APPLICATION OF THE CONCEPT OF SUSTAINABLE DEVELOPMENT IN THE ARCTIC PROJECTS

The main features of sustainable manufacturing projects in the Arctic Region are their strategic character, social orientation and focus on forming long-lasting competitive advantages; therefore, these projects acquire special meaning in conditions of high market risk. In these cases, the standard methods of evaluating project effectiveness are rendered inoperable, while prerequisites exist for use of the real option method (ROV). The ROV method factors in the value of managerial flexibility, which determines the possibility of changing project parameters at any stage. This makes it possible to overcome the risks associated with sustainable manufacturing projects the in Arctic Region and increase their efficiency. As the main efficiency criterion, we propose using the economic value added (EVA) indicator, which consists of the value of related investment decisions and the present value of the real option created by the Arctic Region project.