Факултет пословне економије [Научни радови] / Faculty of Business and Economics [Scientific papers]

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A New Model for Stock Management in Order to Rationalize Costs: ABC-FUCOM-Interval Rough CoCoSo Model
(MDPI, 2019) Erceg, Živko; Starčević, Vitomir; Pamučar, Dragan; Mitrović, Goran; Stević, Željko; Žikić. Srđan
Cost rationalization has become imperative in every economic system in order to create adequate foundations for its efficient and sustainable management. Competitiveness in the global market is extremely high and it is challenging to manage business and logistics systems, especially with regards to financial parameters. It is necessary to rationalize costs in all activities and processes. The presence of inventories is inevitability in every logistics system, and it tends to create adequate and symmetrical policies for their efficient and sustainable management. In order to be able to do this, it is necessary to determine which products represent the largest percentage share in the value of procurement, and which are the most represented quantitatively. For this purpose, ABC analysis, which classifies products into three categories, is applied taking into account different constraints. The aim of this paper is to form a new model that involves the integration of ABC analysis, the Full Consistency Method (FUCOM), and a novel Interval Rough Combined Compromise Solution (CoCoSo) for stock management in the storage system. A new IRN Dombi weighted geometric averaging (IRNDWGA) operator is developed to aggregate the initial decision matrix. After grouping the products into three categories A, B and C, it is necessary to identify appropriate suppliers for each category in order to rationalize procurement costs. Financial, logistical, and quality parameters are taken into account. The FUCOM method has been used to determine the significance of these parameters. A new Interval CoCoSo approach is developed to determine the optimal suppliers for each product group. The results obtained have been modeled throughout a multi-phase sensitivity analysis
A Novel Integrated PCA-DEA-IMF SWARA-CRADIS Model for Evaluating the Impact of FDI on the Sustainability of the Economic System
(MDPI, 2022) Starčević, Vitomir; Petrović, Vesna; Mirović, Ivan; Tanasić, Ljiljana Ž.; Stević, Željko; Đurović Todorović, Jadranka
Today’s economic systems are, on the one hand, exposed to various risks and uncertainties with their trends changing almost daily, while on the other hand, they represent an extremely complex system with a large number of sustainable influential parameters. The challenge is to model macroeconomic parameters and achieve sustainability, yet also satisfy conflict situations with an increased level of uncertainty. The aim of this paper is to create an appropriate functional model by examining the mutual influence of various macroeconomic factors. It assesses a total of four scenarios considering mutual influences of: FDI (foreign direct investments), GDP (gross domestic product), imports, exports, inflation rate, RER (real exchange rate) and employment rate as defined parameters. First, the DEA (Data envelopment analysis) model was applied to determine the initial efficiency of two countries, Bosnia and Herzegovina (BIH) and Serbia, for the period 2005–2020. Then, PCA (Principal Component Analysis) was applied in combination with DEA to obtain more precise values. In addition, IMF SWARA (Improved Fuzzy StepwiseWeight Assessment Ratio Analysis) was applied to define weight coefficients of macro-economic parameters. Finally, the CRADIS (compromise ranking of alternatives from distance to ideal solution) model was applied for the final ranking of part of decision-making units. This developed, integrated model can be classified as a mathematical method for economic analysis and gives extended opportunities for solving different problems. The results show that 2009, 2013 and 2016 were the most favorable years in terms of the conditions set when it comes to Bosnia and Herzegovina, and 2012, 2014 and 2016 when it comes to Serbia. These years have been singled out and can be a benchmark for further handling and modeling of macroeconomic elements. In addition, correlation was tested using statistical coefficients.
ADVANTAGES AND DISADVANTAGES OF LOSS RESERVING METHODS IN NON-LIFE INSURANCE
(University of Belgrade, Serbia, 2019) KOČOVIĆ, Jelena; MITRAŠEVIĆ, Mirela; TRIFUNOVIĆ, Dejan
We analyse characteristics of the three most commonly used methods for estimating loss reserves in non life insurance: the chain ladder method, the loss ratio method, and the Bornhuetter-Ferguson method. Our aim is to give a comparative anal- ysis of the results obtained from applying these methods to a practical case, and to put emphasis on their advantages and disadvantages.
