Auswahl der wissenschaftlichen Literatur zum Thema „Financial plan evaluation“

Goal of the contribution is to create universal model for evaluation of companies, acting in mining industry in Slovakia. Model is orientated to the companies, acting in mining industry in Slovakia and it consists from several logically relating steps. Also application of suggested process in chosen mining company is made as well as achieved results are mutually compared. Attention is given to the revenue methods with necessity of financial plan, as well as methods that do not demand knowledge of financial plan.

This study examines how different types of performance measures were weighted in a subjective balanced scorecard bonus plan adopted by a major financial services firm. Drawing upon economic and psychological studies on performance evaluation and compensation criteria, we develop hypotheses regarding the weights placed on different types of measures. We find that the subjectivity in the scorecard plan allowed superiors to reduce the “balance” in bonus awards by placing most of the weight on financial measures, to incorporate factors other than the scorecard measures in performance evaluations, to change evaluation criteria from quarter to quarter, to ignore measures that were predictive of future financial performance, and to weight measures that were not predictive of desired results. This evidence suggests that psychology-based explanations may be equally or more relevant than economicsbased explanations in explaining the firm's measurement practices. The high level of subjectivity in the balanced scorecard plan led many branch managers to complain about favoritism in bonus awards and uncertainty in the criteria being used to determine rewards. The system ultimately was abandoned in favor of a formulaic bonus plan based solely on revenues.

The Treasury plan for banking reform--Modernizing the Financial System: Recommendations for Safer More Competitive Banks--was released on February 5, 1991 (U.S. Treasury, 1991), and has a stated purpose of promoting a safe, sound, and competitive banking system. It contains recommendations for the most thorough overhaul of the banking regulatory system since the Great Depression. This paper provides a framework for understanding the U.S. banking regulatory system and how it has produced the current crisis in the banking industry, and uses this analysis to evaluate the Treasury plan.

The contribution deals with the analysis of methodological approaches to the general evaluation of enterprise results. It is concerned mainly about the methodology of evaluation of financial health of enterprises in the frame of the program SAPARD and further about the possible outline of methodology in the frame of the Sector Operational Plan for agriculture and the Payment Agency. This contribution was prepared in frame of solution of the Institutional Research Intention MSM 411100013.

This article aims to identify the process of establishing the work program andbudget plans, Identifying conformity with the work program budget plans, Identify thefactors supporting the effectiveness of regional spending budget discussion, Finding thedevelopment of models of financial governance in the area of optimizing regional BudgetMakassar. This study used a qualitative approach with descriptive methods. The resultsresearch: The process of establishing the program and work plan budget Makassar cityGovernment refers to low. Factors influence the effectiveness of the state budget issociety participation. Development of local financial governance model places emphasison increasing socieity participation from the planning stage to the implementation stageof the evaluation and prevention of irregularities also function with the proper functioningof the internal control.

This research aimed to describe the financing management planning, implementation of education financing management and education financing control to improve the quality of education in RA Mambaul Ulum Sumurgung Montong Tuban. The method used in this research through observation, interviews and documentation. The results showed that 1) financing management planning was arried out by referring to the budget ceiling, not exceeding the budget determined by the government or financing from parents or the community, if the source of cost comes from the government then must look at the rules that have been determined by the government, if financing income comes from the community, so the financing management plan was carried out according to the principle of primary school needs to tertiary needs but within limits did not violate the rules 2) Madrasah financing implementation activities included two major activities, consisting of school financial revenues and expenditures. The financing management activities included bookkeeping or financial management activities 3) control/evaluation included the activities of checking and evaluating the plan and implementation of education funding can be carried out in accordance with the initial financing plan and its implementation.

