Time filter

Source Type

Iosep C.,Bucharest Academy of Economics Studies
Metalurgia International | Year: 2010

Optimal control deals with the problem of finding a control law for a given system such that a certain optimality criterion is achieved. A control problem includes a cost functional that is a function of state and control variables. An optimal control is a set of differential equations describing the paths of the control variables that minimize the cost functional. The optimal control can be derived using Pontryagin's maximum principle (a necessary condition), or by solving the Hamilton-Jacobi-Bellman equation (a sufficient condition). Source

Oprescu G.,Bucharest Academy of Economics Studies | Paun M.,Bucharest Academy of Economics Studies | Mihalcea M.,Ecologies and Defense Research Center | Paun R.,Bucharest Academy of Economics Studies | Boscoianu M.,Henry Coanda Academy
Economic Computation and Economic Cybernetics Studies and Research | Year: 2010

Low interest rates and easy access to credit for a number of years prior to the crisis fueled the real estate market boom and encouraged debt-financed consumption. That led to a significant percentage of indebted population that, in turn, had to resize and restructure consumption. This reduction in aggregate consumption that manifests both quantitatively and qualitatively is also reflected in fewer jobs, higher unemployment and reduced liquidity in the banking system. As a result, demand dynamics varies both quantitatively and structurally and companies are challenged to anticipate these changes. The main decision-making tools available to firms are: investments, prices of goods produced and output structure. By using these two categories of decision-making tools, companies can optimize various economic and financial objectives (firm's value maximization, profit maximization, market share maximization, etc). In order to model these aspects, a computer program was developed to test certain assumptions about different business decisions and their impact on firm's objectives. The simulation highlights the importance of decisions on company's business objectives on a discontinuous horizon held over several periods of time. Source

Enusi M.,Bucharest Academy of Economics Studies | Iosep C.,Bucharest Academy of Economics Studies
Metalurgia International | Year: 2010

The whole world economical crisis has disclosed serious problems that most of the countries confront in the 21st century, and its effects have been present in Romania in their whole plenitude since January 2009, although its amplitude will be smaller than in the European Union. The real crisis from Romania does exist. It has deep bases and problems in the structural deficiencies of the Romanian economy and society, some of them inherited from the communist period, others created during the transition period. It is a normal and native crisis, predictable but ignored by the all governments. The external financial crisis effects mainly the direct investments from Romania, cash sent by the Romanian workers from abroad and Romanian exports. Most small and medium Romanian enterprises are predisposed to failure more quickly and due to independent reasons from the objectives they proposed. They confront with shortage of credits, cash and sustenance founds of them. So, small and medium Romanian enterprises represents the backbone of the Romanian economy and their financizing is essential for research and development and application of knowledge, as alternative solutions in crisis periods, in doing so the mechanisms economical activity will be re-launched. Source

Iliescu R.A.,Bucharest Academy of Economics Studies | Buruiana V.,Bucharest Academy of Economics Studies | Popov E.,Bucharest Academy of Economics Studies
Metalurgia International | Year: 2010

Under the conditions of Romania's transition to a market economy, the managers face complex problems and new situations, and they need to provide the effective use of resources while finding various ways to guarantee long-term company efficiency. The efficiency includes the ability to identify correct and safe directions for the future (the best technologies to follow, organizational structures to apply and the best management methods and techniques to use). Among the causes which determine the high death rate of small and medium-size companies, the non-realistic assessment of the financing needs of their activities is a priority. The companies' assets are financed through own contribution and attracted capital. Between these two financing sources there has to be a balance. The failure to achieve this balance generates high risks both for the company's creditors as well as for the company itself. Knowing the financing sources that a company can resort to at a given moment in order to finance the investments and current activity is, therefore, of special importance. Source

Discover hidden collaborations