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Actuality of the research topic is conditioned by the importance of investment management in the financial management of economic entities. Maintaining the dominant positions in the top of the best performing enterprises at national and international level can be achieved by applying innovations in improving investment management. The research topic aims are to define the models and principles of directing existing investments in world theory and practice and to implement innovations in investment management at the micro-economic level. The purpose and objectives of the research are to the concept of investment and their classification as well as to study the world practice of training and management of portfolio and capital investments. Determine the particularities of the formation of the optimal portfolio structure, the cost-effectiveness-risk relationship and the method of combating the risk of an investment portfolio. And applying innovations in solving the problems of training, management and combating investment risk. In order to achieve the purpose and objectives of the research, the methods of analysis and research that we have used: analysis, synthesis, induction, deduction, observation, generalization, the complex and systemic methodological approach of contemporary economic concepts. An important contribution was made by the experts Ulrike B. And Radeke J. From the German Economic team Moldova and the economists from Expert Group, who served as guidance and guidance point throughout the entire study, having at their core essential works that contributed enormously to the consolidation of the research level of that work. The results of the research would allow the identification and understanding of the functioning of a system of training and application of innovations in the process of improvement of the investment management of enterprises in the Republic of Moldova., {"references":["1.\tHotărîre Nr. 585 din 12-05-2016 cu privire la Consiliul pentru promovarea proiectelor investiţionale de importanţă naţională Publicat : 20-05-2016 în Monitorul Oficial Nr. 134-139 art. 643","2.\tHotărîre Nr. 274 din 29-05-2019 pentru aprobarea Regulamentului privind modul de elaborare, încheiere și monitorizare a implementării acordurilor de investiții cu privire la proiectele investiționale strategice Publicat : 14-06-2019 în Monitorul Oficial Nr. 193-202","3.\tHotărîre Nr. 274 din 29-05-2019 pentru aprobarea Regulamentului privind modul de elaborare, încheiere și monitorizare a implementării acordurilor de investiții cu privire la proiectele investiționale strategice Publicat : 14-06-2019 în Monitorul Oficial Nr. 193-202","4.\tAnghel G., Avram D., Rolul investițiilor și al mediului de afaceri în dezvoltarea economică. Revista română de statistică, ASE, București, 2018, p.35","5.\tDoval E. Managementul іnvestіțііlor. Bucurestі, Edіtura Fundațіeі Românіa de Mâіne, 2006, p.247","6.\tHîncu R., Bunu M., Dascaliuc D. Bazele activității investiționale. Chișinău, ASEM, 2010, p.\t38"]}

