scholarly journals INFORMATION-ANALYTICAL SECURITY FINANCIAL PLANNING OF ACTIVITIES OF INDUSTRIAL ENTERPRISES

2021 ◽  
pp. 64-69
Author(s):  
Олександр Носирєв ◽  
Марина Дядюра
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Planning Process ◽  
Individual Characteristics ◽  
Industrial Enterprise ◽  
Planning System ◽  
Successful Implementation ◽  
Sufficient Information ◽  
Industrial Enterprises ◽  
Effective Functioning

The article investigates the financial and economic essence of financial planning and proves that the problem of formation of information and analytical support of financial planning in an industrial enterprise becomes very important and requires a clear rationale and solutions. Analyzed modern methods of financial planning and forecasting companies that provide objective results of the company and found that despite the results achieved, the problem of formation of information–analytical providing financial planning at an industrial enterprise is still not completely solved. The author's classification of information for the needs of financial planning is made and it is proved that for the successful implementation of financial planning the financial management is recommended to use a sufficient information base that describes the individual characteristics of the financial structure of the enterprise and its position in the market. The priority tasks of information and analytical support of the financial planning process are investigated. The system of information and analytical support of financial planning of the enterprise from external sources has been developed. Indicators of information and analytical support of financial planning based on information from internal sources are investigated. The indisputable role of information resources in the activities of modern business entities of any industry is proved. From information must begin the management process (inputs) and information it ends (the output) and the reliability, accuracy, truthfulness, objectivity, timeliness of data, effective operation of the system of information‒analytical security depends on the effective functioning of economic entities. Thus, in competitive conditions of internal and external markets, the effective functioning of the system of information and analytical support of financial planning helps to reduce risks and make rational management decisions. It is concluded that the basis of the financial planning system is the financial plan, the availability and reliability of information affect the correctness of this document.

scholarly journals BUDGETING IN INDUSTRIAL ENTERPRISES

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
Ya. Samusevych ◽  
A. Temchenko
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Planning Process ◽  
Minimum Cost ◽  
Cost Effective ◽  
Planning Stage ◽  
Industrial Enterprises ◽  
Planning And Control ◽  
Rational Organization ◽  
Internal And External Factors

The key to successful and cost-effective activities of enterprises is the rational organization of the planning process, which concerns financial indicators and involves writing budgets. The article summarizes the theoretical and practical aspects of the organization and implementation of budgeting in industrial enterprises. The study of approaches of different scholars to the interpretation of the essence of the concept of budgeting allowed defining it as a complex economic process of the management cycle. It is developed at the discretion of the enterprise by determining the amount and composition of the costs of individual units of the entity and ensuring coverage of these costs by the resources of the enterprise to achieve the ultimate goal of the entity – to obtain maximum profit at minimum cost, taking into account both internal and external factors. The role of budgeting for industrial enterprises, its main purpose, the list of entities involved in budgeting, as well as the fundamental criteria for budgeting were clarified. Based on the generalization of a number of the most important criteria for the company, the possible types of budgets as well as their advantages and specifics of use depending on the objectives of the entity were generalized and described. The analysis of the basic stages of budgeting which are carried out in the course of activity of the is enterprise carried out, terms of writing and representation of budgets on an example of the monthly, quarterly and annual financial period are considered. It is determined that the budgeting system is a tool of internal financial planning and control, which significantly increases the efficiency of financial management of the enterprise, preventing the irrational use of financial resources both at the planning stage and at the stage of control over their use. Given the lack of established norms and rules for budgeting in the enterprise, optimizing the organization of the budgeting process and the effectiveness of financial planning are the tasks of the internal system of corporate governance.