The social impact bond (SIB), at the present in Italy, is a financial instrument issued by a bank to support social initiatives in which the subscriber will receive a limited financial return on investment. As part of that performance, the social return for the community is considered as an integration of the financial performance that will replace a part of the interest rate. The first experience in Italy is represented by a bank that has issued 45 Social Bond for 472 million euros. The research analyses, on the basis of the character-ristics of the third sector in Italy, with particular reference to the financial weakness of the sector, the possible impact on the financial management process in the social enterprises by the use of SIB. Moreover, we would demonstrate that, with a well-conducted cost-benefit analysis, it is possible to construct a hypothesis of SIB in which the repayment is based on market rate. In particular, is proposed the development of a SIB with the objective of formulating hypotheses of response to the innovative following questions: Given certain cost drivers, what social outcomes would generate savings for the state budget able to fully repay the fixed costs of the SIB, to give a percentage of the benefit to the government and to ensure the repayment to investors? How to identify the timing of cash flows in order to structure a potential internal rate of return objective satisfactory for investors? Due to the lack of already developed case studies, with the technics of the business plan, we analyse the impact of SIB on social and financial performance, both from the point of view of the Public Administration and of the social enterprise, in a project of social housing introducing a remuneration rate at market level. The development of the project shows that, with the integration of the private and public perspective, it is possible to improve the social and financial performance offering an adequate interest rate and, moreover, without limit the hypothesis of SIB underwriting to the philanthropic institution.

Research background: Authors mentioned in the Research describe a financial analysis as first step of a financial planning process. It is an effective tool in the evaluation of a company’s financial efficiency on the basis of data from financial reports, where the individual data are sorted, aggregated and measured. The analysis usually consists liquidity, activity, profitability indicators and debt ratios. The result of the analysis should evaluate financial health and subsequently predict future of the focused company. Purpose of the article: The scope of this article is a practical application of financial analysis of the company. The main sources of information include financial statements balance sheet and income statement over the period of the last 3 years. Other sources are information obtained from employees of the company and information gained by studying a literature. Methods: The analysis process begins by identifying the main objectives and targets, continues by the methodical procedure, analysis of indicators and an interpretation of the analysis results. The main objective of the analysis is to evaluate the assets, the sources and the overall economic situation of the company. The key indicators that are the status and development of current and non-current assets, the status and development of equity and liabilities and a profit development. Findings & Value added: The financial analysis of a focused company was applied for the last 3-year time period. The worst status of the indicators occurred in the second year and after the subsequent intervention of the company management the result improved to sustainable status.

The article discusses the marketing effectivity of a communication service at a Hungarian telecommunication company. The main target is to establish economic effectivity of the enchanced promotion of the service. The basic metholodogy was the comparison of a new marketing plan and real figures of the planned period. The results of 2005 and 2006 show a verypositive financial effectivity of the surplus communication. Based on the results a further promotion is suggested.

The Taiwanese government has encouraged bank privatization and the establishment of financial holding companies to improve banking sustainability and consolidate banks, insurance companies, and securities firms. It is important for bank decision makers to set policies that lead to sustainable development. However, the literature remains unclear about the types of banks that achieve greater business sustainability. This paper aims to (1) identify the criteria that affect banks’ business sustainability and (2) determine the most sustainable types of banks. This study uses a hybrid multiple-criteria decision-making approach on eighteen financial criteria for twenty-five Taiwanese listed banks with data from 2012 to 2016. The results show that non-performing loan ratio is the most critical factor. In addition, financial holding companies outperformed non-financial holding companies. Financial holding companies with insurance companies as their largest subsidiaries performed best. Private banks exceeded state-owned banks in sustainability. The results lead to two implications. First, banks should value risk over profitability and diversify financial products. Second, the government should continue to privatize banks. These findings suggest that bank managers implement an enterprise resource planning (ERP) system with a master plan, framework, and guidelines to help them track bank performance indicators to ensure sustainability.