[ES] En esta tesis doctoral se desarrollan modelos de programación matemática para el diseño estratégico-táctico de una red de transporte intermodal que combina dos tipos de problemas de decisiones: la localización de instalaciones y el diseño de la red de transporte. Esta combinación se reconoce en la literatura como problemas combinados LI-DR. El problema combinado se estudia para una situación real y se analizan el comportamiento de la solución óptima, a partir de distintos aspectos como: la disponibilidad del presupuesto de inversión, capacidad de las instalaciones intermodales, múltiples periodos de decisiones, interdependencia en la priorización de las decisiones, múltiples fuentes de financiación y criterios de optimización para las tres dimensiones de sostenibilidad. Para la situación real se referencian las condiciones de acceso y conectividad de la Zona de Desarrollo Económico y Social (ZODES) Magdalena Medio del departamento de Bolívar en Colombia, y el potencial de la industria agroalimentaria para esta subregión. Con el propósito de identificar factores clave que perfilen la formulación respecto a la composición y funcionamiento de los sistemas intermodales y en los problemas combinados LI-DR se analiza la literatura desde estas dos perspectivas. El análisis de la literatura ha permitido aportar dos clasificaciones novedosas e identificar retos para la investigación futura. Para la formulación de los modelos se lleva a cabo la sistemática de pasos definidos para la aplicación de las técnicas de programación matemática. Con estos pasos se logra transformar el problema del mundo real a un problema manejable con estas técnicas. La transformación favorece la interpretación matemática del problema combinado LI-DR intermodal, la modelación de los datos y la definición de una estructura de red de entrada para indexar las decisiones estratégicas y tácticas. Los modelos de programación matemática se construyen de manera gradual. En concreto, se proponen 2 versiones que se representan en 5 variantes. Se comienza formulando un modelo de programación lineal entero-mixto (MPLEM) mono-periodo para analizar, desde un enfoque económico, la sensibilidad de las capacidades del sistema intermodal, la capacidad financiera de los tomadores de decisiones y la variación de la demanda. A continuación, sobre la base de este modelo se propone un MPLEM multi-periodo y dos variantes para validar las condiciones de interdependencia en la toma de decisiones estratégica y la participación de múltiples actores en la financiación de los proyectos de inversión. Finalmente, se formula un MPLEM multi-objetivo para optimizar simultáneamente las tres dimensiones de sostenibilidad. Para resolver y validar los modelos se implementaron dos esquemas de resolución. En los esquemas se utilizan los lenguajes de programación R y Python con el software de optimización matemática Gurobi Optimizer. Se realizan experimentos numéricos para distintos escenarios y se analiza el comportamiento de las soluciones considerando distintos valores a los parámetros. Los resultados obtenidos permiten comprobar la utilidad de los modelos matemáticos e identificar las principales limitaciones y futuras líneas de trabajo., [CA] En aquesta tesi doctoral es desenvolupen models de programació matemàtica per al disseny estratègic-tàctic d'una xarxa de transport intermodal que combina dos tipus de problemes de decisions: la localització d'instal·lacions i el disseny de la xarxa de transport. Aquesta combinació es reconeix en la literatura com problemes combinats LI-DR. El problema combinat s'estudia per a una situació real i s'analitzen el comportament de la solució òptima, a partir de diferents aspectes com: la disponibilitat de l'pressupost d'inversió, capacitat de les instal·lacions intermodals, múltiples períodes de decisions, interdependència en la priorització de les decisions, múltiples fonts de finançament i criteris d'optimització per a les tres dimensions de sostenibilitat. Per a la situació real es referencien les condicions d'accés i connectivitat de la Zona de Desenvolupament Econòmic i Social (ZODES) Magdalena Medio de el departament de Bolívar a Colòmbia, i el potencial de la indústria agroalimentària per a aquesta subregió. Amb el propòsit d'identificar factors clau que perfilin la formulació respecte a la composició i funcionament dels sistemes intermodals i en els problemes combinats LI-DR s'analitza la literatura des d'aquestes dues perspectives. L'anàlisi de la literatura ha permès aportar dues classificacions noves i identificar reptes per a la investigació futura. Per a la formulació dels models es porta a terme la sistemàtica de passos definits per l'aplicació de les tècniques de programació matemàtica. Amb aquests passos s'aconsegueix transformar el problema de l'món real a un problema manejable amb aquestes tècniques. La transformació afavoreix la interpretació matemàtica de el problema combinat LI-DR intermodal, la modelació de les dades i la definició d'una estructura de xarxa d'entrada per indexar les decisions estratègiques i tàctiques. Els models de programació matemàtica es construeixen de manera gradual. En concret, es proposen 2 versions que es representen en 5 variants. Es comença formulant un model de programació lineal sencer-mixt (MPLEM) mono-període per analitzar, des d'un enfocament econòmic, la sensibilitat de les capacitats de sistema intermodal, la capacitat financera dels prenedors de decisions i la variació de la demanda. A continuació, sobre la base d'aquest model es proposa un MPLEM multi-període i dues variants per validar les condicions d'interdependència en la presa de decisions estratègica i la participació de múltiples actors en el finançament dels projectes d'inversió. Finalment, es formula un MPLEM multi-objectiu per optimitzar simultàniament les tres dimensions de sostenibilitat. Per resoldre i validar els models es van implementar dos esquemes de resolució. En els esquemes s'utilitzen els llenguatges de programació R i Python amb el programari d'optimització matemàtica Gurobi Optimizer. Es realitzen experiments numèrics per a diferents escenaris i s'analitza el comportament de les solucions considerant diferents valors als paràmetres. Els resultats obtinguts permeten comprovar la utilitat dels models matemàtics i identificar les principals limitacions i futures línies de treball., [EN] In this doctoral thesis, mathematical programming models are developed aiming at the strategic-tactical design of an intermodal transport network that combines two types of decision problems: the location of facilities and the transport network design. In the literature, this combination is recognized as combined LI-DR problems. The combined problem is studied for a real situation and the performance of the optimal solution is analyzed in relation to different aspects such as the investment budget availability, the intermodal facilities capacity, multiple decision periods, interdependence in the prioritization of the decisions, multiple sources of funding and optimization criteria for the three dimensions of sustainability. In what concern to the real situation, the access and connectivity conditions of the Magdalena Medio Economic and Social Development Zone (ZODES, for its acronym in Spanish) of the Bolívar department in Colombia, and the potential of the agri-food industry for this subregion, are considered. Aiming the identification of key factors that outlines the formulation regarding the composition and operation of intermodal systems and, in combined LI-DR problems, the literature is reviewed from these two perspectives. The literature analysis has made it possible to provide two novel classifications and to identify challenges for future research. The formulation of models follows the systematic steps already defined for the application of mathematical programming techniques. Following these steps, it is possible to transform the problem from a real-world problem to a manageable one. The transformation promotes the mathematical interpretation of the intermodal LI-DR combined problem, the data modeling, and the definition of an input network structure to index strategic and tactical decisions. Mathematical programming models are built gradually. Specifically, 2 versions are proposed, which are represented by 5 variants. Firstly, it is formulated a single-period mixed-integer linear programming model (MILPM) in order to analyze, from an economic perspective, the sensitivity of the intermodal system capacities, the financial capacity of the decision-makers, and the demand changes. Based on the aforementioned model, a multi-period MILPM and two variants are proposed aiming to validate the conditions of interdependence in strategic decision-making and the participation of multiple actors in the investment projects financing. Finally, a multi-objective MILPM is formulated to simultaneously optimize all three dimensions of sustainability. To solve and validate the models, two resolution schemes were implemented. The schematics use the R and Python programming languages with the mathematical optimization software Gurobi Optimizer. Numerical tests are carried out for different scenarios and the performance of the solutions is analyzed considering different values for the parameters. The results obtained allow us to verify the usefulness of the models proposed and identify the main limitations and future lines of work.

