The article presents a critical analysis of the expediency of discounting in the evaluation of long-term investment projects. Discounted cash flow is a common method of valuing investments that produce cash flows. Discounting the projected cash flows generated by an investment project during its operational stage is one of the basic evaluative principles of investment analysis. Evaluation of projects using discounting methods is a priori considered more objective since the influence of the time factor is taken into account when calculating integral indicators. The critical analysis carried out by the authors allows us to state the need for the selective use of discounting in investment analysis. The authors emphasize the fact of unjustified ignoring of static methods which do not involve discounting of certain cash flows elements within justifying the effectiveness of projects. The necessity of expanding the application of static evaluation methods in order to prevent the negative impact of the phenomenon of "investment myopia" is substantiated.

The article discusses an example of construction and operation of a high embankment of the road, which was constructed in the central part of Moldova. A detailed historic reference about the behavior of the embankment over 40 years of its operation is given. The reasons for the repeated deformations of the embankment have been identified. The analysis of the effectiveness of the undertaken landslide prevention works has been performed. In order to increase the effectiveness of landslide protection, the authors propose a procedure for multifactorial analysis of the interaction of complex natural systems and various engineering structures, which will allow designers to reasonably predict and make accurate design decisions in diverse geological settings.