Towards Inter-organizational Working Capital Management

Working capital is an investment which is tied up into the inventories and accounts receivable and which is released with accounts payable. Due to the current business landscape with tightened financial conditions and finance markets, organizations emphasize efficient working capital management. With efficient working capital management, a company can reduce the need of finance, free up cash, increase profitability, improve liquidity, increase the efficiency of operations, and decrease (financing) costs. From the perspective of an individual company, efficient working capital management means decreasing inventory levels by shortening the cycle time of inventories, decreasing accounts receivable by shortening the trade credit terms and effective collection procedures, and increasing the level of accounts payable by paying the suppliers later. From an inter-organizational perspective, however, working capital should not be sub-optimized by a single company but holistic view to working capital management through the supply chain should be adopted to create value and improve performance together. The purpose of this research is to take academic research as well as practical management towards inter-organizational working capital management. The thesis discusses the benefits as well as mechanisms of working capital management in the inter-organizational context and has two main objectives: (1) to examine the effect of inter-organizational working capital management on performance in the value chain context and (2) to develop models of working capital management for internal as well as inter-organizational value chains. The results of the archival research conducted in the value chain of the pulp and paper industry and the value chain of the automotive industry indicate that companies can increase relative profitability by managing working capital comprehensively by taking into account all three components, and holistically though the value chain. Companies in the value chain benefit from different strategies in working capital management depending on the position of the company in the value chain. This can be taken into account in inter-organizational working capital management. The effects of inter-organizational working capital management actions on the financing costs of working capital were studied via simulations. Simulations also show that the value chain and individual companies benefit from an inter-organizational view to working capital management. Inter-organizational working capital management actions include for example: shortening the cycle time of inventories, reducing product costs, shifting inventories, shortening payment terms, and considering the cost of capital. The thesis also provides solutions for the practical requirements for tools to control working capital. The design science part of the research introduces the adjusted cash conversion cycle (ACCC) model for internal value chains, as well as models for working capital management in the inter-organizational value chain context: the working capital management model (WCMM) and the financial cycle time model (FCTM) designed in corporation and product levels respectively. This research contributes to literature on working capital management and interorganizational accounting. The research gives a holistic, inter-organizational view to the management of working capital. It advances the knowledge in working capital management on operational level, increases knowledge in the recently risen theme of supply chainoriented, collaborative working capital management, combines management accounting research with supply chain management research, and contributes to the demand of practical inter-organizational accounting methods. In addition, the research has strong practical focus as new managerial methods are introduced.

Market entry order and competitive advantage of the firm

A firm that wishes to launch a new product to the market is faced with a difficult task of deciding what the best moment for the launch is. Timing may also be critical when a firm plans to adopt new processes or intends to head for new markets. The critical question the firm needs to tackle is whether it will try to reach the so-called first-mover advantage by acting earlier than its rivals. The first-mover position may reward the entrant with various opportunities to gain competitive advantage over later movers. However, there are also great risks involved in the early market entry, and sometimes the very first entrant fails even before the followers enter the market. The follower, on the other hand, may be able to free-ride on the earlier entrants' investments and gain from the languished uncertainties that characterize the new markets. According to the current understanding the occurrence of entry order advantages depends not only on the mechanism and attributes in the firm's environment that provide the initial opportunities but also on the firm's ability to capitalize on these advantage opportunities. This study contributes to this discussion by analyzing the linkages between the asset base of the firm, characteristics of the operating environment and the firm's entry timing orientation. To shed light on the relationship between the entry timing strategy and competitive advantage, this study utilizes the concept of entry timing orientation. The rationale for choosing this type of approach arises from the inability of previously employed research tools to reach the underlying factors that result in entry timing advantage. The work consists of an introductory theoretical discussion on entry timing advantages and of four research publication. The empirical findings support the understanding that entry timing advantage is related to the characteristics of the firm's operating environment but may also be related to firm-specific factors. This in turn suggests that some of the traditional ways of detecting and measuring first-mover advantage - which to some extent ignore these dimensions - may be outdated.

