As diferenças no processo de seleção e gestão de investimentos entre empresas públicas e privadas do setor metroferroviário em São Paulo

Abstract

The subway system and railroad transportin Brazil, operated by the public sector and the private companies under concession,havebeen achievingan outstanding reputationbythe population and the government over the past few years, for the transportof passengers and in hauling cargoes throughout the country. The railroad systemis very capital intensive, demandingsubstantial investment for the maintenance and enlargement of the network, the development ofoperational sites, to build functional stations and forthe acquisition of wagons and locomotives.Hence, it is critical that the new projects be technically analyzed to as a fundament for the decisions with regards to the attainment of their strategic planning and objectives, along with a proper management throughout the development and execution, in order to offer better quality and a comprehensive service to the whole society, shortening distances, optimizing time of displacement, reduce freight costs and curtaining thepollutants emission. To fully comprehend the best practices for the investment projectswithin the sector and in order to cope with the challenges of capital requirement for the railroad system in Brazil, this study seeks to understand the conceptual framework for investment projects and the alignment with the strategic planning and budget for capital allocation, along with the financial indicators and economic feasibility analysispracticed by the private companies, coupled with the social benefits metrics pursued by the public companies. In order to fully understand the reality of the project management process in the railroad companies, a research has been undertaken based on primary sources, participant observations and benchmarking within the following: Companhia Paulista de Trens Metropolitanos (CPTM SP), Companhia do Metropolitano de São Paulo (Metrô SP), MRS Logística S.A., Rumo Logística and VLI (Valor da Logística Integrada). The purpose was to understand the maturity level of the investment portfolio management and practices of each company, their differences and causes, as well as to evaluatethe possibility of the public sector companies to acquire and implement the best practices of the private companies. It was identified some opportunities to improve the selection and management process of the investment projects in public companies through the incorporation of some practices observed in the private companies. The systematic revision of the financial feasibility analysis of the projects throughout their maturity cycle, with the refinement of estimates; the management routine and control of budget variance at each stage of the project, a formal change on the management and approval policy,based on variancesand control over the scope and term of variables, that allows for more management transparency on every phase of the investment, from the conception to the end of the implementation of the project. It is also important to enhance the risk management process for public company projects, to preventively assess the risks, mitigate and compensate with assertive interventions to reduce the potential negative impacts. To conclude, this project has gathered that the public sector should expand their policy of seeking alternative revenues, currently focused on real estate and advertising exploitation of public spaces, to seek economic sustainability.