Abstract <p>The relevance of the research is justified by the need to improve the effectiveness of management decisions in the implementation of investment activities. The paper presents traditional criteria that support the decision-making process on the implementation of investment projects and also proves the need to take into account the influence of uncertainty. An approach to calculating the discount rate is proposed, taking into account the risk factor of variability in project parameters. A general algorithm for making a decision on the implementation of the project is presented, based on an expert analysis of the prognostic characteristics and their deviations from the reference values. The conclusion is drawn about the expediency of using the developed algorithm as an auxiliary tool in the course of making management decisions in investment activities to increase the objectivity and reliability of the results.</p>