CREDIT RISK MANAGEMENT IN THE SECONDARY MARKET FOR AUTOMOTIVE PARTS IN THE REPUBLIC OF CROATIA

In recent years, there has been a dramatic decrease in the sale of new automobiles on the market of the Republic of Croatia. When considering certain periods, the sale reached its peak in 2008, with 88,265 vehicles sold. In 2013, the sale was reduced by 68.5%, and 27,802 vehicles were sold. 2014 and 2015 saw a slight recovery with 35,715 vehicles sold. This increase was related to the fact that the state, through certain ministries, bought new automobiles and thus made 20% of the above-mentioned number. Devastation in the market of new automobiles was accompanied by an increase in the sale of used vehicles, both in the country (which was caused by the fact that vehicle lease agreements of the State Administration expired, replaced by the above-mentioned share in the sales of new vehicles) and from abroad. This caused an increase in the average vehicle age in the Republic of Croatia. Consequently, the secondary market for automotive parts has been experiencing organic growth at high rates, thus determining obvious propulsiveness. The five largest companies in the secondary market for automotive parts in the Republic of Croatia generate annual revenue of HRK 1,253,655,892 (EUR 166423) through wholesale and retail. As the result of these sales methods, we have a very diverse client base in all the major companies on the market with the fundamental problem of credit risk, mainly due to the fact that the highest percentage of revenue is generated through operations with automobile repair workshops, whose balance sheet indicators are extremely poor. In such circumstances, it is essential to use a more serious approach to the problem of determining clients’ creditworthiness, as the basis for better liquidity. This paper presents a model for the assessment of clients’ creditworthiness, as a possible solution to the problem of illiquidity in the Croatian secondary market for automotive parts. The model provides for the establishment of the client base, with a combination of elements of qualitative analysis and financial and quantitative analysis to assess credit risk, as well as continuous monitoring of the base. By applying this model, the credit risk of every client, as the fundamental cause of illiquidity in this sector, would be noticed on time and measures for its reduction would be taken

Modeliranje procesa upravljanja u funkciji dugoročnog ispunjavanja ciljeva u hrvatskim poduzećima

