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Investments and Their Financing Risks and Risk Management Trends in the Last 10 Years
184-203Views:209The purpose of our literature review was to understand the state of research related to management of risk of corporation’s investments and their finance within the past 10 years. Nowadays the risk management and problem solving are characterized by holistic approach and complexity - and these tendencies we can see clearly. We need to examine the likvidity, financing and investment questions together, because of the interactions between them. They can influenced the corporate value together. The role of risk management in the investments is the cash-flow smoothing (we mean: cash-flow generated by investment). The field of corporate finance is noticeably inseparable from other areas of business science (at least in the empirical analyses), and even technical issues, like risk management, have long been considered suitable appropriate in an integrated form. The financial and operational hedging has become indispensable elements of the managerial toolbar. The consequence of crisis (from 2007) promotes the birth of many studies that justify it. The researchers are paying close attention the transaction costs, such as costs of contracts or agent costs, and the losses due to information assimetry. The statements of behavioral finance connection with managerial decisions mean important additives in this field.
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Business Process Development with the Application of Simulation Technique
109-118Views:137The object of our work to increase production efficiency with the use of cost-efficient development tools at a Hungarian small enterprise. We apply data gathering techniques besides process modelling and diagnostic methods to reduce the total process time of the assembly process so as to induce cost reduction in the production. In this respect we investigate and rank root causes of wastes by cost-effective process development tools, like timebased FMEA (failure mode and effects analysis) as well as the 5 whys method. With the use of Monte-Carlo simulation companies can evaluate the change in the process, therefore, they can decide whether they want to carry out corrective measures or not. The accomplished changes can generate increasing competitive edge in the long run.
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The Governance of Sports Organizations in Morocco: the Case of the Royal Moroccan Federation of Judo and Related Martial Arts
38-50Views:98Governance is crucial for effective sports organization management, particularly as sports organizations increasingly adopt business models. Research inquiries into suitable governance practices in sports have grown, reflecting the evolving landscape of sports management. This qualitative research examined the governance of the Moroccan Judo Federation through semi-structured interviews and analysis using Voyant Tools. Stakeholders, including the vice president, board members, coaches, athletes, referees, technical committee members, and financial manager, provided insights on key aspects of governance. The findings emphasized the importance of strong leadership, effective decision-making processes, transparent governance structures, stakeholder engagement, and ethical conduct. However, challenges were identified in decision-making, stakeholder engagement, conflict resolution, and financial management. Stakeholders highlighted the need for inclusive decision-making processes and transparent and accountable governance practices. By addressing these challenges, the federation can strengthen its governance, support judo's growth, and foster fairness and inclusivity.
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Evolution, Place and Role of Controlling in a Business Organisation
466-477Views:972The development of controlling can be traced back to the beginning of 20th century. Thus it has one century of continuous scientific development. Controlling has been applied in fields such as finance, manufactureproduction, and trade sales. In financial accounting different activities have been formed for planning and accounting costs and performance. These activities were integrated by management accounting, which serves the ever growing information needs of the management. In addition to the operational functioning of growing and diversification companies controlling covers even the strategic level. The primary focus of controlling activity at 21st-century businesses is to improve organisational performance. Previously there were differences between the German and Anglo-Saxon trends. According to the German trend controlling is a set of instruments that provides the required information needed for management decision-making and based on it planning, monitoring, and controlling activities could be achieved. Furthermore, the German trend considers that a particular department is responsible for controlling activities. Conversely, according to the Anglo-Saxon conception controlling is considered as a part of management and managers are responsible for efficient allocation of resources, the so-called „management control”, carrying out planning and controlling tasks at the same time. Some differences can be recognised between the two conceptions about where is controlling placed in companies within the organisational framework. However, it can be stated as a fact, that management and controlling are inseparably linked, and the aim of both fields is to increase the performance of a company.
