American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 72 | P a g e EVALUATION OF EFFICIENT USE OF INVESTMENT IN THE PRODUCTION OF MANUFACTURED METAL GOODS IN EXCEPT MACHINERY AND EQUIPMENT Usmanov Bakhtiyor Tashkent State Economy University Independent Researcher, Republic of Uzbekistan E-mail: bakhtiyor.usmanov@gmail.com Annotation This article examines the areas of effective use of investments in the production of finished metal products, in addition to machinery and equipment, and analyzes the methods of evaluating these processes. Priorities for investment are assessed by an expert method. It also proposes authorial approaches to the scientific study of problems related to the efficient use of investments and the improvement of investment efficiency. Keywords: investor, investment, efficiency, investment attractiveness, valuation methods, expert evaluation. Introduction In the context of uncertainty and competitive economic development, any investor pays special attention to the efficiency of the facility in directing their investments. In other words, both investors and investment objects face the problem of effective use of investments. The choice of the optimal solution to this issue on the basis of mutual agreement of both parties guarantees the effectiveness of the investment. Of course, in this process, the government will encourage the expansion of investment in various sectors of the economy, further improve the investment climate, create and implement a single investment policy aimed at supporting the development of enterprises with foreign investment, including foreign investment. should be coordinated on the basis of. Because the results of the analysis of socio-economic development in the world, based on current problems and important directions of economic development, it is necessary to develop a system of strategic priorities of investment policy in order to ensure long-term development prospects. Improving the efficiency of investment, the development of attractive investment projects based on the potential of each sector and their targeted placement is an important task. It is known that each country plays an important role in ensuring its sustainable economic development in the long run. In recent years, the development of prudent investment policy has become increasingly important in ensuring macroeconomic stability and high economic growth in our country. To increase the effectiveness of American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 73 | P a g e investment policy, many institutions are being established to create a favorable investment climate. Our country has a favorable investment climate for domestic and foreign investors, a number of benefits and preferences. However, the analysis of the efficient use of investments shows that the efficiency of investment in the economy, in particular in the production of finished metal products other than machinery and equipment, is lower. In particular, 60-65% of the investments are directed to the construction of buildings and structures, 10-15% to other purposes and only 20-30% to the technological modernization of production processes. Hence, one of the most pressing issues today is the scientific study, research and development of scientific proposals to improve the efficiency of investment. Analysis of the Relevant Literature Indeed, the economic and financial evaluation of investment projects is very important in the process of selecting and justifying the optimal options for investing in real assets [1]. At the same time, it is necessary to make greater use of existing opportunities and potential of the sectors by identifying the impact of factors influencing investments and priorities for attraction, to eliminate sharp interregional differences in different sectors and industries of the economy [2]. In world practice, they say that economic analysis methods can be used to evaluate the effectiveness of investments. Assessing the integrated effectiveness of investment projects in the national economy implies that they reflect all the socio-economic aspects of its implementation. In particular, it emphasizes the need to take into account not only direct internal factors, but also external outcomes and costs related to relevant sectors of the economy, as well as environmental, social and other non- economic impacts [3]. In addition, clear definition of investment priorities, attraction of internal and external financial resources on the basis of rational regulation of investment activities, taking into account all conditions determine the future of the national economy, and investment multiplier is another important indicator in assessing investment efficiency [4]. Studying the efficiency and development of investments increases the ability to pursue a prudent investment policy [5]. Income and product price analysis is also important to increase investment efficiency [6]. The basis for making investment decisions is to decide whether or not to accept a particular investment project or to implement one of the proposed options of the project, calculating the selected criteria of its economic efficiency [7]. Therefore, in assessing the effectiveness of investments, it is necessary