The issue of management process in all organizations with a pronounced hierarchical structure is extremely complex and equally abstract to both the participants themselves and all those who deal with the study of this topic. The management process involves decision-making based on appropriate economic analysis, experience, practice, micro and macro environment, and the ability of an individual manager to create a symbiosis based on all the knowledge that will ultimately lead to making an appropriate business decision. The aim of this paper is to build a presentation of the model, which in this case will improve the economic community and enrich the everyday work of companies. This will allow the ownership and management structures of a large number of inadequately structured and internally non-institutionalized companies to become active and passive managers of all business relations within the companies in which they operate, instead of active or passive observers. In this paper, a management model will be presented based on the data researched within five variables: quality of human resources, economic incentives, development perspectives, managerial capabilities of subordinates and business satisfaction. One of the aims of this paper is precisely to explore how these variables influence the business satisfaction of Croatian companies. The research was conducted in the territory of the Republic of Croatia, in all regions, on a representative sample, while representatives of the companies were surveyed. The answers obtained were analysed descriptively, through the regression model. It has been proven that the greatest influence on pleasure in business is influenced by managerial capacities, where beta coefficients is 0.367. Slightly less impact on the pleasure of doing business has the development of enterprises and incentives from the budget, while the smallest impact on the pleasure of doing business has human potential. The obtained beta COTA is statistically significant because the p – value < 0.05, in all four cases. The scientific contributions of this paper are reflected in a model that will serve to measure the impact of manager satisfaction on the basis of quantitative parameters and as an example of a universal model of manager satisfaction assessment.Pitanje procesa upravljanja u svim organizacijama s izraženom hijerarhijskom strukturom izuzetno je složeno i jednako apstraktno kako za same sudionike, tako i za sve one koji se bave proučavanjem ove teme. Proces upravljanja uključuje odlučivanje temeljeno na odgovarajućoj ekonomskoj analizi, iskustvu, praksi, mikro i makro okruženju i sposobnosti pojedinog menadžera da stvori simbiozu zasnovanu na svim saznanjima koja će u konačnici dovesti do donošenja odgovarajuće poslovne odluke. Cilj je ovog rada izgraditi prezentaciju modela, koji će u ovom slučaju poboljšati ekonomsku zajednicu i obogatiti svakodnevni rad poduzeća. To će omogućiti vlasničkim i upravljačkim strukturama velikog broja neadekvatno strukturiranih i interno neinstitucionaliziranih tvrtki da postanu aktivni i pasivni menadžeri svih poslovnih odnosa unutar poduzeća u kojima djeluju, umjesto aktivnih ili pasivnih promatrača. U ovom će radu biti predstavljen model upravljanja na temelju podataka istraženih kroz pet varijabli: kvaliteta ljudskih resursa, ekonomski poticaji, razvojne perspektive, upravljačke sposobnosti podređenih i zadovoljstvo poslovanjem. Jedan od ciljeva ovog rada upravo je istražiti kako te varijable utječu na zadovoljstvo poslovanja hrvatskih poduzeća. Istraživanje je provedeno na području Republike Hrvatske, u svim regijama, na reprezentativnom uzorku, dok su anketirani predstavnici poduzeća. Dobiveni odgovori analizirani su opisno, putem regresijskog modela. Dokazano je da najveći utjecaj na zadovoljstvo u poslovanju imaju menadžerski kapaciteti, gdje su beta koeficijenti 0,367. Nešto manji utjecaj na zadovoljstvo poslovanja ima razvoj poduzeća i poticaji iz proračuna, dok najmanji utjecaj na zadovoljstvo poslovanja ima ljudski potencijal. Dobivena beta COTA statistički je značajna jer je p-vrijednost <0,05, u sva četiri slučaja. Znanstveni doprinosi ovog rada ogledaju se u modelu koji će služiti za mjerenje utjecaja zadovoljstva menadžera na temelju kvantitativnih parametara i kao primjer univerzalnog modela procjene zadovoljstva menadžera

Modelling of business-economic strategies as a platform of investment policy in the risk exposure

