Editura Universitara Set of books: Economics and Enterprise Management. Conceptual Landmarks and Applications + Economics and Enterprise Management. Practical Work

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ISBN: 978-606-28-0564-7, 978-606-28-0870-9

DOI: 10.5682/9786062805647, 10.5682/9786062808709

Publisher year: 2017, 2019

Pages: 212,

Publisher: Universitară

Author: Vadim Dumitrascu, Roxana Arabela Dumitrascu

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The discipline "Economy and management of the enterprise" corresponds to an important theoretical - applicative field responsible for investigating the necessary conditions for ensuring the maximum efficiency of the enterprise 's functions. From this perspective, the enterprise is seen as a complex economic system, respectively a set of organizational structures, resource and labor flows, information relations and managerial decisions, articulated and functionalized so as to provide the necessary operational support for the economic activity of the enterprise. optimal conditions.
Management is one of the most important responsibilities that a modern enterprise must assume in order to successfully achieve its global mission - creating and maximizing economic value. The critical character of the field of economics and management is determined by the fact that, at enterprise level (but not only), economic efficiency acquires relevance and conclusion only if it is expressed through complex integrative categories and approaches. Of course, this means that business decision-makers admit that, in addition to the strictly financial aspects of performance, there are other dimensions of business efficiency, of a non-financial and non-monetary nature, that are just as important as, for example: product quality, customer satisfaction, internal climate, image and reputation, ecological impact, social effects, contribution to technological progress, etc.
The particularity and the advantage of the integrative perspective on the economy and management and implicitly on the efficiency of the enterprise results from the possibility of precise quantification of the economic effects and efforts, ensuring, on this objectified basis, the comparability in time of data on the operation and performances registered by the enterprise. Also, the systemic approach of the enterprise activity allows the rigorous and pertinent analysis of the generative factors of the success or failure of the enterprise. These arguments support the necessity and importance of the economy and management of the enterprise as a field of crucial importance of the enterprise's life.
The sphere of economy and management of the enterprise is circumscribed by the totality of the managerial decisions and options that aim at attracting and the rational and sustainable allocation of the resources of any kind of the enterprise. The major objective of the economy and management of the enterprise is to maximize in the long run the economic value of the initial capital investment made by the shareholders of the enterprise. In this way, the steps regarding the management of the enterprise must be subordinated to the restrictions and development priorities deriving from the general business strategy promoted by the enterprise. Considering the mentioned conditions, we specify that the management of the enterprise has the role of ensuring the decisional support of the enterprise strategy, but also of the operational processes. For this purpose, the management of the enterprise is obliged to make an extremely difficult and delicate arbitration, between the short-term economic-financial constraints and the long-term ones, to which the business is subject.
The approach requires, without a doubt, a predictive, anticipatory approach of the system of economic factors and processes that shape, in one sense or another, the dynamics of the enterprise.
In other words, the management of the enterprise involves a very careful control of the economic-financial risks likely to affect the enterprise, especially in a fluid and uncertain business context. The maintenance of the main economic and financial balances and the maximization of the performances in the conditions of some reasonable risks outline, therefore, the preferential maneuvering area of ​​the enterprise management. The optimization of internal processes and relations with the economic environment, especially with the markets of products and resources, is, therefore, presented as a fundamental stake in the management of the enterprise. The harmonization of strategic cycles and exploitation cycles (associated with supply, manufacturing, storage, sales operations) is, for this reason, the very essence of the economy and management of the enterprise.
For the economy and management of the enterprise, the slogan "Maximizing opportunities and minimizing risks" would be an extremely accurate and edifying synthesis of issues and concerns. Prudence, reasonableness, responsibility and feasibility are the basic criteria in management decision-making processes. In the management of the enterprise, the application of these principles materializes in a wide and diversified arsenal of quantitative models and techniques whose purpose is to ensure the objective and substantiated nature of the reasoning and conclusions based on which the management of the enterprise will design its decisions and short-term business plans. and long.
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ROXANA ARABELA DUMITRASCU

Education:
Faculty of Economics, University "Petre Andrei" of Iasi, specializing in Finance and Accounting (2001);
Post-graduate School of the University FIBAS "Al. I. Cuza" Iasi, master's degree in Economics and Financial Management & Banking (2005);
Academy of Economic Studies (2010), PhD in Finance;
Romanian Academy, SPODE, post-doctoral studies in economics.


