• Title/Summary/Keyword: Financial Management Practices

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Construction Based Model for Assessing Maturity Level of Enterprises

  • Marzouk, Mohamed;Attia, Tarek;El-Bendary, Nasr Eldin
    • Journal of Construction Engineering and Project Management
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    • v.2 no.1
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    • pp.14-19
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    • 2012
  • Maturity models allow organizations to assess and compare their own practices against best practices or those employed by competitors, with the intention to map out a structured path to improvement. This research explores the aspects of the Maturity Models that are relevant to distinguish them from one to another. The different Project Management maturity models for define maturity differently and measure different things to determine maturity. Because of this, organizations should give careful consideration to select appropriate maturity model. The main reason behind this research lies on the modification to the existing Organizational Project Management Maturity Model (OPM3) by adding four knowledge areas, dedicated to construction industry as best practices. These are Safety, Environment, Financial and Claim Management. This Model contains (Yes/No) questions; all of these questions must be answered before the user reviews the results that describe the overall maturity and areas of strength and weakness of an organization. The research presents the implementation of the proposed Model Construction Enterprises Maturity Model (CEM2). All the components of the developed Model have been implemented in Microsoft Access. CEM2 helps Construction Enterprises to assess their Maturity Level and know Areas of Weaknesses for future improvement. The easy to use Yes/No user interfaces help enterprises' employees to assess the maturity level of their enterprises. The Model maintains users' responses in its database; as such, many employees from different enterprise divisions can be involved during assessment phase in several sessions.

Stress and psychological Distress as Determinants of Parenting Practices among Poor Single Mothers (빈곤층 편모의 스트레스가 부모역할 수행에 미치는 영향 :심리적 디스트레스의 매개역할을 중심으로)

  • 한경혜
    • Journal of Families and Better Life
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    • v.14 no.4
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    • pp.263-276
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    • 1996
  • The purpose of this study is to explore various environmental factors that explain parenting practices. Those factors considered are stress and characteristics of single-mother/child together with psychological distress experienced by the single mother. A total of 285 poor single mothers with a child attending elementary school or junior high school completed a structured questionaire. The relationships among the variables were analyzed by the path analysis. The results showed that poor single mothers rely on affectiv $e^portive involvement more frequently then punitive/inconsistent discipline. It is also confirmed that the enviromental factors such as financial stress living environmental stress and job status play important roles in determining the quality of parenting practices with the mediating role of psychological distress.ss.

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Important Role of Power Exchange in Conducting Futures Market for Stabilizing Electric Power Industry in Transition

  • Yoon, Yong T.
    • KIEE International Transactions on Power Engineering
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    • v.3A no.1
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    • pp.53-60
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    • 2003
  • At present the electric power industry in Korea is going through a major restructuring process. The restructuring is motivated by a desire to reduce electricity supply costs, to attract new in-vestment in modern generation, transmission and distribution facilities, and to stimulate innovation in the wholesale production and the retail supply of electricity. The experience to date shows that restructuring of electric power industry in the US, however, is marred with a number of problematic market performances including unreasonably high prices at wholesale. This paper investigates the important role of Power Exchange for stabilizing electric power industry in transition by offering various financial products. These financial products are used for risk hedging by the market participants. The paper focuses on the risk hedging by an individual supplier and derives an explicit decision rule that incorporates the attitude towards the risks. In addition to providing the financial products for risk hedging by market participants, the Power Exchange plays another very important role of financial safeguard system. Because of its unique characteristics, the Power Exchange is well suited for financial surveillance where it performs the early detection of unsound financial (and to a large extent operational) practices on the part of any system users and protect the system integrity and the market participants from the consequences of a default in the clearing structure.

The Impact of IT Project Size and Types on IT Investment Decision Criteria (IT프로젝트 규모와 유형에 따른 IT투자 의사결정기준의 차이)

  • Lee Kukhie
    • Journal of Information Technology Applications and Management
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    • v.12 no.1
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    • pp.191-211
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    • 2005
  • This study investigates the decision criteria used in the context of IT investment decision making and empirically analyzes the impact of IT project size and types on the importance of decision criteria. 5 criteria which have been extracted from the previous studies and industry practices are budget, financial benefits. strategic value. risk, and the degree of proposer's eagerness. Data of 120 IT project proposals have been collected from 5 companies including bank, insurance. and stock trading company. As results of ANOVA test. 7 out of 10 hypothesis have been accepted statistically. That is. the bigger the project size. the higher the evaluation weight of project budget and risk criteria and the lower the weight of proposer's eagerness. And in case of the infrastructure investment type. the emphasis is placed more on strategic value and risk criteria and less on financial benefit and proposer's eagerness. These findings provide insights for both IT practitioners and researchers.