Actualmente el mundo se encuentra pasando por un proceso donde las personas se encuentran tomando consciencia a cerca de las problemáticas relacionadas con el medio ambiente y el calentamiento global, en donde el ser humano empieza a sufrir los estragos y signos que esta situación empieza a mostrar en las afectaciones climitas y la disminución de los recursos hídricos que son vitales para que la vida de las especies del planeta tierra puedan sobrevivir incluido claro esta los humanos mismos, todo esto a raíz de la contaminación que genera el estilo de vida que actualmente tiene la sociedad en general. INTRODUCCIÓN 11 2. RESUMEN EJECUTIVO 14 3. REFERENTE TEÓRICO Y CONCEPTUAL 15 3.1. Referente Teórico 15 3.2 Referente Conceptual. 16 4.1 PRODUCTO 19 4.1.2 Usos 19 4.1.3 Beneficios 20 4.1.4 Productos Sustitutos 20 4.1.5 Productos Complementarios 20 4.2 Consumidor Final 20 4.2.1 Segmentación del mercado 20 4.2.1 Características Socioculturales 21 4.3 Delimitación del área geográfica 21 4.4 Análisis de la demanda. 21 4.4.1 Diseño Muestral 21 4.4.2 Calculo de la demanda actual 22 4.4.3 Proyección de la demanda 24 4.5 Análisis de La Oferta 25 4.5.1 Calculo de la oferta 25 4.5.2 Proyección de la Oferta 25 4.6 Determinación del tipo de demanda Existente y proyectada. 25 4.7 Análisis de Precios 26 4.8 Canales de Comercialización 26 4.8 Imagen Corporativa 27 4.9 Estrategias de Publicidad 27 5. MODULOS TÉCNICO Y ORGANIZACIONAL 28 5.1 Tamaño del Proyecto 28 5.2 Localización 28 5.2.1 Macrolocalizacion 28 5.2.2 Microlocalizacion. 29 5.3 Distribución en planta 30 5.4 Proceso de Producción 31 5.5 Naturaleza Jurídica 32 5.6 Misión 32 5.7 Visión. 32 5.8 Organigrama 33 5.9 Manual de Funciones 34 6. MÓDULOS DE IMPACTO SOCIAL, ECONÓMICO Y AMBIENTAL. 41 7. MODULO FINANCIERO 42 7.1 Inversiones Fijas 42 7.2 Inversiones Diferidas 43 7.3 Inversiones en capital de trabajo 44 7.4 Distribución de costos y gastos. 48 7.5 Precio de Venta y Punto de Equilibrio 48 7.6 Capital de Trabajo 49 7.7 Flujo Neto de Inversión 49 7.8 Proyecciones Financieras 51 7.9 Flujo Neto de Operación 53 7.10 Flujo Neto del Plan de Negocios 53 7.11 Evaluación Financiera 54 8. FUENTES DE FINANCIACIÓN 55 9. CONCLUSIONES 56 10. RECOMENDACIONES 57 11. REFERENCIAS BIBLIOGRÁFICAS. 58 12. ANEXOS 59 ANEXO 1. ANÁLISIS ESTUDIO DE MERCADO 59 ANEXO 2. REGLAMENTO INTERNO DE LA EMPRESA 62 Pregrado Administrador(a) en Finanzas y Negocios Internacionales Creación de Empresa