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Menedzsment módszerek az Ipar 4.0 tükrében
507-514Views:652The fourth industrial revolution poses major challenges for organisations in terms of technological aspects and from a management point of view, too. Good (effective) management is vital as it can help overcome the difficulties arising from shortages of skilled labour and from cost-cutting pressures, and it can help improve efficiency of resources. Innovations require management methods that support the introduction of industry 4.0. In my review of the literature, I aim to find out how the current level of sophistication in this new field can help managers of SME to better embrace change. Based on the reviewed literature, from management point of view, organisational structure, leadership style and HR practices are key to creating an atmosphere conducive to learning and innovation. In terms of structure, researchers do not suggest one thing to apply, but emphasise that industry 4.0 is characterised by an unstable, changing environment, so it is worth developing a structure that is characterised by decentralisation, few rules, horizontal communication and collaborative teamwork, i.e. much more organic than mechanical. In terms of different leadership styles, it is the transformational leadership that is the most often mentioned, however, in case of industry 4.0, we need even more because it can have various limitations. Even before industry 4.0, literature has highlighted that the recommended leadership style can be defined as the combination of transformational and transactional leadership; research in industry 4.0 in recent years also emphasises that it is the expanded construction of a knowledge-driven leadership style that blends the two, which can best facilitate innovation and learning. Managers can develop employee skills and improve their learning abilities through a variety of HR practices. So the right structure, leadership style and HR prepare the organisation for industry 4.0 by facilitating learning, improving skills and innovation.
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Sustainability Assessment of a Special Water Management Practice in a Hungarian River Basin
23-35Views:190The purpose of the study is to assess the sustainability of the current water management practice of thermal water usage for bathing. The methodological approach is material flow analysis since it allows to achieve results without regular or online measurements. The current river base management plan recorded the quality status of certain reaches of river Kösely and its tributaries - the receiving water bodies of the used thermal waters - regarding salt content as good and moderate. The ecological status is recorded as moderate and weak, respectively. Since the Water Framework Directive prescribes to achieve the goal of good ecological status, water management measures must be implemented to meet this objective. Since there is no BAT for salt removal from used thermal waters, the possibility to reduce salt loads remain the only feasible measure. The purpose of the study in the frame of a PhD study was to assess with calculations the yearly variations of water and salt flow in river Kösely and its tributaries in order to assess the sustainability of the practice of thermal water management in the river catchment. The result of the calculations is a flow scheme provided with numerical data of yearly water- and salt flow and a subsequent calculation of necessary rate of reduction of usage and discharge of thermal water
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Proposition of Enhancing the Significance of Green Infrastructure in the Smart City Concept
1-22Views:214The aim of the paper is -in accordance with the goals of the research team called „ Sustainable Integrated Settlement And Regional Planning” within the project EFOP-3.6.1-16 – to compile a comprehensive expert material on smart city. In accordance with my personal assignments within the teamwork, I studied first of all how sustainable urban water management issues are managed in the corresponding smart city documents, how the smart city concept which is evidently one possible way of sustainable urban development involves the strategy of sustainable stormwater management along with the elements of green infrastructure which are the inevitable segment thereof. The basis of the study were Hungarian official methodological guides and one university textbook published so far in the topic. Contrarily to the expected results the two notions of smart city and sustainable urban water management are not harmonized despite their common overall goals. Therefore I make a few suggestions in order to harmonize to some extent the criteria and indicators developed for the two notions - smart city and sustainable urban water management including green infrastructure - promoting sustainable cities. The overall goal is to ensure that green infrastructure is not neglected while smart cities are realized.
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The Importance of Energy Management in Hungary
72-79Views:117One of the important elements of our everyday life is energy, but the amount of it is constantly decreasing, so it is advisable to include renewable energies in our energy management in addition to traditional energy sources. In the field of energy management, the use of renewable energies deserves attention because their share is increasing, although their percent is small. At present, Hungary and the European Union's energy policy contain guidelines that aim to increase the utilization of renewable energy sources. These directives contribute to achieving environmental and climate protection goals, job creation, territorial and urban development, and the reduction of dependence on energy imports. In my article, I would like to present various calculations in the field of energy management as a result of the previously described information and I would like to explore the energy management contexts that have come to the fore when examining residential energy consumption
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Staying Employed and Employing Others: Leadership Styles and Management Strategies of Proprietors of Micro Enterprises in Developing Countries
408-419Views:212This study sought to find out the leadership style and management strategies of the proprietors of micro enterprises that have enabled them to stay in business this long and offering employment to several others in the midst of unfavourable economic conditions in developing countries. Management strategy and leadership style are complementary in pursuing organizational goal. Though, literature on the subject reveals that not much research has been done on the survival of micro business on the African’s continent regarding owners’ management strategies and the leadership style. We used mix methods in data collection and purposive samplings of thirty (30) micro enterprises’ proprietors were interviewed. The result reveals that owners of micro business practice multistrategies in their organizations. The Study found out that the Laissez Faire or Free Rein Leadership and the Bureaucratic Leadership were not practiced by any of the research participants. However, Authoritarian Leadership with strict instructions dominated Democratic Leadership and appeared to have been very effective and yielded result in most micro businesses.