SISTEM PENGANGGARAN PENDIDIKAN TINGGI DARI OLD PUBLIC MANAGEMENT MENUJU NEW PUBLIC MANAGEMENT

1970 ◽  
Vol 2 (2) ◽  
pp. 127-142
Author(s):  
A. Budi Santosa
Keyword(s):  
Higher Education ◽  
Financial Management ◽  
Public Management ◽  
Good Governance ◽  
National Development ◽  
Development Planning ◽  
Planning System ◽  
Successful Implementation ◽  
Service Agency ◽  
Legal Entity

Budget implementation in government agencies has not been effective even though legislation has mandated that performance-based budgeting should be implemented gradually starting in 2005. Some researches on budgeting found a disregard for the prerequisites for the successful implementation of performance-based budgeting, which includes participation, competence, and the clear documents and budgeting procedures. In Indonesia, the reform of budgeting begins with the issuance of Act No. 17 of 2003 on State Finance and Act No. 25 of 2004 on National Development Planning System, which is a product of legislation that became a milestone of reform in national planning and budgeting. In universities in Indonesia budget management system changes begins to be applied especially after the implementation of autonomy in the management of higher education institutions, namely since the issuance of Government Regulation on Higher Education as State-Owned Legal Entity (BHMN), Public Service Agency (BLU), even the latter leads to the State University-Owned Legal Entity(PTN-BH). The change of financial management is not without reason, but is intended to more financial management of performance-oriented, transparent and accountable, the estuary of the increasing good governance. Pelaksanaan anggaran di instansi pemerintah selama ini belum efektif, padahal undang-undang telah mengamanatkan bahwa pelaksanaan penganggaran berbasis kinerja hendaknya dapat dilaksanakan secara bertahap mulai tahun 2005. Beberapa hasil penelitian tentang penganggaran menunjukan adanya pengabaian terhadap prasayarat keberhasilan pelaksanaan penganggaran berbasis kinerja, yang antara lain ditentukan oleh faktor-faktor pendukung seperti partisipasi, kompetensi, dan adanya kelengkapan dokumen dan prosedur penganggaran secara jelas. Di Indonesia, reformasi bidang penganggaran diawali dengan terbitnya Undang-undang Nomor 17 Tahun 2003 tentang Keuangan Negara Undangundang Nomor 25 Tahun 2004 tentang Sistem Perencanaan Pembangunan Nasional merupakan produk undang-undang yang menjadi tonggak sejarah reformasi di bidang perencanaan dan penganggaran nasional. Di lingkungan perguruan tinggi Indonesia perubahan sistem manajemen anggaran mulai diterapkan terutama setelah dilaksanakannya otonomi dalam pengelolaan lembaga pendidikan tinggi, yaitu sejak diterbitkannya Peraturan Pemerintah tentang Perguruan Tinggi sebagai BHMN, BLU, bahkan yang terakhir ini mengarah pada PTN-BH. Perubahan arah pengelolaan keuangan tersebut tidak tanpa alasan, namun dimaksudkan agar pengeloaan keuangan lebih berorientasi pada kinerja, transparan dan akuntabel, yang muaranya tentu pada meningkatnya good governance.

scholarly journals Improving the Strategic Management of Investment Activities of Industrial Enterprises as a Factor for Sustainable Development in a Crisis

2019 ◽  
Vol 11 (23) ◽  
pp. 6667
Author(s):  
Vladimir Zhuravlyov ◽  
Tatyana Khudyakova ◽  
Natalia Varkova ◽  
Sergei Aliukov ◽  
Svetlana Shmidt
Keyword(s):  
Sustainable Development ◽  
Strategic Management ◽  
Theory And Practice ◽  
Industrial Enterprise ◽  
Investment Policy ◽  
Management Model ◽  
Development Theory ◽  
Successful Implementation ◽  
Investment Strategies ◽  
Industrial Enterprises

This article discusses the problem of improving the strategic management of sustainable development in industrial enterprises in Russia. The shortcomings of the strategic management of industrial enterprises are due to the fall in the growth rates of the world and domestic economy, international sanctions, and the specifics of the development of socio-economic relations in the Russian Federation. The main problem of the research is related to the imperfection of the strategic management of the investment policy of the enterprise, which leads to a slowdown in the development of the company and a decrease in competitiveness. The main goal of the presented research is to develop proposals for improving the strategic management model for the development and implementation of investment strategies of an industrial enterprise. Based on the analysis of theoretical sources, gaps in research related to the topic and objectives of this work are highlighted. The methodological base of the research is determined, the basis of which are: system theory, systematic approach to managing a company’s sustainable development, theory and practice of modeling, strategic management, investment design. The improved model is proposed, which determines the interdependence of the strategic management of investment policy and the sustainable economic development of the company, presents the algorithm for managing the process of developing investment strategies in an industrial enterprise. This mechanism takes into account the main indicators of sustainable development of an industrial enterprise. There are proposals to improve the management model of insurance reserves of the company, reflecting the strategic aspects of investment activities necessary for the successful implementation of the course on sustainable development in an industrial company. The obtained results were tested by a number of Russian enterprises, which led to positive results of their activities, contributed to more sustainable development and strengthening of competitive positions.

