An Overview of the project evaluation concept: the process of the Devolopment Bank of Turkey

Abstract

ÖZET Bu tez çalışmasının amacı, proje değerlendirme kavramını detaylı olarak incelemek ve Türkiye'de uygulanan proje değerlendirme sürecini bir örnek çalışma ile ortaya koymaktır. Türkiye'de proje değerlendirme işlevi olan nadir kuruluşlardan, Türkiye Kalkınma Bankası proje değerlendirme süreci analiz ve eleştiri için seçilmiştir. Bu çalışmada GAP projesi içinde uygulanması düşünülen Rafine Pamuk Yağı Projesi 'nin f inansal değerlendirmesi Türkiye Kalkınma Bankası proje değerlendirme esaslarına göre gerçekleştirilmiştir.

5- SUMMARY AND CONCLUSIONS In the first part of this thesis study project and project appraisal concepts are reviewed, appraisal stages and project evaluators are introduced, and the relationship between project appraisal and national planning is analysed. In the second part project appraisal process in the Development Bank of Turkey is introduced with critiques and some additional points. In the third part financial evaluation of a project is evaluated under the hank's methods. The forth part stands for a demos t rat ion of a financial analysis. Projects can not be taught independent of the environment» Economical and political situations directly affect project evaluation as evaluative criteria change. Therefore project evaluation should be implemented by independent institutions which ar& away from political interests and capable of assessing economical situation objectively, Project evaluation should be executed by an experienced team. All sectors in the economy have different kind of structure, evaluative criteria for each sector are different. The project evaluators should gain experience in certain sectors and become experts in these fields. Teams sou Id be formed by these experts who have broad knowledge and information about the technical subjects and market structure of the sector. The appraisal of qualified experts will be more reliable than formated studies. A project appraisal should not end with a single number, expertsshould write an detialed report under the light of their past experience in the subject of the project. The evaluation m unstable economies requires concrete sensitivity analysis to identify risk factors. In fact in Turkey there exists uncertain i t. ies rather than sieasurable risks, therefore sensitivity analyses are hard, thus should 'oe carried on for every important variable. The limited resources of the country should not be allocated to investments that are pro-using Uiioer tain future. In yroj'iC' appraisal studies, a special effort should be performed to evaluate the market for the project. The future of the project can be estimated only by good aarket research. Marketing force of a company, which will inpleraeat the project, should be evaluated Def ore g iv ing f mai dec is ion. he ` in t :> f p u b l i c i n p r o j e c 1 3 w h i c a t r e a t h e as the environment is rising. As a result politicians will try to prepare new regulations to satisfy voters. The project foraulators 1:1 Turkey should be ready for these prospective regulations avoiding conflicts in future. The post acceptance analysis of previous studies will be useful m the appraisal of new projects. After a project is accepted, the performance of this project should be followed up.And compared with the estimated per for fiance in appraisal report. The lessons should be used to correct * 00 rai sal procedures.The success of a project