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The problems of rational investing, in other words efficient planning and realization of investment projects, are among key problems in development of every enterprise. For successful realization of business plans, enterprise should make use of its internal strengths and available resources from surroundings, and turn them into its competitive advantage. Small and medium enterprises in Serbia are facing low liquidity and a lack of their own funds for investing into long-term and development projects. Therefore, investment projects are conducted with a high participation of loaned funds, mainly credits, with high interest rates and short terms for paying back The sector of small enterprises makes numerous mistakes when creating financial plans. Enterprises don't understand basic parameters of revenues, especially which leverage points manage revenues, and revenues, themselves, are set on a too optimistic level. The time necessary to create revenues is also underestimated. In projections, many significant cost items are underestimated, and some costs are overlooked, which, inevitably, leads to liquidity problems. Needed cash funds are not acquired quickly, so the consequence is a negative cash flow, with all negative consequences in the later life of an enterprise. Such situation dictates necessity of additional caution when assessing investment projects' profitability because investment failures cause large negative consequences, both for an enterprise and a wider area or branch in which it functions. For the assessment of its investment projects small enterprises must use dynamic methods which take time value of money into consideration and which contribute to a better control of cash flows and liquidity of an enterprise. [ABSTRACT FROM AUTHOR]

This paper describes the planning and implementation of patient flows as a key driver of university hospital modernisation in four large tertiary-care institutions in the Republic of Serbia. The project, supported by EU funding, aims to support the interrelated processes of health service delivery changes and major infrastructure investment. Together, the four clinical centres host over 2 million outpatients, 220,000 inpatients and 120,000 operations each year. All four have complete or partial pavilion (standalone) structure (from ten to more than 30 buildings) and fragmented patient flows (eg interrupted patient flow due to limitations of infrastructure and poor service organisation). A main project goal is to centralise facilities and to separate patient flows into four major patient groups (outpatients, day-patients, emergency patients and inpatients) and patients for surgery/intensive care. This paper will provide insights into the challenges and successes of a major hospital infrastructure investment project that combines organisational changes to meet healthcare reform targets for improved health service delivery to patients. [ABSTRACT FROM AUTHOR]