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G. Tahov
Current Issues in the Financial Management of Cross-Border
Infrastructure Projects
Summary:
The aim of this paper is to critically present current problems, basic models and influential factors in the development of competencies for the financial management of cross-border infrastructure projects in general, and in particular, to create a transport connection between Bulgaria and Romania as countries and members of the EU. The article is in three main parts. In the first part the focus is on factor models for the financial management of infrastructure projects. The second part develops ideas for grouping and classifying the problems facing cross-border infrastructure projects for transport connectivity. The third part presents a synthesised empirical analysis of the “Danube Bridge 2: Vidin - Calafat” project as a successful example of cross-border project management.
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Rosen Kolev
ALTERNATIVE ACCOUNTING APPROACH FOR ELECTRICITY COMPENSATIONS TO INDUSTRIAL ENTERPRISES
Summary:
The growing prices of the main production resources have led to a common European policy in support of economic subjects. The established mechanisms also concern the electricity consumed by non-domestic end users. The industrial sector in Bulgaria is energy-intensive and the accounting for the electricity costs and the compensations for their high prices has become increasingly relevant because of the direct influence on the cost price and sale price of the provided services and the produced goods. The development of an alternative accounting approach for the compensations to industrial enterprises facilitates making operative, strategic, and tactical decisions concerning their activity.
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Bozhidar Bozhinov
Banking Security – Major Manifestations and Aspects
Summary:
The article aims to explore the challenges facing the banking security at the beginning of the new millennium, with a special emphasis on new manifestations of threats to the orderly functioning of the banking institutions. In this aspect, the research thesis that stands out is that threats to banking security reflect changes in the economic, technological and organizational environment in which commercial banks operate.
Banking security is seen as a commitment of the banking institution to ensure safe storage and management of their own assets and their clients' as-sets and the related information, as well as ensure the physical security and safety of clients and employees in the bank offices. The main aspects of banking security are related to provision of physical safety of bank assets, employees and customers; providing information safety of bank assets, as well as the related to management information; providing economic (financial) security of the banking institution.
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Rosen Kolev
INDUSTRY 4.0 AND KAIZEN COSTING 4.0 – OPPORTUNITIES FOR DEVELOPMENT OF COST MANAGEMENT SYSTEMS TOWARDS CIRCULAR ECONOMY
Summary:
The importance of management accounting and cost management systems for industrial enterprises is constantly growing. In the conditions of the fourth industrial revolution, management systems of economic agents need to adapt to the new economic environment. This article is an attempt to present the influence of Industry 4.0 on a specific cost management system - Kaizen costing. Additionally, it presents the possibilities for the application of Industry 4.0 and Kaizen costing in the circular economy, which has become the main economic perspective for the EU countries.
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Stanislava Stoyanova
KEY ASPECTS OF BUILDING MANAGE¬MENT TEAMS FOR PROJECT ACTIVITIES
Summary:
The policy of constant innovations, organizational changes, globalization, and the mass introduction of communication and information technologies render project teams an indispensable practice for a lot of contempo¬rary companies. Teamwork is an essential feature of project activity, while project management encourages the establishment of teams. This is due to the fact that the benefits from applying modern methods and approaches to project management ultimately depends on the qualities and skills of both project team leaders and members.
The up-to-date nature of the issues researched in this article stems from the growing significance of project activity in the business world and the awareness that organisations need to increasingly employ project teams so as to adapt to dynamic organizational changes.
The objective of this article is to study the key aspects of building and managing project activity teams. In order to accomplish this objective, the following major tasks have been set: (1) to present the main groups of proc-esses involved in project management and to examine teamwork activity; (2) to identify the nature and features of project teams which distinguish them from other types of teams; (3) to study the individual stages through which project teams go in the process of their formation and to analyse the processes related to organising, managing and leading project team members; (4) to pre-sent and analyse project team management models according to the nature of the organizational structure of management.
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Rayna Petrova
THE COMPETENCE-BASED APPROACH THROUGH THE PRISM OF ACADEMIC TRAINING IN MANAGEMENT ACCOUNTING
Summary:
Management accountants’ competences are evolving accor¬ding to the changing socio-economic reality. The practical application of the competence-based approach in this field is a response to the change of attitudes from subject-oriented to competence-oriented education.
The aim of this article is to propose a competence-based learning model for students in management accounting. The application of the developed competence model in the educational process will contribute both to the development of competences, knowledge, skills, values, ethics and attitudes and the realization of future management accountants.