Supporting older people’s independent living at home through social and health care collaboration

Tässä tutkimuksessa tarkasteltiin ikäihmisten kotona asumista sosiaali- ja terveydenhuollon yhteistyön näkökulmasta. Tutkimuksen tarkoituksena oli lisätä ymmärrystä iäkkäiden kotihoidon asiakkaiden voimavaroista arjesta selviytymisen näkökulmasta, ja tutkia miten asiakkaiden hoito sosiaali- ja terveydenhuollon yhteistyönä toteutuu. Tutkimus oli poikkileikkaustutkimus, jossa sovellettiin kuvailevaa ja vertailevaa tutkimusasetelmaa. Tutkimusaineisto kerättiin yhden länsisuomalaisen kunnan kotihoidon asiakkailta (≥65 v.) ja heitä hoitavilta ammattihenkilöiltä. Kotihoidon 21 iäkästä asiakasta kuvasivat omia voimavarojaan arjesta selviytymisen näkökulmasta sekä kokemuksiaan hoidon toteutumisesta ammattihenkilöiden yhteistyönä. Aineisto kerättiin avoimella haastattelulla ja analysoitiin sisällön analyysillä. Lisäksi 25 kotihoidon ammattihenkilöä: 13 kotipalvelun työntekijää, 11 kotisairaanhoitajaa ja lääkäri kuvasivat kokemuksiaan iäkkään asiakkaan hoidon toteutumisesta ammattihenkilöiden yhteistyönä. Aineisto kerättiin fokusryhmähaastattelulla ja analysoitiin sisällön analyysillä. Näiden tulosten sekä aikaisemman kirjallisuuden perusteella laadittiin strukturoitu kyselylomake, jolla analysoitiin ja vertailtiin asiakkaiden ja ammattihenkilöiden näkemyksiä siitä, miten asiakkaiden hoito sosiaali- ja terveydenhuollon yhteistyönä toteutui. Esitestausten jälkeen kyselylomake lähetettiin 200 kotihoidon asiakkaalle ja 570 heitä hoitavalle kotihoidon työntekijälle: 485 kotipalvelun työntekijälle, 81 kotisairaanhoitajalle ja 4 lääkärille. Kyselyyn vastasi 120 asiakasta (60 %) ja 370 ammattihenkilöä (65 %). Ryhmien välisten erojen tarkastelussa käytettiin ristiintaulukointia, Pearsonin khin neliötestiä ja Fisherin tarkan todennäköisyyden testiä. Iäkkäiden asiakkaiden kuvauksissa voimavarat muodostuivat elämänhallinnan tunteesta ja toimintatahdon säilymisestä. Asiakkaat ammensivat arkeen voimaa harrastuksista ja sosiaalisesta verkostosta, mutta ulkopuolisten asettamat elämisen ehdot, terveydentilan heikkeneminen sekä yksinäisyys asettivat ikäihmisen ja hänen voimavaransa suurten haasteiden eteen. Tulokset osoittivat, että ammattihenkilöiden toiminta oli osittain ristiriidassa ikäihmisten omien odotusten kanssa, eikä se kaikilta osin tukenut asiakkaiden omia voimavaroja. Ammattihenkilöt tekivät hoitoon liittyviä päätöksiä ja toimintoja asiakkaiden puolesta, vaikka asiakkaille itselleen oli tärkeää elämänhallinnan tunne ja toimintatahdon säilyminen. Asiakkaiden voimavarojen tukemista moniammatillisena yhteistyönä vaikeuttivat ammattihenkilöiden vaikeus tunnistaa asiakkaiden omia voimavaroja sekä niitä uhkaavia tekijöitä, tiedon kulun ongelmat, tavoitteeton ja epäyhtenäinen tapa toimia sekä ammattihenkilöiden vastakkain asettuvat näkemyserot ja toimintatavat. Asiakkaiden ja ammattihenkilöiden näkemykset toteutetusta hoidosta erosivat toisistaan tilastollisesti merkitsevästi (p<0.05). Asiakkaat arvioivat sekä itsenäiseen toimintaan tukemisen että fyysisen, psyykkisen ja sosiaalisen tuen toteutuneen työntekijöitä huonommin. Yhteistyön kehittämishaasteita kotihoidossa ovat asiakkaan oman elämänsä asiantuntijuuden vahvistaminen, toimintakulttuurin muuttaminen asiakaslähtöiseksi tavoitteelliseksi toiminnaksi, ammattihenkilöiden roolien ja vastuun selkiyttäminen sekä tiedon kulun menetelmien kehittäminen. Tutkimus vahvistaa gerontologisen hoitotieteen tietoperustaa ja tuottaa uutta tietoa, jota voidaan soveltaa sosiaali- ja terveysalan koulutuksessa ja johtamisessa

