CAS Newsletter 2007 / No 1-2
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Articles, pictures and interviews can be reprinted only with the consent of Centre for Advanced Study Sofia (CAS - Sofia). Any citations should be duly acknowledged.
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This report analyzes the relationship between the investment policy and the economic growth of the company in crisis conditions. The attention is focused, firstly, on the level of company activity, given the fact that it predetermines both the investment policy and the sources of financing. The issues concerning the specifics of the investment policy in crisis conditions are considered. The advantages and the disadvantages of the equity financing and the external financing for the implementation of the company's investment programs in an unfavorable economic environment are revealed. Conclusions have been drawn from the performed analysis, and the importance of the investment policy in building an optimal financial structure, preserving the independence and the prosperity of the company in crisis conditions is clearly emphasized.
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A considerable portion of the agricultural land in the plains of the country is currently used for grain production. This is an industry lying on rich traditions stemming from Bulgaria’s favourable climate coupled with appropriate soil characteristics and valuable features of any such crops for various sorts of fodder fed to farm animals and used in the food industry. The main bulks of cereals open opportunities to guarantee strategic food reserves of Bulgaria. The remaining quantities enjoy good marketability internationally. While cereal crop production enjoys such favourable prerequisites it also faces a number of issues. The list of the latter may start form the lack of labour force in Bulgaria’s rural regions, which would be supposed to apply new technology and make use of today’s modern agricultural equipment or to follow the climatic changes entailing drought, substandard success in fight against natural disasters such as hail or floods, dynamics in the regulatory framework which the competitiveness of the sector would depend on (allowing duty-free imports of grain from other countries), or untimely payment of subsidies. The goal of this article is, bases on the trends in the production of some of the main cereals’ crops, to discuss any opportunities to stimulate the sustainable development of cereal production in Bulgaria and overcoming the consequences of a variety of kinds of crises.
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The European Commission's legislative proposal from November 2023 amending Directive (EU) 2015/2302 of the European Parliament and of the Council of 25 November 2015 on package travel and linked travel arrangements amended Regulation (EC) No 2006/2004 and Directive 2011/83/EU of the European Parliament and of the Council and repealed the previous Council Directive 90/314/EEC may pose difficulties of interpretation. In further stages of work, some solutions will need to be specified or clarified in order to provide a transparent legal basis ensuring a high level of consumer protection, as well as to ensure effective enforcement of consumer rights and better harmonization of the market. In the article, I will present the historical and legal aspects of reaching the solution proposed by the European Commission. As part of the work, I will also present comments on the solutions proposed by EU legislators, as well as de lege ferenda conclusions. The whole thing was based on the dogmatic-exegetical research method, which required studying the institutional approach to the target solution proposed by the European Commission. The article presents my private views and cannot be interpreted as the position of any body or institution.
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Perception and sensation represent together the sensory degree of cognition, or all that we feel, see, recall, think about, and do, where the perception is essential for our subsequent behaviors, reactions and actions, and includes a wide range of psychological occurrences. The study examines how visual perception is influenced by images. Humans have been surrounded by images throughout their evolutionary history, dating back to the first cave wall paintings. As an individual develops, perception alters their beliefs, predispositions and attitudes. Through examining visual perceptions as a subjective phenomenon, we come to differentiate a number of efficient methods based on the various phases of image generation and development: the immediate confidence in the legitimacy of each image following the invention of photography, undermined by its primary features; the subsequent image manipulation techniques on analogue or digital media through further processing and the advent of computer-generated images through Artificial Intelligence (AI) software, with the potential to be quickly and easily distributed. Can we assert that, upon the rise of AI, we will lose all accumulated methods and strategies in order to revolutionize the ways in which we control visual perception? To what extent can we rely on them for perceiving visual information? Could we manage perception with its help in a dynamically- shifting reality? Two case studies written by authors working in the realm of AI-based art are examined in an attempt to provide an answer. Modern artificial intelligence technologies for image generation have largely replaced the traditional techniques which have been studied, documented, and shown to be successful in managing audience perceptions in the past. That being said, these new technologies allow for the conception of a new reality, which raises a continuous stream of new questions with ambiguous answers, and will continue to do so.
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The paper addresses key issues related to the production planning and control of the component manufacturing in the automotive industry. Currently, the automotive industry in the world is in process of transformation under the influence of a number of key factors: new technologies, new products, new features of demand and the thrive for digital transformation. The subject of the paper is an analysis of the mentioned factors, outlining particular specifics of the production planning and control for components manufacturing in the automotive industry. A comparative analysis of the two major production planning methods – Push and Pull is carried out, specifying their relevance and application possibilities in the specified production area.
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The transformation of supply chain management is one of the main tasks of business leaders in manufacturing enterprises. This is due to its importance as a basic tool that contributes to both the maximum utilisation of resources in organizations and increasing their competitiveness. This report aims at examining the development of supply chain management processes in the aviation industry in the time of economic crisis. The prerequisites for successful adaptation of supply chain management to the modern turbulent environment and digital future are analysed. The automation of processes, the development of new customer solutions, the balance between cost optimization and economic success, as well as the transformation of organizational structures and the way of collaboration between employees, are considered as main factors for generating efficiency. The necessary changes are seen not only as a means of solving problems and overcoming challenges, but also as an opportunity for the organizations to upgrade their business operations, increase their productivity, as well as provide development opportunities to the employees.
