Various challenges face Building Information Modeling (BIM) application in construction projects. The primary goal of this research is to identify the key challenges in the form of risks that considerably impact BIM application in the construction industry. Also, this research aims to analyze and evaluate the impact of these risks on the accuracy and efficiency of BIM application. A multi-stage field survey approach was employed and two innovative risk factor indices, namely the Risk Factor Indices for both BIM Accuracy and Efficiency, were utilized to assess and rank the severity of the verified risk factors. Fifty-six risk factors that had an impact on BIM accuracy and efficiency were presented and divided into four groups, including technology issues, managerial issues, financial matters, and legal regulations. Based on a thorough discussion and analysis, it was determined that managerial issues represent the highest risk category, while the lowest risky group was linked to legal regulations. The results indicated that the "Inadequate project management and top managers experience" risk factor had the highest probability of occurrence, and also had the highest influence on BIM efficiency. On the other hand, the risk factor of "Lack of available skilled personnel, or replacement of experienced employees" risk factor had the highest influence on BIM accuracy. The planning process had the highest enhancement through implementing BIM. This study introduces a strategy for improving the comprehension of the risks that restrain BIM and sets the groundwork for future research and advancements in BIM application in constructions.
The financial industry faces increasingly complex challenges in managing various types of risks that threaten the stability and sustainability of its operations. The global financial crisis of 2008 provided valuable lessons on the importance of an integrated and comprehensive risk management system. This event prompted regulators and practitioners to adopt a more holistic approach to identifying, measuring, and controlling risk.
This article discusses the challenges of strategic risk management in the supply chain operations of the oil and gas industry in Uzbekistan. Using the case of JSC ‘Uzbekneftegaz’, the study identifies critical weaknesses in the current material and technical supply (MTS) system, including a high level of import dependency, fragmented data, and a low level of digital maturity among suppliers. The need for a shift from reactive to predictive planning is supported by the use of digital tools and advanced analytics. The author proposes three innovative tools for predictive planning — PIRSP (Predictive Index of Risk of Supply Problems), PESI (Predictive Evaluation of Supplier Integrity), and DLI (Digital Literacy Index). These tools allow for a quantitative assessment of supply disruption risks, supplier resilience, and levels of digital integration. The paper concludes that predictive planning has a high potential to strengthen supply chain resilience, reduce operational costs, and enhance strategic agility for oil and gas companies.
AbstractThis study investigates the effect of diversification in the underwriting activities and insurance portfolio on the level of risk-taking in the investment activities of insurance companies. According to the coordinated risk management hypothesis, it is expected that there is a negative relationship between investment risk and underwriting risk of insurance companies. To examine the effect of insurance portfolio diversification as independent variable on the level of asset risk-taking as dependent variable, ordinary least squares and two-stage least squares regression models were used. Also, alternative measures of diversification and asset risk-taking, and an event study were used to do a robustness check and support the results. The research sample includes 29 direct insurance companies and covers the period from 2006 to 2023. The findings showed that consistent with coordinated risk management hypothesis, insurance companies that have a more diversified insurance portfolio take more asset risk than those with a less diversified insurance portfolio. The results were robust to corrections for alternative diversification and asset risk measures and potential endogeneity bias of variables.IntroductionRisk management is of increasing importance to companies. The traditional risk management theory focuses on the use of hedging to reduce total firm risk. By contrast, the coordinated risk management theory argues that risk management can be used to allocate risk among multiple risk sources, rather than to reduce total risk. Indeed, the coordinated risk management is the substitution of core-business risk for homogeneous risk. In the insurance industry, Underwriting activities are considered as the core-business risk and investment