Criterios de evaluación de proyectos

The evaluation of a project can be seen from two aspects: public and private, there are different financial indicators at the time of evaluating the project, such as: recovery period, simple rate of return, average rate of return, net present value, internal rate of return, cost benefit, among others. In this document the topics of Net Present Value (NPV) and the Internal Rate of Return (IRR) will be addressed. The NPV is calculated by adding the discounted cash flows, less the net initial investment, the result that is obtained is the amount of money that is earned as surplus profit, as long as it is a positive amount. The IRR represents the interest rate that should be used to discount the cash flows in the calculation of the NPV, and with this it has a value of zero in the NPV, it is also interpreted as the maximum rate that generates an investment in a time horizon. determined time. (Castro Morales, 2006). The NPV net present value of an investment project is nothing other than its value measured in today's money. It is the equivalent in current values of all income and expenses, present and future, that constitute the project (Diaz, 2009). Both indicators present different results scenarios which according to their interpretation lead to effective decision making, in such a way that they direct the objective of the evaluation allowing to consider the viability and feasibility of the project. The concept of cost and benefit must be related in which the final focus of the evaluation is given. The financial evaluation of a private project contains different elements for its determination such as: ordering of costs and benefits, determination of the project horizon, exposure of the relevant benefits and costs, treatment of the main costs and benefits, market prices, inflation, discount rate, the latter depends directly on the expectation of the owner against the project and in turn taxes, depreciation, subsidies, value of the rescue and type of financing should be considered. (Cordoba Padilla, 2011). The analysis relevant to the evaluation criteria allows to reduce the uncertainty and approach the success in the course of its estimated life. The proper use of the estimation of future revenues and costs makes it possible to more accurately define the results of the indicators.