff8fffffffffffffffffffffffffffff3f7dfffffffffffff9fbeffffffffffffff
fffffcfdf7ffffffffffff5fffffe7efbffffff8fffffffffffffffffffffffffffff9f7
cf7fffffffffffcfbe7bfffffffffffffffffe7df3dfffffffffff2ffffff3ef9efffff8
fffffffffffffffffffffffffffffdf7cf7fffffffffffefbe7bffffffffffffffffff7d
f3dfffffffffff0ffffffbef9efffff8fffffffffffffffffffffffffffffe03807fffff
fffffff01c03ffffffffffffffffff80e01ffffffffffffffffffc0700fffff8ffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffff8ffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffffffffffffffffffff8ffffffffffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffff84c0000006400000000000000000000009c0100002900000000000000
000000009d0100002a0000002900aa0000000000000000000000803f0000000000000000
0000803f0000000000000000000000000000000000000000000000000000000000000000
220000000c000000ffffffff460000001c00000010000000454d462b024000000c000000
000000000e00000014000000000000001000000014000000040000000301080005000000
0b0200000000050000000c022a009d01030000001e000400000007010400040000000701
040069040000410b2000cc002a009d01000000002a009d0100000000280000009d010000
2a0000000100010000000000000000000000000000000000020000000000000000000000
ffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffff8ffffffffffffffffffffffffffefffff
fff7ffffffff7fffffffbffffffffffffffbfffffffdffffffffffffffdfffffffeffff8
ffffffffffffffffffffffffffdffffffffbfffffffeffffffffdffffffffffffff7ffff
fffeffffffffb3fcffbffffffff7fff8ffffffffffffffffffffffffffdffffffffdffff
fffeffffffffeffffffffffffff7ffffffff7fffffffcf037fbffffffffbfff8ffffffff
ffffffffffffffffffb83ffffbfcfffffffdc1ffffdfe7ffffffffffffee0ffffeff3fff
ffffcf037f707ffff7f9fff8ffffffffffffffffffffffffffbe7ffff9fefffffffdf3ff
ffcff7ffffffffffffef9ffffe7fbfffffffcffb7f7cfffff3fdfff8ffffffffffffffff
ffffffffff3e7feff9fe7ffffff9f3ff7fcff3ffffffffffffcf9ffbfe7f9fffffffd3fb
7e7cffdff3fcfff8ffffffffffffffffffffffffff3e7feffdfe7ffffff9f3ff7feff3ff
ffffffffffcf9ffbff7f9fffffffeffb7e7cffdffbfcfff8ffffffffffffffffffffffff
ff3e7feffcfe7ffffff9f3ff7fe7f3ffffffffffffcf9ffbff3f9fffffffeffcfe7cffdf
f9fcfff8ffffffffffffffffffffffffff3e7f01fc5e7ffffff9f3f80fe2f3ffffffffff
ffcf9fc07f179ffffffffffffe7cfe03f8bcfff8ffffffffffffffffffffffffff3e7fef
fe9e7ffffff9f3ff7ff4f3ffffffffffffcf9ffbffa79fffffffc0000e7cffdffd3cfff8
ffffffffffffffffffffffffffbe7feffcdee3fffffdf3ff7fe6f70fffffffffffef9ffb
ff37bd3fffffe0000f7cffdff9bdd9f8ffffffffffffffffffffffffffbe7feffffef7ff
fffdf3ff7ffff7bfffffffffffef9ffbffffbd7ffffff7ffcf7cffdffffde7f8ffffffff
fffffffffffe7fffffde7ffffffdf7fffffef3ffffffefdffffffffffff79fffffff7d7f
fffffbffefbcfffffffbe7f8fffffffffffffffffffdbfffffd87ffffffbf7fffffec3ff
ffffdfdffffffffffff61ffffffefcbffffffdffffb0fffffff7e7f8ffffffffffffffff
fffdbfffffef7ffffff7f7ffffff7bffffffbfeffffffffffffbdffffffdfc3ffffffeff
ffdeffffffefe9f8fffffffffffffffffffdbfffffffffffffffe7ffffffffffffffff6f
ffffffffffffffffffffffffffffff7ffffffffffffff7f8c3de0feffffffff0783dbfff