Investicijska politika i ulaganje predstavljaju bitne zadatke, ali istovremeno i probleme gotovo svih društveno – ekonomskih sustava. Ulaganje predstavlja platformu razvoja i nužnost opstanka tržišno – ekonomskih sustava, a podrazumijeva poduzimanje odgovarajućih mjera i aktivnosti kako bi se uloženi kapital, putem odabrane djelatnosti, trajno uvećavao. Ekonomski pokazatelji, posebno u razdoblju ekonomske krize, oslikavaju nepovoljne i općeprisutne tendencije neželjenog poslovnog rezultata, proizlaze iz neodgovarajuće politike poslovanja, pri čemu investiranje i investicijsku politiku možemo označiti liderima u području poslovnih neuspjeha. Nemogućnost preciznog predviđanja poslovnih ishoda vezanih za investicijska ulaganja, vremenska disproporcija između ulaganja i njihovih početnih, a posebno optimalnih posljedica, kao i ireverzibilnost uloženih sredstava, dodatno otežavaju formulaciju odgovarajuće strategijske platforme investicijske politike. Modeliranje poslovnih strategija u uvjetima turbulentnih društveno – ekonomskih, tehnoloških, kao i tržišnih čimbenika predstavlja inspiraciju i izazov istraživaču da izborom odgovarajućeg teorijskog modela reprezentativno približi realnost. Vjerno preslikavanje realnosti podrazumijeva suptilan pristup klasifikaciji navedenih čimbenika prema važnosti, razini utjecaja, kao i odgovarajuću kvantifikaciju, prepoznavanje i uobličavanje oblika i mjere njihove međuzavisnosti. Model matematičke simulacije predstavlja teorijski model koji omogućava predviđanje poslovnih ishoda u uvjetima rizika uz njihovo iskazivanje korespondentno sa slučajnom komponentom koja na njih utječe. Ključno pitanje navedenog pristupa odnosi se na odgovarajući izbor distribucije vjerojatnosti slučajne varijable, prilagođene uvjetima ulaganja, pri čemu je potrebno uvažiti i empirijsku komponentu teritorijalno – zemljopisnog prostora na kojem se investicija realizira, a pri tome imati uvid i u druge aspekte izbora distribucije, kao što su iskustva u području odabranog područja ulaganja (granske specifičnosti) i prilagođenost određenom teorijskom modelu. Simuliranje efekata investicijskih ulaganja osigurava objektivan pristup strategijskom izboru i prikladan proračun monetarnih posljedica prije operacionalizacije projekta.Investment policy and investing represent essential tasks, and also major issues of almost all socio-economic systems. Investment represents a development platform and is necessary for survival of market and economic systems; it comprises undertaking appropriate measures and activities to have the invested capital continuously increasing through exercising selected operations. Economic indicators, especially in the period of economic crisis, reflect unfavourable and widespread tendencies of unwanted business result that arise from inadequate business policy, where investing and investment policy may be marked as leaders in the area of business failure. Impossibility to accurately assume business results related to the investment, time disproportion between the investment and its initial, and particularly, optimal effects, and also irreversibility of the investment, further complicate the formulation of adequate investment policy strategy platform. Modelling of business strategies in the exposure to turbulent socio-economic, technological and market factors is an inspiration and a challenge to the researcher to representatively mirror the reality by selecting an adequate theoretical model. Faithful mirroring of the reality involves a subtle approach to classification of these factors by importance, level of influence, and also adequate quantifying, identifying and shaping the form, as well as the extent of their interdependence. Mathematical simulation model is a theoretical model that allows prediction of business results in the risk exposure expressed correspondently with the random component that is influencing it. The major concern of the mentioned approach is an adequate selection of the probability distribution of a random variable, customized to the investment conditions. It is necessary here to take into account empiric component of a territorial-geographic area of the investment implementation, whereby it is necessary to have insight into other aspects of distribution selection, such as experiences in the selected investment area (sectoral specificity) and adjustment to particular theoretical model. Simulation of investment effects provides an objective approach to strategic choice and adequate calculation of monetary results before operationalization of the project

Scheduling of activities and optimisation of material consumption as the function of improving quality and developing business systems

Gospodarski sustav obuhvaća veliki broj kategorija i aktivnosti koje, kao glavni zadatak, moraju zadovoljiti zahtjeve i potrebe korisnika pomoću učinkovite kombinacije znanja, ideja, kapitala i tehnologije. Gospodarski subjekti gospodarskog sustava obuhvaćaju tvrtke, kao elemente usmjerene na ostvarivanje ciljeva i usmjerene na stvarne i gospodarski profitabilne tržišne afirmacije, što podrazumijeva odgovarajuće priznanje i učinkovito zadovoljenje korisničkih potreba. Gospodarski sustav u visokom je stupnju interaktivnosti s brojnim sustavima, poput sustava znanosti i tehnologije, globalnog gospodarskog sustava i socio-političkog sustava. Ekonomski sustavi imaju različite razine razvoja, različite dinamike razvoja i različite učinkovitosti rada. Cjelokupni cilj gospodarskog sustava može se predstaviti kao formacija dinamičke mreže učinkovitih poslovnih sustava, dijela gospodarskog sustava čiji rad postiže najveći mogući stupanj učinkovitosti, izražen kao omjer postignutih rezultata i razine angažmana ograničenih resursa za njegovu realizaciju. Osiguravanje i poboljšanje kvalitete rada određenog sustava zahtijeva usklađivanje širokog spektra aktivnosti unutar samog sustava, što omogućuje izražavanje poslovne sposobnosti i odražava se na razvoj gospodarskog sustava u cjelini. Poslovni sustavi imaju različite poslovne koncepte, poslovnu osjetljivost i poslovnu sposobnost, a time i različite izvore poboljšanja. Planiranje i koordinacija aktivnosti u tehnološki zahtjevnim industrijama, kao i optimizacija ulaznih podataka u svrhu postizanja željenog rezultata temelji se na potencijalu modela optimizacije, čija odgovarajuća upotreba omogućava povećanje razine razvoja sustava.The economic system encompasses a large number of systemic categories and activities, which have to meet user requirements and needs by means of an efficient combination of knowledge, ideas, capital and technology. Economic subjects of the system include companies, as the goal-oriented system focused on the real and profitable market affirmation, which implies adequate acknowledgement and efficient satisfaction of user needs. The economic system has a high degree of interactivity with numerous systems, such as the system of science and technology, global economic system, socio-political system. Economic systems have various levels of development, various development dynamics, various operation efficiency. The overall objective of the economic system can be presented as the formation of a dynamic network of efficient business systems, part of the economic system, the operations which achieve the maximum possible degree of efficiency, expressed as the ratio of achieved results and the level of engagement of limited resources for its realisation. Ensuring and improving the operation quality of a certain system requires synchronization of a wide spectrum of activities within the system itself, enables the expression of business potency, and is reflected on the development of the economic system as a whole. Business systems have various business concepts, business sensibility and business competence, and thus different improvement sources. Scheduling and coordination of activities in technologically demanding industries, as well as the optimisation of inputs in order to achieve the desired output, is based on the potential of optimisation model the adequate use of which enables the increase of system development level

