scholarly journals Design of a Model for Risk Reduction in Project Management in Small and Medium-Sized Enterprises

Symmetry ◽  
2021 ◽  
Vol 13 (5) ◽  
pp. 763
Author(s):  
Anna Nagyová ◽  
Hana Pačaiová ◽  
Štefan Markulik ◽  
Renáta Turisová ◽  
Róbert Kozel ◽  
...  
Keyword(s):  
Project Management ◽  
Small And Medium Enterprises ◽  
Optimal Method ◽  
Systematic Analysis ◽  
Management Standard ◽  
Proposed Model ◽  
Mathematical Evaluation ◽  
Medium Enterprises ◽  
Tools And Techniques ◽  
Selection Of

In general, it can be said that a project is a means of change so that the organization or individual obtain something they do not currently have, and which, in some respects, can ensure its functioning within the system in society, in the market, etc. Organizations often use different tools and techniques in project implementation to help manage projects. The selection of the optimal method requires a thorough systematic analysis. The chosen method must cover the requirements of project management with regard to its size and nature. One such tool is the ISO 21500 Guidance on project management standard, which defines the basic processes and documents needed for project management. The aim of this article is to propose a model through which it would be possible to effectively manage projects in small and medium enterprises (SMEs), i.e., where generally available international methodologies for project management are not introduced. The proposed model (referred to as Model B) was verified on projects in different SMEs in Slovakia. Mathematical evaluation presented in the paper as well as the knowledge and experience from this verification were summarized and the proposed Model B was modified (referred to as SMEPM: small and medium enterprises project management) so that it can be used in the implementation of other projects in the conditions of SMEs.

scholarly journals Defining the Integrated Performance Measurement Systems in Small and Medium Enterprises: An Advanced Model

2019 ◽  
Vol 14 (12) ◽  
pp. 203
Author(s):  
Pirozzi Maria Grazia ◽  
Agliata Francesco ◽  
Tuccillo Danilo ◽  
Pirozzi Francesco
Keyword(s):  
Performance Measurement ◽  
Measurement System ◽  
Small And Medium Enterprises ◽  
Performance Measurement System ◽  
Strategic Management Accounting ◽  
Proposed Model ◽  
Performance Measurement Systems ◽  
Medium Enterprises ◽  
Integrated Performance ◽  
Advanced Model

Purpose: The purpose of this paper is to propose an “Integrated Performance Measurement System” (PMS) addressing the measurement and management of the financial and non-financial performance and “Intellectual Capital” (IC) for the “Small and Medium Entreprises” (SMEs). The paper relies on the “Integrated New Model” (INM) by Pirozzi and Ferulano (2016) that deals with the same task applied to a specific sector. Thus, we propose the modification of the INM model to define a “Renewed and Advanced Model” called “INM*” as integrated PMS for SMEs. Design/methodology approach: We used a qualitative method with an inductive and deductive approach to obtain an advanced model INM*. Thus, the SMEs characteristics are translated in our advanced INM* model according to the INM* structure and the IC framework. Moreover, we integrated in our proposed model INM* the “Strategic Management Accounting” (SMA) and the “Systems of Innovation” (SI) perspectives. Findings: We proposed the advanced model INM* as integrated PMS. This is a model supporting entrepreneurial and innovative SME as well as a conceptual framework summarizing the interactions and the knowledge conversions that occur between the IC components within the innovation processes. Thus, the proposed model is a useful tool for SMEs organizations. Originality/value: The renewed and advanced model INM* is useful in the academic and practical communities. It exhibits the advantages related to the innovative usage of a unique measurement system devoted to accomplish all the measurement tasks activated by SMEs. In addition, two other models are proposed and, in turn, are available for further research.

scholarly journals The Development of Digital Economy in Indonesia

2020 ◽  
Author(s):  
Regina Joanita
Keyword(s):  
Financial Services ◽  
Small And Medium Enterprises ◽  
Digital Economy ◽  
Banking Services ◽  
Start Up ◽  
Rapid Changes ◽  
Strategic Role ◽  
Medium Enterprises ◽  
Selection Of ◽  
Financial Technology