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Evaluation Criteria of IT Business Value : The Difference Between Ex Ante and Post Implementation Evaluation (IT 비즈니스 가치 평가관점 : 사전-사후 평가시점 및 정보시스템 유형별 차이)

  • Park, So-Hyun;Lee, Kuk-Hie
    • Journal of Information Technology Applications and Management
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    • v.15 no.1
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    • pp.203-224
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    • 2008
  • The purpose of this study is to investigate the evaluation perspectives of IT business value and empirically analyze the differences of evaluation perspectives between ex ante evaluation and post implementation evaluation, and among various information system types. 4 evaluation perspectives which have been used in the previous studies and in the field of industry practices are financial, customer, internal process, and growth, which are based on the BSC model. Data of 98 information systems have been collected from 89 companies including manufacturers, banks, insurances, and stock trading companies. As results of multi-way MANOVA test, 3 out of 8 hypothesis have been accepted statistically. While the order of importance of 4 perspectives in ex ante evaluation is customer, financial, internal process, and growth, the order of post implementation evaluation appears to be much different : that is, internal process, customer, financial, and growth. These findings provide insights for both IT practitioners and researchers.

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An Analysis of the Effects of Small Business CEO's Competence Types on Business Performance (소기업CEO의 역량유형별 기업성과 영향분석)

  • Kim, Sung-jong
    • Journal of Venture Innovation
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    • v.2 no.2
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    • pp.47-64
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    • 2019
  • This study analyzed the effects of small business CEO's competencies type on business performance. For this purpose, 4 independent variables(strategic, marketing, management and network competencies) and 2 dependent variables(financial and non-financial performance) were used. 220 data were collected from the field survey questionnaires administered to a convenience sample of small business CEO. For hypothesis testing, the IBM SPSS Statistics 24.0 was used. Frequency analysis, exploratory factor analysis, correlation analysis, and hierarchical regression analysis were conducted. Empirical studies showed as follows. First, this study showed that the four competencies were significant to financial performance and the three competencies(except management competencies) were significant to non-financial performance. The higher small business CEO's competencies, the more likely it affects both the financial and non-financial performance of the company. Second, effects of small business CEO's competencies on financial performance were analyzed in order of network competencies > management competencies > strategic competencies > marketing competencies. Third, effects of small business CEO's competencies on non-financial performance were analyzed in order of network competencies > marketing competencies > strategic competencies. These findings had some implications. In academia, the impact forces of 4 small business CEO's competencies were analyzed for the first time. In practices, successful start-ups or sustainable management requires an interest in the active enhancement of small business CEO's competencies.

A Development of the Integrated Total Asset Management System (통합 유가증권시스템의 개발)

  • Hwang Hyun-Cheol;Song Ha-Yoon
    • Journal of KIISE:Computing Practices and Letters
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    • v.11 no.5
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    • pp.458-463
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    • 2005
  • The total asset management system is used for banks or financial institutions for the management of trusteed assets or own assets and it is divided into three systems: the front-office system, the middle-office system and the back-office system by its business areas and functionalities. This kind of asset management system is a huge and complex system handling large data and various financial products, and requires professional knowledges like accounting, financial product specific knowledge, compliance and regulations, etc. It also performs high level computation for NAV calculation and risk measurement on every day Therefore, it needs absolute stability, extendability and efficiency and should handle the frequent change of regulation and products and connectivity with outdoor institutions. In this paper, we report our successful development of such a system and discuss issues regarding its efficient system design and system construction.