The study presents a business plan for agriculture company Výkrm Tagrea s.r.o. The plan should ideally confirm that the company's prospectus is viable and should also assist a potential strategic partner in assessing the company. The study consists of two parts. The theoretical section is divided into several chapters, which describe the structure of the prospectus, its users and the reasons for its creation. The practical section focuses on the prospectus in a company that was set up in order to enter the business of building poultry farms. It also analyzes the background of the investment, the current situation in the field and the various processes in the company. The conclusion presents evaluation of the prospectus' effectiveness, including potential risks and proposals aimed at minimizing such risks.

The aim of this diploma thesis is to estimate the market value of the company T-Mobile Czech Republic a.s., in order to sell the company to an unknown investor. The valuation is based on publicly known sources available to 01st December 2010. Thesis consits of two parts. In the theoretical part are defined common basics needed for valuation of the company. Second part covers all the steps resulting in final valuation.

This diploma thesis is focused on designing a financial plan for the business. Theoretical framework about the financial planning in the business sphere is presented in the first part. The following part introduces the company which was chosen as an object of the thesis from the real business environment. It also deals with the financial analysis of the current state of the company. After that, the financial plan for years 2017 – 2019 is presented in both optimistic and pessimistic variants. The results are analyzed and the plan is evaluated in the last part of the thesis.

In my thesis, I make a business plan for expansion of a dentist's surgery. I evaluate original surgery, make a financial plan for its expansion to a small stomatological center. The plan includes a balance sheet, profit and loss report and financial analysis. In the last chapter I specify possible risks of this branch of enterprising.

Thesis (M.B.A.)--Naval Postgraduate School, December 2006.
Thesis Advisor(s): Douglas A. Brook, Phillip J. Candreva. "December 2006." Includes bibliographical references (p. 87-90). Also available in print.

Diploma's thesis deals with problems of the financial planning business. The theoretical part of the thesis focuses on the theoretical foundations of financial planning. The second part of the thesis analyses contemporary state of the company. Subsequently is drew up the financial plan for the years 2012-2014. The conclusion includes the evaluation of the compiled financial plans.

Master’s thesis is concentrated on the draft of a financial plan for a corporate Profibaustoffe CZ, s.r.o. The first part of final thesis defines objectives, methods and procedures, that are used within the Master’s thesis. In the second part is included theoretical knowledge, which are crucial for creation of analysis and financial plan. Subsequent third part is dedicated to the introduction of chosen company, strategic and financial analysis for the past five years. The final part of final thesis contains the draft of financial plan for years 2020-2023 both optimistic and pessimistic variants including final evaluation.

In his 2015 State of the Union Address, President Obama announced “America’s College Promise,” a plan to make community college free for all American families making less than $200,000. In this thesis, I provide an analysis of the plan and provide an evaluation of its potential impact on the education attainment gap in the United States. I also evaluate the plan’s various components and assess its potential impact on community college student enrollment, completion, and transfer to four-year universities. Lastly, I offer recommendations for improvement.

The master’s thesis focuses on the draft financial plan of the company. The first part of the thesis focuses on the theoretical basis of financial planning. The next part is focuses to introduction of selected company and business analysis at present. Subsequently, the company’s financial plan for the years 2016 - 2018 is proposed in two variants. The last part of the thesis is an evaluation of the company’s financial plan.

This master´s thesis is focused on the draft of corporate financial plan. First part of this thesis is focused on theoretical basis of financial planning. Next part of this thesis contains company introduction and its analysis of the current situation. Consequently, it is proposed financial plan for the years 2017 – 2019 in two variants. Last part of this thesis contains an evaluation of the corporate financial plan.

AbstractThis chapter analyzes the Juncker Plan, in particular, the European Fund for Strategic Investment (EFSI), highlighting its achievements in expanding investment in the European Union and challenges in mitigating future risks to the European Investment Bank, as well as maximizing the development impact of its activities.