activities are considered as the homogeneous risk. According to the coordinated risk management theory, it is expected that diversification of insurance portfolio redistributes risk between underwriting and investing. This study investigates whether diversification of insurance portfolio affects risk-taking in investment activities of insurance companies.MethodsAccording to the coordinated risk management hypothesis, the greater (less) diversification in the insurance portfolio, which reduces (increases) the underwriting risk, the greater (less) the investment risk. Thus, the research hypothesis can be stated as follows: diversification in insurance portfolio leads to greater risk-taking in assets (investments). The following regression equation illustrates the relationships between variables according to this hypothesis:where is the level of asset risk-taking, represents both diversification extent () and diversification status () and others (: firm size, : Geographic Diversification, : financial leverage, : extent of reinsurance, : extent of centeral ownership, : extent of managerial ownership, : long-tail line, : combined ratio, : returne of assets, : insolvency risk, : year fixed effects) are control variables. To test the research hypothesis, the regression equation is estimated with different risk-taking measures and diversification measures using ordinary least squares and two-stage least squares (2SLS) regression models.Discussion and ResultsThe results of estimation of multivariate regressions of risk-taking in assets on diversification status and extent show the coefficient estimates on diversification measures are consistently positive and significant across all regression models. The positive sign of coefficient of implies that diversified insurance companies take more risk in their investments than non-diversified insurance companies. Similarly, in the (diversification extent) regressions it is found that as an insurance company becomes more diversified, it correspondingly takes more risk. Several results for control variables are noteworthy. The sign of the coefficient on is positive and significant in all regressions, providing some evidence that large insurers are able to take more risk. The negative coefficients on support the hypotheses that highly levered insurers take less risk in their portfolios to assuage the agency problems. According to expectation it was found that coefficients on are positive, suggesting that reinsurance is a substitute of business line diversification.ConclusionThe results of the model estimation showed that insurance companies that have a diverse insurance portfolio, and were identified as diversified insurance companies in this study, invest more in risky assets and allocate a greater proportion of their assets holding to risky assets than insurance companies that have a non-diversified or less diversified insurance portfolio. Thus, by reducing the risk of underwriting activities as core-business risk, they increase the risk of investment activities as their homogeneous risk.
Political institutions and public administration (General)
# Background
Medication errors, particularly those involving enteral devices, have been a persistent challenge in healthcare settings. The introduction of the ENFit system aimed to mitigate these errors by standardizing enteral device connectors, thus reducing the risk of misconnections and enhancing patient safety. This paper describes a quality improvement project that sought to transition from legacy enteral devices to ENFit-compatible devices within a Level I trauma facility in south-central Pennsylvania. The study was conducted in a 525-bed facility serving various inpatient and outpatient services. The project was initiated in March 2022, with a focus on areas where patients required enteral devices, including ambulatory sites.
# Methods
The project utilized the Plan, Do, Check, Act (PDCA) model to guide the transition to ENFit enteral devices. Various interventions were employed, including conducting audits, assessing product inventory, updating surgeon preference cards, and educating staff and patients. Compliance with the ENFit transition was assessed through audits, with a focus on visualizing and managing enteral devices as ENFit. The project resulted in a progressive increase in compliance, ultimately achieving 100% ENFit management, with no reported misconnection safety events.
# Results and Conclusion
The project had a positive impact on patients, staff, and the organization by enhancing patient safety and reducing costs. Effective communication and a positive approach were critical to the success of this transition. The results suggest that with a concerted effort and a focus on standardization, the transition to ENFit-compatible enteral devices can improve patient safety and overall healthcare quality.
