Economic efficiency of milk processing on family farms in the northern part of Montenegro

Osnovni cilj istraživanja bio je utvrđivanje ekonomske efektivnosti prerade mlijeka na porodičnim poljoprivrednim gazdinstvima sjevernog dijela Crne Gore. Na bazi organizaciono-ekonomskih i tehničko-tehnoloških karakteristika anketiranih gazdinstava formirani su modeli prerade mlijeka. Za ocjenu investicija primijenjene su odgovarajuće dinamičke metode investicione analize, kao što su: neto sadašnja vrijednost, interna kamatna stopa, modifikovana interna kamatna stopa i metod roka povraćaja. Rezultati ocjene investicija dobijeni navedenim metodama usko su vezani sa načinom finansiranjа investicija. Ostvareni finansijski rezultati za različite mliječne prerađevine pokazali su, da se bolji finansijski rezultati postižu u varijanti 2, prerade mlijeka za modele sa 5 i 8 krava za gazdinstva koja proizvode bijeli sir u krišci i lisnati sir, u odnosu na varijantu 1. Metode neto sadašnje vrijednosti, interne kamatne stope, kao i modifikovane interne kamatne stope pokazale su da je ekonomski neopravdano investirati u varijantu 1, modela sa 5 i 8 krava, za gazdinstva koja prerađuju mlijeko u bijeli sir u krišci, dok su ostale varijante prerade mlijeka u bijeli sir u krišci i lisnati sir ekonomski opravdane. Metoda roka povraćaja investicionih ulaganja ukazuju da je period povraćaja uloženih sredstava najduži za varijantu 1, modela sa 13 krava i varijantu 2, modela sa 8 krava gazdinstava koja prerađuju mlijeko u bijeli sir u krišci. Ocjenom investicija u uslovima neizvjesnosti utvrđena je ekonomska neopravdanost investiranja u modele prerade mlijeka u bijeli sir u krišci sa 5, 8 i 13 muznih krava. Senzitivna analiza pokazala je da neto sadašnja vrijednost po modelima za obije vrste sira, najosjetljivija na promjenu tržišne cijene proizvoda, potom na cijenu mlijeka, dok je najmanje osjetljiva na promjenu visine investicionih ulaganja.The main aim of the research was to determine the economic efficiency of milk processing on family farms in the northern part of Montenegro. On the basis of organizational-economic and technical-technological characteristics of the surveyed farms, milk processing models were formed. Appropriate dynamic methods of investment analysis have been applied to evaluate investments, such as: net present value, internal interest rate, modified internal interest rate and payback period method. The results of investment evaluation obtained by these methods are closely related to the method of financing investments. The achieved financial results for different dairy products showed that better financial results are achieved in variant 2, milk processing for models with 5 and 8 cows for farms producing white cheese in slices and puff cheese, compared to variant 1. Net present methods values, internal interest rates, as well as modified internal interest rates have shown that it is economically unjustified to invest in variant 1, models with 5 and 8 cows, for farms processing milk into white cheese in a slice, while other variants of processing milk into white cheese sliced and leafy cheese economically justified. The payback method indicates that the payback period is the longest for variant 1, the 13-cow model and variant 2, the 8-cow model of farms processing milk into white cheese in a slice. The evaluation of investments in conditions of uncertainty determined the economic unjustification of investing in models of milk processing into white cheese in a slice with 5, 8 and 13 dairy cows. Sensitive analysis showed that the net present value according to the models for both types of cheese, the most sensitive to changes in the market price of the product, then to the price of milk, while the least sensitive to changes in investment

IMPACT OF DEMOGRAPHIC CHANGES ON AGRICULTURAL DEVELOPMENT IN MONTENEGRO

Abstract Number of citizens in a country represents its primary production potential. Montenegro has significant natural resources for rural development. However, many problems follow rural development, and one of those problems is the demographic problem

Family Holdings in Montenegro as Factors of Development of Villages and Agriculture