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Vezetési stílusok egykor és most
1-16Views:2881The throughputs of Management sciences have always been in the middle of interest for its 105 years long history. Analysing the management styles is a prospering and actual scientific approach of leadership research. In the following, I present the throughputs of the researches which are applying this approach: I introduce both the „classical”management style models and the new ones. As for„classical”models, I introduce the decision-making oriented typologies, the personality oriented typologies and the situational leadership theories. By „new”theories I introduce the feminin and masculin management styles, the transactional and the transformational leadership and the participative management style. In the article I summarize the internal and external factors that influence the management style, and the same time introduce the outcomes of researches studying the topic.
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Survey of the Service Offer of Fitness Clubs for Group Classes in Debrecen
35-48Views:292The economic and social importance of the fitness sector is steadily increasing. The range of services provided by fitness centers is expanding and the popularity of fitness clubs is constantly growing. Fitness workouts are easily accessible for everyone, and there are numerous types of fitness centers which can play an important role in everyday physical activity. There are many factors that can influence the choice of fitness consumers for the gym, also fitness professionals play a key role in this regard. It is essential for fitness clubs in order to remain competitive on the market, to employ fitness instructors with the optimal personality and expertise, but in many cases, there is a lack of verification of qualifications. In our study, we conducted interviews with 20 fitness instructors who work in a fitness center that offers group lessons to consumers. The questionnaire included questions about consumer preferences, fitness facilities, trainers qualifications, and activities. Our study was made among eleven fitness clubs in Debrecen. The number of fitness clubs is constantly changing, with each year closing, opening or rebuilding fitness centers, which vary widely in size and number of services offered. The majority of respondent trainers are women as are the participants women in group lessons. Most of the interviewed trainers have OKJ qualifications, but the results reflect that fitness providers have not checked their qualifications at all before applying them. Fitness professionals play an extremely important role in leisure sports, contributing in maintainance and development of the fitness consumers’s health. Their work has a particular responsibility, as they can influence the physical and mental health of others in both positive and negative ways. Not only to avoid the risk of injuries, but also to prevent long-term health damage, fitness professionals play an important role. Controlling the qualifications also be in the interest of fitness clubs, not only avoiding accidents, but also increasing attendance at group classes by employing reliable, excellent personal trainers.
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Sustainability, sustainable supply chain management
322-328Views:798With the rapid development of the world economy, the growing scarcity of natural resources and the degradation caused by pollution, environmental protection has become a major concern for countries and regions of the world. Sustainability is a common subject in many parts of the world and the various research areas among policy makers, journalists, scientists, universities and social debate. It is generally accepted, that companies also play an important role in addressing the challenges of sustainable development. In this role, making a key challenge to balance often conflicting pressures caused by sustainable development, that is, the level of corporate economic performance against environmental deterioration and social disruption. Effective integration of sustainability principles into companies requires action beyond the borders of organizations. The issue of sustainability is becoming more and more prominent in corporate governance. One of the most important area of supply chain management is for companies to gain a competitive edge in the market. This has a significant impact on the natural environment, and there is a growing need to integrate environmental thinking in supply chain management and processes, which is why companies are increasingly focusing on sustainable development, taking on more CSR initiatives and achieving a greener supply chain. Sustainable and green supply chain management practices have been developed over the past decades, trying to integrate environmental considerations into organizations by reducing unwanted negative consequences for the environment of production and consumption processes. In this article, I have examined the issues of sustainability and sustainable supply chain management, mainly based on descriptive secondary literature.