Activity:
2001-2011 professor at the Faculty of Economics of the University "Petre Andrei" of Iasi;
2012 Ph.D. Lecturer at the Faculty of Finance, Banking and Accounting, of Christian University "Dimitrie Cantemir" of Bucharest, owner of enterprise financial management courses, insurance and reinsurance and risk management in insurance and reinsurance.


Publications:
Single author: Financial management company. Self-study manual (2012), Insurance and reinsurance. Self-study manual (2012), Prices and and competitivity. Self-study manual (2012), Management of the goodwill value (2008).
Coauthor: Intangible 
firm capital management  (2009), Drift Management (2005), Management versus postmodernity (2005), Defiance complexity (2004), Elements of evaluating companies (2002).

Over 70 articles and studies published in scientific journals.


VADIM DUMITRASCU

Contents - Economics and business management. Conceptual landmarks and applications

INTRODUCTION / 9

CHAPTER 1
ENTERPRISE AS A BASIC UNIT IN BUSINESS
/ 12
1.1. The content of the economy and management of the enterprise / 12
1.2. The fundamental tasks of the economy and the management of the enterprise / 14
1.3. The complexity of the enterprise management system / 17
1.4. Verification questions, discussion topics and evaluation tests / 21

CHAPTER 2
ORGANIZATIONAL DIMENSIONS OF THE OPERATION OF THE ENTERPRISE
/ 23
2.1. The enterprise as an organizational system / 23
2.2. Multiple rationalities and efficiency of the organization / 26
2.3. Organizational models of the enterprise / 27
2.4. Orientation of organizations in the spirit of excellence / 30
2.5. Verification questions and topics for debate / 33

CHAPTER 3
ENTERPRISE MANAGEMENT SYSTEM
/ 34
3.1. Levels of enterprise management: strategic management and operational management / 34
3.2. The information - decision relationship within the management cycle / management / 40
3.3. Specific structures of the management system / 43
3.4. Verification questions and topics for debate / 46

CHAPTER 4
ORGANIZATION OF OPERATIONAL PROCESSES WITHIN THE ENTERPRISE
/ 47
4.1. Typology of processes that support the operation of the enterprise / 47
4.2. Operational processes and communication / information flows within the enterprise / 49
4.3. Redesigning the operational processes in order to increase the economic efficiency of the enterprise / 56
4.4. Verification questions and topics for debate / 61

CHAPTER 5
PATRIMONIAL, ECONOMIC AND FINANCIAL STRUCTURES AND BALANCES AT THE ENTERPRISE LEVEL
/ 62
1. The structure of the balance sheet / 62
5.2. The structure of the financial balance / 64
5.3. Estimating the financial balance / 65
5.4. Functional conception of the enterprise. Equilibrium indicators / 74
5.5. Rates regarding the structure of assets and liabilities. Structural balance sheet / 82
5.6. Verification questions, discussion topics, evaluation tests and applications / 88

CHAPTER 6
ECONOMIC PERFORMANCE OF THE ENTERPRISE
/ 95
6.1. Intermediate management balances / 95
6.2. Profitability rates / 104
6.3. Inventory turnover rates / 111
6.4. Verification questions, discussion topics, evaluation tests and applications / 112

CHAPTER 7
ECONOMIC RISKS OF THE ENTERPRISE
/ 117
7.1. The notion of risk at enterprise level / 117
7.2. Profitability threshold analysis / 122
7.3. Structural exploitation risk analysis / 126
7.4. Assessment of financial risks based on indicators regarding indebtedness, solvency and liquidity / 130
7.5. Verification questions, topics for discussion, evaluation tests and applications / 136

