ABSTRACT
In the process of taking investment decisions an evaluation of the financial and economic effectiveness of planned undertaking is especially important. That enables implementing conclusions regarding purpose of investment project, and mainly allows to answer the question whether the project generates benefits appropriate to invested financial means.
The cost-effectiveness calculation is an instrument of investment efficiency assessment. Credibility of this calculation- including forecasted and expressed in monetary units costs and benefits - depends on diligences of estimating cash flows, used in calculation formulas. In case of the investment projects associated with the structure of the HSR system, in Poland there is a lack of reliable source data which could constitute the basis of forecasting the costs and benefits streams of provided cartage services on HS trains and maintaining and using the railway lines of HS trains. In the present chapter studies presenting operating costs of HSR in Western Europe were used. On this base the financial effects of starting HS trains in Poland were pointed out.