ANALYSIS OF THE UNEMPLOYMENT STRUCTURE OF HIGHLY EDUCATED PERSONNEL IN THE REPUBLIC OF SRPSKA AND MEASURES FOR ITS REDUCTION
(De Gruyter, 2015) Mastilo, Zoran
The paper aims to analyse the structure of unemployed highly educated staff in the Republic of Srpska. As indicated, such structure shall enable analysis of unemployment of highly educated staff as well as of vacant jobs on the basis of gender and profession, thus demonstrating that more than 1/2 of the staff after graduation finds themselves at the Employment Agency. This survey shall provide data indicating the unemployment duration of highly educated staff, i.e. the time they spend waiting for their first job at the Employment Agency. Unemployment analysis throughout various regions of the Republic of Srpska shall be addressed in detail. Likewise, the relevant institutions of the Republic of Srpska, acting as proxies between highly educated people and the labour market, shall be integrated in the analysis. The paper shall be particularly focused on assessment of unemployment of highly educated people from the field of economy. The problem of unemployment in the Republic of Srpska has been particularly pronounced with the last few years (2009, 2010, 2011, 2012, 2013 and 2014). It is constantly deepened due to the inadequate enrolment policy by the Ministry and the inability of the labour market to absorb the staff in the real and the public sector. The analysis is not based exclusively on the Republic of Srpska. The measures to reduce unemployment of highly educated people in the Republic of Srpska shall also be introduced. It is evident that today’s soci-
Assessing the Banking Sector of Bosnia and Herzegovina: An Analysis of Financial Indicators through the MEREC and MARCOS Methods
(Sciendo, 2024) Mastilo, Zoran; Štilić, Anđelka; Gligović, Dejan; Puška, Adis
The banking sector assumes a pivotal role in the economic development of nations. The assessment of financial indicators pertaining to banks holds fundamental importance in the evaluation of bank stability and sustainability. This research employs the MEREC (Method based on the Removal Effects of Criteria) and MARCOS (Measurement of Alternatives and Ranking according to COmpromise Solution) methodologies to delve deeper into the financial landscape of the banking sector in Bosnia and Herzegovina (BiH). Specifically, the objective is to rank banks according to their financial indicators, utilizing financial data from the year 2022. The MEREC method is applied to gauge the significance of financial indicators and ascertain their respective weights, while the MARCOS method is employed to rank banks within BiH based on their financial indicators. The examination of financial indicators within the BiH banking sector, facilitated by the MEREC and MARCOS methodologies, yields a more comprehensive understanding of the sector's present condition. Limitations of this research, which primarily stem from its reliance on available financial data and predefined methodologies, lies within limited consideration for external factors. To provide a broader contextual perspective, the inclusion of additional financial indicators and comparative analyses with banking sectors of other nations would be imperative. The findings of this research reveal that Raiffeisen Bank exhibits the most favourable financial indicators and demonstrates the highest level of efficiency within this context. Consequently, this research offers insights into identifying exemplary banks that can serve as models for enhancing the performance of others.
CORRELATION OF HUMAN MOBILITY IN THE CAPITALS OF SEVEN EUROPEAN COUNTRIES DURING THE COVID 19 PANDEMIC
(Regional Association for Security and crisis management , Belgrade, Serbia, 2022) Katanić, Predrag; Damjanović, Srđan
We monitored and compared human mobility for six discrete categories during two year the COVID-19 pandemic in seven European countries: Austria, France, Italy, United Kingdom, Serbia, Spain, and Sweden, and their capitals: Vienna, Paris, Rome, London, Belgrade, Madrid and Stockholm. We have chosen countries whose capitals have more than a million inhabitants and which are located in various parts of Europe. We chose Sweden because it had a policy with the mildest restrictions on population movement during the pandemic. The collected data for the time period from February 15, 2020 until February 11, 2022. Using basic statistical methods, we found that there is a high degree of correlation between the data, which represent the mobility of people across the countries and the mobility of people in the capital of all seven observed European countries for six discrete categories. Based on this, it can be concluded that the mobility of people during the COVID-19 pandemic differs a lot from country to country, because the policies of governments in restricting the movement of people in the past two years have also differed significantly. Through this we want to show that data from Google Community Mobility Reports can be combined with many other data from various areas of human life and work and that various statistical processing of these data can be done to show various types of correlations with human mobility during the COVID-19 pandemic and how it affects the lives and economies of people around the world.
