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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

Author

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  • 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)

  • Yuriy N. Katkov

    (Department of Economic Security and Law, Institute of Economics and Management of the Agro-Industrial, Russian State Agrarian University—Moscow Timiryazev Agricultural Academy, 127434 Moscow, Russia)

  • Ekaterina A. Katkova

    (Department of Economic Security and Law, Institute of Economics and Management of the Agro-Industrial, Russian State Agrarian University—Moscow Timiryazev Agricultural Academy, 127434 Moscow, Russia)

  • Valeriy I. Khoruzhy

    (Department of Tax and Tax Administration, Faculty of Tax, Audit and Business Analysis, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Meri K. Dzhikiya

    (Department of Statistics and Cybernetics, Institute of Economics and Management of the Agro-Industrial, Russian State Agrarian University—Moscow Timiryazev Agricultural Academy, 127434 Moscow, Russia)

Abstract

The development of cloud technologies enables companies to actively implement technologies for cost management and risk reduction in their financial and economic activities. 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. 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).

Suggested Citation

  • Liudmila I. Khoruzhy & Yuriy N. Katkov & Ekaterina A. Katkova & Valeriy I. Khoruzhy & Meri K. Dzhikiya, 2022. "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, MDPI, vol. 11(1), pages 1-19, December.
    • Handle: RePEc:gam:jrisks:v:11:y:2022:i:1:p:8-:d:1013303
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    References listed on IDEAS

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    1. Anna Zielińska-Chmielewska & Dobrosława Mruk-Tomczak & Anna Wielicka-Regulska, 2021. "Qualitative Research on Solving Difficulties in Maintaining Continuity of Food Supply Chain on the Meat Market during the COVID-19 Pandemic," Energies, MDPI, vol. 14(18), pages 1-19, September.
    2. Samuel Gamtessa, 2022. "Capacity utilization, factor substitution, and productivity growth in Canadian food processing sector," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 10(1), pages 1-16, December.
    3. Stadtherr, Frank & Wouters, Marc, 2021. "Extending target costing to include targets for R&D costs and production investments for a modular product portfolio—A case study," International Journal of Production Economics, Elsevier, vol. 231(C).
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