# Plain Language Summary
Change is hard, but it can be even more challenging for a large hospital or healthcare system to switch from a traditional and familiar medical device to a new one, throughout the entire organization. A 525-bed Level I trauma facility in south-central Pennsylvania recently took on the major task of updating their stock of feeding tube connectors to the ENFit system, the current industry standard for enteral devices. Continuing to use old "legacy" feeding tubes with adaptors to connect with the new system raised the risk of errors in which medication can be delivered to patients through the wrong route---for example, giving oral medications in a syringe meant for an enteral tube and subsequently given through an intravenous port. To prevent enteral device--related patient safety events, this facility committed to transitioning to using only ENFit tubes for feeding or medication. So how did they do it? A multidisciplinary team used the Plan, Do, Check, Act model to observe how enteral devices were being used, develop and implement changes, review outcomes, and iterate on the process to make improvements. Keys to their success included working closely with vendors and Material Management, educating clinical staff on the importance of preventing misconnections with other bodily system devices and familiarizing them with the new products, updating policies and guides, maintaining clear communication about what was changing and when, and emphasizing the reporting of safety events. This collaborative approach resulted in 100% compliance with ENFit enteral device management, compared to 40% ENFit compatibility before the quality improvement initiative.
The formulation of nationwide goals, strategic plans, and specifically zoned areas for typhoon hazard mitigation and prevention is paramount for addressing the threat in a spatially explicit manner. Utilizing historical rainfall and wind speed data associated with typhoon disasters in the Northwest Pacific and South China Sea from 1949 to 2017, we proposed a comprehensive typhoon hazard zoning delineated based on the assessment of typhoon disaster risks, considering hazard-causing factors, hazard-formative environments, and hazard-bearing bodies through an Analytic Hierarchy Process. High-risk areas were primarily located in the coastal regions of South and Southeast China. Medium-risk areas were situated in the Yangtze River Delta and towns adjacent to Bohai Bay. Low-risk areas were primarily located in the central region of Guangxi, the Guangdong-Hong Kong-Macao Greater Bay Area, the vicinity of Fuzhou, the majority of southern Jiangsu and northern Zhejiang, all of Shanghai, the northern and southern parts of the Shandong Peninsula, the area around Bohai Bay in Tianjin, a minor portion of Hebei, and the three northeastern provinces. Appropriate mitigation measures were proposed to address the threats posed by typhoons in these regions. This information is instrumental in providing reliable support for China in addressing the challenges posed by typhoons.
Abstract Background With the rapid development of China’s chemical industry, although researchers have developed many methods in the field of chemical safety, the situation of chemical safety in China is still not optimistic. How to prevent accidents has always been the focus of scholars’ attention. Methods Based on the characteristics of chemical enterprises and the Heinrich accident triangle, this paper developed the organizational-level accident triangle, which divides accidents into group-level, unit-level, and workshop-level accidents. Based on 484 accident records of a large chemical enterprise in China, the Spearman correlation coefficient was used to analyze the rationality of accident classification and the occurrence rules of accidents at different levels. In addition, this paper used TF-IDF and K-means algorithms to extract keywords and perform text clustering analysis for accidents at different levels based on accident classification. The risk factors of each accident cluster were further analyzed, and improvement measures were proposed for the sample enterprises. Results The results show that reducing unit-level accidents can prevent group-level accidents. The accidents of the sample enterprises are mainly personal injury accidents, production accidents, environmental pollution accidents, and quality accidents. The leading causes of personal injury accidents are employees’ unsafe behaviors, such as poor safety awareness, non-standard operation, illegal operation, untimely communication, etc. The leading causes of production accidents, environmental pollution accidents, and quality accidents include the unsafe state of materials, such as equipment damage, pipeline leakage, short-circuiting, excessive fluctuation of process parameters, etc. Conclusion Compared with the traditional accident classification method, the accident triangle proposed in this paper based on the organizational level dramatically reduces the differences between accidents, helps enterprises quickly identify risk factors, and prevents accidents. This method can effectively prevent accidents and provide helpful guidance for the safety management of chemical enterprises.