fffffffffffff7ffffffffffffffff9ffff9e79fffffffffffffffffffffffbfffffffff
fffff7f8efdf9ff7ffffffe7befdbffffffffffffffffffffffffffffffffffffff9e79f
ffffffffffffffffffffffdffffffffffffffff8f7cf9ff3ffffffefde7e7ffbffffffff
ffffffffdfffffffffffffffff7fffff7fffffffffffffffffffffeffffffffffffffff8
f78f9ff1ffffffcffe7ffffbfc0000000000007fdfe0000000000000ff7fffff7f000000
00000007fffffff7f800000000000018f78fcff1fff80fcfff77fffbffffffffffffffff
dfffffffffffffffff7fffff7ffffffffffffffff01fffe3fffffffffffffff8fb37c0f2
ffffffcfff37ffc07ffffffffffffffe03fffffffffffffff80ffff80fffffffffffffff
ffffffc7fffffffffffffff8fb37ce737ff80fcfff07fffbfffffffffe3fffffdfffffff
fff0ffffff7fffff7fffffffffd3fffff01fff8ffffffffffd9ffff8fb37ef33bfffffcf
ff3bfffbffffffffff7fffffdffffffffffbffffff7fffff7fffffffffd7ffffffffff1f
fffffffffe7ffff8fc77e733bfffffe7efbffffbffffffffff7fffffdffffffffffdffff
ff7fffff7fffffffffd7fffffffffe3ffffffffffe7ffff8fc7be733dffffff3ef9effff
ffffffffff7ffffffffffffffffdffffffffffffffffffffffcbfffffffffc7fffffffff
fe7ffff8fcfbe733effffffbef9efffffffff83c1f7fffffffffffc1e0feffffffffffff
fffffe0f07c3fffffffff8fffffff0783e9ffff8f8f0c060c3fffffc0700fffffffff3df
7e7fffffffffff9efbf6fffffffffffffffffcf7dffffffffffff1ffdfffe7beff7ffff8
fffffffffffffffffffffffffffff7ef3f7fffffffffffbf79f9fffffffffffffffffdfb
cfffffffffffe3ff9fffefde7f7ffff8ffffffffffffffffffffffffffffe7ff3fffffff
ffffff3ff9fffffffffffffffffff9ffcfffffffffffc0001fffcffe7ffffff8ffffffff
ffffffffffffffffffffe7ffbbffffffffffff3ffddffffffffffffffffff9ffeeffffff
ffffffffffffcfff77fffff8ffffffffffffffffffffffffffffe7ff9bffffffffffff3f
fcdffffffffffffffffff9ffe6ffffffffffffffffffcfff37fffff8ffffffffffffffff
ffffffffffffe7ff83ffffffffffff3ffc1ffffffffffffffffff9ffe0ffffffffffff4f
ffffcfff07fffff8ffffffffffffffffffffffffffffe7ff9dffffffffffff3ffcefffff
fffffffffffff9ffe77fffffffffff5fffffcfff3bfffff8ffffffffffffffffffffffff
fffff3f7dfffffffffffff9fbefffffffffffffffffffcfdf7ffffffffffff5fffffe7ef
bffffff8fffffffffffffffffffffffffffff9f7cf7fffffffffffcfbe7bffffffffffff
fffffe7df3dfffffffffff2ffffff3ef9efffff8fffffffffffffffffffffffffffffdf7
cf7fffffffffffefbe7bffffffffffffffffff7df3dfffffffffff0ffffffbef9efffff8
fffffffffffffffffffffffffffffe03807ffffffffffff01c03ffffffffffffffffff80
e01ffffffffffffffffffc0700fffff8ffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff8ffffffff
ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffff8ffffffffffffffffffffffffffffffffffffffffffffffff
fffffffffffffffffffffffffffffffffffffffffffffffffffffff80c00000040092900
aa000000000000002a009d0100000000040000002701ffff030000000000
Where n? Quantity of the periods of time on which the investment, r is
made? Norm of profitableness (profitableness) from an investment. It is
obvious that if: NPV> 0 the project should be accepted; NPV 1 the project should be accepted; PI 0 the project should be accepted; NPV 1 the project should be accepted; PI
Нашли опечатку? Выделите и нажмите CTRL+Enter