AbstractComposting is one of the most widely used technologies for the recovery and use of organic waste from municipal solid waste (MSW); however, its implementation in some developing countries has mostly been ineffective. This chapter documents the experience of the composting of municipal organic waste in the urban area of ​the municipality of Versalles, Valle del Cauca, Colombia. Within the locality, composting of organic waste occurs at an MSW management plant (SWMP), after being separated at the source and selectively collected. The information presented was generated through collaborative research projects, conducted with the cooperation of Camino Verde APC (a community-based organisation providing sanitation services) and Universidad del Valle (Cali, Colombia). The evaluations undertaken show that (i) within the locality, high rates of separation, at the source, in conjunction with selective collection and efficient waste sorting and classification processes in the SWMP, have significantly facilitated the composting process; (ii) the incorporation of locally available amendment or bulking materials (e.g. star grass and cane bagasse) improves the physicochemical quality of the processed organic waste and favours development (i.e. a reduction in process time), leading to an improvement in product quality; (iii) the operation, maintenance and monitoring of the composting process can be carried out by previously trained local human talent; and (iv) revenues from the sale of the final product (compost) are not sufficient to cover the operating costs of the composting process. Despite this current lack of financial viability, the application of technology entails environmental benefits (e.g. a reduction in the generation of greenhouse gases) and social benefits (e.g. employment opportunities), which, given the conditions in the municipality studied, highlight the relevance of this technological option.

Organizations have become increasingly dependent on information technologies to conduct daily operations, achieve competitive advantage and to create and penetrate new markets. This dependence has come at a high price, in 1990 U.S. companies spent over $154 billion on information technologies. However, organizations have found it difficult to measure the value added from these investments. Survey results found four significant barriers to measuring financial performance related to information technologies including: • Difficulty of measuring economic benefits • Inability to determine returns • Lack of good metrics • Incomplete records/accounting of investments The Balanced Scorecard framework provides part of the structure required to overcome these barriers. How organizations can overcome these barriers and successfully measure performance with respect to achieving strategic plans is the focus of this chapter. This chapter provides a comparison of results of two case studies regarding the use of the Balanced Scorecard measurement framework. The application of the Balanced Scorecard (BSC) is evaluated for a Fortune 500 information technology organization and a government organization. Both organizations have a business focus of software development. The BSC framework is applied and reviewed in both contexts to provide insight into unique organizational characteristics for government and contract software environments. A specific focus is to inform the use of financial measures such as Return On Investment (ROI) in the government context. The BSC framework provides the necessary structure to evaluate quantitative and qualitative information and identify the critical linkages between financial measures of past performance and key measures of future performance.

Early Warning Models (EWMs) are back on the policy agenda. In particular, accurate models are increasingly needed for financial stability and macro-prudential policy purposes. However, owing to the alleged poor out-of-sample performance of the first generation of EWMs developed in the 90's, the economic profession remains largely unconvinced about the ability of EWMs to play any important role in the prediction of future financial crises. The authors argue that a lot of progress has been made recently in the literature and that one key factor behind the prevailing skepticism relates to the basic evaluation metrics (e.g. the noise-to-signal ratio) traditionally used to evaluate the predictive performance of EWMs, and in turn to select benchmark models. This chapter provides an overview of methodologies (e.g. the (partial) Area Under the Receiver Operating Characteristic curve and the (standardized) Usefulness measure) better suitable for measuring the goodness of EWMs and constructing optimal monitoring tools.

The purpose of this chapter is to examine the impact of microeconomic factors and the global financial crisis (GFC) on stock prices in the Middle East and North Africa (MENA) region. The study employs panel data techniques covering a sample of 277 firms listed in seven MENA countries for the period 2000-2015. The empirical model consists of eight microeconomic (firm-specific) variables and a dummy variable to capture the impact of global financial crisis. The results suggest that microeconomic factors play a vital role in determining stock prices in the MENA region. More specifically, factors such as return on equity, book value per share, dividend per share, earnings per share, and price-earnings ratio positively influence stock prices, while dividend yield and gearing have negative impact on stock prices. In addition, firm size posits a positive and statistically significant relationship with stock prices. However, the GFC seems to be insignificant determinant of stock prices in the case of MENA countries in the sample studied. This chapter provides several practical implications.