CHAPTER 8
ENTERPRISE OPERATING CYCLE
/ 144
8.1. Operating cycle structure / 144
8.2. Enterprise inventory management / 146
8.3. Sizing the financial needs of the operating cycle / 157
8.4. Verification questions, discussion topics, evaluation tests and applications / 161

CHAPTER 9
FORECAST MANAGEMENT OF THE ENTERPRISE
/ 165
9.1. Operating budget / 165
9.2. Cash budget / 169
9.3. Investment budget or capital budget / 175
9.4. Verification questions, topics for debate, evaluation tests and applications / 178

CHAPTER 10
LONG - TERM MANAGEMENT STRATEGIES OF THE ENTERPRISE
/ 182
10.1. Investment management / 182
10.2. Long - term enterprise financing / 188
10.3. Self-financing capacity / 190
10.4. Verification questions, discussion topics, evaluation tests and applications / 192

CHAPTER 11
INTEGRATED APPROACH TO THE ECONOMIC EFFICIENCY OF THE ENTERPRISE
/ 197
11.1. General aspects regarding the efficiency of economic organizations / 197
11.2. Integrated economic efficiency of the enterprise / 204
11.3. The picture "effects - efforts" / 205
11.4. Verification questions and topics for debate / 208

BIBLIOGRAPHY / 209



Contents - Economics and business management. Practical work

PART 1
ESTIMATING THE FINANCIAL BALANCE OF THE ENTERPRISE
/ 7
1.1. Determining the financial working capital / 8
1.2. Own working capital and borrowed working capital / 9
1.3. The need for working capital, net cash and cash flow for the period / 12

PART 2
FINANCIAL-EQUITY STRUCTURE OF THE ENTERPRISE
/ 15
2.1. Asset structure rates / 15
2.2. Liability structure rates / 16
2.3. Analysis of the financial structure of the enterprise / 17

PART 3
ESTIMATING THE PROFITABILITY OF THE ENTERPRISE
/ 18
3.1. Commercial margin, added value and net result / 18
3.2. Commercial profitability / 20
3.3. Economic profitability and financial profitability / 20

PART 4
PROFITABILITY THRESHOLD AT ENTERPRISE LEVEL
/ 24
4.1. Sales price for monoproductive enterprises / 24
4.2. Profitability threshold expressed in value / 25

PART 5
STOCK MANAGEMENT
/ 28
5.1. Determination of stocks under certainty (Wilson-Whitin model) / 28
5.2. Determining the need to finance the operating cycle by the extrapolation method (global method) / 29

PART 6
INVESTMENT MANAGEMENT
/ 31
6.1. Capitalization and updating / 31
6.2. Assessing the efficiency of investments / 33

Part 7
LONG - TERM FINANCING OF THE ENTERPRISE
/ 35
7.1. Weighted average cost of capital / 35
7.2. Self - financing capacity / 36

 