Industrial Era 4.0 changed the entire chain and management of all branches of industry with various technologies. All financial-based services are developing rapidly in Indonesia marked by the emergence of many start-up companies. Rapid changes to digital banking and financial technology show that technology can play a strategic role in providing financial services that can be accessed quickly. The availability of digital banking services and products is highly valued by customers, both individuals and business people, especially in Micro, Small and Medium Enterprises (MSME). The large selection of digital banking products is certainly intended to motivate customers to love and be loyal customers and become part of the modern lifestyle. The presence of the digital economy is a new opportunity as well as a serious threat to the banking industry that is churning into digital banking in order to retain customers and attract new customers from millennials.

Prototyping Robotic Systems

2013 ◽  
pp. 715-760
Author(s):  
Andrew Goldenberg
Keyword(s):  
Project Management ◽  
Faculty Member ◽  
Case Studies ◽  
General Framework ◽  
Technology Development ◽  
Small And Medium Enterprises ◽  
Practical Experience ◽  
Robotic Systems ◽  
Management Technology ◽  
Medium Enterprises

This chapter provides an experience-based framework of prototypes development and commissioning. It introduces elements learned directly from the practice that encompass aspects of project management, technology development process, and commercialization in the context of Small and Medium Enterprises (SMEs). The contents of this chapter are based mainly on the author’s practical experience of leading an SME technology developer. The author is also a faculty member working as a researcher and teacher. Because of the interrelationship between research and technology development, his views and perception of the topic may be unique, and they are personal. The chapter presents a general framework for robotic systems prototyping. To back up the points made in the chapter, three case studies of robotic prototyping are included to help the reader perceive the outlined concepts.

Internet Marketing & SMEs

2009 ◽  
Vol 1 (4) ◽  
pp. 19-39 ◽  
Author(s):  
Daniel John Doiron
Keyword(s):  
Web Sites ◽  
Web Site ◽  
Small And Medium Enterprises ◽  
Internet Marketing ◽  
Online Marketing ◽  
The Internet ◽  
Industrialized Countries ◽  
Traditional Media ◽  
Medium Enterprises ◽  
Tools And Techniques

Small and medium enterprises (SMEs) have been adopting the internet at a feverish pace. Recent studies have shown that up to 85% of SMEs in industrialized countries have web sites, yet less than half are utilizing these web sites to securely transact with their customers. Consumer media consumption is moving away from traditional media, like newspapers, to the internet. These revelations coupled with the growth of tools and techniques available to support online marketing, make it a perfect time for SMEs to market their web sites and ultimately succeed online. In this chapter we will present and support the hypothesis that SMEs should stop investing in their web site’s design and functionality and start investing in efforts to market their web sites online, no matter how lousy their web site may be in comparison to today’s standards. With the support of two case studies, illustrating the successful utilization of internet marketing by two very different SMEs, we will relate how a SME can effectively market their web site online. We will also discuss the tools and techniques available to help an SME successfully begin a journey of internet marketing.

scholarly journals THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) THROUGH SYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION

2017 ◽  
Vol 3 (1) ◽  
pp. 81-112
Author(s):  
Yulizar D. Sanrego
Keyword(s):  
Venture Capital ◽  
Capital Market ◽  
Mutual Fund ◽  
Small And Medium Enterprises ◽  
Proposed Model ◽  
Investment Manager ◽  
Corporate Venture ◽  
Medium Enterprises ◽  
Fund Investment

It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0  is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.Keywords: Sharia capital market, Mutual fund, Venture capital, MSMEJEL Classification: G1, G23, G24

scholarly journals KEY ASPECTS OF USING NUMERICAL METHODS IN THE MECHANISM OF INVESTMENT OF SMALL AND MEDIUM-SIZED BUSINESS ENTERPRISES

2021 ◽  
Author(s):  
Hamaili Akram
Keyword(s):  
Life Cycle ◽  
Numerical Methods ◽  
Production Function ◽  
Small And Medium Enterprises ◽  
Cash Flows ◽  
Production Functions ◽  
Optimal Method ◽  
Probabilistic Values ◽  
Medium Enterprises ◽  
Key Aspects