Creating a Decision-Making Model Using Association Rules
(Taylor & Francis, 2017) Istrat, Višnja; Lalić, Nenad
Being a highly significant and complex function of management, decision making requires methods and techniques that simplify the process of selecting one choice among all available options. Decision making is therefore selection of that particular choice over any of several alternatives. Because of the process complexity, a continuous research and improvement of the methods and techniques modern decision making involves is required. One of many modern business challenges is to discover any possible improvement in the decision-making process managers shall use in making the right decision. Any decision made by managers directly impacts the realized profit, business, and company’s position on the market. The fact is that mankind faces the decision-making problem in each phase of its social development, which has resulted in increased need for learning more about it. In this work, both the significance and application of association rules will be analyzed on an example of car sales business. The research was conducted on a sample of 1728 transactions in order to recognize and establish the association rules and then determine their impact on the sales and profit. For the purpose of this research, a large car sales database was used as a source of information, which is also described in this work. Once these association rules were established, they were then used to create a better and more complete market supply. The main contribution of the paper is providing business intelligence model for performing association rules in real-term business settings.
DEMOGRAPHIC TRENDS AND THE EDUCATIONAL SYSTEM OF THE REPUBLIC OF SRPSKA
(Sciendo, 2020) Pašalić, Stevo; Mastilo, Zoran; Đurić, Aleksandar; Marković, Duško
The subject of this research are the demographic trends and the educational system of the Republic of Srpska. The aim of the research is to define the concepts required to comprehend the demographic trends and to explore their implications for the educational system of the Republic of Srpska. In order to establish sustainable development in the Republic of Srpska, education being a key component therein, it is necessary to perceive its demographic resources in order to create an educational system. By means of empirical research with a presentation of results through factor and cluster analysis, generated quantitative and qualitative indices of demographic resources, particularly in the educational system. The Republic of Srpska as a whole belongs to type D, featuring poor demographic resources and characteristics, as well as prominent demographic disparities regarding spatial development. However, in order to increase the coverage, relevance and efficiency of completion of the education process, it is necessary to determine the strategic commitments to be accomplished together with certain quantitative demographic indicators of the achievement level (educational coverage of different generations). Demographic changes will pose a major challenge for policy makers and to the society in general across the upcoming decades and will require shaping new economic, tax, health, pension, educational, social, family and other policies that affect demographic changes. The research endeavour in this paper focuses on that very aspect, together with the respective applicative capabilities.
EFFECTS OF DIGITAL TRANSFORMATION AND NETWORK EXTERNALITIES IN THE TELECOMMUNICATION MARKETS
(Sciendo, 2019) Radukić, Snežana; Mastilo, Zoran; Kostić, Zorana
The main purpose of the paper is to address the effects of digital transformation in the telecommunications markets which are characterized by network externalities. By acknowledging disruptive effects of digital transformation age, the paper highlights challenges which were created by advancement of technological capabilities. The specific aim of the paper is to present a methodological framework for measuring the information society. The research will be based on an analysis of the number of subscribers by types of telecommunication services, in developed and developing countries, in the last two decades. In this regard, increasing the number of subscribers leads to higher value of the selected network. We expect confirmation of both hypotheses respectively (H1: Digital transformation affects the simultaneously continuous growth of the number of subscribers and the continuous decline in prices of telecommunication services; H2: There are similar trends in developed and developing countries, which are related to the number of the telecommunication services subscribers). Therefore, digital transformation and the effect of network externalities contribute to increasing the number of subscribers, reducing the number of networks (distortion of the market competition) and reducing the prices of telecommunication services
HYBRID MCDM SOLUTIONS FOR EVALUATION OF THE LOGISTICS PERFORMANCE INDEX OF THE WESTERN BALKAN COUNTRIES
(Sciendo, 2022) Mešić, Amar; Miškić, Smiljka; Stević, Željko; Mastilo, Zoran
The Logistics Performance Index (LPI) performed by the World Bank is an indicator of the logistics environment quality of a country in which logistics operators act. The LPI is an interactive tool designed to help countries identify challenges, innovative solutions, and opportunities they face in their work in the field of trade and logistics. The aim of this paper is to conduct a comparative analysis and ranking of the LPI of the countries in the Western Balkans (Bosnia and Herzegovina, North Macedonia, Albania, Serbia and Montenegro), calculated by the World Bank for 2018, using an integrated Criteria Importance Through Intercriteria Correlation (CRITIC)-Measurement Alternatives and Ranking according to Compromise Solution (MARCOS) model and thus show the real picture of the logistics environment. In order to determine the performance of countries and show the overall logistics performance, six key dimensions are used: customs, infrastructure, international transport, logistics capability, tracking and tracing of goods and shipment delivery within scheduled or expected times. Using the CRITIC method, the weight values of the previously mentioned six criteria were calculated, whereby the criterion related to shipment delivery within scheduled times was singled out as the most significant criterion. Then, by applying the MARCOS method, the countries of the Western Balkans were ranked on the basis of the six defined criteria. Based on the results obtained, the best-ranked country is Serbia. The analysis of the sensitivity of the results to changes in the significance of the criteria does not show significant changes in the ranking.