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Changeable requirements & Answers With a dynamic system in order to continual improvement of the environmental performance of a rubber industrial big company
81-90Views:108The topic of this article is the analysis of the changeable environmental requirements for the Environmental Management Systems (EMS) of the companies. The strengthened environmental criteria of the 21st century creates new challenges for the participants of the business sphere. In order to satisfy the criteria of the stakeholders, it is necessary to build out a - by the top management - preferred and proactive EMS that can contain also a life cycle thinking method. This logic is supported by the new ISO14001:2015 standard, too. In the first part of the article the stakeholder conception and the new standard model is presented based on literature analysis. The second part of the article presents an environmental management tool developed by a multinational, tyre company. The model combines the stakeholder conception, the requirements and the life cycle assessment (LCA) in order to respond to the new environmental management challenges. The last part of the article closes with the new development possibilities of the presented environmental management tool worked out by the author.
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Compare the Most Frequently Used Models of Risk Management
1-11Views:188The successful risk management is based on the company can recognize and treat the risks well and effectively. Nowadays there are several techniques for risk management. Each technique breaks the risk management steps on its own logic. In this article we compare four different risk management models, accordingly what are the similarities, and what are the differences between the four models.
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Impression Management Strategies Used by Foreign Students
127-132Views:106In this paper, we examined a general human behaviour, the impression management among university students. People are interested in how others think about them. At the organizational level, they can also benefit from being positively judged by others. Effort to create this positive image is Impression Management, which has several measurement options. In this paper, we conducted research on the impressions strategies used by first year international students of University of Debrecen, Faculty of Economics and Business Administration, Bachelor in Business Administration and Management programme. In our analysis we used the questionnaire consisting of 22 questions developed by Bolino and Turnley. We analysed what strategies are typical for the examined student group and to what extent? Are there differences in the strategies employed by men and women and depending on their cultural background.
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Servant, Ethical and Authentic Comparative Analysis of Leadership Styles in the Light of the Challenges of the BANI World
1-10Views:32In a globalised and accelerated economy, managers are under increasing pressure to reconcile organisational goals that are independent from human being with the reality of human relationships. The human being, as a being with intellect and senses striving towards happiness, is the focus of positive leadership styles and is their major concern in the field of management theory. In this article, three such positive styles, authentic, servant and ethical leadership principles and their operating conditions are compared using international literature. The literature time span of about two decades shows that the evolution of the ethical leadership literature has slowed down, while the authentic and servant leadership literature has continued to evolve and is still evolving today. The comparative table that appears in this study highlights both commonalities and distinctions, in that, in addition to high moral and ethical standards, the authentic style focuses primarily on the person of the leader, the ethical leader on the ethical standards of the organisation, while the servant leader focuses on the development of the well-being of the subordinate, the other person, even through self-sacrifice. We intend to use the results of this research to investigate measures of positive styles, preparing the scientific ground for future primary empirical field studies.
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Improving the Work Breakdown Structure of the Plant Installation - Case: Asphalt Plant
174-187Views:357The improvement of the project management forced the industrial organizations to focus on using the project management techniques in their industry, to plan and control the workflow to achieve their targets, further to increase the satisfaction of their customers. One of the most common project management tools are used is the work breakdown structure (WBS), which provide a framework for the implementation of the project scope including project planning, scheduling, monitoring, control, and estimation. Depending on the top-down approach the project activities will be broken into smaller parts that can be measured and controlled during the project implementation. The well-defined construction of the structure contributes to making the project more realistic and visual. However, the misunderstanding of the project WBS among the project team creates deflection and misinterpretation of the project scope. The main issue of this research is to improve the WBS of the installation plan and develop a standard WBS for plant installation. The research was limited to Asphalt plant installation WBS as a case study to identify the weaknesses of the current WBS at the case company which leads to extra installation time and cost. The research is offering a template WBS based on the company logic, defining the frequent risks that affect the plant installation based on the WBS and suggesting a suitable response strategy by recommending a control framework to monitor and control the WBS schedule throughout all installation phases.