In today's realities of investment activities, small and medium enterprises are faced with the dilemma of choosing areas of investment of monetary and non-monetary resources. Determining the feasibility of a particular investment is based on the use of appropriate mathematical apparatus and economic-mathematical models. The article considers some of the most important aspects of the use of numerical methods in the mechanism of investment of small and medium enterprises, developed on the basis of research on the development of such economic entities. The logical basis of the proposed methods is a proven division of the term of operation of enterprises into several stages of the life cycle, which differ significantly in the characteristics of incoming and outgoing cash flows. It is proposed to determine the absolute expediency of founding small and medium enterprises by calculating the probabilistic values of profitability of the enterprise based on the calculation of the area of geometric shapes limited by the functions of income and expenses during all stages of the life cycle. It is proved that such calculations are expedient by calculating the indefinite integral and applying the Newton-Leibniz formula.With regard to the functions that characterize the income and expenses of small and medium enterprises throughout their existence, the article proves that the most optimal in this case is the use of production functions. Among the whole set of existing production functions, we have identified the most optimal for the task Cobb-Douglas production function, CES production function, Linear production function, Leontief production function, adapted to the conditions of the microlevel. To calculate the elementary areas limited by the corresponding production functions, the article examines the relevant existing methods. Studies have been conducted on the possibility of using to calculate the areas limited by the production functions of income and expenses of small and medium enterprises during each stage of the life cycle, the methods of rectangles, trapezoids and parabolas. It is determined that they have limited conditions for use due to the need to divide the time period of operation of enterprises at intervals that do not coincide with the stages of the life cycle. Therefore, studies were continued, as a result of which it was proved that the most optimal method of calculating the elementary areas limited by the target functions of income and expenditure of small and medium enterprises is the Gaussian method with different variations.

scholarly journals Procedimientos para la selección de ideas y fuentes de financiamiento de emprendimientos / Procedures for selection of ideas and sources of financing ventures

Ciencia Unemi ◽  
2015 ◽  
Vol 8 (14) ◽  
pp. 48
Author(s):  
Carlos Veloz Navarrete ◽  
Oscar Parada Gutierrez
Keyword(s):  
Development Strategy ◽  
Small And Medium Enterprises ◽  
Local Development ◽  
Funding Source ◽  
Poultry Farm ◽  
Theoretical Methods ◽  
Toma De Decisiones ◽  
Medium Enterprises ◽  
Selection Of

La selección de las mejores ideas de emprendimientos y fuentes idóneas de financiamiento, constituyen elementos importantes para la toma de decisiones en las pequeñas y medianas empresas locales. Por esta razón se desarrollaron dos procedimientos teóricos basados en el análisis multicriterio. La aplicación de los procedimientos en el contexto de un estudio de casos permitió seleccionar la mejor idea de negocio y la evaluación de la fuente de financiamiento asociada a un proyecto relacionado con la creación de una granja avícola, que contribuye a la estrategia de desarrollo local y seguridad alimentaria. AbstractThe selection of the best ideas of entrepreneurship and good sources of financing are important elements in decision-making in small and medium enterprises. For this reason two theoretical methods based on multi-criteria analysis were developed. The application of the procedures in the context of a case study allowed us to select the best business idea and assessment of the funding source associated with a project related to the creation of a poultry farm, contributing to local development strategy and security food.

Lean Six Sigma competitiveness for micro, small and medium enterprises (MSME): an action research in the Indian context

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shreeranga Bhat ◽  
E.V. Gijo ◽  
Anil Melwyn Rego ◽  
Vinayambika S. Bhat
Keyword(s):  
Success Factors ◽  
Small And Medium Enterprises ◽  
Lean Six Sigma ◽  
Lessons Learned ◽  
Content Type ◽  
Novice Users ◽  
The Government ◽  
Medium Enterprises ◽  
Tools And Techniques