This article deals with the dynamics of territory development in the regional and municipal economy. The development of the territory is and has always been limited or restricted by the available sources of capital, the dynamics of its use, and the localization of its distribution in the chosen territory. Today&rsquo, s limits are, under Czech conditions, laid down by the Building Act, namely, the land-use plan, the strategic plans for development, and the political mechanisms of the elected leaders. The verbalization of the democratization of the economy is swayed by the concepts of meritocratic holding and the attempts to create values, but also by already existing values. We interpret the term values as infrastructure developed in the past, but also as resources given by the natural, geographic, and other environments.

В статье рассмотрен процесс отбора и оценки инвестиционного портфеля компании, с использованием различных финансовых методов, а также приемов их оценки, с использованием различных финансовых моделей. В работе рассмотрены различные инвестиционные проекты, которые могут положительно повлиять на формирование денежных потоков корпорации. программного продукта Project Expert, разработанной компанией «Про -Инвест», предназначенной для моделирования бизнеса, разработки бизнесплана и анализа инвестиционных проектов на основе финансовой модели. Проведена оценка различных инвестиционных проектов на основании таких критериев, как NPV, IRR, MIRR. На основании проведенных расчетов и проведенной оценки различных инвестиционных проектов, менеджерам компании при принятии управленческих решений в области осуществления инвестиций использовать предложенные рекомендации по оптимизации инвестиционного портфеля компании., The article describes the process of selecting and evaluating the company's investment portfolio using various financial methods, as well as methods of evaluating them, using various financial models. The paper considers various investment projects that can have a positive impact on the formation of the Corporation's cash flows. Project Expert software product developed by Pro-invest, designed for business modeling, business plan development, and analysis of investment projects based on a financial model. Various investment projects were evaluated based on such criteria as NPV, IRR, and MIRR. Based on the calculations made and the evaluation of various investment projects, the company's managers can use the proposed recommendations for optimizing the company's investment portfolio when making management decisions in the field of investment.

В статье проведён анализ существующих подходов к раскрытию экономического содержания дефиниции «инвестиционная политика корпорации». Предложен алгоритм формирования инвестиционной политики корпорации, обоснована роль инвестиционной программы в реализации инвестиционной политики компании. Проведён анализ динамики, структуры и источников финансирования инвестиционной программы ОАО «Российские железные дороги». Рассмотрены инвестиционные приоритеты и ключевые инвестиционные проекты, реализуемые корпорацией., Introduction. One of the most important areas of a company’s financial policy is the development of investment management and investment policy. The need for companies to form the investment policy is driven by two factors: first, the duration of the investment cycle can be 5-10 years (depending on the field and the scale of production); second, the items created in the framework of investment activities cannot often be converted into the original monetary form. It is impossible for companies to ensure long-term competitive advantages and sustainable economic growth without investment. The purpose of the current research is to examine the peculiar features of development and implementation of corporate investment policy. Results: The article analyzes the existing approaches to the disclosure of the economic content of the definition of "corporate investment policy". The algorithm for forming a company’s investment policy is proposed, and the role of the investment program in the implementation of the company's investment policy is justified. The analysis of the dynamics, structure and sources of financing of the investment program of JSC "Russian Railways" is carried out. Investment priorities and largest investment projects implemented by the company are considered. Conclusion. Corporate investment policy is an integral part of a company’s financial policy. As part of its investment policy, the company determines the volume and structure of its investment portfolio and the sources of investment financing. The main element of the company's investment policy is the investment program, which is a set of various investment projects. The analysis of the investment policy of JSC "Russian Railways" allows us to conclude that the main priorities of the company in the field of investment activities are: modernization and expansion of the main infrastructure; security; updating of rolling stock; increasing transport accessibility for the population; removal of infrastructure restrictions. A distinctive feature of the investment policy of JSC "Russian Railways" is as follows: first, the structure of sources of investment financing is dominated by own funds; secondly, the main share of projects implemented by the company is made up of projects with a payback period of 15-30 years; third, a significant part of the company's investment portfolio is accounted for non-repayable projects financed by the state., ВЕСТНИК ПОВОЛЖСКОГО ГОСУДАРСТВЕННОГО ТЕХНОЛОГИЧЕСКОГО УНИВЕРСИТЕТА. СЕРИЯ: ЭКОНОМИКА И УПРАВЛЕНИЕ, Выпуск 1 (45) 2020