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Developing a Financial Sustainability Model of the Performance Indicators Applied by Jordan Water Company (Miyahuna)
75-87Views:244Jordan is now facing real challenges to satisfy the current population water needs due to limited resources. Moreover, unfortunately, as a result of the increased demand for water in developing countries, water resources become scarce, thus, the sustainable management of water resources is very important everywhere and especially in these areas. The Ministry of Water and Irrigation in Jordan is aiming to improve both its quality of service and financial sustainability, therefore, it started to apply the performance measurement system developed by the International Water Association (IWA) to monitor its performance towards achieving these goals. In this article, a model connecting a financial sustainability indicator (operating cost coverage ratio) with other performance indicators applied by the ministry is developed. To assess the performance indicators and to build the model secondary data are collected from the targeted company, the data are analyzed using SPSS and Excel computer programs. Non-revenue water (NRW), speed of repair of bursts, and training per employee are found to be the indicators that have a major impact on Miyahuna’s financial sustainability, the NRW is found to have a negative relationship with the financial sustainability, whereas the other two indicators have a positive relationship. As a conclusion, reducing the NRW and increasing both the speed of repair and training per employee are recommended, by applying some methods that continuously diagnose problems in the water systems and defining clear and strict policies to control the water theft. Furthermore, using Active Leakage Control (ALC) methods, providing the needed equipment, tools and resources, and adopting new methods for training.
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Talent Management in International Practice Through the Example of Europe and China
454-464Views:261The reason behind is that they have their own principles, strategic goals and industrial environment that they have to manage on daily bases. The current labour and talent shortage across Europe forces local companies to supply their demand of manpower from foreign countries – encouraged by the ’four freedoms’ of the EU. In consequence of the globalisation, we have to keep in mind that running a talent management system has its challenges. For instance, employees with different cultural background might have unconventional needs. Due to the cultural, demographical and economical differencies, we must know the structure of our labour force to use the most beneficial tools to induct, motivate or retain our human resource. The aim of this research is to analyze Europe’s and China’s talent management systems to reveal similarities and differencies between them and pick the most notable ones. From the point of comparison, analysing China would be important for European countries to discover further possibilities, as nowadays China has one of the most dynamically developing economy with enormous population behind. The primary result of the research is that deficiency of talent is irrespective of the size of the population and it causes difficulty in both European and Chinese fields, therefore it proves to be a real and general challenge needing attention at organizational level. Furthermore, identifying regional patterns considering peculiarities, the framework of talent management systems can be defined and be found summarised in the article.
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Sport Civic Society – Approaches and Facts
158-166Views:218After the change of regime in Hungary in 1989, the domestic civic sphere started to improve, and after numerous change in the legal regulation, currently the Act on Civic Organizations (Act 174/2011.) rules the operation of the sector before all, supplemented by additional legal background. The vital component of the new regulation is possibility of the appearance of the novel organizational form, the civic society, which is quite odd even considering the past and even on international level. The database enabling the statistical overview of the domestic nonprofits publish the end of 2019 provides no information on the data and operational features for this organizational form, which provides a thorough reason for the researcher to be interested in the topic and the organizations. Through the possible secondary data, a primary database of a lately done sports civic organization related research includes such basic data (even its sample height is small), which may be considered as a starting point at the examination of the specifications of the sports related civic societies.
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Analysis of the Benefits of SAP S/4 HANA Cloud IT/Is Investment in the Case of PT XYZ
13-24Views:245PT XYZ is one of the largest telecommunication companies in Indonesia. In 2020, PT XYZ implemented a digital transformation to increase its excellence by investing in industry telecommunication and information systems (IT/IS) enterprise resource planning software called SAP (System Application and Processing) S/4 HANA Cloud. The study aims to analyze the benefits of these IT investments made in PT XYZ. The results are carried out using the Comparative Analysis of Financial Statements followed by Business Value and Financial Feasibility Analysis and the Cost Benefit Analysis (CBA) method between 2018 and 2021. It can be revealed that the SAP S/4 Hana Cloud investment benefits the company's operations, which are identified in the form of 5 sub-categories that fall into required categories based on Ranti's Generic IT/IS Business Value.