??????????? ??????? ??????? ???????????? ??????????? ????????? ????????? ????? ??????

Effective operation of a system is expressed as an aspiration to achieve excellence in business results, recognized as total elimination of prevented difference between desired values and actual values of the realized system performance, requiring identification of both environmental and internal factors, as well as an explicit expression of the form and the extent of their impact on business processes. It is heavily laden by stochastic manifestation of their values and complexity of the influence. Optimal business management is determined by the structure and the concept of the system operation, and it is expressed and measured by the extent to which a business result meets user requirements. Realization of business objectives is contained in the performance of an output vector, being a resultant of actions of the business system, in terms of separate task stages in public administration management, and also in the operation of the system as a whole. Elimination of unwanted results involves interdependence, conditioning, frequency and probability distribution of their occurrence, and also coordination of, and cooperation between, numerous resources required to achieve the desired level of operational efficiency. Testing the reagibility of realized level of customer (dis)satisfaction with the performance of administrative services, as a dependent variable, in terms of level and intensity, manifested forms of used protocols and adequacy of service provider engagement, as an input of the variable, and their expression by means of an appropriate statistical function represents the aim of research, i.e. improvement of business efficiency by means of exact results. The aforementioned procedures facilitate anticipation and correction of business results, and despite the stochastic process performance variations which are analyzed and monitored, their behavior is predicted, controlled and rationally directed towards a desired business result. The design of experiment is based on time disproportion in discovering the causes of realized level of subjective perception of satisfaction when satisfying the demand in terms of administrative services, and in the context of frequency of demandand the form of service requested. By overcoming and eliminating dissatisfaction with the performance of services, business efficiency of administrative process results is being significantly and permanently improved and the degree of employees’ satisfaction is intensified; the same is with the service users, whose final result minimizes differentiality of realized and targeted performances, and simultaneously the global optimum of the social-economic system. The conclusion in terms of the existence of intensive connections between the observed phenomena reveals the causes of the achieved level of output performance and facilitates its indirect correction by dosing the structure and intensity of the input vector.???????? ????????????? ??????? ???????? ?? ??? ????? ?? ?????????? ?????????? ? ????????? ???????????, ?????????? ??????? ???????? ??????? ?????? ??????? ??????????? ? ???????? ??????????? ?????????? ??????????? ???????, ???? ????????? ?????????????? ????????? ? ?????????? ???????, ??? ? ??????????? ????? ?????? ? ????? ??????? ??????? ?? ???????? ???????; ????? ?? ????????? ???????????? ??????????? ??????? ??????????? ? ?????????? ???????. ????????? ???????? ????????? ???????? ????????? ? ??????? ???? ???????, ? ??? ?? ???????? ? ????? ?????? ????? ???????? ???????? ?????????? ??????? ?????????. ??????????? ????????? ?????? ?? ???????? ? ???????? ???????? ???????, ???? ?? ???????? ?????????? ????????? ???????, ? ?????? ????????? ???? ???????? ? ????????? ?????? ???????, ??? ? ? ???? ??????? ? ???????. ??????????? ????????? ????????? ???????? ?????????? ??????????????, ???????????, ?????????? ? ???????????? ???????????? ?????? ??????, ??? ? ???????????? ? ??????? ?????? ??????? ??????? ????????? ?? ????????? ??????? ????? ?????????? ???????????. ??? ??????????? ?? ????????? ???????????? ??????????? ????? (??)???????????????????? ??????????? ???????????????? ??????, ??? ????????????????, ? ?????? ????? ? ???????????, ?????????????? ?????? ?????????? ????????? ? ???????????? ?????????? ??????? ??????, ??? ???????????????, ??? ? ?????? ?????????? ????????????? ???????????? ?????????, ??????? ????????? ??????????? ????????? ?????? ?????? ?????????. ???? ???????? ???????? ??????????? ?????????? ? ????????? ????????? ?????????, ? ?????? ???????????? ???????????? ??????????? ??????? ???? ?? ??????????? ? ?????, ?????? ???????? ?? ????????, ?????????? ? ?????????? ????????? ?? ??????? ????????? ?????????. ?????? ???????????? ?? ???????? ?? ?????????? ????????????? ? ????????? ?????? ?????????? ????? ??????????? ?????????? ??????????? ???????? ???????????? ???????? ? ?????? ???????????????? ??????, ? ? ????????? ??????????? ???????? ? ?????? ??????? ??????. ?????????????? ? ???????????? ????????????? ??????????? ?????? ???????? ?? ? ?????? ????????? ?????????? ????????? ???????????????? ??????? ? ???????? ?????? ??????????? ??????????; ???? ?? ?????? ? ?? ????????? ??????, ???? ?? ?????? ???????? ?????????????? ??????? ?????? ???????????? ? ??????? ???????????, ? ??????????? ? ????????? ?????????????????? ? ?????????? ???????. ???????? ? ??????? ????????? ??????????? ???? ?????? ??????????? ?????? ??????? ?????? ??????????? ????? ?????????????? ??????????? ? ???????? ?????? ?????????? ????????? ????????? ????????? ? ??????????? ??????? ???????