International Conference on Industrial Engineering and Industrial Management (13th. 2019. Gijón)

У статті йдеться про суб’єктний склад учасників бюджетних правовідносин, що стосуються інвестиційної діяльності. Звернено увагу на виявлення тих особливостей, які дозволять виокремити суб’єктів бюджетних правовідносин, безпосередньо дотичних до ухвалення рішень щодо бюджетного інвестування. За результатми дослідження автор дійшов висновку, що до складу суб’єктів бюджетних правовідносин, що стосуються інвестиційної діяльності, потрібно віднести: 1) органи і посадові особи законодавчої та виконавчої влади; 2) органи місцевого самоврядування, місцеві державні адміністрації, головних розпорядників бюджетних коштів, розпорядників бюджетних коштів усіх рівнів.The article studies the subjects structure of the budget legal relationships concerning investment activities. In the focus of attention is the identification of those features that differentiate the budgetary legal subjects who participate directly in making the decisions on the budget investments. According to the author’s conclusions the structure of entities of budgetary legal relations regarding investment, should include: 1.The authorities and officials of legislative (representative) and executive bodies, namely the Verkhovna Rada of Ukraine, the Verkhovna Rada Budget Committee as profile committee of the Verkhovna Rada of Ukraine, the President of Ukraine, the Cabinet of Ministers of Ukraine, Ministry of Finance of Ukraine, Ministry of Economic Development and Trade of Ukraine, the Accounting Chamber, the State Treasury of Ukraine, the National Bank of Ukraine, the Control and Auditing service of Ukraine, local councils etc. 2) Local authorities of self-governance, local state administrations, the chief administrators of budget funds of all levels, with the introduction of budgetary institutions and recipients of budget funds to their structure. In terms of fiscal investment each of the above mentioned institutions exercises certain powers which to some extent influence the effectiveness of the process.

The structure of the Gabonese economy in 2014 reveals a strong dominance of services which account for 57.8 percent of real gross domestic product (GDP), followed by oil industry (20.6 per cent), other industries (15.4 per cent), and agriculture (6.3 per cent). Following lower oil revenues, from reduced prices and production, and lower non-oil revenue, the government reduced public expenditure from 26.7 percent of GDP in 2013 to 23.6 percent in 2014. Despite this, both government wages and salaries and goods and salaries increased leaving public investment to bear much of the brunt of the expenditure cuts resulting in only half of planned public investment being realized. In response to declining oil prices, the government adjusted the initial 2015 budget and revised the revenue assumptions. To cope with the financing gap, the government successfully issued a Eurobond of United States (U.S.) 500 million dollars in June 2015 with a maturity of ten years at a rate of 6.95 percent. Gabon has stated its intention to introduce a modern social protection system, however it has not yet reached the objectives set by the government. It still faces five major challenges to be addressed: (i) a lack of data; (ii) coordination of the system; (iii) ensuring fiscal sustainability; (iv) effective targeting of beneficiaries; and (v) building lesson-learning into policy. To meet these challenges the authors recommend focusing on the following: (a) deepen the analysis of poverty and vulnerability; (b) conduct an institutional audit; (c) formulate a deployment plan; and (d) simulate roll-out options.

Haiti has a vision to become an emerging economy by 2030. Haiti has comparative advantages, including its proximity and access to major markets; a young labor force and a dynamic diaspora; and substantial geographic, historical, and cultural assets. Areas of economic opportunity for Haiti include agribusiness, light manufacturing, and tourism. Recognizing these opportunities, the Government of Haiti issued in May 2012 a strategic development Plan (PSDH), aiming at building a new modern, diversified, resilient, competitive, and inclusive economy, respectful of its environment and in which people’s basic needs is met. This report examines more particularly how to: (i) mobilize greater fiscal revenue; (ii) enhance the growth dividend of public investment; (iii) improve the efficiency of spending in critical sectors such as health, education, and social protection; and (iv) protect the budget from a return of fuel price subsidies. This report builds on newly available data, including the 2012 household survey, the 2012 demographic and health survey (DHS), and the 2011-12 school census, to provide a better understanding of the equity and sustainability issues in the delivery of some basic services such as health and education, and engage policy makers and other actors on gaps and priorities.