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A. Pavlov
Concepts for Material Requirements Planning in the Company
Summary:
This article makes a systematic review of modern concepts of the management of material requirements for the company. There is also a consistent debate over the essence and specific technologies for planning the material requirements of the company. Special attention is paid to technology for determining the quantities of firm orders, which determine the quantities to buy in the company concerning the characteristics of the concept of buffer stock. A conclusion has been reached that, when planning the company's material requirements, the concept of buffer stock is easily applicable because planned orders can be defined simply by buffer stock being deducted from the initial balance of stocks available. On the other hand, a buffer period of delivery is somewhat more difficult to apply, because it cannot be obtained by artificially increasing the main period of delivery using some value of security.
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Dimitar Blagoev, Radostin Boyadzhiev
METHODOLOGICAL ASPECTS OF MANAGEMENT OF PORTFOLIOS OF INVESTMENT PROJECTS FOR REAL ASSETS OF BUSINESS ORGANIZATIONS
Summary:
The article aims to present the potential of the classical portfolio theory and the possibilities for its application in the formation and selection of a portfolio of investment projects for investment in real assets. For this purpose, it reviews and summarizes the views of various authors on key concepts, such as investment, project, investment project, etc. The essential conceptual characteristics of portfolio theory are defined in terms of its methodological and mathematical toolbox and subsequently adapted to a conceptual model (methodological framework) for selection of a portfolio of investment projects for real assets and its optimization according to key criteria set by the management. Finally, its draws conclusions regarding the main advantages and the related constraints of the methodological model.
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Teofana V. Dimitrova
EVALUATING THE STRATEGIC POSITION OF AN ORGANISATION THROUGH SPACE ANALYSIS
Summary:
The ability to adequately determine the position of an organisation in its external environment, i.e. in terms of other entities in the sector, is essential for strategic decision making. It helps entities integrate their resources and activities and determines the success and sustainability of the business. This paper deals with SPACE analysis, a tool for analysing the strategic position of companies and evaluating their activity, which is less familiar in marketing management theory and practice. The paper focuses on some of the advantages of the method and systematizes some of the SPACE factors which are most frequently employed to evaluate the strategic position of entities by reviewing Russian and English sources. The method is applied to evaluate the strategic position of an industrial enterprise in the sector of ‘Wine production from fresh grapes’.
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Tanya Gorcheva
Realising the Concept of Sustainable Management
Summary:
The concept of sustainable business development applied as a management model can multiply positive achievements resulting from business operations. The main objective of this study is to trace the forms of implementation of sustainable management by business operation levels. In order to achieve this, the nature and importance of sustainable management is revealed. The idea of applying sustainable management features an interdisciplinary and multicultural signature that is associated with economic prosperity, a green lifestyle and the social responsibility of all stakeholders in the business, as well as a wide range of community groups. The paper provides a broad-spectrum analysis of the main forms of sustainable management realisation, namely its operation as a standard with a force equal to national law; as good practice, leading to increased competitiveness of entrepreneurs; as an international agreement made possible by the unity accomplished in the realisation of major projects.
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Desislava V. Petrovska
STRATEGIC RISK MANAGEMENT
Summary:
The strategic management of commercial companies in times of crisis places a strong emphasis on the management and control of the risk. There is no business activity in the world that is not associated with various types of risk. In a highly competitive and turbulent environment, the clear linking of the business strategy of the firm and its risk management makes it possible to identify and manage the risk of the surrounding environment and the on-going movements within it. Strategic risk management creates a protection value that ensures a sustainable internal environment. This is a continuous process that is embedded in the strategy.
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Petya Emilova
Cloud Computing Technology in Business Process Management
Summary:
To achieve competitive advantage today, organizations rely on new technologies, innovative management ideas and their successful symbiosis. Business Process Management is a management concept which has become a key instrument for business transformation. Modern organisations apply this concept to model, automate and optimise their processes. Cloud computing technology offers a new opportunity for the successful and efficient develop-ment of BPM in organisations. This article studies the advantages of BMP positioning in the cloud and presents a distributed architecture of a BPM plat-form which is positioned in the cloud and divides the support of various ac-tivities and data between the cloud and the user.