OPTIMIZIRANJE PROCESA INVESTICIONOG ODLUČIVANJA U POLJOPRIVREDI

Proces odluĉivanja u poljoprivredi podrazumijeva izbor izmeĊu razliĉitih alternativa s ciljem donošenja odgovarajuće odluke. Izbor najbolje alternative predstavlja optimalni model investiranja. U ovom radu prezentovan je primjer odluĉivanja u poljoprivredi aplikacijom klasiĉnog modela i situacione odluke. U radu je predoĉena kompleksnost i korisnost ukljuĉivanja više alternativa i kriterija. Rad je zakljuĉen sa sumiranjem rezultata. Razultati kaţu da je najprimjerenija poslovna alternativa generisana po standardnim koracima, koja ukljuĉuje, i objektivne i subjektivne faktore, a posebno faktore rizika

IOT - FROM NEW MARKET OPPORTUNITIES AND BUSINESS MODEL TO SECURITY CONCERN // IOT – OD NOVIH TRŽIŠNIH PRILIKA I POSLOVNOG MODELA DO BRIGE O SIGURNOSTI

In terms of innovations and their contribution to increasing the quality of everyday life of individuals, as well as the improvement of the business of companies, it is undoubtedly necessary to significantly consider the concept of “Internet of Things”. In this paper, the basic principles of Internet of Things will be presented, as well as the possibilities of applying this concept in order to improve the everyday business of companies. Bosnia and Herzegovina is far from the rest of the economies in which IoT is in use and the application of which is constantly increasing. “Internet of Things” makes things “think”, and “be smart”. Through the collection of data, the algorithms of artificial intelligence and their networking, the circle of communication between things is closed, and the human factor is excluded