Madagascar’s economic growth has been slow at 1 percent annually in the last five years and far inferior to sub-Saharan region’s average. Income per capita in 2014 fell to around USD 400 (2005 constant USD), losing about 20 percent from 1970 when per capita income reached the highest point since independence. The economic and social effects of the 2009 political crisis were intensified by the suspension of many donor activities which, in a country where international aid represented 40 percent of the government budget, led to significant cuts in investments and a sharp decline in the delivery of services. Macroeconomic stability was maintained during the crisis, as both fiscal and monetary authorities maintained prudent policies. A low public debt to GDP ratio (37.3 percent in 2014) and a low tax revenue (9.7 percent of GDP in 2014) contributed to hindering public investments necessary for development and adequate provision of public services. In a context of high poverty rates, low overall public resources to finance public services delivery, and continuous fragility, economic and political instability, how can public spending promote better outcomes in education and health? How can the Government of Madagascar and its partners support better access to improved quality of services, in particular for the most vulnerable? The Review of Public Spending in Social Sectors in Madagascar systematically analyses how education, health and nutrition have been financed over the past five years. It examines the amounts, distribution and impact of public spending, and formulates recommendations on how best to allocate future public spending with a focus on incremental resources.

Over the review period covered by this report (2003-2012), the budget allocated to agriculture increased noticeably more than the sector’s contribution to GDP. This reflects a notable effort by the Chad authorities to increase the budget to boost this sector’s development in recent years. In this proactive context, Chad signed its CAADP compact in December 2013 to continue supporting agriculture’s revival. The CAADP is being implemented in Chad even as the terms of the National Rural Sector Investment Program (PNISR, 2014-2020) are being finalized. Within the context of the CAADP, the Government of Chad (GOC) wished to undertake a review of public agriculture expenditures to learn from past budgetary implementation in this sector with a view to improving future program performance. Following a request by the Ministry of Agriculture and Irrigation (MoAI), the NEPAD planning and coordination agency gave Chad it’s backing for this review. This process was undertaken by the Program for Strengthening National Comprehensive Agricultural Public Expenditure in Sub-Saharan Africa, co-financed by the Bill and Melinda Gates Foundation and the CAADP Multi-Donor Trust Fund. This program, implemented by the World Bank, aims to improve the impact of the still-limited public resources available to governments in Sub-Saharan Africa to foster agricultural development and reduce poverty in rural areas, where most of the poor in these countries, notably Chad, live. This study follows and builds upon a number of similar studies conducted in recent years on public expenditure management, in particular in Chad the Action Plan for the Modernization of Public Finances (PAMFIP). However, these studies have focused on budget management as a whole, and none to date has looked at the agricultural sector specifically.

The rural sector, defined here as the economic sector that falls under the scope of the Ministry of Agriculture and Water (MAH), the Ministry of Animal Resources (MRA), and the Ministry of the Environment and Sustainable Development (MEDD), is one of the pillars of the Burkina Faso economy. Although its contribution to GDP has decreased in recent times from 35 percent in 1999 to 30 percent in 2011 due to the development of the other sectors of the economy, agricultural activity still employs approximately 86 percent of Burkina Faso s labor force and is the main source of income for poorer populations. Consequently, the rural sector is among the primary beneficiaries of public expenditures by the Burkina Faso government and constitutes one of the pillars of the Strategy for Accelerated Growth and Sustainable Development (SCADD) adopted in 2010. The goals of this agriculture public expenditure review in Burkina Faso are as follows: draw lessons from the past in terms of budget execution in the agricultural sector in order to promote the design and implementation of public expenditure programs that are more efficient and more equitable and have a greater impact; initiate the implementation of the databases and methodology required to conduct similar reviews regularly and thus contribute to the institutionalization of the process; and contribute to establishing the conditions for increased support for the sector while encouraging the harmonization and alignment of support with respect for national strategies.