scholarly journals Improving the System of Budgeting at Industrial Enterprises

2018 ◽  
Vol 50 ◽  
pp. 01015 ◽  
Author(s):  
Larisa Yuzvovich ◽  
Ekaterina Korogodina ◽  
Lucia Azisova
Keyword(s):  
Financial Planning ◽  
Practical Problem ◽  
Planning System ◽  
Practical Significance ◽  
Financial Resources ◽  
Scientific Article ◽  
Project Financing ◽  
Corporate Sector ◽  
Industrial Enterprises ◽  
Economic Methods

The scientific article is devoted to the issues of budgeting system at industrial enterprises. The problem of improving the budgeting system in the enterprises of the corporate sector has always been a key issue for both government and business. In a time of economic turmoil and post-crisis periods, this problem becomes even more relevant. Methodological tools are analytical and economic methods of information processing. The relevance, theoretical and practical significance of the scientific research is determined by the focus on solving an important scientific and practical problem of empirical importance for budgeting within the financial planning system with limited financial resources and optimization of project financing sources.

COMPETITIVE POTENTIAL FORMATION ON THE BACKGROUND OF STRATEGIC MANAGEMENT OF AGRICULTURAL ENTERPRISES

2019 ◽  
Vol 4 (4) ◽  
pp. 149-160
Author(s):  
Volodymyr PILIAVSKII
Keyword(s):  
Strategic Management ◽  
Business Strategy ◽  
Competitive Strategy ◽  
Production Management ◽  
External Environment ◽  
Industrial Enterprise ◽  
Strategic Analysis ◽  
Successful Implementation ◽  
Agricultural Enterprises ◽  
Industrial Enterprises

The article reveals the issues of system-forming elements of agro-industrial enterprises’ competitive potential and the choice of competitive strategy as a factor of strengthening and increasing its efficiency through strategic management. It is established that along with the use of exclusive qualitative and quantitative characteristics of resources, competitive advantages can also be created due to the properties of the internal and external environment, rare among competitors. Special attention is paid to such an advantage as competence. The external and internal factors of agro-industrial enterprise’s competitive potential, which cover its assortment, marketing, quality, production management and other policies, innovative development, highly qualified staff availability, access to quality raw materials, are defined. The article presents and justifies the block-scheme of the choice of the agro-industrial enterprise competitive strategy of potential development. It distinguishes two components: structural composition of production and positioning. The proposed methodological approach of such analysis and choice of competitive strategy allows the enterprise not only to form, but also to successfully implement a long-term advantage in a changing environment. The competitive strategy as a tool is linked to the successful implementation of strategic management. It is determined that strategic management should be carried out through an appropriate organizational and economic mechanism, aimed at shaping and strengthening the competitiveness of the agro-industrial enterprise. The proposed mechanism includes a strategic analysis of the operating environment. It establishes essential characteristics of the environment, each consisting of dedicated sub processes, as a basis for defining the mission and goals of the enterprise. It is stated that developing a business strategy is considered to be the core of strategic management, and functional strategies must ensure every management level. A special task of evaluation and control of strategy implementation has been developed. It is determined that adjustments to the results of strategic control should be done for both the implemented strategy and the goals of business entities. In general, the implementation of the organizational and economic mechanisms of strategic management determines certain rules and techniques for forming and strengthening the competitive potential of agricultural enterprises. Keywords: competitive potential, competitive strategy, strategic management, strategy choice, business strategy, functional strategies, strategic analysis, external environment, internal environment, agro-industrial enterprises.