CLOUD COMPUTING KAO NOVA POSLOVNA PARADIGMA / CLOUD COMPUTING AS A NEW BUSINESS PARADIGM

Cloud computing or cloud computing can be defined as computer evolution that began 30 years ago and represents the integration of several technologies (Autonomic Computing, Grid Computing, Utility Computing and Virtualization) located in remote and guarded data centers. Although only a few years in wide use, greatly changed the way we use computers not only in the business sector, but also in other segments of society. Social networks, mobile technologies and services on the Internet such as Skype and other services to communicate, share files and photos, the entertainment industry and others. based on cloud computing technology, but we are not even aware of. In this paper, several common business scenarios in which the cloud computing technology optimal choice compared to the now classic client-server architecture. Cloud computing platform that handles the work represents the Microsoft Azure platform, which represents the most complete and fastest growing cloud platform today

MATRIC ASPECTS OF PREDICTIONS OF BUSINESS EFFICIENCY OF SMALL AND MEDIUM ENTERPRISES AS PRECONDITION OF INTERNATIONAL COMPETITIVENESS // MATRIČNI ASPEKTI PREDIKCIJE POSLOVNE EFIKASNOSTI MALIH I SREDNJIH PREDUZEĆA KAO PREDUSLOV MEĐUNARODNE KONKURENTNOSTI

Entrepreneurial activity of transition countries, such as the RS and BiH, is filled with many threats from the environment, particularly concerning the lack of adequate entrepreneurial education, institutional support as well as the communication infrastructure between them and their significant financial impotence.The potential of SME entrepreneurship represents a significant precondition in the development of the national economy as well as the prerequisite of prevention and / or exit from the economic crisis, provided that their potential is exploited by a planned, not uncontrolled approach. Maximizing of market potential and resource capabilities requires the establishment of an adequate decision-making system where problems are solved through planning, selection, application and measuring of the systemic environment from the aspect of significance, while at the same time, taking into account the internal potentialities.Adequate communication between decision-makers with theoretical models and their effective implementation in business planning enables business systems and SME to achieve maximum business efficiency and effectiveness through the optimal combination of their own potential and business environment. The theoretical model is a virtual tool which is used for symbolic - quantitative description of the real system, where the degree of conformity of the model and the reality which we described in it, is the determining factor in the success of real application of the modeled information.The control problem is solved only by an adequate theoretical model that covers, selects, quantifies and functionally linked internal and external factors of “treated” reality. Functional linking of factors in the applied model must be adapted to decision-making conditions, which concerns the conditions of certainty, uncertainty or risk. The classification of decision makers should go into the direction of recognizing input, random and output variables as well as detecting the conditions and forms of their interdependence, adapted to decision-making conditions.The business system is a goal-oriented system that requires optimization at several different levels to achieve system optimal as an adequate synergic suboptimal resultant.The proposed approach is related to the stochastic optimization of the product portfolio harmonized with market potential, and after that the deterministic optimization of production processes in the function of achieving the optimal production portfolio.The payment matrix as a virtual aid, or a brief summary of possible business results, allows the choice of optimal business strategy with maximum approval of model-based prediction and real business results

INTERNATIONAL TOURIST ARRIVALS AND TRANSPORT INFRASTRUCTURE IN THE REPUBLIC OF MACEDONIA: PERSPECTIVE OVERVIEW

Growth of international tourist arrivals is highly determined by the transport infrastructure development. Quality of the passengers transport implies on the quality of tourist offer. Tourist arrivals in the Republic of Macedonia can be realized only through land and air transportation. The country’s position on the center of the Balkans indicates its potential for international land transportation development. Potential for further transport infrastructure development can be seen from the fact that there are two pan-European corridors that are crossing through the country linking it with the rest of the Europe. This paper aims to analyze relations between international tourist arrivals and transport infrastructure in Macedonia