Researchers from Russian State Agrarian University-Moscow Timiryazev Agricultural Academy Detail Findings in Risk Management (Opportunities for the Application of a Model of Cost Management and Reduction of Risks in Financial and Economic …): Insurance – Risk Management

Insurance Daily News

2023 FEB 06 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A new study on risk management is now available. According to news originating from Moscow, Russia, by NewsRx correspondents, research stated, “The development of cloud technologies enables companies to actively implement technologies for cost management and risk reduction in their financial and economic activities.”

The news editors obtained a quote from the research from Russian State Agrarian University-Moscow Timiryazev Agricultural Academy: “The use of cloud-based models of risk management in the financial and economic activities of the enterprise will help small and medium-sized companies in the agro-industrial sector in Russia to make structural and strategic changes, as well as discover new opportunities for business expansion. The purpose of the study is to develop models for cost management and reduction of risks in the financial and economic activities of companies based on the OLAP technology for application in Russian agro-industrial enterprises. The study employs a qualitative approach based on the case study methodology. The paper discloses and substantiates the authors’ conceptual model of a cost management system that allows executives to make decisions proceeding from four types of cost prices. The distinguishing feature of the management system is the use of a digital twin, which makes it possible to manage risks at the early stages of decision-making. The application of OLAP systems improves the quality of analysis and visualization methods as part of the cost management system.”

According to the news editors, the research concluded: “In addition, the study provides practical insight into how the applied model will help small and medium-sized agro-industrial enterprises to develop different business vision strategies based on cost reduction, manage the level of risk at the early stages of decision-making, and analyze information from a geographically dispersed logistics chain of divisions (production facilities, warehouses, stores).”

For more information on this research see: Opportunities for the Application of a Model of Cost Management and Reduction of Risks in Financial and Economic Activity Based on the OLAP Technology: The Case of the Agro-Industrial Sector of Russia. Risks, 2022,11(8):8. (Risks - http://www.mdpi.com/journal/risks). The publisher for Risks is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/risks11010008.

Our news journalists report that additional information may be obtained by contacting Liudmila I. Khoruzhy, Department of Accounting, Finance and Taxation, Institute of Economics and Management of the Agro-Industrial, Russian State Agrarian University-Moscow Timiryazev Agricultural Academy, 127434 Moscow, Russia. Additional authors for this research include Yuriy N. Katkov, Ekaterina A. Katkova, Valeriy I. Khoruzhy, Meri K. Dzhikiya.