Proactive and Preventive Student Welfare Activities in Finnish Preschool and Elementary School: Handling of Transition to Formal Schooling and a National Anti-Bullying Program as Examples

Prerequisites and effects of proactive and preventive psycho-social student welfare activities in Finnish preschool and elementary school were of interest in the present thesis. So far, Finnish student welfare work has mainly focused on interventions and individuals, and the voluminous possibilities to enhance well-being of all students as a part of everyday school work have not been fully exploited. Consequently, in this thesis three goals were set: (1) To present concrete examples of proactive and preventive psycho-social student welfare activities in Finnish basic education; (2) To investigate measurable positive effects of proactive and preventive activities; and (3) To investigate implementation of proactive and preventive activities in ecological contexts. Two prominent phenomena in preschool and elementary school years—transition to formal schooling and school bullying—were chosen as examples of critical situations that are appropriate targets for proactive and preventive psycho-social student welfare activities. Until lately, the procedures concerning both school transitions and school bullying have been rather problem-focused and reactive in nature. Theoretically, we lean on the bioecological model of development by Bronfenbrenner and Morris with concentric micro-, meso-, exo- and macrosystems. Data were drawn from two large-scale research projects, the longitudinal First Steps Study: Interactive Learning in the Child–Parent– Teacher Triangle, and the Evaluation Study of the National Antibullying Program KiVa. In Study I, we found that the academic skills of children from preschool–elementary school pairs that implemented several supportive activities during the preschool year developed more quickly from preschool to Grade 1 compared with the skills of children from pairs that used fewer practices. In Study II, we focused on possible effects of proactive and preventive actions on teachers and found that participation in the KiVa antibullying program influenced teachers‘ self-evaluated competence to tackle bullying. In Studies III and IV, we investigated factors that affect implementation rate of these proactive and preventive actions. In Study III, we found that principal‘s commitment and support for antibullying work has a clear-cut positive effect on implementation adherence of student lessons of the KiVa antibullying program. The more teachers experience support for and commitment to anti-bullying work from their principal, the more they report having covered KiVa student lessons and topics. In Study IV, we wanted to find out why some schools implement several useful and inexpensive transition practices, whereas other schools use only a few of them. We were interested in broadening the scope and looking at local-level (exosystem) qualities, and, in fact, the local-level activities and guidelines, along with teacherreported importance of the transition practices, were the only factors significantly associated with the implementation rate of transition practices between elementary schools and partner preschools. Teacher- and school-level factors available in this study turned out to be mostly not significant. To summarize, the results confirm that school-based promotion and prevention activities may have beneficial effects not only on students but also on teachers. Second, various top-down processes, such as engagement at the level of elementary school principals or local administration may enhance implementation of these beneficial activities. The main message is that when aiming to support the lives of children the primary focus should be on adults. In future, promotion of psychosocial well-being and the intrinsic value of inter- and intrapersonal skills need to be strengthened in the Finnish educational systems. Future research efforts in student welfare and school psychology, as well as focused training for psychologists in educational contexts, should be encouraged in the departments of psychology and education in Finnish universities. Moreover, a specific research centre for school health and well-being should be established.

Venäjän talouden vaikutukset venäläisten matkailuun Etelä-Karjalassa

Etelä-Karjala on viime vuosina saanut osakseen merkittävää kasvua venäläisistä matkailijoista. Tax free -myynti on Lappeenrannassa Suomen toiseksi suurinta, heti Helsingin jälkeen. Tämän diplomityön tavoitteena oli selvittää, mitkä muuttujat vaikuttavat venäläisten ostoskäyttäytymiseen Etelä-Karjalan alueella. Muuttujien selvittyä niiden pohjalta rakennettiin neljä skenaariota, jotka kuvaavat vuoden 2014 tilannetta liittyen venäläisten matkailuun Etelä-Karjalassa. Työssä tutkittiin myös tax free -myyntitilastoja, etsien muutoksia ja trendejä venäläisten ostoskäyttäytymisessä. Tax free -myynnissä ja venäläisten yöpymismäärissä oli havaittavissa useita selviä ja toistuvia trendejä. Esimerkiksi ruokaa myydään vähemmän vuoden lopussa suhteessa käyttötavaroihin. Yöpymismäärät olivat selvästi korkeampia loppukesästä ja vuoden vaihteessa. Venäläisten matkailu Etelä-Karjalaan on kasvanut voimakkaasti vuoden 2005 jälkeen. Työssä havaittiin, että yksi merkittävin tekijä tälle on ruplan reaalinen vahvistuminen, joka alkoi vuoden 2005 aikana. Tämän jälkeen kasvu jatkui erittäin vahvana aina vuonna 2008 alkaneeseen taantumaan asti. Toinen merkittävä seikka, jonka vuoksi venäläiset ostosmatkailijat saapuvat Suomeen ostoksille, on tuotteiden ja palveluiden laatu. Näiden kahden asian pohjalta rakennettiin nelikenttämatriisi, jonka tuloksena oli neljä skenaariota.