Agricultural production in Montenegro has a long tradition and due to available natural resources it could present a backbone of economic development. Almost the entire agricultural production in Montenegro is con­ducted at family holdings. According to the most recent agricultural census from 2010, the total number of agricultural holdings is 48,847, whereof 48,824 are family agricultural holdings or 99%, whilst only 46 companies perform agricultural activities. Regarding the number of hol­dings, the lowest number is in Tivat, 169, whilst Podgorica has the pri­macy with 7,254 holdings. The paper displays the analysis of socio-demo­graphic and agrarian factors at family agricultural holdings. Demo­graphic picture of Montenegrin agricultural population is unfavorable, since intensive aging process has many negative implications, which could be expected in the future period, too

THE IMPORTANCE OF CORNERS IN THE TACTICAL PREPARATION OF PROFESSIONAL FOOTBALLERS

Corners are a segment of the game from which goals are not often scored, but they may be a decisive factor in the outcome of the match between the two teams. The aim of this research is to determine the characteristics of performing a corner kick and to examine whether there are differences between different competitions of professional football players. The sample of respondents represents the matches of the International Champions Cup in the 2018 season and the matches of the Spanish league (La Liga) in the 2017/2018 season. A total of 23 matches (13 matches of the International Champions Cup and 10 matches of the Spanish league) were analyzed. To describe the tactics of corner kicks, variables were observed that indicate the way the kicks are performed from the corner. The methodology of observing several teams, monitoring all matches and monitoring both teams in each match with the analysis of given variables was used. Corner kicks that had more than three passes, which means starting a new, organized attack, were excluded from the analysis. A total of 209 of the 253 corners were included. The results show that there is no statistically significant difference in most of the observed parameters, but in the type of defense that the teams apply, play and lateral performance, there are statistically significant differences. Zone defense (.012) is used more by teams that competed in the International Champions Cup and combined (.036) by teams in the Spanish league. There are also differences in the playoffs (.047) in favor of the International Champions Cup. Corners from the same side (.031) were used more in the International Champions Cup than in the Spanish league. These results show that the teams do not differ much in the way they set up in the defensive phase and the attack phase, but that there are certain common criteria. Article visualizations

Economic efficiency of milk processing on family farms in the northern part of Montenegro

Osnovni cilj istraživanja bio je utvrđivanje ekonomske efektivnosti prerade mlijeka na porodičnim poljoprivrednim gazdinstvima sjevernog dijela Crne Gore. Na bazi organizaciono-ekonomskih i tehničko-tehnoloških karakteristika anketiranih gazdinstava formirani su modeli prerade mlijeka. Za ocjenu investicija primijenjene su odgovarajuće dinamičke metode investicione analize, kao što su: neto sadašnja vrijednost, interna kamatna stopa, modifikovana interna kamatna stopa i metod roka povraćaja. Rezultati ocjene investicija dobijeni navedenim metodama usko su vezani sa načinom finansiranjа investicija. Ostvareni finansijski rezultati za različite mliječne prerađevine pokazali su, da se bolji finansijski rezultati postižu u varijanti 2, prerade mlijeka za modele sa 5 i 8 krava za gazdinstva koja proizvode bijeli sir u krišci i lisnati sir, u odnosu na varijantu 1. Metode neto sadašnje vrijednosti, interne kamatne stope, kao i modifikovane interne kamatne stope pokazale su da je ekonomski neopravdano investirati u varijantu 1, modela sa 5 i 8 krava, za gazdinstva koja prerađuju mlijeko u bijeli sir u krišci, dok su ostale varijante prerade mlijeka u bijeli sir u krišci i lisnati sir ekonomski opravdane. Metoda roka povraćaja investicionih ulaganja ukazuju da je period povraćaja uloženih sredstava najduži za varijantu 1, modela sa 13 krava i varijantu 2, modela sa 8 krava gazdinstava koja prerađuju mlijeko u bijeli sir u krišci. Ocjenom investicija u uslovima neizvjesnosti utvrđena je ekonomska neopravdanost investiranja u modele prerade mlijeka u bijeli sir u krišci sa 5, 8 i 13 muznih krava. Senzitivna analiza pokazala je da neto sadašnja vrijednost po modelima za obije vrste sira, najosjetljivija na promjenu tržišne cijene proizvoda, potom na cijenu mlijeka, dok je najmanje osjetljiva na promjenu visine investicionih ulaganja.The main aim of the research was to determine the economic efficiency of milk processing on family farms in the northern part of Montenegro. On the basis of organizational-economic and technical-technological characteristics of the surveyed farms, milk processing models were formed. Appropriate dynamic methods of investment analysis have been applied to evaluate investments, such as: net present value, internal interest rate, modified internal interest rate and payback period method. The results of investment evaluation obtained by these methods are closely related to the method of financing investments. The achieved financial results for different dairy products showed that better financial results are achieved in variant 2, milk processing for models with 5 and 8 cows for farms producing white cheese in slices and puff cheese, compared to variant 1. Net present methods values, internal interest rates, as well as modified internal interest rates have shown that it is economically unjustified to invest in variant 1, models with 5 and 8 cows, for farms processing milk into white cheese in a slice, while other variants of processing milk into white cheese sliced and leafy cheese economically justified. The payback method indicates that the payback period is the longest for variant 1, the 13-cow model and variant 2, the 8-cow model of farms processing milk into white cheese in a slice. The evaluation of investments in conditions of uncertainty determined the economic unjustification of investing in models of milk processing into white cheese in a slice with 5, 8 and 13 dairy cows. Sensitive analysis showed that the net present value according to the models for both types of cheese, the most sensitive to changes in the market price of the product, then to the price of milk, while the least sensitive to changes in investment

