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EN
Financial decision-making is characterized by seeking the optimal solution, exploiting the available resources and utility maximizing under assumption of rational decision-making. Decision-making under uncertainty implicitly requires the acceptance of risk of states of the worlds and the acceptance of possible consequences of risk alternatives. On the contrary there are a lot of empirical examples of managers' propensity to the incorporation of irrelevant factors to the decision making process. Irrelevant factors are based on internal feeling of managers, elimination of regret with the aim to hide individual failure of managers and admitting mistakes of responsible managers. Conducted economic experiment focused on the escalation of commitment in losing projects.
EN
Results of field research and experience from economic praxes demonstrate failures of many investment projects and inability of many firms to learn from mistakes and successes. The article is oriented on the one important tool supporting this learning, which is Post Project Appraisal. The first possible causes of failures of investment project are discussed and further content. Post Project Appraisal and experience from its implementation in companies British Petroleum and Česká rafinerská is characterised. Attention is further paid to results of field research regarding approaches used by Czech enterprises for evaluation of investment project after their completion (brief evaluation of costs, brief evaluation of economic effects, detail Post Project Appraisal) and testing hypotheses of statistical dependencies of these approaches on selected factors (size of enterprise, ownership, existence of strategy, implementation of controlling).
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