to pay attention to the analysis of economic and financial indicators of the object, management decisions, the technological structure of the use of investments and other factors. It is American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 74 | P a g e also advisable to use the method of expert evaluation in assessing the effectiveness of investments. Research Methodology In this study, analytical comparison, logical and comparative analysis, grouping and expert evaluation, as well as economic-mathematical methods were widely used. It also presents analytical conclusions based on an extensive study of the research work of foreign and domestic scientists on the subject. Analysis and Results In our previous research, we asked, "In addition to which machines and equipment, which of the following is the most efficient way to invest investment resources in the production of finished metal products?" Now, in addition to machinery and equipment, which economic activities are most effective in directing the production of finished metal products, in addition to machinery and equipment? We will try to find an answer to the question and do it using the method of "expert assessment". The advantage of this method is that if the possibility of quantitative assessment of economic events is completely or insufficient and requires the formation of personal opinions about a particular process or object, this method is used and certain conclusions are drawn based on the opinions of experts (experts). decisions are made [8]. Experts are leading experts in a particular field or field, who, within their competence, draw conclusions on a particular event or process. The essence of the method of expert assessment is the intuitive-logical analysis of problems by experts. The generalized opinions obtained as a result of the work of the experts are considered to be the solution to the problem. The complex use of intuition, logical reasoning, and quantitative judgment allows for an effective solution to the problem. The application of the expert assessment method focuses on issues such as quantitative selection of experts and the formation of expert groups, assessment of their competence, determining the degree of consistency of expert opinions, data processing by experts and making specific decisions based on the results. Generally, the number of experts in groups should be between 7 and 20. Sometimes this amount can be as much as 10 to 30. While a very small number of experts leads to unreliable results, a very large number of experts causes problems of an organizational nature. It is therefore recommended to use the following inequality in determining the required number of experts [9]:      * 1max2 3 m i iQ Q m (1) Here, m* - total number of candidates, Qmax - the maximum value of the competency coefficient, Qi - competence of the i-th expert. American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 75 | P a g e Sometimes the following formula is also used to determine the minimum number of experts [10]:        5 3 5.0  N (2) Here, α - the parameter is the minimum level of expertise error, the value of which varies in the 1<0  range. Experts' assessments play a key role in assessing the level of competence of experts, and different methods are used to determine their level of competence. One such method is determined using the following formula [11]:         ii iij j SM MX K (3) Here, Kj - j is the competency coefficient of the expert, Xij - the evaluation of the i-th object by the j-th expert, Mi - i is the average value of the object, Si - i is the sum of the values of the chi object. “Consensus of experts” is very important in expert evaluation. The "concordance coefficient" is used to assess the degree of consistency of expert opinion and is determined as follows [12]:  mmd S W    32 12 (4) Here, W - concordance coefficient, d - involved expert - number of specialists, m - objects, i.e. the number of processing industries, S - is a quantitative quantity in the concordance coefficient, which is determined as follows: 2 1 1            m i d s is rrS (5) Here, ris - the i-th object is the rating or color given by the s-th expert, which is determined as follows:    d s isi rr 1 ,  mi ,1 (6) (6) - the average of the ri in equation ( r ) is found using the following formula:     m i d s isr m r 1 1 1 (7) If the evaluations of the objects evaluated by the expert-experts overlap, then the concordance coefficient is determined as follows [13]: American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 76 | P a g e        d s sTdmmd S W 1 32 12 (8) Here, Ts - s is an indicator of the interconnected colors between the ranked values, which is defined as follows:     sH k kks hhT 1 3 (9) Here, Hs - s is the number of groups with equal colors between the ranked values, hk - the number of equal colors in the k-th group. If, in the estimates of experts, there are no comparative colors, in that case ,0sH 0kh and 0sT will be. It is recommended to use the following verbal-numerical scale of Harrington to assess the quality of the degree of consistency of expert opinion (Table 1). Table 1 Harrington's verbal-numerical scale [14] No Numerical values of the concordance coefficient Levels of