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Title: Organization of financial and economic security management of port activities
Authors: Liudmyla Shyriaieva, Liudmyla Chiz, Olga Koretska, Natalia Khoteyeva, Anastasiia Petrova
Journal: International Journal of Agricultural Extension (IJAE)
Publisher: DATAPLUS (SMC- Private) Limited
Country: Pakistan
Year: 2022
Volume: 10
Issue: 2
Language: English
DOI: 10.33687/ijae.010.00.3885
Keywords: Managementorganizationfinancial and economic securityport activityenterprises of port activity
The purpose of this article is to develop a model and proposals for the organization of management of financial and economic security (FESM) of port enterprises (PE). Improvement of the management of financial and economic security we propose to begin with the development of methodological approaches to assessment of the level of financial and economic security. To do this, the article makes a proposal to use a functional criterion, which is defined as the ratio of costs for the organization and operation of the financial security service to the profit obtained during the period of the study. Also, a set of indicators is developed that, unlike existing ones, take into account specifics of the industry. The article also proposes optimal plans for cargo processing, which result in a minimum cost and maximum profit. Through the function of process management, a comprehensive statistical model of managing the system of financial and economic security of port enterprises is proposed. This model takes into account specific factors of PE operation and developed approaches that ensure the organization of PE FES management by embracing traditional financial approaches and their alternatives. The authors state that for the effective organization of financial and economic security of port enterprises it is necessary to conduct timely monitoring of external and internal threats, assess and analyze the level of financial and economic security and develop strategic ways of enterprise development. And the recommendation to the management is to carry out well-timed control and audit of financial condition.
To develop a model and proposals for the organization of management of financial and economic security (FESM) of port enterprises (PE).
The study proposes a methodological approach to the organization of FESM for port enterprises. This involves developing methodological approaches to assess the level of financial and economic security using a functional criterion (ratio of costs for the FES service to profit). It also includes developing industry-specific indicators, proposing optimal cargo processing plans for minimum cost and maximum profit, and creating a comprehensive statistical model of FESM for port enterprises. Analytical tools such as SNW, PEST, SWOT, trend analysis, comparative financial analysis, correlational and regression analysis, and mathematical modeling are discussed.
graph TD
A[Develop Methodological Approaches for FES Assessment] --> B[Define Functional Criterion: Costs/Profit Ratio];
B --> C[Develop Industry-Specific Indicators];
C --> D[Propose Optimal Cargo Processing Plans];
D --> E[Create Comprehensive Statistical Model for FESM];
E --> F[Analyze External and Internal Threats];
F --> G[Develop Strategic Ways of Enterprise Development];
G --> H[Implement Control and Audit of Financial Condition];
The article argues that effective FESM in port enterprises requires timely monitoring of external and internal threats, assessment of security levels, and strategic development planning. Recommendations include timely control and audit of financial conditions. The authors highlight the need for improved methodological approaches to FESM that account for the specifics of port operations, such as cargo operations, intermodal transport, market competition, and industry-specific risks.
A functional criterion is proposed for assessing financial and economic security, defined as the ratio of costs for the FES service to profit. Industry-specific indicators are developed to account for the unique aspects of port enterprises. Optimal cargo processing plans are suggested to minimize costs and maximize profit. A comprehensive statistical model for managing the FES of port enterprises is proposed, integrating traditional financial approaches with alternatives and considering specific operational factors.
The study concludes that a comprehensive system of general and specific functional characteristics, combined with a strategic approach to FESM, is crucial for the sustainable long-term development of port enterprises in a dynamic, competitive, and unstable environment. The proposed model integrates various factors and aims to improve the organization of FESM by considering both traditional financial approaches and their alternatives.
* The Law of Ukraine "On Seaports of Ukraine" entered into force on June 14, 2013. (Confirmed by text)
* The Law on Concessions also entered into force. (Confirmed by text)
* An error in the transshipment rates for cargo processing by one percent can lead to significant losses, rising to two to three percent under fierce competition. (Confirmed by text)
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