depends on the abilities of the executors, therefore the managers of the project should be investigated in detail. Their experience in the sector and education should be found out. Project evaluation is meaningless if the project formulators and evaluators are not capable of measuring the risks Ln the environment. The project appraisal formats should aim to raeaaure the risks rather than trusting single nuaeric results. The Halted resouces of the country should De allocated after the evaluation of highly rational project evaluators.REFERENCES 1. Kar gut, Doğan, `Yatirim Projelerinde Kullanilan Temel Teknikler`, Dünya, Nov. 12 1939, p. 4. 2. Packard, C. Philip, `Project Appraisal Administration`, Publications of Institute of Social Studies, Paris, 1974, p. 17» 3. King, P., `Is The Emphasis of Capital Budgeting Theory Misplaced?`, Journal of Business Finance and Accounting, 1975, Vol IE, No 1, pp68-82. 4. Hirst, R.C. Ian, `Business Investment Decisions`, Philip Allan Publisher Ltd., London, 19SS,pp.4-5. 5. Soumelis, Constant in G. `Project Evaluation Methodologies and Techniques`, Paris, United Nations Educational, Scientific and Cultural Organization, 1977, p. IS. 6. UNIDO, `Guidlines for Project Evaluation`, United Nations Publications, Austria, 1972, p. 12. 7. Türkan, Erdal, Interview (Prof In Hacettepe University) 3. O'Riordan, Timothy, Swell, Derrick, `From Project Appraisal to Policy Review` ed. Timothy&Derr ick, John Willey&Sons Ltd., Bong I ore, 1931, p. 15, 9. Ekincioglu, Erdal, `Kalkınma Bankaci l iğinin Kuruluş Nedenleri`, TKB, Ankara, 1939, pp. 4-5. 10. Development Bank of Turkey, `Annual Report 1933`, Ankara, 1939. 11. Türkiye Kalkinma Bankasi, `Teşvik fievzuati`, Ankara, 1990. 12. Tuğrul, Seyhan, `Teşvik Belgesi ve Yatirimlari Teşvik Tedbirlerinin Uygulamasi`, TKB VI. Proje Hazirlama ve Değerlendirme Semineri, Ankara, 1939, p.5. 13. Çatak, Atilla, Interview (Senior Supervisor in DevelopmentBank of Turkey) 14. Ertek, Tumay, `Economies of Scale and Capacity Selection`, Project Evaluation International Training Workshop, Altinyunus, 1989, pp.S,S3. 15. Bodur, Muzaffer, `Marketing Research for New and Existing Product Developoment`, Project Evaluation International Training Worshop, Altinyunus, 1939, p.l.APPENDIXT. C. BAŞBAKANLIK DEVLET PLANLAMA TEŞKİLÂTI MİÎSTEŞARUCI TEŞVtK.<. LVCII.VMA BAŞKANLIĞI YATIRIM TEŞVİK BELGESİ VE YATIRIM İNDİRİMİ BELGESİ Bu belge, belirtilen esaslar çerçevesinde. Kalkınma Planı ve Yıllık Programlara uygun olarak yatırımların teşvik tedbirlerinden yararlandırılması amacıyla Teşvik ve Uygulama Başkanlığınca düzenlenmiştir. Belge No: <ZO>£>4 ^ ; İ b 7 M-< 1383 YATIRIMI YAPACAK ŞİRKETİN İSMİ : ARCELİK^AS_`_Çayırava7Î5tA¥BLJLYATIRIMIN SEKTÖRÜ VE KONUSU : İ^.kSl-Çk?.^YATIRIMIN CİNSİ : YATIRIMIN YERİ : MODERNİ ZASYQN _..J.ŞIM3UL. YATIRIMCININ VERGİ DAİRESİ VE HESAP NO.SU : Fendik U.D. 0739590019.......B5SzJ*.M...```._m Başkanlığımıza yapmış olduğu /.Ş..ı3..:33....larih ve.i?J.S§.sayılı müra caatı incelenerek. Bakanlar Kurulunun ii?..î.iQ.r..Ş.Ş.tarih ve.Ş.§./i.l.i.Q.?sa- vılı kararnamesine istinaden yatırımın teşvik tedbirlerinden yararlandırıl ması uygun görülmüştür. Yatırım ile ilgili Gümrük Muafiyeti, Yatırım İn dirimi, Döviz Tahsisi, Vergi - Resim - Harç İstisnası gibi teşvik tedbirleri, bu belgede öngörülen değerler ve şartlar esas olmak üzere Bakanlar Kuru lu Kararnamesi ve Tebliğler gereği herhangi bir uygulama belgesi aran maksızın ilgili kuruluşlar tarafından tatbik edilir. DEVLET PLANLAMA TEŞKİLATI Mü$?*^aş4Ği?...v-.<v; !.