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Shteryo Nozharov
TRANSACTION COSTS IN COLLECTIVE WASTE RECOVERY SYSTEMS IN THE EU
Summary:
The study aims to identify the institutional flaws of the current EU waste management model by analysing the economic model of ‘extended producer responsibility’ and collective waste management systems and to create a model for measuring the transaction costs borne by waste recovery organizations. The model was approbated by analysing the Bulgarian collective waste management systems that have been complying with the EU legislation for the last 10 years. The analysis focuses on waste oils because of their economic importance and the limited number of studies and analyses in this field as the predominant body of research to date has mainly addressed packaging waste, mixed household waste or discarded electrical and electronic equipment. The study aims to support the process of establishing a ‘circular economy’ in the EU, which was initiated in 2015.
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Nikola Vujanović, Miloš Pavlović
SMALL AND MEDIUM SIZED ENTERPRISES MANAGEMENT
AND BUSINESS IN CRISIS CONDITIONS
Summary:
Background: This study examines the management of small and medium-sized enterprises (SMEs) in crisis conditions, with a focus on the impact of the COVID-19 pandemic. It aims to identify strategies and best practices for enhancing SME resilience and sustainability.
Methods: The research adopts a comprehensive literature review approach, analyzing previous studies and reports on SME management during crises. It also incorporates case studies and empirical data to provide practical insights.
Results: The analysis reveals that SMEs face unique challenges during crises, such as disrupted supply chains, reduced consumer demand, and financial constraints. However, innovative solutions, collaboration among stake-holders, and supportive government policies have played a crucial role in enabling SMEs to adapt and recover.
Conclusions: Based on the findings, it is evident that effective manage-ment practices, including adaptation, digital transformation, financial manage-ment, and crisis planning, are vital for SME survival and growth in crisis conditions. Collaboration and networking among SMEs, along with supportive government policies, contribute to collective recovery and sustainability. The study underscores the importance of ongoing research and development in SME crisis management, with a focus on resilience-building strategies, sustainable business models, and addressing the psychological well-being of SME stakeholders.
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G. Draganov
RISK MANAGEMENT AND RISK TRANSFER REGARDING OBJECTS
OF INTELLECTUAL PROPERTY
Summary:
The aim of the author is to consider an issue which has not been subject to research so far. The article proves that risk management is an important element of the Intellectual Property system. Risk management helps reduce injuries arising from the materialisation of pure and speculative risks.
The article also pays special attention to risk transfer related to intel-lectual products. The article considers insurance transfer to be the most ac-ceptable and therefore the insurance of objects of intellectual property should be introduced into practice.
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I. Dimitrova, Y. Velcheva
MANAGEMENT ACCOUNTING IN AGRICULTURAL ENTERPRISES – THE BUDGETING FUNCTION
Summary:
The significance of the information created through management accounting and its limited use in the management of agricultural enterprises are the main motives for writing this article. We defend the thesis that if budgeting were implemented in agricultural enterprises, this would lead to more efficient management. The purpose of the paper is – on the basis of presenting the relationship between management and accounting – to outline the capacity of the planning and budgeting system for setting management objectives and parameters which acquire various quantitative and qualitative dimensions; this shall be achieved through managerial decisions. We propose a conceptual model of the planning and budgeting system at the agricultural enterprise which shall reflect its specific characteristics and create information for its future development; forecast its financial state, the results of the activity, the cash flows, the changes in the assets and the capital.
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Joachim Hentze, Björn Thies
Aims, requirements and standards for reporting the sustainable development of businesses
Summary:
Businesses are not strangers to the idea of sustainable develop¬ment and systematically adhere to the principles of sustainable management. This invariably includes compliance with the requirements and standards for sustainability reports to be disclosed to shareholders and other stakeholders. This article defines the term "sustainable management" and discusses the requirements and standards for reporting of its implementation and results.
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Valentin Milinov,
Human Resources in Regional Administration - Financial, Management and Organizational Aspects
Summary:
Public administration supports the activities of the state authorities by ensuring the actual functioning of the state administration. It regulates the relations between the citizens and the state institutions and local institutions, administers their rights and obligations, as well as the ways they are implemented. Regional administration is an important part of the public administration. It assists the district governor to carry out the state governance and ensure consistency between national and local interests in conducting regional policies and achieving the strategic goals and priorities of the government programme. Modern understanding of the theory of quality of human capital involved in public administration highlights the key importance of this factor at national level. Global changes related to the adaptation of the Bulgarian administration to the European one have put an even greater emphasis on integration, capacity increase, career opportunities, optimizing the costs and improving human resources management in the state administration.