Traditional financial reporting usually ignores intangible assets, even though these assets play an increasingly important role in today's knowledge-based economy. As such, the valuation of intangible assets, while typically overlooked in traditional reporting, has nonetheless garnered widespread interest. This paper uses data-mining technologies to identify important valuation factors and to determine an optimal valuation model. In the feature selection process, the paper focus on three methods, namely, decision trees, association rules, and genetic algorithms in data mining, to identify important valuation factors. The results show that decision trees have approximately 75% prediction accuracy and select seven critical variables. In the prediction process, the paper constructs and compares many kinds of evaluation and prediction models. The results show that hybrid classifiers (i.e., k-means + k-NN) perform best in terms of prediction accuracy (91.52%), Type I and II errors (11.17% and 7.15%, respectively), and area under ROC curve (0.908).

A good design is both art and science. Creativity is needed to come up with a product concept that has either not been considered before or has been considered and abandoned. Discipline is needed to investigate and evaluate all the details to make sure that they fit together, which is an exercise in multiscale optimization: the product structure is in the molecular scale of nanometers to micrometers, the process equipment is in centimeter to meter scales, marketing and finance are played in the meter to hundred kilometer scales, and environmental concerns are on a global scale. The work of product innovation usually involves a discovery phase followed by a development phase, which was described at the end of Chapter 2. Some of the work involved can be described as: 1. identifying customer needs and technological capabilities; 2. generating a number of broad ideas and concepts for products and processes; 3. investigating and solving problems encountered in customer needs and plant operations; 4. evaluating alternate concepts, and selecting winning designs for commercialization; 5. drawing detailed designs and plans for the products and the processes. A design team is critical to the success of the innovation work, involving people from marketing and research, plus critical inputs from manufacturing and finance. In the narrow sense, the design team is concerned with the work in (5), in drawing detailed designs and plans for the products and the processes. In the broad sense, the work of design begins in (2) by generating concepts, and makes significant contributions in (4) when evaluating alternate concepts. The decision to commercialize involves the commitment of major financial and manpower resources, and usually involves a presentation of a business plan at a high-level meeting, such as with the executive committee of a company. Different authors have come up with a variety of ideas on the ideal organization and phases of the innovation work. Ulrich and Eppinger (2000) suggested a template that may be more appropriate for mechanical engineering products that do not require research breakthroughs. Cussler and Moggridge (2001) suggested a four-step schedule involving needs, ideas, selection, and manufacture.

Biomass can provide a reliable support for production of biofuels while contributing to sustainable management of natural resources. Many countries, including Italy, have introduced important incentive schemes to support the use of biomass for electricity, heat and transportation. This has raised considerable interest towards the use of biomass for energy generation purposes. Nonetheless, the design and installation of biomass-fuelled power plants present several critical issues, such as choice and availability of biomass, choice of technology, power plant localization and logistics. The case study tackled in this paper evaluates the economies originated by a 1MWel Organic Rankine Cycle (ORC) turbine coupled with a biomass fuelled boiler, installed in an area close to Palermo (Italy). A Geographical Information System (GIS) was used to localize the power plant and to optimize logistics. The thermodynamics of the plant as a whole were also analyzed. Finally, two different scenarios were simulated for project financial evaluation.

Purpose – The topic of sustainability is becoming an essential and concerning issue for organizations in today's business environment. Especially in the food and restaurant industry. Sustainability emphases on satisfying the needs of the current period without conceding the capability of future consumers to meet their desires. Yet, an inclusive adoption of Sustainability is lagging in the restaurant and eatery industry in emerging market such as Kurdistan Region, Iraq. Therefore, this research focuses on the current practices of sustainable amenities in restaurants and lodging businesses in Kurdistan Region, Iraq. Design – The researchers conducted unstructured interview for the data collection from (10) restaurateurs managing and working in 5 luxurious restaurants and 5 fast-food ones Methodology – The restaurants selected were categorized as luxurious restaurants and fast food restaurants, the topics of the interviews were related to energy, waste and water. The data were analyzed by using frequency Approach – the main approach in data gathering was qualitative. The interview queries were taken from related articles and divided into 3 sections: awareness plan, strategic planning, and restaurants' criteria of SAM. A content analysis method was used to identify the trend from previously published literature. Findings – The result showed that luxurious restaurants do apply sustainability in their operations, while fast-food restaurants lag behind. Originality of the research –Finally, recommendations of this study can be of help to all restaurants in Kurdistan area by introducing a proper practice of sustainability to improve and develop their businesses to meet customers' needs and gain competitive advantages ahead of their competitors.