With the advancement of Industry 4.0, the manufacturing industry is working to create a new smart industrial world through computerization, digitization and intelligence enhancement. Gen AI is primarily characterized by its ability to generate novel data patterns and solutions rather than merely analyzing predefined data inputs. This paper explores the transformative impact of Gen AI on supply chain efficiency in industrial engineering and logistics. Key applications include inventory optimization, predictive maintenance, fraud detection, risk management, logistics optimization, and demand forecasting. The study shows that Gen AI significantly improves operational efficiency and reduces stress for industrial workers by providing dynamic data-driven solutions. Through real-world case studies, including companies, this study demonstrates how Gen AI can revolutionize supply chain management and increase productivity. Despite its significant benefits, Gen AI still faces several challenges due to its cutting-edge nature. Further, in-depth research is needed in the future as the number of relevant cases and literature increases.
Lena Farsiah, Euis Amalia, Desmadi Saharuddin
et al.
Research aims: Risk management in financial institutions struggles with setting suitable capital charges for operational losses, resulting in large, disproportionate reserves that impact profits. This study, therefore, aims to develop a tailored operational risk measurement model for general takaful companies, addressing this challenge and optimizing capital allocation.
Design/Methodology/Approach: This study employed a hybrid approach, merging the loss distribution approach (LDA) with historical data and scenario analysis for insurance company loss events. Compiling data into distributions, it utilized Monte Carlo simulations to determine value at risk (VaR). The resulting VaR guided the calculation of operational risk capital charges for future periods.
Research findings: Measurement using the hybrid method could produce more adequate operational risk capital charges. These results confirm the acceptability of the VaR calculation and have been validated by the Kupic test.
Theoretical contribution/Originality: This research offers a more comprehensive alternative method of measuring operational risk by combining historical company data with expert opinions, making it more likely to be practiced in the industry.
Practitioner/Policy implication: The results of this study put forward an alternative, more suitable model for industry and regulators to measure operational risk management in general takaful companies.
Abstract:
 
 The research paper is based on a study conducted on Risk Management in the Banking Industry with reference to the applicable tools and techniques. For undertaking the analysis of the risk management practices in the Banking Sector based on the secondary data. The emphasis of this paper was to study the complexities of Risk Management in the current scenario, its types & techniques to mitigate the adverse impact of each type. This research paper states about the different tools and techniques and methods used by banks to reduce the risk.
 
 Keywords: Risk Management, Tools and Techniques, Banking Industry.
 
 Introduction:
 
 In banking, a risk management board is a legal development and implementation of a plan to manage anticipated losses. In the financial industry, the board's main focus when taking a risk is to address how vulnerable an enterprise is to misfortune or risk and to protect the value of its resources. To ensure their benefit and sufficiency, banks must take enormous risk. In order to ensure that all risks associated with the bank's operations are identified, estimated, restricted, controlled, eased, and thoroughly investigated, bank supervisors have established a cycle. Identification, estimation, and assessment are all included in risk management to reduce the effect of the gamble on banks' financial standing. Their main objective is to reduce the dangers by utilizing pre laid changes by Banks.
 
 Research Gap:
 
 Every business, whether it is monetary or non- monetary carries some level of risk. The Risk manager to identify the risk is very important in this way. Risk management professionals begin by identifying the frauds, then look at the factors, evaluate the fraud, and reduce the risk. Greater chance the risk management board strategies provide early warning signals so that the risk mitigation may be attended to in due course. Formerly, natural disasters like fires, earthquakes, floods, and other common calamities were simply viewed as random events, and models, equipment, and mechanisms for protected guards were used to help control the risk. The management of various risks has, nevertheless, become increasingly important in the current era of a rapidly changing global economy.
 
 Problems of the Study:
 
 Due to their management's absolute failure to effectively manage risk and credit organisation, business banks in the recent past saw an increase in their non-performing credit portfolios. Due to this problem, commercial banks experienced substantial bad debt levels, and financial experts classified a number of additional banks as distressed institutions.
