Russian economy recovery from a deep systemic crisis is possible only by means of production investment expansion. However, receiving sufficient investment does not guarantee its effective use by the company. The present situation is the following: on the one hand an enterprise is in a dire need for investment, and on the other hand many of them are unable to ensure its effective use because of no or insufficient investment management elaboration. The article gives the algorithm of investment decision-making concerning the selection of priority investment sectors under limited investment resources. Priority sectors for real investment are identified on the basis of analysis of efficiency of production and financial resource use by the Vologda region milk processing enterprises.