The discipline "Economy and management of the enterprise" corresponds to an important theoretical - applicative field responsible for investigating the necessary conditions for ensuring the maximum efficiency of the enterprise 's functions. From this perspective, the enterprise is seen as a complex economic system, respectively a set of organizational structures, resource and labor flows, information relations and managerial decisions, articulated and functionalized so as to provide the necessary operational support for the economic activity of the enterprise. optimal conditions.
Management is one of the most important responsibilities that a modern enterprise must assume in order to successfully achieve its global mission - creating and maximizing economic value. The critical character of the field of economics and management is determined by the fact that, at enterprise level (but not only), economic efficiency acquires relevance and conclusion only if it is expressed through complex integrative categories and approaches. Of course, this means that business decision-makers admit that, in addition to the strictly financial aspects of performance, there are other dimensions of business efficiency, of a non-financial and non-monetary nature, that are just as important as, for example: product quality, customer satisfaction, internal climate, image and reputation, ecological impact, social effects, contribution to technological progress, etc.
The particularity and the advantage of the integrative perspective on the economy and management and implicitly on the efficiency of the enterprise results from the possibility of precise quantification of the economic effects and efforts, ensuring, on this objectified basis, the comparability in time of data on the operation and performances registered by the enterprise. Also, the systemic approach of the enterprise activity allows the rigorous and pertinent analysis of the generative factors of the success or failure of the enterprise. These arguments support the necessity and importance of the economy and management of the enterprise as a field of crucial importance of the enterprise's life.
The sphere of economy and management of the enterprise is circumscribed by the totality of the managerial decisions and options that aim at attracting and the rational and sustainable allocation of the resources of any kind of the enterprise. The major objective of the economy and management of the enterprise is to maximize in the long run the economic value of the initial capital investment made by the shareholders of the enterprise. In this way, the steps regarding the management of the enterprise must be subordinated to the restrictions and development priorities deriving from the general business strategy promoted by the enterprise. Considering the mentioned conditions, we specify that the management of the enterprise has the role of ensuring the decisional support of the enterprise strategy, but also of the operational processes. For this purpose, the management of the enterprise is obliged to make an extremely difficult and delicate arbitration, between the short-term economic-financial constraints and the long-term ones, to which the business is subject.
The approach requires, without a doubt, a predictive, anticipatory approach of the system of economic factors and processes that shape, in one sense or another, the dynamics of the enterprise.
In other words, the management of the enterprise involves a very careful control of the economic-financial risks likely to affect the enterprise, especially in a fluid and uncertain business context. The maintenance of the main economic and financial balances and the maximization of the performances in the conditions of some reasonable risks outline, therefore, the preferential maneuvering area of ​​the enterprise management. The optimization of internal processes and relations with the economic environment, especially with the markets of products and resources, is, therefore, presented as a fundamental stake in the management of the enterprise. The harmonization of strategic cycles and exploitation cycles (associated with supply, manufacturing, storage, sales operations) is, for this reason, the very essence of the economy and management of the enterprise.
For the economy and management of the enterprise, the slogan "Maximizing opportunities and minimizing risks" would be an extremely accurate and edifying synthesis of issues and concerns. Prudence, reasonableness, responsibility and feasibility are the basic criteria in management decision-making processes. In the management of the enterprise, the application of these principles materializes in a wide and diversified arsenal of quantitative models and techniques whose purpose is to ensure the objective and substantiated nature of the reasoning and conclusions based on which the management of the enterprise will design its decisions and short-term business plans. and long.
This course was conceived and developed based on the ideas set out above on the nature and content of the discipline Economics and enterprise management. The course included aspects and topics of major importance, such as: organizational dimensions of the enterprise, financial balance, short-term management, budget planning, investment management, long-term decisions, etc. The specificity of this course consists in the permanent association and interrelated approach of the main specialized fields identifiable within the enterprise - finance, logistics, production, marketing, human resources, general strategy. Management decisions cover all aspects of the company.
The interaction of financial and non-financial factors is the force that propels the company towards performance. Moreover, this argument justifies the inclusion of a separate chapter, dedicated to the organizational dimensions of the enterprise as areas of interference and osmosis between the economic - financial and non - financial phenomenology manifested at the enterprise level. We believe that such a mixed approach can only stimulate a deeper understanding of the real springs of the company's performance.
This course supports both students from the specializations "Economics of Commerce, Tourism and Services", as well as practitioners interested in modern and efficient ways of managing the enterprise. In this sense, the exposition of the paradigms and theoretical concepts is illustrated and completed with the help of a rich palette of problems and solved applications. Readers also have the opportunity to strengthen their practical skills in the field of economics and business management by "solving" some problems proposed for solution. We sincerely hope that this work will be a real guide for them in the world of management decisions, a world of paradoxes animated by both incandescent passions and cold calculations.

Assoc. Dr. Roxana Arabela Dumitrascu
Assoc. Dr. Vadim Dumitrascu

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