Economics 21

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  Statistical Methods of Business Risk Analysis

  The activities of economic entities are accompanied by a number of risks posed by the changes in the environment in which they operate. Economic theory and practice identify three basic types of risk – investment, financial and economic. The last one is a probability of adverse changes in market and economic conditions that affect the most ... The activities of economic entities are accompanied by a number of risks posed by the changes in the environment in which they operate. Economic theory and practice identify three basic types of risk – investment, financial and economic. The last one is a probability of adverse changes in market and economic conditions that affect the most important financial indicators of an enterprise. Business risk analysis is a system of special knowledge related to studying the economic processes in their mutual relation and dependence. It includes the quantitative measurement of factors determining the dynamics of risk indicators, as well as activities to minimize their impact. This article characterizes statistical methods of risk analysis that are applied in a case study using the measures of dispersion in three public limited companies.

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  Non-Financial Risk Management in Strategic Decision Making

  Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice is greatly influenced by so-called non-financial risk. It affects the correct choice of a strategic decision. The aim ... Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice is greatly influenced by so-called non-financial risk. It affects the correct choice of a strategic decision. The aim of this study is to propose a methodology for non-financial risk management in strategic decision making, which is based on the theoretical research of scholars, best international practice, and the methodology of strategic management. The proposed methodology, along with its stages, is clearly explained in the study, and will help organizations in making management decisions, including strategic ones.

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  The Sustainability of Farms

  The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution of the ‘concept’ of sustainable farming is analysed and defined as the ability of farms to maintain their ... The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution of the ‘concept’ of sustainable farming is analysed and defined as the ability of farms to maintain their managerial, economic, environmental and social functions in the long run. Second, the principal mechanisms and modes of managing the sustainability of farms are systematically approached. These include the institutional environment, market, private, collective, public and hybrid modes. Next, a system of criteria and indicators is proposed to assess the sustainability level of farms at the contemporary stage of development in Bulgarian agriculture. Finally, an approach to analysing and assessing the management system of farm sustainability is presented.