Zubenko A. Value-based management of the investment project portfolio using the real options models in housing construction.

The aim of the thesis is improvement of theoretical and methodical provisions and justification of practical recommendations for value-based management of the investment projects portfolio using the real options models in housing construction. The object of the treatment is the process of value-based management of the investment projects portfolio with priority justification of construction projects implementation taking into account uncertainty. The subject of the treatment is the set of theoretical, methodical and practical instruments of the value-based management of the investment projects portfolio in housing construction on the basis of real options models using. Research methods: theoretical generalization, analysis and synthesis, classification, statistical and technical and economic analysis, graphic, comparative analysis, method of an expert assessment, structural and logical analysis. The value-based approach for optimization of investment projects portfolio in housing construction is developed with using the models of real options. Classification of building projects in housing construction is improved by introducing a classification sign of criterion of influence extent on the investment projects portfolio value. The process of selection of real option estimation is improved by indentifying three-dimensional description of options. Comprehensive approach for optimization of investment projects portfolio in housing construction is implemented by generating the matrix of combinatorial advantages according to strategic parameter; estimation tools of the projects value in housing construction with using the models of real options by generating the matrix of combinatorial advantages according to three main parameters are implemented; value-based approach to evaluate first priority of construction projects realization and to set the priority areas of investing into housing construction by generating the matrix of combinatorial advantages according to strategic parameter is implemented; the system of key parameters for classification of investment projects in housing construction into groups is implemented. The results of the treatment are used in educational process under statement of courses of "Financial management", "Strategic management", "Financial activity". The scopes of application are enterprises of building sector, city form of government, higher educational institutions.