consistency of expert opinion 1 0,2<0 W Consistency is very low 2 0,37<2,0 W Consistency is low 3 0,64<37,0 W Consistency is average 4 0,8<64,0 W Consistency is high 5 0,18,0 W Consistency is very high Harrington's verbal-numerical scale shows that the degree of coherence of expert opinion varies between 0 and 1. The closer the value of the concordance coefficient, the higher the degree of coherence of expert opinion, and vice versa. In practice, if m > 7, then the χ2 - criterion is used to assess the significance of the concordance coefficient [15]. χ2 - distribution v = m-1 assumes the following value with the degree of freedom:        d s sT m mmd S 1 2 1 1 1 12  (10) If 2> W , the degree of consistency of expert opinion is reasonable, otherwise such consistency turns out to be insignificant. In practice, the "entropy concordance coefficient" is also used to assess the degree of consistency of expert opinion, and it is defined as follows [16]: max 1 H H We  (11) Here, H - entropy and Hmax – is the maximum value of entropy, which is found as follows: American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 77 | P a g e ij n i m j ij ppH     1 1 2log (12) If we assume that mmp ijij / and nmmij / , then the following equation is formed: nmn nn H m j n i m j 2 1 2 1 1 2 loglog 1 log 1     (13) Here, pij - i-th object and j-th color probability estimate, m - experts and n - number of colors. The entropy concordance coefficient gives a slightly rougher result than the normal concordance coefficient, and its value is 1 ( 1eW ) when the level of significance of all objects is found to be the same by experts. The high value of the concordance coefficient obtained during the expert evaluation confirms the high degree of consistency of expert opinion. In this case, the opinions of experts on the object of assessment or socio-economic process are usually considered close to each other. Now, based on the above methodology, we will first formulate the content of the question to be presented to the members of the formed expert group, and its content will be as follows: Question: In the future, which of the following areas is most effective in attracting investment financing sources? In order to find an answer to this question, the experts adopted a "5-point rating scale" and set the following points for priority areas of activity (Table 2). Table 2 Scores indicated by experts on the priority areas in which investments should be attracted No Evaluated priority investment areas Number of experts 1 2 3 4 5 1 Modernization of production of finished metal products in addition to machinery and equipment and renewal of fixed assets 5,0 4,5 4,5 4,0 5,0 2 Funding of scientific developments and ideas in the field of production of finished metal products, in addition to machinery and equipment 4,0 4,0 4,5 4,0 5,0 3 In addition to machinery and equipment, support for small business in the production of finished metal products and further improvement of production infrastructure 4,0 4,5 5,0 4,5 4,5 4 Expansion of production activities of the production of finished metal products in addition to machinery and equipment and the organization of new productions 4,5 4,0 4,0 4,5 4,5 It should be noted that the maximum assessment or color ( 5max r ) indicated by American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 78 | P a g e experts in the priority investment areas reflects the priority areas of activity in which investment funds should be attracted. It follows that if the average score in any activity is high ( maxr ), attracting investment in this type of activity becomes a priority, and this activity is the highest priority (Figure 1). Figure 1. The average of the scores indicated by experts on the priority areas in which investments should be attracted, ( ir ) As can be seen from the figure, the most important in the production of finished metal products, in addition to machinery and equipment, is the modernization of production. takes second place. In third place are two areas: funding for research and development in the industry, followed by 4.3. Now, in order to prove the validity of the above opinions, we first calculate the level of competence of the members of the formed expert group using formula 3, and the degree of consistency of their opinions using formula 8. Figure 2 below shows the competence levels of the experts. Figure 2. Levels of competence of experts (Ki - coefficient) The analysis of the competence levels of the experts showed that the competence level of the fifth expert was the highest with a value of 0.215, while the competence levels of the second and fourth experts were the lowest with a value of 0.192. 4.6 4.3 4.5 4.3 4.1 4.2 4.3 4.4 4.5 4.6 4.7 Modernization of production Financing of scientific developments Entrepreneurship support in the network Expansion of production 0.198 0.192 0.203 0.192 0.215 0.18 0.185 0.19 0.195 0.2 0.205 0.21 0.215 0.22 К1 К2 К3 К4 К5 American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 03, April, 2022 79 | P a g e Conclusion Now, as mentioned above, using formula 8, we calculate the degree of coherence of the opinions of experts, i.e. the concordance coefficient (W). 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