Factors Affecting the Application of Strategy Management Accounting in Vietnamese Logistics Enterprises

  • VU, Thi Kim Anh;DAM, Bich Ha;HA, Thi Thuy Van
    • Journal of Distribution Science
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    • v.20 no.1
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    • pp.27-39
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    • 2022
  • Purpose This research aims to investigate factors affecting the application of strategic management accounting in Vietnamese Logistics Enterprises. Design/Methodology/Approach: Quantitative research was conducted and data was collected by sending questionnaires to 188 accountants and directors from Vietnamese Logistics Enterprises (including, transportation, warehousing and forwarding). 5 factors (namely: size and organizational structure, technological advancement, and strategic management accounting implementing costs) were selected to measure the application of strategic management accounting (SMA) in Vietnamese Logistics Enterprises (LEs) through correlation and regression analysis. Results: The empirical findings show that there exists a significant association between these factors and the SMA application. LEs have strongly supported the application of SMA as a tool to provide information for making their strategic decisions. The factors including size and organizational structure, technological advancement, SMA implementing c osts, and strategy positively impact the SMA application in both financial and non-financial aspects. This finding helps the adm inistrators realize the importance of SMA. Conclusions: This study provided an overview of SMA application and its benefits to enterprises. It helps managers have a better understanding of SMA and future directions for application. Moreover, the research results will be useful for managers to identify factors influencing their SMA practices and improve the current management process applied in organizations.

Factors Associated with Dental Revenue and Income of Self-Employed Dentist by Using a Quantile Regression Method (분위회귀분석을 이용한 개업 치과의사의 의료수익과 소득에 미치는 요인)

  • Choi, Hyungkil;Kim, Myeng Ki
    • Health Policy and Management
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    • v.25 no.3
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    • pp.240-251
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    • 2015
  • Background: Dentist's income is quite variable. We investigate the factors underlying the distribution of dental revenue and dentist income. Methods: Financial and structural variables of private dental practices(N=13,967) were examined with 2010 Economic Census microdata which include non-insurance revenue. We conducted quantile regression method(QRM) and ordinary least square(OLS) in treating skewness and heteroskedasticity of distributions. The effective estimation for the upper and lower range of distribution becomes possible by QRM. Results: Mid-career dentists are shown to have higher revenue and income. Male dentists achieve the higher revenue and income than female dentists in all quantiles. Group practices show lower income per owner than solo practices significantly. The revenue and income are increased with increasing size of clinics. The high cost in renting the clinic office is found to have a big positive effect on the revenue but a little positive effect on the income. Interestingly the density of dentists shows negative effect on the lowest quantile of the revenue but positive effect on the highest quantile. The lowest quantile of the revenue in the capital areas have the relatively high revenue. The lowest quantile of the income in metropolitan city show higher income than those in other areas significantly. Conclusion: The suggested QRM is shown to have more effective and efficient tool in finding out determinants of dentists' revenue and income of our concern. The results of this study are expected to be employed for dentists preparing for the opening practices in their organizational settings and locational selections. The distributional efficiency of dental human resources could be accomplished if policy makers guide dentists with this knowledge.

IMPLEMENTATION OF GOVERNMENT E-PROCUREMENT: A COMPARATIVE STUDY OF THAILAND AND INDONESIAN PRACTICES

  • Budi Hasiholan;Shin-ei TAKANO
    • International conference on construction engineering and project management
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    • 2009.05a
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    • pp.827-834
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    • 2009
  • In respond to the demand of an open, fair, transparent, and efficient environment for procurement, many governments have incorporated the use of internet in their procurement systems with online procurement (e-procurement). Given the different policies and laws which have to be complied with, the practice of government e-procurement system varies from one country to another. Thus, experiences in running e-procurement will vary as well. The achievements and obstacles of one country's experience will be a constructive reference for other countries in establishing e-procurement system. In this regard, government e-procurement system practices in two Southeast Asia countries i.e., Thailand and Indonesia particularly in public works are consecutively presented and finally compared in this paper. The government of Thailand has applied Online Auctions (e-Auctions) as the national procurement practice since 2005 and performed the e-Auctions in two types: Reverse Auction and Sealed Bid Auction. Contrary to the common practice of e-procurement, the Thai government, with some rationales, runs the bid documents obtaining manually as well as qualification and technical documents submission and holding the e-Auctions at bidding office. Whereas Indonesian government runs Online Sealed Bid Bidding (e-Procurement) and most of the bidding stages are performed electronically except bid evaluation for both technical and financial. The advantages and drawbacks of these two e-procurement practices are discussed as well as improvements that have to be made for successful of e-procurement.

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