REFEREE’S REVIEW   Program:	Master in Management (MIM) Student:	Sergei Galustov Title of thesis:	Determination of strategic role of investments into timber-transporting infrastructure for development of wood industry companies 	 Justification of the topic choice. Accuracy in defining the aim and objectives of the thesis. Justification of the topic choice; accuracy in defining the aim and tasks of the thesis; originality of the topic and the extent to which it was covered; alignment of the thesis’ topic, aim and objectives.	5	4	3	2 Structure and logic of the text flow. Logic of research; full scope of the thesis; alignment of thesis’ structural parts, i.e. theoretical and empirical parts.	5	4	3	2 Quality of analytical approach and quality of offered solution to the research objectives. Adequacy of objectives coverage; ability to formulate and convey the research problem; ability to offer options for its solution; application of the latest trends in relevant research are for the set objectives.	5	4	3	2 Quality of data gathering and description. Quality of selecting research tools and methods; data validity adequacy; adequacy of used data for chosen research tools and methods; completeness and relevance of the list of references.	5	4	3	2 Scientific aspect of the thesis. Independent scientific thinking in solving the set problem/objectives; the extent to which the student contributed to selecting and justifying the research model (conceptual  and/or quantitative), developing methodology/approach to set objectives.	5	4	3	2 Practical/applied nature of research. Extent to which the theoretical background is related to the international or Russian managerial practice; development of applied recommendations; justification and interpretation of the empirical/applied results. 	5	4	3	2 Quality of thesis layout. Layout fulfils the requirements of the Regulations for master thesis preparation and defense, correct layout of tables, figures, references.	5	4	3	2 Each item above is evaluated on the following scale, as applicable: 5 = the thesis meets all the requirements, 4 = the thesis meets almost all the requirements, 3 = a lot of the requirements are not met in the thesis, 2 = the thesis does not meet the requirements.  Additional comments:   The paper written by Sergei Galustov is a good practical paper about the industry that has a great importance in Russia, especially in North-West region. The paper is very practical and it seems that Sergei knows the industry from the inside (either working there or consulting industry experts). It is very valuable for the results and for the practical conclusions, however there is probably lack of analytical, scientific approach to the paper. There are no quantitative methods used as well as lack of analysis on a high level of abstraction. The same weakness is seen at quality of data: it is not very well described and prepared. The other weakness of the paper is little lack of structure and coherence of the paper. It is sometimes difficult to read and follow the logic of the author.  Among strengths of the paper the following areas should be mentioned: practical recommendations and conclusions, very precise recommendations and ability to create valuable recommendations for the industry. The knowledge of small details is also an advantage among others.    Master thesis of Sergei Galustov meets the requirements of the Master in Management program, and according to the reviewer’s opinion deserves a “satisfactory (D)” grade, thus the author can be given the desired degree. 04.06.16	  PAVEL MAKSIMOV. 	General Direcor	, Sfera Stabzeniya