Construction of Integrated Planning System for an Industrial Enterprise in a Turbulent Market Environment

2017 ◽  
Vol 2017 (4) ◽  
pp. 118-141
Author(s):  
Kirill Vasenev
Keyword(s):  
Balanced Scorecard ◽  
Industrial Enterprise ◽  
Planning System ◽  
Enterprise Management ◽  
Tactical Planning ◽  
Integrated Planning ◽  
The Balanced Scorecard ◽  
Industrial Enterprises ◽  
Model Project ◽  
Operative Planning

The article shows the need for further improvement of the planning system of Russian industrial enterprises, offering the model of integrated planning system and suggesting changes of the organizational structure of an industrial enterprise necessary for model implementation, describing basic packages of planned activities within the integrated planning system: predominant in strategic planning model, project-oriented tactical planning, operative planning, considers the balanced scorecard system as the tools of integration of the planning system, as well as strategic, tactical and operative feedbacks in the cybernetic loop of enterprise management.

scholarly journals Online streaming public participation in forest management planning

2017 ◽  
Vol 66 (1) ◽  
pp. 5-13
Author(s):  
Henn Korjus ◽  
Priit Põllumäe ◽  
Andres Kiviste ◽  
Ahto Kangur ◽  
Diana Laarmann ◽  
...  
Keyword(s):  
Forest Management ◽  
Public Participation ◽  
Planning Process ◽  
Planning System ◽  
Successful Implementation ◽  
New Paradigm ◽  
Forest Owners ◽  
Financial Reports ◽  
Forest Management Planning ◽  
Digital Identification

AbstractA new paradigm in forest management using a streaming input of public participation needs effective online solutions. The process should be real-time, secure, effective and efficient. People are expected to share their data and thoughts on forest management with forest owners for improving forest management and planning. The participatory approach supports communication within society and can be designed as an interactive web-based solution. Many pre-requisites have already been met and society is ready for a successful start of an interactive participatory forest planning system in Estonia. People use digital identification for various purposes and the state already maintains an online public forest register. Motivating people to participate in the planning process is always challenging yet important for the successful implementation of the system. The system should allow simulating the development and management of forest stands following the participatory input and using ecosystem models and economic calculations. The outputs from the system include management alternatives, risk assessments and financial reports. The system requires a reliable financial compensation scheme to ensure overall long-term stability of the system and agreements between interested persons or groups and forest owners.

scholarly journals FINANCIAL ASPECTS OF PUBLIC-PRIVATE PARTNERSHIP PROJECT MANAGEMENT IN THE FISHERIES SECTOR

2020 ◽  
pp. 104-112
Author(s):  
L.I. Sergeev ◽  
◽  
R.A. Mnatsakanyan ◽  
Keyword(s):  
Economic Policy ◽  
Financial Planning ◽  
Financial Management ◽  
Planning System ◽  
Project Finance ◽  
Fishing Industry ◽  
Large Set ◽  
Finance Management ◽  
Promising Area ◽  
Financial Management System

The results of fisheries are effects of important economic and social importance. Therefore, the problems of the development of the fishing industry occupy a special place in economic policy at all levels of government. There is a fairly large set of measures for such a policy. Nevertheless, the scale and complexity of the problems in the fishing industry in our country necessitates a further search for optimal forms of interaction between the state and the organizations of the fishing business. The basis of interaction can be the PPP mechanism — one of the generally recognized ways to solve complex socio-economic problems. The purpose of this article is to develop an approach to the organization of financial management of PPP projects in the field of fisheries. The theoretical basis of the work is the provisions of the methodology of financial planning and project finance management. The article discusses the financial and economic aspects of PPP projects in the fishing industry. A multilevel model for organizing financial planning of such projects is proposed, recommendations are given on its practical application and the selection of tools that serve as its filling. It is concluded that the goal of financial planning of PPP projects in the fishing industry is to ensure long-term sustainable development of enterprises, consistent with the priorities and goals of social development. The scientific novelty of the work done is to systematize the views on PPP finance management and develop on this basis an approach to organizing a financial planning system within the framework of PPP projects taking into account the specifics of the fishing industry. The practical value of the results of this study is determined by the possibility of using them to develop measures of state economic policy in the field of the fishery complex, in particular, in the formation of state and regional target programs, as well as in the implementation of PPP mechanisms in the industry. It seems that the detailed study of financial planning tools and the development of practice-oriented methods that ensure the effectiveness of the PPP financial management system in the fishing industry can become a promising area for further research.