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Present and Future of Industrial Robotisation
1-12Views:70The following paper analyzing the installation of industrial robotisation in sectors and regions, in addition carry out forcastings on historical data. In recent years, automation and the use of industrial robotics have increased exponentially in the manufacturing sector. Given that companies prioritize enhanced production efficiency, quality assurance, and safety, it is evident that substantial investment and implementation of automation continue to occur in manufacturing facilities worldwide. The number of industrial robots globally has been growing steadily since 2010. However, the rate of growth has slowed from 2020 onwards. The impact of the Covid-19 epidemic was still felt in 2020, but the deployment of industrial robots increased significantly in 2021. Global industrial robot deployment is projected to continue to grow in the coming years, although the rate of increase may vary between regions and countries. The analysis showed a number of differences between regions in the number and growth rate of industrial robot deployments. Asia and Australia are the largest markets for robots and the number of robots deployed is expected to continue to grow in the future. Europe is the second largest market and, although growing at a slower rate, industrial robot deployment is also increasing steadily. In the Americas, growth is slower than in other regions, but still increasing. Global growth trends suggest that there will be further growth in the coming years and that the deployment of industrial robots will become more widespread in different parts of the world.
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Food Industry 4.0 Readiness in Hungary
1-12Views:277In terms of production value, the food industry is the third-largest in Hungary, the first in Hungary in terms of the number of employees, and the first in Europe in the processing industry, as well as a significant user of resources. The research examined the state of art of digitalization readiness, focusing on I4.0 technologies, which supports the management to operate more efficiently the enterprise and to make better decisions. So the focus was on integrated enterprise information systems, management support systems, business intelligence systems, industry 4.0 technologies, and issues related to their application. The analysis based on an online questionnaire survey the request sent to 4.600 enterprises, the response rate was 5% which was representative of the branches of production, covered the Hungarian food and beverage manufacturing sectors in 2019. The companies were asked the most critical technologies in development, going towards Industry 4.0. The research tools were LimeSurvey, Mailing List Server, Excel, Power BI (Desktop, Publishing Server to distribute the results). The used analysing methods were making calculations, pivot tables, models, dasboards. We found that a significant portion of businesses, 78 %, use mobile devices in the manufacturing process. The three most relevant digital technologies are geolocating (GPS, GNSS), cloud computing, and sensor technology. The current level of digitalization and integration cannot be said to be high, but respondents are very optimistic about expectations. Improvements are expected in all areas in the next 2-3 years in terms of digitalisation and integration. Vertical integration involves, first and foremost, cooperation with partners in the supply chain. Horizontal integration means close, real-time connectivity and collaboration within the company. Unfortunately, between 6% and 15% of SMEs (approximately 9% on average) and large enterprises, 36% have a digital strategy. According to the survey, the sector needs significant improvement and creating a digitalization strategy.
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Six Sigma in preconstruction: case study on improving of reinforcement steel processing
49-60Views:59Lean process improvements are crucial for enhancing production efficiency. In my research, I examine the application of the DMAIC methodology to develop the MEP facility within the framework of lean Six Sigma. Highlighting the challenges of precast concrete production, my study details how lean management aids in efficient process design and measurement. Introducing lean Six Sigma methodology involves standardizing processes and ensuring their effective development, contributing to the facility's efficiency
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„Forradalmi” változások a menedzsment területén
1-15Views:144Development of the Science and practical application of the results created big changes in the nontradicional areas too. The „Health industry” was developed. The results of the physics, chemistry, biology and mikroelektronics etc. helped to develop some new methods of diagnosis, operation etc. The „money industry” was developed too. Our opinion is, that the most important cause of the economic crisis is a non regulated well of the „money industry”. The „knowledge industry” was developed too. The „knowledge industry” contains all level of teaching and Research + Development + Innovation. Our analyze shows that the Innovation is the most important factor of the economic Development of Society. The new scientific results created big changes in area of the Management. The „Management Science” was developed as an independent area. Some management specialists developed some management methods (eg. Value Analysis, Risk Management, TRIZ, Lean methods etc.) for efficient allocation of sources.