PurposeThe aim of the article is to ascertain the challenges, lessons learned and managerial implications in the deployment of Lean Six Sigma (LSS) competitiveness to micro, small and medium Enterprises (MSME) in India and to establish doctrines to strengthen the initiatives of the government.Design/methodology/approachThe research adopts the Action Research methodology to develop a case study, which is carried out in the printing industry in a Tier III city using the LSS DMAIC (Define-Measure-Analyze-Improve-Control) approach. It utilizes LSS tools to deploy the strategy and to unearth the challenges and success factors in improving the printing process of a specific batch of a product.FindingsThe root cause for the critical to quality (CTQ) characteristic, turn-around-time (TAT) is determined and the solutions are deployed through the scientifically proven data-based approach. As a result of this study, the TAT reduced from an average of 1541.2–1303.36 min, which in turn, improved the sigma level from 0.55 to 2.96, a noteworthy triumph for this MSME. The company realizes an annual savings of USD 12,000 per year due to the success of this project. Top Management Leadership, Data-Based Validation, Technical Know-how and Industrial Engineering Knowledge Base are identified as critical success factors (CSFs), while profitability and on-time delivery are the key performance indicators (KPIs) for the MSME. Eventually, the lessons learned and implications indicate that LSS competitiveness can be treated as quality management standards (QMS) and quality tools and techniques (QTT) to ensure competitive advantage, sustainable green practices and growth.Research limitations/implicationsEven though the findings and recommendations of this research are based on a single case study, it is worth noting that the case study is executed in a Tier III city along with novice users of LSS tools and techniques. This indicates the applicability of LSS in MSME and thus, the modality adopted can be further refined to suit the socio-cultural aspects of India.Originality/valueThis article illustrates the deployment of LSS from the perspective of novice users, to assist MSME and policymakers to reinforce competitiveness through LSS. Moreover, the government can initiate a scheme in line with LSS competitiveness to complement the existing schemes based on the findings of the case study.

A Comparative Study of Registered & Foreign Venture Capital Investment with Special Reference to BT Sector in India.

2016 ◽  
Vol 2 (1) ◽  
Author(s):  
Mr. G Srinivasa ◽  
Sir M. Visvesvaraya
Keyword(s):  
Opportunity Cost ◽  
Capital Investment ◽  
Cost Of Capital ◽  
Small And Medium Enterprises ◽  
Gradual Improvement ◽  
Venture Capital Investment ◽  
Growth Opportunity ◽  
The Government ◽  
Medium Enterprises ◽  
Selection Of

Investment plays a key role in setting up of business; initial investment has grabbed more concern of promoters today, as there are different funding options for setting up of the business. It is the selection of type of investment which plays a key role in return and ensures smooth functioning of the business. Promoter's reluctance for new investment has become one of the stumbling blocks as far as risky investments are concerned. Hence, to address this issue, the government has also taken adequate measures to promote the small and medium enterprises. It is needless to say that there is a gradual improvement in the flow of investment in the above sectors in recent years because of various factors such as growth opportunity, cost of capital, risk and return aspects.

Enhancing DotProject to Support Risk Management Aligned with PMBOK in the Context of SMEs

2015 ◽  
Vol 6 (2) ◽  
pp. 40-60 ◽  
Author(s):  
Rafael Queiroz Gonçalves ◽  
Elisa de Freitas Kühlkamp ◽  
Christiane Gresse von Wangenheim
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Best Practices ◽  
Software Development ◽  
Small And Medium Enterprises ◽  
Management Tool ◽  
Development Projects ◽  
Management Tools ◽  
Management Processes ◽  
Medium Enterprises

Many problems in software development projects are due to risks and could be avoided or minimized if identified and treated pro-actively. In this context, software tools to support risk management could be very helpful. However, it is difficult to find a project management tool, accessible to Small and Medium Enterprises (SMEs) that provides adequate support to risk management in conformance with best practices such as the PMBOK. Therefore, this paper has the objective to review support provided by popular project management tools with respect to risk management and to present enhancements made to the open-source tool – dotProject – in order to systematically support risk management aligned with the PMBOK. An initial evaluation identified benefits in the implementation of risk management processes in software SMEs, and, thus, contributing to their projects' success.

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