Paperitehtaan arkittamon kokonaistehokkuuden nostaminen kunnossapitoa kehittämällä

Tämän diplomityön tavoitteena oli tutkia, miten UPM:n Kymin tehtaan A4- arkittamon kunnossapitotoimintaa pystyttäisiin kehittämään niin, että tuotantolaitoksen kokonaistehokkuutta saataisiin kasvatettua. Työssä on pohdittu keinoja nykyisen, pääasiallisesti korjaavan kunnossapitotoiminnan muuttamiseksi suunnitelmalliseksi eri teorialähtökohtien pohjalta. Keskeinen teoria, johon työn tulokset pohjautuvat, on kokonaisvaltainen tuottava kunnossapito (TPM). Kirjallisuuslähteisiin tukeutuvaa tutkimusta täydensivät useat haastattelut, A4-valmistajille suunnattu laitteiden kuntokartoituskysely ja tuotannon- ja toiminnanohjausjärjestelmistä kerätty mittausaineisto. Työn merkittävimmät tulokset osoittavat, että A4-arkittamon kunnossapitotoimintaa tulisi suunnata nykyistä enemmän käyttökunnossapitolähtöiseksi. Käyttökunnossapito perustuu tuotannon operaattoreiden osallistumiseen kunnossapitotoimiin varsinaisen kunnossapitohenkilöstön ohella. Tuotantooperaattoreilla on työnsä vuoksi parhaat mahdollisuudet käyttämiensä laitteiden kunnonvalvontaan ja näin ollen mahdollisten vikaantumisten ennakointiin jo varhaisessa vaiheessa. Ennakoimalla pystyttäisiin parantamaan kunnossapidon suunnitelmallisuutta, minkä ansiosta laitteiden käytettävyys ja sitä kautta tuotantolaitoksen kokonaistehokkuus olisivat nykyistä korkeampia.

Perheyhtiö ja paikallisuus. A. Ahlström Osakeyhtiön historian perintö Noormarkussa