 
 Overexposure to risk can result in bank disappointment and have a significant impact on a wide number of people due to the massive size of some banks. Governments can establish better regulations to support sensible administration and independent direction by having a better awareness of the risks posed to banks. Financial investors' decisions are also influenced by a bank's capacity to manage risk. Even if a bank can generate significant profits, a lack of risk management might reduce profits due to bad experience with loans. Relatively decent investors are obligated to invest money in a bank that can provide benefits and isn't taking an unnecessary risk of becoming bankrupt. The government's regulatory reforms, rising consumer demands, cybersecurity breaches, fraud and identity theft, ineffective internal processes, increased competition, etc., are major issues that banks must deal with in order to reduce risk.
 
 Objectives of the Study:
 
 To study the risk management processes in the banking industry.
 
 To study the types of risk in the banking industry.
 To analyze the tools and techniques to mitigate the risk in the banking industry.
The relationship between the real estate market and the banking industry has always been concerned, and its fluctuation may have a significant impact on the banking industry. In order to deeply understand this influence mechanism, this study uses DCC-GARCH model to analyze the sample data from 2012 to 2022, and reveals the volatility linkage between the real estate market and the banking industry, so as to more accurately analyze the risk transmission effect, with a view to providing support for risk management and policy formulation and helping to establish a more stable and sustainable financial system.
[Purpose/Significance] ChatGPT, an artificial intelligence chat robot based on transformer neural network that was developed by OpenAI, has now leveled up to GPT-4 and GPT-4 Turbo. solves the problem of peer-to-peer response in human-computer interaction with its powerful natural language processing ability. Its abilities of information retrieval, language organization, logical reasoning and text induction meet the needs of library users, which makes the transition from a traditional library to a smart library with a return to knowledge service possible. The paper focuses on the development trends in the library field in the era of artificial general intelligence. [Method/Process] Based on the background of the library development in the computer age, the paper reveals the dilemma of library knowledge service through retrospective and comparative methods, pointing out the endogenous growth value of ChatGPT's high-quality analysis, demonstration and generation ability with multi-modal and full-scene deep interaction for smart library services. Library service presents a new mirror image from the perspective of ChatGPT: intelligent retrieval covers all traditional service, while the focus of information consultation, subject service and reading promotion shifts and the service margin becomes blurred. Information consultation retains the necessary share of traditional consultation, and becomes professional and focused; subject service moves forward to the frontier of all-disciplinary field; reading promotion realizes the accurate docking between the collection and the target population. The potential risks and challenges posed by ChatGPT include copyright risk and secondary institutional copyright risk with plagiarism, simulated viewpoint and the exposure of data. This urges the society to regulate the development behavior of technology companies through legislation, and requires third-party supervision and local area networks to ensure security. [Results/Conclusions] On the basis of saving human resources and management costs, ChatGPT accelerates the optimization of traditional library services, improving service quality and efficiency. It may facilitate the transfer and reorganization of traditional library services, but this does not necessarily lead to the end of the library industry. On the contrary, it makes possible for the library industry to return to the knowledge service with the blessing of new technologies. It is inevitable to consolidate divisions, streamline personnel and rebuild teams, but the process may not be perceptible or even dramatic. The service standards and evaluation system of the library industry change from borrowing and returning books, click rate and pageview to the depth and efficiency of teaching and scientific research participation. Knowledge service becomes clear and conscious. The threat of digital books and electronic reading has been greatly reduced, making it easier for the library industry to confirm its position in the social and historical development.
Bibliography. Library science. Information resources, Agriculture
Maria Xofi, José Carlos Domingues, Pedro P. Santos
et al.
Understanding the impacts of multi-hazard risk in urban areas is a fundamental step towards the adoption of resilience-enhancement and disaster prevention strategies, underpinning institutional adjustments aimed at improving the capacity of the authorities and stakeholders to manage risk. Within this framework, the work presented in this paper seeks to identify and analyze a set of exposure and buildings’ physical vulnerability indicators to be used as input to a parametric-based seismic vulnerability assessment methodology for the unreinforced masonry (URM) building stock of Lisbon Metropolitan Area (LMA). For this approach, data from the 2011 Census survey are used to define the parameters describing the building’s physical vulnerability and characterise the level of exposure in the study area. These results are then combined with the hazard component into a GIS tool. Seismic vulnerability results are presented for the URM building stock in LMA, and a more detailed analysis is conducted for the building stock of Setúbal municipality. Finally, risk outputs are presented and briefly discussed. Ultimately, understanding the impact and extent of multi-hazards can help prioritize resilience-increasing actions and disaster prevention measures to mitigate and manage natural hazards.
