Risk analysis and management on Public Private Partnership Projects (PPP) in Serbia

nfrastructure projects are going through a lot of difficulties, mostly connected with non standard established financing in South Eastern Europe countries. During and after transition period, undeveloped, insufficient but before all obsolete infrastructure in Serbia became a essential problem for further development of main economic resources (transportation, agriculture, mining, tourism etc.). Infrastructure network is necessity for the development of different sectors (energetic, agriculture, industry, commerce etc.). Domestic regulation is not clear in allowing project financing through Public Private Partnership (PPP) model, which is great opportunity for opening new projects and finishing many projects with on hold status. The main problem in decision making and starting financing projects in that model is too many risks on the market, which endanger projects from very beginning, especially in initiation phase so many investors decide to leave projects in very early phases. The analysis of potential risk elements, throughout the processes from bidding to operational infrastructure projects, is one of the most important elements to maximizing profit and functionality, and properly develop country infrastructure, while minimalizing potential difficulties that may arise. Much of the risk of a PPP project comes from the complexity of financing, taxation, law regulatory, aquired technical documentation and construction process involved in a major infrastructure venture. Main risks, their analyze and management on infrastructure projects are explained in this paper. After risk analyze, risk management tools are presented, together with method of managing risks on PPP projects in Serbia

Cash flow statement and financial decision-making in insurance companies

Cash management is of great importance for the successful operation of insurance companies, and the amount of cash is affected by many management decisions. Often you might encounter in the financial papers and textbooks the assertion that cash is the 'bloodstream' of business. In this respect, it is emphasized that it is important for the accountants to provide timely information on cash flows. The report that is especially important for financial decision-making is the statement of cash flows, if one bears in mind that insurance companies take risks in dealing with intangible products, and therefore need to be sufficiently liquid and solvent to pay the obligations that are arising from claims at the time of the accident or the occurrence of hazards

Ecological status assessment of the Samokovska river: 2018 case study

The Samokovska River, as the most important watercourse of the Kopaonik National Park, has been poorly investigated from algological and water quality aspects. This river is not covered by the monitoring program of the Serbian Environmental Protection Agency routine. Our research performed in October 2018 aimed to present an algal diversity, ecological status assessment, and negative anthropogenic impacts threatening this river. For ecological status assessment purposes, the diatom indices phytobenthos and physico-chemical parameters of water were used. The typology and the problem of reliable assessing of the ecological status were also discussed on the example of the Samokovska River

Uporedna analiza betonskog integralnog nadputnjaka pri različitim karakteristikama tla

U okviru rada razmatran je betonski integralni nadputnjak raspona 30 metara na magistralnom putu koji je fundiran na šipovima. Analiziran je uticaj krutosti tla na vrednosti statičkih uticaja merodavnih za dimenzionisanje elemenata konstrukcije nadputnjaka i vrednost napona u šipovima konstrukcije. Korišćena su tri slučaja tla čija krutost je određena shodno karakteristikama slojeva. Za potrebe analize korišćen je numerički model nadputnjaka napravljen u softverskom paketu CSiBridge v20 gde je tlo modelirano u formi "opruga" (fleksibilnih oslonaca) postavljenih po visini šipa čija krutost odgovara krutosti sloja tla kroz koji prolazi šip

Projektovanje mostova prema zahtevima životne sredine

Zaštita životne sredine nesumnjivo postaje primarni zadatak čovečanstva u 21. veku. Razvoj tehnologije i tehnike doneo je mnoge lagodnosti ljudima, ali istovremeno je negativno uticao na njihovu okolinu. U okviru ovoga rada predstavljen je uticaj mostovskih konstrukcija na životnu sredinu. Pregledom literature, utvrđeni su određeni negativni efekti kroz različite faze projekta, od izvođenja do sanacija konstrukcija mostova. Pokazani su rezultati primene koncepta Ocene životnog ciklusa (Life Cycle Assessment - LCA) u projektovanju mostova na određenim primerima. Studijom slučaja je prikazana mogućnost upotrebe integralnih mostova u smanjenju zagađenja životne sredine. U zaključnim razmatranjima, predstavljen je model uvođenja zahteva životne sredine u proces projektovanja i izvođenja

Adrenaline, whether is it given according to the CPR recommendations, depending on the CPR duration length?