Measuring of The Goods and Labor Markets Efficiency: Comparative Study of Western Balkan Countries
(ELIT - Economic Laboratory for Transition Research, Podgorica, 2019) RADUKIC, SNEZANA; MASTILO, ZORAN; KOSTIC, ZORANA; VLADUSIC, LJUBISA
Numerous theoretical and empirical evidences confirm the assumption that more competitive markets are followed by raising the level of efficiency. The aim of this paper is to consider to what extent are efficient goods and labor markets in the efficiency-driven countries, such as Western Balkans. Intense competitive pressure both by domestic and foreign companies, and demand conditions determined by customer orientation and consumer sophistication, have great importance in acceleration labor market efficiency. The delicacy of the measuring of the competition and demand conditions on goods market completes an empirical review of the achieved results in labor markets in 2018 in Western Balkan countries. The multicriteria .analysis was carried out in order to rank countries and highlight those which have achieved remarkable goods and labor markets efficiency in the overall order of the countries. The obtained results suggest significant gaps and cyclical deviations from the regional average, related to goods market efficiency gaps, observed by selected indicators and countries. Problems in the fields of domestic competition, foreign competition, and insufficient quality of demand conditions in the individual markets, imposed the need to compare the comparative disadvantages and advantages in the Western Balkan countries. The comparative study can serve as a guide for defining future labor market policies due to it has been proven that countries with more efficient goods market have more favorable labor market indicators.
MEASURING T HE R ISK OF LENDING TO SMALL A ND MEDIUM-SIZED EN TERPRISES IN T HE REPUBLIC OF SERBIA IN LIGHT OF MODERN BANKING REGULATIONS
(2020) Mitrasevic, Mirela; Bardarova, Snezana
The subject matter of this paper is measuring the risk of lending to Small and Medium-sized Enterprises (SMEs) from the point of view of the existing banking regulations. The paper starts from the hypothesis that an increase in the transparency of the credit risk measurement process would enable the timely detection of problems and leave room for the actions necessary for the management of small and mediumsized enterprises, as well as all creditors, and generate an opportunity for SMEs to provide more favorable sources of financing. In the research study, the well-known Altman Z-Score model was used to assess the probability of default and rank a company. The results of the application of the Z-Score model indicate that, to a certain extent, they can detect the companies in which bankruptcy may occur in the two years following the assessment, on the one hand, but they cannot be considered as reliable for the assessment of the probability of the bankruptcy of SMEs in the Republic of Serbia, on the other.
THE DEVELOPMENT OF A NEW SOFI MODEL FOR PERFORMANCE MANAGEMENT OF MEDIUM SIZED AND LARGE COMPANIES
(Regional Association for Security and crisis management, 2023) Kovačević, Biljana
Measurement and adequate performance management of a company represent an imperative regarding the attainment of competitive advantage in the market. This need is especially pronounced in medium-sized and large companies, which represent complex organizations and require the application of scientific principles for solving complex issues in practice. Therefore, the performance management process in medium-sized and large companies is singled out as the subject of the research. It is important to point out that the main concept of the paper is the macro aspect of the performance management process. The primary goal of the research is the development of a new model for performance management based on considering all important parameters of business operations of these companies on the territory of the Republic of Srpska. The research was conducted via combined methods – a multiple case study which implies four companies and a survey questionnaire. Through the analysis of many models in the literature, seven were singled out which were studied further. The main elements and conceptual bases of these models served as the basis for conducting research and creating a new model for performance management. The result of the published research represents “SOFI” model (strategic, organizational, financial and information–technological aspects), whose application contributes towards easier management by managers, as well as making correct management decisions in the conditions of uncertainty.

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