The growing airline transportation in the world and Turkey in recent years has increased the importance of airline passenger and cargo transportation operations and has brought intense competition in the domestic and international airlines market. Under intense competition, it is of utmost importance to capture the sustainable success of an ever-evolving and growing market by accurately assessing the financial performance and risks of businesses. In addition to the financial ratios generally used in all sectors, a number of indicators specific to the airline industry are used to assess the financial status of companies operating in the airline industry. These ratios and indicators will be calculated to compare for past periods and years, to assess risks for the future, to make forecasts, to report, to be able to see the financial status of the business concerned and to plan and make decisions in a more healthy and accurately. In this paper, after literature review, one of the most important financial risk evaluation model Altman Z’’ score is examined and an application with Turkish Airlines’ quarterly last 3 years financial data is evaluated.

The quantitative risk assessment tool was used to calculate the failure rates, failure consequences and risk levels along the pipeline. Safety risk was characterized by the individual risk ratio, which was defined as the maximum individual risk associated with a given segment divided by the tolerable individual risk. Tolerable individual risk values were defined as a function of population density following the approach developed by MIACC and the UK HSE. Financial risk was expressed in dollars per km-year and included a dollar equivalent for public perception. The recommended maintenance plan was defined as the minimum cost option that achieved a tolerable safety risk. The first step in developing the plan was to identify all segments that do not meet tolerable risk criteria (i.e., segments with an individual risk ratio greater than 1). For each of these segments a number of potential maintenance scenarios that address the dominant failure threats were selected. A cost optimization analysis was then carried out in which the total expected cost associated with each maintenance option was calculated as the sum of implementing the option plus the corresponding financial risk component, amortized over the inspection interval. This analysis was used to identify the minimum cost alternative that meets the individual risk constraint. Outcomes of the analysis included the best maintenance option (e.g., inline inspection, hydrostatic test) and the optimal time interval for segment re-evaluation.

The pandemic has negatively affected the financial sector, as well as the real sector of the economy, both losses and credit risks in the financial market have increased on the background of the economic activity slowed-down. In 2019, the credit activity was high, however after the spread of the virus the activity slowed down significantly. This is natural, as due to the suspension of production –organizing, the unemployment has increased. Volume of the direct foreign investments has decreased by 42 %. Government of Georgia has developed an anti-crisis plan, important part of which is about the mitigation of deteriorated living conditions caused by the unemployment, whereas the National Bank of Georgia has pursued monetary and fiscal policies for the purpose of mitigation of negative influence of COVID-19 on the country’s financial sector and for the stimulation of the country's economy. In general, saving the business is considered as a priority. The current situation in the banking, insurance and stock markets and their role in the fight for maintaining the economic stability are analysed in the present article. It is important to note that, the insurance sector is the part of the economic, which did not need financial assistance in a difficult situation, but due to the common socio-economic situation, diseases caused by the stressful conditions of the population, it was necessary to make significant changes in the list of the insurance services. This, to the extent had led to some unforeseen costs, which had affected the financial conditions of the companies. According to the evaluation of the credit rating company -Fitch, the trustworthy policy implemented by the National Bank of Georgia, had played an important role in the maintenance of the financial stability and Georgian sovereign rating remained unchanged, at BB level, however, what parameters and in what area was the rating maintained and how the positions of the main players in the financial market have been changed, are the main directions of the article's research.

