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The main aim of the paper is to propose formalised decision-making model for the selection of suitable parts of raw wood for the production of musical instruments and to decrease uncertainty in the purchasing process. It deals with the problem which was never solved before. The paper presents the methodology of input evaluation, considering the principles of sustainable development. We present by means of a supplier selection example and criteria evaluation, that an outranking approach may be very well suited as a decision-making tool for initial purchasing decisions. We have identified this step from the scientific point of view and from the questionnaire sent to musical instrument producers. There were used the following methods: questionnaire, decision tree and statistical methods of questionnaire processing. Our proposed decision tool/methodology could help on both sides of supply chain – as on the side of raw wood supply as on the side of raw wood demand. Based on the results of scientific research we can say that all assessed hypotheses were confirmed and, in the following, it was designed decision-making model by the method of decision tree. We have developed a conceptual model of buyer’s decision-making uncertainty can be reduced by the buyer’s perceptions of supplier trust, supplier commitment, and supplier dependence. Based on data collected from a questionnaire, our study confirms the negative effect of buyers’ trust in the supplier on their uncertainty in purchase decisions. It helps to optimise the identification, specification and evaluation of key factors for a wood as an input into the production of musical instruments. From the economic point of view, our proposals could help to increase value added in the production of wooden musical instruments and at the same time it could decrease possible waste from the undesirable raw wood input.

Research background: The European Union has laid the foundations of European bioeconomy by publishing Innovating for Sustainable Growth: A Bioeconomy for Europe in 2012 and A sustainable bioeconomy for Europe: strengthening the connection between economy, society and the environment in 2018. These publications have inspired individual countries to develop their national bioeconomy strategy. Purpose of the article: The lack of engagement in the area of bioeconomy appears to be a problem, as individual national strategies differ vastly amongst the countries. For successful bioeconomy development, there is a need to identify and address the differences in these strategies. That is why, we aim our attention at comparing European and Slovak bioeconomy legislative and at analysing to what extent have Slovak legislative implemented aspects of the European legislative. Methods: The methodology of this study relies on document analysis of officially adopted policy strategies and roadmaps in the EU and Slovak Republic. The paper aims at defining the concept of bioeconomy, its relevance for the society and identifying the differences in European and Slovak strategic documents. Findings & Value added: Since Slovakia is a part of EU, it largely transmits the key areas of EU strategies to its own national strategy. Nevertheless, while comparing strategic documents on the two levels, disparities can be find resulting from specific prerequisites, economic situation and other circumstances. The main difference being the extend to what bioeconomy is addressed. While EU places a great importance to this concept, Slovakia does not aim as much attention to it.

This paper investigates the financial aspects of small and medium enterprises (SMEs) in the Slovak wood-processing industry. The aim of the survey was to determine the level of understanding and implementation of financial controlling, and to identify its potential for future implementation. The survey revealed a low level of understanding and implementation of this tool in Slovak wood-processing SMEs, because the use of all analyzed instruments of financial controlling was in small enterprises in a range of 15% and in medium-sized enterprises up to 40%. However, medium-sized enterprises were substantially more equipped than small enterprises at applying and recognizing the benefits of financial controlling. Based on the results of this research, the framework for a standardized model of financial controlling for Slovak wood-processing SMEs was proposed, as a practical way of improving company performance models. [ABSTRACT FROM AUTHOR]