Alireza Arabameri, Subodh Chandra Pal, Romulus Costache
et al.
Spatial modelling of gully erosion at regional level is very relevant for local authorities to establish successful counter-measures and to change land-use planning. This work is exploring and researching the potential of a genetic algorithm-extreme gradient boosting (GE-XGBoost) hybrid computer education solution for spatial mapping of the susceptibility of gully erosion. The new machine learning approach is to combine the extreme gradient boosting machine (XGBoost) and the genetic algorithm (GA). The GA metaheuristic is being used to improve the efficiency of the XGBoost classification approach. A GIS database has been developed that contains recorded instances of gully erosion incidents and 18 conditioning variables. These parameters are used as predictive variables used to assess the condition of non-erosion or erosion in a given region within the Kohpayeh-Sagzi River Watershed research area in Iran. Exploratory results indicate that the proposed GE-XGBoost model is superior to the other benchmark solution with the desired predictive precision (89.56%). Therefore, the newly built model may be a promising method for large-scale mapping of gully erosion susceptibility.
Objective
Trademark is one of the most important intangible assets of the companies, which includes the brand name of the products and the brand name of the company. Due to the high level of competition in the market, a strong brand can help the company be distinguished from the market and explain why its products or services have the ability to meet the needs of customers in a unique way. Therefore, this study aims to analyze the customers’ behavior in the banking industry by examining the existing literature in the field of brand name based on the model derived in the research findings. The selected model can help the banking industry choose a reputable brand in the market and can also be of help in the process of creating a brand in the global market. Given the importance and necessity of this issue, the factors that influence the choice of a brand name should be examined to develop a native pattern based on existing and newly known variables.
Methodology
Mixed method was used in the present research including qualitative and quantitative analysis. The qualitative strategy of the present study is based on the grounded theory method (GTM) and the quantitative strategy is conducted using the structural equation model (SEM) based on the Glaser and Strauss model. The statistical population includes marketing and banking experts and managers (board members and managers of several private and public banks) to analyze customer behavior who were selected using theoretical sampling method. The structural equation modeling was conducted using partial least squares method based on variance. The statistical population, more than 100,000 people, includes the selected customers of Bank Mellat in Golestan province with a long history of working with the bank.
Findings
According to the codes which were obtained from the interviews, the 260 final codes were extracted in the form of 90 concepts and 23 main categories. As a result, the quantitative study dimensions including brand activities, brand performance, brand comparative evaluation and evaluation of brand behavioral principles related to brand evaluation variable were identified through customer behavior analysis (phenomenon-centered).
Conclusion
According to the findings of the qualitative part (the identified codes), the relationship between dimensions and variables and structural equation model of the research were confirmed using LISREL software. It was then found that the causal variable have an impact on effective and acceptable coefficient of significance, on the phenomenon-centeredness; besides, underlying conditions and interfering factors affect strategies and strategies on outcomes. The results of qualitative data analysis, based on grounded data theory, determined the conditions affecting the banks and financial institutions activities to develop a brand valuation model. According to the results, providing long-term benefits can lead to reduction of financial risk and maintaining and increasing liquidity while changing customers' attitudes, strengthens the need to identify expectations and patterns of customer attitudes and analysis. Creating a distinctive mental image in the minds of customers and strengthening the customer relationship management system are essential measures for survival and growth in the financial services market. In addition, the results of identifying the underlying conditions in developing a banking brand valuation model highlights the intensification of competition between banks, perceived risk, diversity of decision-making models based on individual differences of customers and the complexity of financial activities.