Essex County Resource Recovery Facility (one of American Ref-Fuel Company’s six operating plants) has processing MSW capacity of approximately 2700 TPD and about 60% of this waste comes from NY City. Therefore, availability of the Essex plant boilers is very important not only for the company’s financial performance, it is also critical for the overall garbage disposal situation in the NYC Metropolitan area. One of the main factors affecting plant availability is boiler unscheduled downtime. The most recent data show that approximately 85% of Essex boilers unscheduled downtime is caused by tube failures, the majority of which occur in the superheater tubes. These tube failures are almost exclusively caused by fireside tube metal wastage driven by complicated mechanisms of corrosion in combination with local erosion. The corrosion is caused by chloride salts in the slag that deposits on the boiler tubes, coupled with high temperatures of flue gas going through the boiler. Corrosion rates are known to be very sensitive to flue gas temperature, tube metal temperature, heat flux, flow distribution. Erosion is typically caused by high velocities and flyash particle loading and trajectories. Extensive research revealed that in addition to this typical to WTE boiler corrosion/erosion mechanism, Essex boiler superheater tubes experienced a unique problem, resulting in tube overheating, accelerated wastage, and ultimate failure. In order to address this problem a modification plan was developed, which comprised several redesign options. A specially developed Three-dimensional Computational Fluid Dynamics (3-D CFD) model was utilized for comprehensive technical evaluation of the considered design options and for predicted performance simulations of the selected design at different operating conditions. The economical analysis, conducted in conjunction with the superheater redesign, provided financial justification for this project. The project has been recently executed, and field data collection is still in progress. Some preliminary data analyses have been performed. They have shown that the boiler performance after superheater modification is very close to the predicted target simulated by the CFD model. The plant and the company are already measuring financial benefits as a result of this project, the initial phase of which is presented in this paper.

The large-scale COVID-19 pandemic is a severe public health emergency which poses distressing social and economic challenges to the international community as a whole. In order to provide immediate and effective support to affected welfare and healthcare systems as well as to build their lasting, inclusive and sustainable recovery, both the European Union and the United Nations have introduced a number of urgent measures aiming to help and protect citizens and economies. This paper looks into the specificities of urgent procedures launched and carried out by the two most influential international organisations with a view to rapidly respond to the unprecedented COVID-19 crisis. More specifically, it focuses on the involved institutions and steps of urgent procedures as well as on their most remarkable outcomes. In the case of the European Union, the emphasis is put primarily on two Coronavirus Response Investment Initiatives (CRIIs), adopted during the Croatian Presidency of the Council in one of the fastest legal procedures in the history of the European Union, and the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU) as an extension of the CRIIs’ crisis repair measures. The overarching United Nations’ response is assessed through an analysis of its urgent policy agenda developed on the premise that the COVID-19 pandemic is not only a health and socio-economic emergency but also a global humanitarian, security and human rights crisis. This particularly includes procedures foreseen by the Global Humanitarian Response Plan (GHRP) and the Strategic Preparedness and Response Plan (SPRP). In addition, the aim of the paper is to provide a critical overview of the subject by highlighting three pivotal elements. First, the paper sheds light on the financial aspects of the urgent fight against the COVID-19 pandemic, necessary for turning words into action. Notably, this refers to funds secured by the Multiannual Financial Frameworks 2014-2020 and 2021-2027, and the Next Generation EU recovery instrument, on the one hand, and the UN COVID-19 Response and Recovery Fund, the UN Central Emergency Response Fund and the Solidarity Response Fund, on the other hand. Second, it offers a comparative evaluation of the end results of the European and global emergency procedures in mitigating the impacts of the COVID-19 pandemic. Finally, it summarises the underlying elements of measures governing the aftermath of the ongoing crisis, i.e. those promoting a human-centred, green, sustainable, inclusive and digital approach to future life.