Public investment to facilitate growth and poverty reduction is paramount to Sudan's development challenge. The acute need for rebuilding the country's deteriorated infrastructure and service delivery framework underscores the importance of more active and effective public investment. The disproportional composition of the spending adjustment raises particular concern on pro-poor and public investment spending during the subsequent fiscal adjustment period expected to follow. Under the growing fiscal decentralization trend, the state governments have taken up the primary responsibility to provide basic public service deliveries to the poor; in such a decentralized constellation, reduced support from the federal budget could seriously jeopardize the provision of basic services at the state and locality level. In particular, public investment expenditure now has to effectively address service delivery needs and the broader development agenda, while at the same time the overall resource envelope is declining. This note is the result of a rapid assessment of Sudan's public investment portfolio in the context of the anticipated fiscal adjustment. It is not a full-fledged review on public investment projects or the public investment management system. The main scope of the assessment is: to quickly identify available information on public investment projects from existing sources; to provide an contextual overview of the overall public investment portfolio in light of the imminent needs for rationalizing the public investment portfolio; and to outline conceptual guidelines for public investment adjustments and to propose longer-term tasks to improve public investment management.

This study examines Public Expenditure Tracking Survey (PETS) and Quantitative Service Delivery Survey (QSDS) carried out in Africa with the objective of assessing their approaches, main findings, and contributions. Section 2 investigates the context, motivations, and objectives of PETS and QSDS that have been carried out in Sub-Saharan Africa. Section 3 examines the institutional arrangements for resource allocation and service delivery in social sectors. Section 4 presents some of the main findings of tracking surveys. Section 5 analyzes methodological approaches used in previous tracking surveys in order to identify factors that could explain the difference in past surveys' success, and identify potential methodological harmonization. Section 6 presents a series of good practice principles that arise from past experience, and discusses how they could be implemented. Section 7 proposes potential future surveys and endeavors.

During the past two decades Colombia has been developing and improving its National Results-Based Management and Evaluation System (SINERGIA). The development of this system has been a focal point in Colombia's state reform towards performance-based management, particularly at the central administration. After 15 years of progress, overcoming the effects of institutional, political, and fiscal obstacles, SINERGIA has achieved one of the highest levels of development and customization, and it is held up as an example of best practices by multilateral organizations, donor agencies, and other governments. The monitoring and evaluation (M&E) system that Colombia adopted sought to promote a results focus on both planning and budgeting processes, simultaneously. However, during implementation the results-based planning model superseded the budgeting model, owing principally to the architecture of Colombia's central administration and to the institutional placement of SINERGIA within the Department of National Planning. Compared with similar experiences in other countries, the process by which SINERGIA advanced institutionalization is notable for the way it combined high-ranking, wide ranging, and formal mechanisms with the development of informal practices in key areas of the public sector. Many lessons for other countries are identified in this paper. Some of the key factors in Colombia's success are as follows: 1) the importance of having a central governmental department act as a champion supporter, and using an opportunistic approach to include the M&E system as a key pillar on public sector reform agendas; 2) the kind of regulatory and incentives framework on which the M&E system is based, and the sustained effort in promoting 'cultural' change and developing evaluation capacities; 3) the political role of the President in the system's institutionalization process; 4) the powerful part that technically defined methodologies and dissemination mechanisms have played in the system's institutionalization strategy; 5) the collaborative approach used to strengthen evaluation practices and to enhance the community of evaluators; and 6) the demand-driven approach for introducing M&E at the regional level.

The public expenditure and institutional assessment (PEIA) were motivated by a number of factors. First, both the Government of Iraq (GoI) and its international development partners have recognized the critical importance of sound management of Iraq's substantial public financial resources. Both parties support the reform and modernization of public financial management (PFM), as articulated in the International Compact for Iraq (ICI). Secondly, international experience demonstrates the importance of establishing a baseline against which progress in PFM over time can be measured. This implies the need for an assessment which provides the information necessary to measure the performance of a country's PFM system. Thirdly, the devastating circumstances in Iraq during the past 5 years have made the institutional arrangements for PFM the subject of considerable uncertainty. The PEIA can help to shape and prioritize the necessary development program. The report is organized in two main parts. Volume one contains a summary of the main issues to emerge from the public expenditure and financial accountability (PEFA) assessment and a discussion of a number of specific PFM issues of current importance to Iraq, including: capital investment budgeting (CIB), oil revenue management, the Iraq financial management information system (IFMIS), public accounting and accountability, and payroll management. Volume two contains a detailed technical analysis behind the PEFA assessment.