THEORETICAL FUNDAMENTALS OF MECHANISM OF BANK FINANCIAL RESULTS MANAGEMENT

2017 ◽  
Author(s):  
Olga Kremen ◽  
◽  
Viktoriia Sorokina ◽  
Keyword(s):  
Control System ◽  
Commercial Bank ◽  
Financial Management ◽  
Financial Institution ◽  
Critical Factor ◽  
Planning System ◽  
Successful Implementation ◽  
Management Decisions ◽  
Organizational System ◽  
Results Management

In conditions of instability in the financial markets, a critical factor in the bank's functioning and development is the stable receipt of positive financial results, which is evidence of the effectiveness and efficiency of the business model of the financial institution, the quality of risk management and corporate governance. The purpose of the article is to study and develop the theoretical foundations of managing the bank's financial results. Managing the financial results of a commercial bank is a set of interrelated management decisions regarding the process of profit generation, distribution, and use. Аccording to the process approach to managing the financial results of a commercial bank can be defined as a purposeful process of influence of the governing body on the formation, distribution and use of profits, based on strategy and policy, uses appropriate tools and ensures the ultimate goal of commercial bank management. Financial performance management's primary purpose is to ensure the maximization of net profit as the main source of growth of a commercial bank's value. The mechanism of management of financial results of the bank is a set of interconnected management systems - organizational system, support system, the system of procedures, planning system, and control system - close interaction of which ensures successful implementation of the main goal, objectives, and principles of financial management. The organizational system of managing the bank's financial results covers the main purpose, objectives, principles, methods, and levers. Ensuring the management of the bank's financial results includes regulatory, informational, technical, personnel, and organizational components. The strategy and tools form the system of procedures for managing the bank's financial results for managing financial results, which include the analysis and regulation of profit or loss. The system of planning the bank's financial results is to develop an appropriate policy and identify ways to implement it. The control system in the management of the bank's financial results covers verifying the implementation of all management decisions on its formation, distribution, and use for timely detection and correction of deviations of actual results from planned in strategic, current, or operational aspects.

scholarly journals PLANNING AND FINANCIAL MANAGEMENT ON ENTERPRISES OF MOTOR INDUSTRY

2017 ◽  
pp. 101-106
Author(s):  
Natalia Botvina
Keyword(s):  
Automobile Industry ◽  
Financial Planning ◽  
Financial Management ◽  
Planning Process ◽  
Current System ◽  
Planning Period ◽  
Motor Industry ◽  
Strategic Plans ◽  
Environmental Instability ◽  
Economic State

Financial aspect of planning is analysed as the main part system of the general planning of the activity of an enterprise. The environmental instability and the uncertainty of economic conditions influence the activity of the enterprise because the effectiveness of the activity of the company largely depends on the state of financial planning at the enterprise. The higher level of uncertainty the more important becomes planning. Its correctness and accuracy of the forecast influence the success or failure of business activity. Financial planning as a key part of the whole planning process makes it possible to implement the strategic plans of the company through the development of specific action plans for the planning period. It allows calculating the efficiency of available resources, economic and financial results. The article analyses the current system of financial planning and management in domestic enterprises automotive industry on the example of group of enterprises of Corporation "UkrAVTO". It is proposed a procedure for the preparation and adoption of the budget. The principles and criteria for the development and use of financial planning by the companies are determined. The financial planning, as a key link of all process of planning, does it possible to incarnate strategic intentions of enterprise through development of concrete plans of operating in a plan period. Their tasks are as the following ones: to expect efficiency of present resources, to calculate the eventual economic and financial results. The systems of planning and financial management of enterprises will allow realizing the mechanism of management charges. It will promote manageability of enterprises of automobile industry. It will also create pre-conditions for charges control ensuring on the enterprise, optimize the flows of payment means, and predict the financial results and financial and economic state of corporation.

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