INTRODUCTION: According to current recommendations for cardiopulmonary resuscitation (CPR) for OHCA we can distinguish two kinds of rhythms: shockable (VF / VT) and non shockable (asystole / PEA). Drug that is used in both kinds of rhythms is adrenaline, except that with shockable rhythms it is used after the third defibrillation (about 6 minutes after the beginning of CPR), and with non shockable rhythms it is used within the first two minutes and is repeated every 3-5 minutes. Also, the recommendations state that CPR should be performed as long as the shockable rhythm persist, or there is some of the reversible causes of OHCA which we can treat, and in the case of asystole lasting longer than 20 minutes should be decided about the termination of CPR. MATERIAL AND METHODOLOGY: By retrospective analysis we got materials from the register of Emergency Medical Services Sombor in one year period starting from January 1st 2014 until January 1st 2015. RESULTS: During the observed period, our Service has had 63 OHCA when CPR was performed and those cases could be statistically analyzed. From those, shockable rhythms as the initial rhythm were in 21 cases or in 33.3%, and non shocable rhythms in 42 cases or in 66.7%. The average arrival time at the location was 5 minutes and 44 seconds, in case of shockable rhythms 4 minutes and 51 seconds, and in case of non shocable rhythms 6 minutes and 3 seconds. Average duration of CPR was 27 minutes and 12 seconds, as for the shockable rhythms 23 minutes and 45 seconds, and for non shocable rhythms 28 minutes and 56 seconds. In total was given 210 ampoules of adrenaline, with average of 3.33 ampoules of adrenaline per one CPR. Depending on the initial rhythm, for shockable rhythms was given an average of 2.05 ampoules of adrenaline (every 11 minutes and 35 seconds), and for non shocable rhythms 3.98 ampoules of adrenaline (every 7 minutes and 12 seconds). CONCLUSION: If by the use of adrenaline can be assessed whether the teams of our Services work under the recommendations and if this small sample can be considered statistically significant (percentage of the patients with established circulation (ROSC) 34.9%), we must be realistic and admit that we do not apply recommendations enough, and that the strict application of recommendations would bring even better results and greater survival rate

Risk Based Approach to Integrity Assessment of a Large Spherical Pressure Vessel

The risk based approach has been applied, in its simplest form, i.e. by using the risk matrix to illustrate how the water proof test can shift risk from high to very high level in the case of large spherical pressure vessel (ammonia storage tank). Having in mind the basic definition of risk, being the product of the probability and consequence, and fixing the consequence at the highest level, only probability of unfavourable event (leakage and/or failure) has been evaluated. Toward this end, the failure assessment diagram (FAD) has been used here as another simple engineering tool to estimate probability of the failure, as the function of the position of the operating point, i.e. defming probability as the ratio between the distance of the operating point from the zero point, and the appropriate distance between the point on the limiting curve and zero point. This simple engineering tool to assess structural integrity showed clearly that water proof test is not always recommended, because it disregards possible stable growth of cracks, which might reach critical size for unstable growth, i.e. it does not prove that failure will not happen in future under the same conditions. Copyright (C) 2016 The Authors. Published by Elsevier B.V

THE SIGNIFICANCE OF INTERLEUKIN-6 AND TUMOR NECROSIS FACTOR-ALPHA LEVELS IN COGNITIVE IMPAIRMENT AMONG FIRST-EVER ACUTE ISCHAEMIC STROKE PATIENTS

Background: Acute ischemic stroke (AIS) frequently results in the development of cognitive impairment, which quite often persists. The pathophysiological mechanisms involved in the development of cognitive impairment are only partially elucidated. The aim of this study was to evaluate the correlation between interleukin 6 (IL-6) and tumor necrosis factor-alpha (TNF-) serum levels with cognitive impairment in AIS patients. Subjects and methods: This hospital-based case-control study was performed during December 2014 May 2018. A total number of 130 randomly selected patients were prospectively recruited from the Department of Neurology, Clinical Center University of Sarajevo. The study examined 100 first-ever AIS patients, while 30 comprised the non-stroke control group of patients with discogenic lumbosacral radiculopathy. All participants were evaluated using the Mini-Mental State Examination, the Montreal Cognitive Assessment, the Frontal Assessment Battery, and the Addenbrooke\u27s Cognitive Examination-Revised. Cognitive testing and laboratory analyses were performed within the first three days of admission in all patients while AIS patients were reassessed on the 15th day of hospitalization. Results: Female stroke patients with cognitive impairment had significantly higher baseline levels of IL-6 (p<0.017), and TNF- (p<0.017) than those without cognitive impairment. In the control measurement, a significant difference in IL-6 levels (p=0.037) in male and TNF-=0.042) in female stroke patients with cognitive impairment was observed. Conclusions: These findings indicate that pro-inflammatory cytokines are probably implicated in the pathogenesis of cognitive decline in AIS patients

Bankruptcy forecasting of hotel companies in the Republic of Serbia using Altman's Z-score model

Monitoring the financial health of a company to prevent bankruptcy is not only a matter of interest to owners, management and creditors as previously thought, but also a subject of interest to the wider community due to the consequences that bankruptcy may cause. There are numerous models for predicting bankruptcy, but one of the most commonly used is Altman's Z-score model. Over time, the model has been modified so that from its initial form that was intended solely for one enterprise model, today we have a model that can be applied to manufacturing, service, public and private enterprises, as well as to businesses operating in developing markets. The paper uses Altman's Z-score model for companies operating in developing markets to assess the financial health, that is, the possibility of bankruptcy in a sample of 7 hotel companies listed on the Belgrade Stock Exchange.Publishe