Objective: Costing systems are among the foundations that have gained prominence in the new world of cost management. The purpose of this study is, by innovation and contingent theories, to investigate 1. What constructs should be selected for successful implementation of costing systems? 2. Why there is a gap between theory and practice in these systems? In this regard, the influence oforganizational, technological, environmental, costs and other factors relating to the PFABC system, as the most contemporary ABC system, were investigated. Methods: This research adopts the quantitative approach and survey method. First, by library research approach and utilizing the literature of innovation and expectancy theories, a conceptual model was developed. Second, by adopting content analysis, the major imputing constructs of the framework were identified and tested. A five scale Likert type of questionnaire was employed to collect necessary data. The validity and reliability of the questionnaire was tested by the face validity and Crohnbach's alpha, respectively. The statistical population consists of all the Tehran Stock Exchange (TSE) companies. In 2018, 450 questionnaires were sent to (TSE) corporate executives and 262 usable responses were collected. Structural Modeling equations, SPSS and SMARTPLS softwares were used to analyze the results. Results: By introducing a comprehensive framework, the results showed that all constructs relating to organizational (management's support, employee's support, education, type of the industry, organization's size, and tendency of management towards risk), technology, (product variety, product complexity, and volume of the overhead) environment (type of the organization's strategy, competition, role of the government, and culture) cost factors (implementation costs and maintenance costs of the system), and other construct (cost saving, integration of the system, and timing of the system implementation) had a positive and significant effect on the implementation of the PFABC costing system. The environmental factors with the coefficient of (0.997) had the greatest impact, followed by cost factors (0.996), technology factors (0.993) and organizational factors (0.981) respectively. However, there was no meaningful relationship between the constructs related of other factors (desire to save, system integration and time of system implementation) and implementation of the PFABC costing system. Conclusion: The most important constructs that influence the successful implementation of a costing system are relating to organizational, technological, environmental and cost factors. These are also the major factors responsible for the existence of a gap between theory and practice. The application of ABC, TDABC, and PFABC among TSE firms, was 6.1%, 0.04% and 0% accordingly, hence, there is a huge gap between theory and practice.
Reza SEYEDSHARIFI, Mohammad GHADIMI, Nemat HEDAYAT EVRIGH
et al.
The main objective of the livestock industry, as an economic production system, is to increase production efficiency through changes
in performance and to increase economic productivity. Therefore, in designing genetic improvement programs for domestic animals, it
is necessary to pay attention to recognizing the system of production and the factors affecting its performance and the profitability of
systems, that is, revenues and costs. For estimation of market liquidity flow and economic returns, using a bio economic model, data on the
revenues and costs was used of traditional and industrial cattle in Ardebil province during the years 2012-2016. The nourishment method
based on the type of management was divided into two methods: traditional nourishment (in pasture) and industrial nourishment. The
results of this study showed that the highest share of revenue and costs of nourishment units was related to milk sales and nutritional costs
in both systems respectively. The investment risk level for industrial systems with different levels of milk production (high production,
average production and low production) and the traditional system were estimated to be 0.032, 0.078, 0.030 and 0.013, respectively
using standard deviation that these numbers represent the degree of deviation of the real result from the average result with medium
returns which shows the high risk of investment in industrial dairy cattle compared to traditional dairy cattle. In both systems, the highest
estimated relative significance was related to production traits, followed by survival and growth traits, respectively and the least value
was related to reproductive traits.
The Article is dedicated to research of the ways to achieve Russia’s strategic goals in the sphere of industrial development under the conditions when import substitution has become one of the main governmental policy trends over the recent years. It is shown that the industrial policy should be underpinned by the project management in order to ensure sustainable development of the key sector of the national economy. Systematized are priority methods of long-term support of industrial enterprises aimed at enhancing the competitiveness of domestic products.