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System of indicators for the management analysis of marketing activities

Masterov A.I. graduate student of chair the Accounting and economical activity’s analysis, Russian correspondence institute of financial and economic ( )

Journal: Economic Analysis: Theory and Practice, #42, 2010

This article discusses the peculiarities of management analyses in product and pricing policy. Is a sequence of procedural stages of managerial analysis marketing using indicators on bandwidth.

Enhancing the management of sovereign funds as a source of the Russian economy's development

Masterov A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #33, 2016

Importance The current unstable economic situation in Russia necessitates efficient management and disposal of assets accumulated by sovereign wealth funds to deal with the challenges faced by the Russian society and economy.
Objectives The objectives are to review the foreign practice of sovereign wealth fund management, analyze the Russian practice, work out recommendations on enhancing the efficiency of management to create conditions for structural transformation and development of Russian economy.
Methods The paper employs methods of logical, statistical, and factor analysis.
Results Active investment strategy of sovereign wealth funds involves a higher level of risk and profitability, and under a competent investment policy, it may be successful. Until recently, the management of the Russian Reserve Fund and National Welfare Fund has been conservative. If such an approach is justified by virtue of stabilization purpose of the former, the management of the latter should be based on more active investment policy aimed at higher profitability of assets and risk mitigation.
Conclusions and Relevance The investment strategy of the National Welfare Fund should consider successful examples of asset investment by foreign sovereign funds, the current geopolitical environment and the need to support the Russian economy and its branches. Investment decisions should be carefully elaborated and informed.

Result-oriented planning as a tool to increase the efficiency of budget outlays

Masterov A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #48, 2015

Subject The unstable economic situation leads to price reduction for energy resources and increased pressure on the Russian budget. It is crucial to enhance the efficiency of budget outlays. Result-oriented budgeting may serve as a tool to solve this problem.
     Objectives The study’s objectives are to disclose the role of program-based approaches in budget outlays optimization, to review foreign practice of using special-purpose programs, to describe methods and analytical procedures used in the process of substantiating the optimal alternatives for budget expenditures.
     Methods I apply the systems analysis methods to show possible solutions to increase the efficiency of budget outlays.
     Results The article shows the role of special-purpose programs in budget expenditure planning, the immaturity of the Russian methodology of result-oriented budgeting and its ineptitude to solve the problems of budget expenditure optimization. Based on the reviewed foreign experience, I present a list of analytical procedures to apply them within the cost-benefit analysis. I also provide recommendations on implementing similar approaches in the Russian practice of result-oriented budgeting.
     Conclusions To increase the efficiency of budget expenditures using the program-based approach, it is necessary to develop and implement analytical methods, which enable to search for optimal alternatives of budget outlays realization.

Performance budgeting as a tool to nurture economic growth in Russia

Masterov A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #5, 2018

Importance The article investigates performance budgeting as a tool for anti-recessionary boosting of the Russian economy. It shows how to improve the management of investment projects financed from the State budget.
Objectives The aims are to analyze key problems impeding further economic growth and explain the role of performance budgeting in the implementation of the government’s enabling policies.
Methods Using the methods of dynamic, factor, and systems analysis, I demonstrate the most urgent problems of the Russian economy. They may be solved, if enabling policies are applied by the State, using the result-oriented budgeting.
Results The paper unveils key problems, which hamper further development of the Russian economy, and shows the importance of State enabling policies to solve them. Under economic crisis and scarce budgetary resources, the role of result-based budgeting increases, when the government implements its supportive policies. I substantiate the need to improve investment planning and investment project management.
Conclusions and Relevance Factors underlying the current structural crisis include a high level of depreciation of fixed assets in key sectors of the economy. It affects adversely the productivity and competitiveness of Russian companies and, as a consequence, household incomes and effective demand. Under scarce budgetary resources and investment shortfall, the enabling State policies that are based on performance budgeting are crucial. The article includes recommendations on creating conditions for improving the efficiency of key investment project management.

Developing the budget planning methodology at the stage of result-oriented budgeting formation in Russia

Masterov A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and credit, #17, 2015

Importance Negative trends are typical of the current economic situation of Russia. This causes a real problem to achieve a budgetary equilibrium. The importance of result-oriented approaches in budgetary processes is growing, thus impacting the distribution of the practice to build and execute program-based budgets. However, in Russia the program-based budgeting is only at the initial state of its development. Proper methodological support to budgeting is not available nowadays. Therefore, it is required to create necessary conditions at the State level, especially in terms of methodology.
     Objectives My objectives were to list and describe the key measures that are necessary to develop program-based budgeting; to analyze the current state of analytical support to budgetary planning and identify essential shortcomings; to describe the main characteristics of budget planning methodology and techniques used in foreign countries. Another objective was to demonstrate approaches to the cost-benefit analysis when developing program-based budgets under the cost-benefit method on the case of the marginal analysis principles.
     Methods I used the methods and principles of the systems analysis to show the areas of further improvement of the program-based budgeting in Russia through enhancing the feasibility and efficiency of planning.
     Results I present a list of key initiatives to be implemented at the government level to provide further development of program-based budgeting. I have briefly described the best practices for foreign methodology of budget planning, and listed major techniques for analytical data processing. Based on the marginal analysis principles applied in the context of the cost-benefit method, the paper describes approaches to analyzing costs and benefits during the process of program-based budget formation.
     Conclusions and Relevance I conclude that methodological support to result-oriented budgeting is one of the key conditions of its development in our country, including program classification and the methodology of perspective planning that enables to make reasonable decisions.

Management accounting and analyzing the product mix and pricing policies as a tool to increase corporate effectiveness

Masterov A.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #9, 2015

Importance The current unfavorable economic situation considerably complicates fund raising and ensuring profitability of entities' operations. As a result, it is relevant to improve the efficiency of corporate performance and articulate optimal product mix and pricing policies, in particular. Management accounting data get even more important in this respect.
     Objectives The research strives to review capabilities of CVR analysis as part of information support to managerial decisions on product mix and selling prices planning; identify weaknesses of conventional approaches and ways to eliminate such weaknesses; figure out whether it is possible to further develop the marginal approach to solve more complicated issues by applying mathematical methods in planning the optimal product mix and prices, and considering the limited resource potential; illustrate prospects for putting the given recommendations into practice with a practical example.
     Methods This research uses the methods and provisions of systems analysis, CVP analysis, mathematical programming, thus showing capabilities of analytical instruments for management accounting, and analysis in planning the product mix and selling prices.
     Results We conclude that the conventional CVP analysis fails to solve issues of planning the product mix and selling prices, considering the limited resource potential. It is also necessary to elaborate the optimal combination of the product mix and selling prices. To solve the issues, specific analytical tools should be applied. We discover capabilities of mathematical methods in handling more complicated issues of planning the optimal product mix and selling prices as the issues require considering the relation between price and demand for products and limited resources. Illustrating the case study of a polyclinic that renders fee-based dental care services, we show what results the practical implementation of our proposals can provide.
     Conclusions and Relevance Using approaches of the marginal analysis complemented with the mathematical programming methods, we integrate analytical instruments into management accounting, thus identifying hidden reserves for increasing the efficiency of companies by optimizing their product mix and selling prices without substantial investment.

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