This article is dedicated to a complex evaluation of individual enterprise in Kyrgyz Republic. In general, this field determines the solution of many social and economic issues in the country. Among them are the organizations of population self-employment, development of business initiatives promoted by citizens, efficient use of population funds and strengthening of financial ground of local budgets. All mentioned above gives an opportunity to move to a more advanced level of business entrepreneurship. Based on the statistical data analysis it was possible to discuss the major development trends in individual enterprise and its impact on the economic progress of the country. One of the peculiar branches of individual enterprise is “shuttle trading” which has a very special feature in the economic development of Kyrgyz Republic. Possible ways are shown both for the development of individual enterprise and the “shuttle trading” in particular for near future. In addition, the restricting factors of individual enterprise are defined. There are several ways to support individual enterprise by means of dedicated tax policy, mainly through the system of tax allowance consisting of support individual enterprise. Determination of the development plan is very crucial, especially through the perspective of joining the Eurasian Customs Union.

Oil and Gas (O&G) platforms in the North Sea are facing aging problems as many of the installations have matured and are approaching their design lifetime. Flowlines are used to transport oil and gas well stream from the wellhead to the production manifold. They are categorised as one of the most critical components on a production facility. Flowline degradation takes place due to corrosion and erosion. The deterioration of a flowline may increase the risk of leakages, ruptures, etc., which shall lead to serious HSE (health, safety and environmental) and financial consequences. Any such risks have a direct impact on the O&G installation’s technical integrity as well as the operator’s sustainability concerns. Conventionally, pipelines are designed with safety provisions to provide a theoretical minimum failure rate over the life span. Furthermore, to reduce the risk of failure various techniques are routinely used to monitor the status of pipelines during the operation phase. The existing methods of flowline health monitoring planning requires one to take into consideration the operator’s plant strategy, flowline degradation mechanisms, historical data, etc. A technical condition report is made based on findings’ reports and degradation trends. This report recommends the inspection of a number of points on the flowlines in a certain year using non-destructive evaluation methods such as visual inspection, ultrasonic testing, radiographic testing, etc. Based on the technical condition report, in general for a certain preventive maintenance shutdown, 10 to 15 flowline inspection openings are accommodated as finance, time and resource availability are taken into consideration. However, it is customary to plan to open more locations in a certain inspection package than can be inspected and minimization of such points is at present done on an ad hoc basis. This paper suggests a formal model and a framework to formally minimize the number of visual inspections by executing the plant strategy as well as HSE concerns. The model is derived using analytic hierarchy process (AHP) framework, which is a multi-criteria decision-making approach. The model is developed based on literature, industrial practice, experience as well as real inspection data from a mature offshore O&G installation located on the Norwegian Continental Shelf.

Municipal solid waste managers face an urgent need to review disaster plans as well as the myriad of other management plans for health, safety and welfare of employees and the service area. Other planning areas include financial and capital improvements. The planning process is an important management tool. The evaluation of management is one of the factors included in the assignment of municipal credit ratings. This paper profiles how Fitch Ratings incorporates management in their credit analysis and provides key points for solid waste managers to consider as they prepare or refresh plans.

There is some evidence of the private sector playing a role in supporting refugee livelihoods and self-reliance in Uganda during the period 2016-2020. However, a number of evaluations and research reports highlight the potential for greater private sector involvement, if existing constraints are addressed. Key lessons identified in the literature include the need for more research, especially on market potential, to address the existing knowledge gaps on the role the private sector can play in supporting refugee livelihoods and self-reliance in Uganda. The literature notes that limited access to capital, as well as appropriate financing schemes, are key constraints to the growth of the agribusiness sector. Furthermore, access to natural resources required for agri-business, such as land and water needs to receive more attention from NGOs and donors. The evidence also shows that there is a need for guidelines on the monitoring and evaluation of humanitarian adaptations of market systems development programming. The literature also notes that local actors should be involved in the design and assessment of investment opportunities and risk of interventions to increase project impact.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.