The public expenditure and institutional assessment (PEIA) were motivated by a number of factors. First, both the Government of Iraq (GoI) and its international development partners have recognized the critical importance of sound management of Iraq's substantial public financial resources. Both parties support the reform and modernization of public financial management (PFM), as articulated in the International Compact for Iraq (ICI). Secondly, international experience demonstrates the importance of establishing a baseline against which progress in PFM over time can be measured. This implies the need for an assessment which provides the information necessary to measure the performance of a country's PFM system. Thirdly, the devastating circumstances in Iraq during the past 5 years have made the institutional arrangements for PFM the subject of considerable uncertainty. The PEIA can help to shape and prioritize the necessary development program. The report is organized in two main parts. Volume one contains a summary of the main issues to emerge from the public expenditure and financial accountability (PEFA) assessment and a discussion of a number of specific PFM issues of current importance to Iraq, including: capital investment budgeting (CIB), oil revenue management, the Iraq financial management information system (IFMIS), public accounting and accountability, and payroll management. Volume two contains a detailed technical analysis behind the PEFA assessment.

Colombia's National Results-Based Management and Evaluation System (SINERGIA) is one of Latin America's outstanding results-based monitoring and evaluation initiatives. With 15 years of progressive development, SINERGIA has endured the countries' institutional, political, and fiscal problems and has attained one of the highest levels of development and customization in Latin America. Based on its accomplishments it has been held up as an example by multilateral organizations, donor agencies, and other governments. This paper examines the experience of institutionalizing Colombia's monitoring and evaluation (M&E) system, from the perspective of a former SINERGIA manager: Manuel Fernando Castro, Director of Public Policy Evaluation, and Department of National Planning. This study is meant to complement previous studies by other authors with an insider's account, description, and analysis of the obstacles encountered and the results obtained. Likewise, it presents recommendations on how to ensure further institutionalization and identifies several lessons that might be of interest to professionals who are developing evaluation systems in other countries.

This paper synthesizes the findings from a series of case studies on the interaction between the PRSP process and the budget. The five studies, Bolivia, Burkina Faso, Cambodia, Tanzania and Vietnam aim to assess the extent to which public finance management and budget allocations reflect the principles and content of the Poverty Reduction Strategy Paper PRSP, hence providing insights into progress in PRS implementation. The cases also shed light on whether the PRSP process itself has fostered more accountable, efficient and pro-poor budget processes and allocations as of 2003.The PRSP process, with its focus on data and information for evidence-based policy-making, open and participatory policy-making processes, poverty results and country-led donor coordination, alignment and harmonization has the potential to significantly improve the pro-poor focus and general accountability of budgeting processes.The cases confront a number of methodological challenges. First, in some countries and sectors, lack of appropriate data constrained the extent to which the research questions could be fully answered. Second, the PRSP remains a relatively recent innovation in all the countries studied and we recognize that many of our findings are preliminary, and require additional confirmation over time. Third, any assessment of the value added of the PRSP approach needs to be cognizant of the initial conditions in country, both to avoid ascribing successes to the PRSP which pre-date its existence, and to temper expectations about what the approach can deliver in a relatively short space of time given the starting point of each country. To address this last challenge, the case studies explicitly acknowledge the pre-existing situation in-country and try to assess the value added of the PRSP process.The four countries studied have a number of common features.Finally, and perhaps most importantly, all five countries share a high-level political commitment to addressing poverty, although the extent to which this commitment permeates throughout government agencies varies from country to country.The five countries, however, also display many distinctive features. Bolivia and Cambodia, for example, both suffer from high degrees of political fragmentation, which in Bolivia has manifested itself as civil unrest on a number of occasions in the last two years. Burkina Faso, Tanzania, and Vietnam, on the other hand, benefit from more stable political systems and an inherited commitment to pro-poor policies from socialist governments.

A flow line consists of a sequence of work places (or stations) through which one or more producta (or models) move one-way in order to be processed. Each model requires specific Operations which must be performed in a predefined Order. To be able to do so, the stations must be equipped with machines, robots, and workers having a certain skill such that it is guaranteed that each model passing through the system can be completely processed. The number of stations and the equipment of these stations is called the configuration of the flow line. In this paper we deal with the NP-hard problem of finding a configuration such that the net present value of cash outflows for installing and maintaining the flow line is minimized. As a special case, minimizing the number of stations is treated as well. Lower bounds are derived using column generation. Also, two heuristics are presented. One heuristic is based on the result of the column generation procedura while the other is adapted from the so-called majority merge heuristic. A computational study proves that the feasible Solution obtained on the basis of column generation requires a decidedly lower investment budget.