Investment management- a study on asset investment projects.doc
Introduction 6
Chapter 1. Investment management- theoretical aspects 1
1.1. Making the decision; the investor as a business man 2
1.1.2 The investor’s roles 5 1.2. The investment management as a process 6
1.2.1 Planning the investment 6
1.2.2 Implementing the investment plan 11 1.2.3 Evaluation of the investment 15 1.3. Investment risk 24
Investment Risk #1: Business Risk 25
Investment Risk #2: Valuation Risk 26
Investment Risk #3: Force of Sale Risk 26
Chapter 2. European Grants 28
Introduction – short history 28 2.1.Legislation, definitions and objectives of the structural funds for Romania 31
2.2. Institutions regulating the management of Structural and Development Funds in Romania 33
2.3. Application process for European Grants; risks and irregularities 43 Chapter 3 – Case study: The investment project for a touristic pension at Poarta Raiului 48
3.1. Introduction – description of the Project taking place at Poarta Raiului 48 3.1.1 Ownership Dispute 48 3.1.2 The County Council Project for Poarta Raiului 49
3.2. Terrain auction, contract stipulations and legal aspects 52
3.2.1. The auction 52 3.2.2 The legal terms of the contract 53 3.3. The investment project – Business plan 56
Table 3.3.1 “Administrative information of the applicant” 57
Table 3.3.2 “The projected work-force” 64
Table 3.3.3 “The Action Plan for the investment project” 66
Table 3.3.4 “The expected revenues from the current activity” 69
Table 3.3.5 “The estimated costs for the investment” 71
Chapter 4. Analysis; Advantages and Disadvantages of opting for EU non-refundable support 72
4.1 Analysis 72
4.2 Advantages and Disadvantages of opting for European non-refundable support 72
Conclusions 76
Bibliography 78
Tables list
Table 3.3.1 “Administrative information of the applicant” 57
Table 3.3.2 “The projected work-force” 64
Table 3.3.3 “The Action Plan for the investment project” 66
Table 3.3.4 “The expected revenues