Tutkimus tarkastelee kulttuuriperinnön asemaa perheyrityksen yrityskulttuurin,identiteetin ja yrityskuvan osatekijänä ja sitä, miten historiatietoisuus ohjaa yrityksen toimintaa paikallisen vaikuttavuuden näkökulmasta. Samalla tutkimus selvittää, miten liiketoiminnan laajeneminen ja globalisoituminen vaikuttavat paikallistason toimintaan ja miten yritys käyttää kulttuuriperintöään muutosten hallinnassa. Tutkimus on historiallinen tapaustutkimus. Esimerkkitapauksena on A. Ahlström Osakeyhtiö ja Länsi-Suomessa sijaitseva Noormarkun ruukki, joka on ollut yrityksen omistuksessa 1870-luvulta lähtien. 1800-luvun lopusta 2000-luvulle ulottuva tutkimus perustuu pääasiassa arkistolähteisiin. Tutkimuksessa yhdistyvät kulttuuriperinnön ja liiketaloustieteen tutkimuksen sekä historiantutkimuksen lähestymistavat. Paikallistason toiminnan tarkastelussa tutkimus saa piirteitä myös tehdasyhdyskuntatutkimuksesta. Tutkimuksessa perheyrityksen kulttuuriperintöön sisällytetään aineellisen kulttuuriperinnön ja menneisyyden kuvausten lisäksi yrityksen jatkuvuuteen, omistajuuteen, kotipaikkaan ja yhteiskuntavastuuseen liittyvät perinteet. Tutkimus osoittaa, että historia ja perinteet voivat olla yritykselle voimavara mutta myös hidaste. Perheyhtiön traditio on kestänyt liiketoiminnallisista ja organisatorisista muutoksista huolimatta. Suvun rooli yhtiön sisällä on kuitenkin muuttunut. Perhejohtajuudesta on siirrytty sukuomistukseen. Ahlström on tyyppiesimerkki siitä, miten yritykset korostavat historian avulla toimintansa jatkuvuutta, luotettavuutta, uskottavuutta ja innovatiivisuutta. Yritys on rakentanut historiallista yrityskuvaansa muun muassa museoiden, näyttelyiden ja julkaisujen avulla. Yrityksen suhde historialliseen kotipaikkaansa, Noormarkkuun, on ollut poikkeuksellisen kiinteä. Noormarkun ruukki on esimerkki siitä, miten yrityksen menneisyyteen liittyvistä paikoista voi muodostua symbolisia muistin paikkoja. Historiatietoisuus synnyttää ja ylläpitää paikallisvastuuta, joka on ilmennyt eri aikakausina eri tavoin. Ruukin toimintoja on kehitetty, kun vanhat toiminnot ovat päättyneet. 2000-luvulla yritys hyödyntää kulttuuriperintöään liiketoiminnan resurssina, paikallisen liiketoiminnan ja matkailun kehittämisen lähtökohdista. Kansainvälisissä tutkimuksissa historian aktiivista käyttöä yrityksen strategisessa suunnittelussa kuvataan käsitteellä history management. Suomessa aihetta on toistaiseksi tutkittu vähän. Tutkimus on siten avaus yrityksiä kulttuuriperinnön säilyttäjinä ja käyttäjinä koskeville keskusteluille.

The Challenges and Opportunities of e-Commerce in Fashion Branding from an e-Trust and e-Loyalty Perspective

This thesis discovers the main challenges and opportunities that e-Commerce brings to the fashion industry and to the process of building brand trust and loyalty in particular. The field of e-Commerce is investigated and the findings, benefits and challenges, are implemented into companies’ branding strategies. Then, the effect of companies’ online branding actions on customers’ behaviour is studied. New perspectives and ideas are developed for fashion retailers to build trust online and increase the number of customers who continuously utilize brand’s products and services.

A Digital Repository for the Herbarium Collection of Brasília Botanical Garden

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Social Networking Sites as a part of Medical Device Manufacturer's Marketing Communications

The purpose of the thesis is to examine how a medical device manufacturer can exploit social networking sites as a part of its everyday marketing communications. The ultimate goal is to create an ideal process of developing marketing communications in social networking sites as a medical device manufacturer with the help of theoretical knowledge and hands-on experience. Theoretical part examines the traditional process of developing marketing communications, defines social networking sites and presents marketing activities carried out on these sites as well as introduces the characteristics of healthcare technology industry. Empirical part is collected through participation in medical device manufacturer’s marketing operations and by observing effects of different factors and actions on social media marketing. In addition, completed interviews and a meeting with company’s personnel have been utilized for data collection. This part offers comprehensive information on the examined company’s current marketing operations, industry, and activities carried out on social networking sites. As a result of the thesis a comprehensive process description of integrating and using social networking sites as a part of company’s marketing communications was formed. With the help of the process description factors and actions which have an effect on marketing operations in social networking sites are presented and methods for further developing these activities are introduced.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.

The effects of added glycerol or unprotected free fatty acids or a combination of the two on silage intake, milk production, rumen fermentation and diet digestibility in cows given grass silage based diets

Selostus: Väkirehuun lisätyn glyserolin tai vapaiden rasvahappojen tai näiden yhdistelmän vaikutus maidontuotantoon ja pötsifermentaatioon ruokittaessa lypsylehmiä säilörehuun perustuvalla ruokinnalla

Effect of different potassium sources on the seasonal variation of potassium and free polyamines in scots pine needles

Summary

The effect of free or restricted acidified milk feeding of Finnish Ayrshire bull calves on the subsequent fattening and slaughter performance

Selostus: Vapaan ja rajoitetun maitojuoton vaikutukset ayrshiresonnien kasvuun koko kasvatuskauden aikana ja teurastuloksiin