POSITION AND PERSPECTIVES OF DEVELOPMENT OF THE FOOD PROCESSING SECTOR IN MONTENEGRO

One of the structural characteristics of Montenegrin food production is a higher share of primary agriculture in gross domestic product than of food-processing sector. According to the data obtained from MONSTAT for 2012, food sector registered share of 1.7% in GDP. Unfavourable structure of companies and insufficient level of technical equipment also have negative effects to competitiveness of food industry. It was noticed there are shortcomings in the food quality control system. The most relevant branches of food industry are: dairy and meat industry, fruit and vegetable processing and production of beverages, and milling-bakery industry, etc. The results of poll conducted for the needs of analyzing conditions of food industry in Montenegro, show that the main priorities of food industry, for the following period are contained in raising competitiveness in terms of offering high-quality food at adequate prices and acquiring status of raw material buyer from domestic agricultural producers

Production and tendency in milk processing in Montenegro

Production and processing of milk represents a very important sector of the agricultural industry of Montenegro. Milk production is performed primarily on family farms, from which a small percentage is further placed in processing facilities. In addition to favourable conditions for cattle rearing and milk production, production results are modest. ARIMA model was applied in order to forecast the quantities of cow's milk that will be collected and processed in 2019 into fermented dairy products and drinking milk. The observed and obtained data show the presence of seasonal and trend component in time series. Furthermore, the analysis highlighted the importance of milk processing on family farms, in addition to the need for investment in its improvement. The paper also analyzes investment support referring to the milk processing facilities in Montenegro

COMPARATIVE ANALISYS OF AGRO-FOOD TRADE IN MONTENEGRO AND EU CANDIDATE COUNTRIES

The aim of the paper was the analysis of the competitiveness and changes in the foreign trade of the Montenegro from 2006-2013. The main contribution of the work was supplemented by the comparison of the Montenegro agro-food trade performance with candidate and potential candidate EU countries. Taking into account the many differences among the analyzed countries we used an unconventional methodical practice based on the calculation of trade balance per one inhabitant. During the analyzed period, only 2 countries exceeded the level of 100% self-sufficiency and permanently reached the positive trade balance with agricultural and food products. As to the “self-sufficiency level” calculated on the basis of the average trade balance per one inhabitant in 2006–2013 within the candidate and potential candidate EU countries the last position belongs to the Montenegro closely before Albania and Bosnia and Herzegovina