Subject. A set of organizational and economic relations arising in the process of evaluating the effectiveness of financial investments in the creation of products of the rocket and space industry, as well as identifying the issues of determining the economic effectiveness of an investment project, taking into account its full life cycle. Objectives. Development and justification of a refined methodological approach to determining the economic efficiency of investment projects in the industry. Achieving this goal includes solving the following tasks: decomposing the life cycle of products with the identification of key stages and related types of work, identifying and systematizing potential risks at each stage of the life cycle with specific proposals for their leveling, systematizing effects by their nature and impact on various actors. Methods. Methods of analysis and synthesis, system and structural-functional analysis were used, as well as elements of the design approach and classification methods for grouping risks and effects were applied. Results. The stages of an investment project in the rocket and space industry are studied in detail, the specifics of the work performed at each stage are presented and systematized, the range of participants is considered, the specifics of the formation of costs and results for an investment project are studied, as well as the problems of determining the timing of its implementation. Special attention is paid to the identification of potential risks specific to each stage, as well as methods for leveling them in accordance with industry specifics. The various types of effects that occur at each stage of an investment project in the industry, which have a different nature and equally affect many subjects, are considered in detail. It has been revealed that traditional methods of discounting cash flows do not fully take into account this heterogeneity. Conclusions. It is concluded that there is a need for a comprehensive transition from point calculations to end-to-end strategic planning within the product lifecycle, which requires the adaptation of financial instruments.
Keywords: investment project, life cycle, efficiency assessment, rocket and space industry, risks
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