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In the recent years, the many economic shocks and shutdowns of major production facilities caused by events such as the COVID-19 pandemic, military conflicts, acts of terrorism, natural disasters and other unforeseen events, have led to increased interest in supply chain resilience among both the scientific and business communities. The classic risk management methods applied so far are insufficient to prepare organizations for the rapidly changing and hard to predict environment in modern business, due to their inability to adequately characterize events with low probability and high consequences. Resilience aims to overcome this shortcoming and appears to be a new approach to ensure the continuity of supply chain operations. There is no generally accepted definition of resilience in scientific and business circles. The main purpose of this report is to present the essence and characteristics of resilient supply chains as they are considered in the scientific literature and to derive a definition of the concept of resilience that covers the main characteristics of and expectations towards resilient supply chains.
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Humanity of the XXI century is faced with some of the main problems of the planet that need to be solved. These are the environmental problems. When we start talking about the environment and its protection, we undoubtedly start talking about consciousness, culture and policies for its protection. Man in his hectic everyday life does not realize how at every moment of his life he lives in a world of constant risk due to the deteriorating state of the environment. Problems related to ecology are the result of unresolved ambiguities between the relationships in the "nature-human-society" system. Every year, the Ministry of the Environment and Water prepares and publishes priorities in the national environmental protection policy. The priorities of the Ministry of Education and Culture are the raising of environmental awareness and culture regarding environmental protection, reducing the adverse impact on human health and the economy of Bulgaria caused by climate change. Improvement of atmospheric air quality, implementation of all legal frameworks in favor of environmental protection and others.
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The current report examines technological development and innovation management in the field of microelectronics, considering the impact of technological innovations on the industry in light of global challenges such as digitization, economic turbulence, and the need for reorganization of production capacities in accordance with the new regulations of the EU. The aim of the study is to present effective and optimal solutions and approaches that foster sustainable growth and competitiveness in the microelectronics sector. The methodology includes assessing the role of strategic innovation management in enhancing efficiency and competitiveness through the swift and flexible implementation of technological innovations. Additionally, it involves applying market segmentation methodology to the microelectronics market by sectors to analyze consumer behaviour and evaluate the impact of investments within a dynamic economic environment with limited production factors. The results of the report provide significant insights and recommendations for the sustainable development of companies in the sector, emphasising the connection between economic growth and sustainability in microelectronics.
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This paper focuses on analysis of the impact of digital transformation and artificial intelligence on the patterns of organizational learning and development. In today's dynamic and changing business world, Digital transformation gain the competitive advantage of any organization that uses AI to strengthen learning and development. Through a systematic review based on a wide range of multidisciplinary academic articles, research has revealed both theoretical framework and empirical evidence. The key finding of this research has been the emerging need for organizations to perform successful DT and to include generative AI in their strategy for learning and development. This is not just a strategic decision but rather a requirement for growth and sustainability in the digital era. By synthesizing insights from existing research, this article seeks to provide actionable guidance for organizations looking to leverage technology as a catalyst for organizational growth and innovation and chart a path forward for future success in digital era.
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Human resources hold a central position in today's highly competitive business environment. Regardless of automation and technological advancements, individuals' capacity to innovate and be creative remains crucial for organizational success. Investments in human resources play a strategic role in achieving high corporate performance and maintaining competitiveness. However, during economic challenges such as recessions, these investments are often constrained. Modern organizations are faced with the dilemma of balancing human resource investments with globalization and competition. The emphasis on human capital, knowledge, and expertise of professionals becomes increasingly vital for enhancing competitiveness and attaining success in business. Investing in human resources is of paramount importance for sustainable development and effective functioning of organizations in the contemporary business world. Organizations can focus on the development and management of human resources to adapt to evolving conditions and achieve long-term success. Strategic utilization of human potential fosters resilience and adaptability, positioning businesses for sustained excellence and growth.
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The report presents the results of a survey of the human resources employed in the hotel and restaurant sector in the municipality of Devin, conducted in the period March-April 2024, regarding their own knowledge and skills, attitudes and concerns about digitization and the introduction of artificial intelligence. The human resources are the most important factor for the development of the modern organization and the implementation of modern policies depends on their motivational, moral and ethical value. That is why knowing and analyzing the state of the human resources, their needs and expectations is very important in our dynamic modern days. For the region of Devin it is characteristic that a large part of the local population is directly dependent on the tourism. The aim of the study is to investigate the level of the organizations and their employees about the current trends in digitization and the introduction of artificial intelligence, as well as the level of the employees knowledge, skills and need of trainings about this area, and whether they feel threatened by artificial intelligence. The analysis made in this survey can be used as a model for researching employees in other sectors and regions in Bulgaria.
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In the era of digital transformation, small- and medium-sized enterprises are recognizing the transformative potential of generative artificial intelligence in driving innovation, efficiency, and growth. Generative AI solutions can transform SME’s business environment by automating tasks, improving customer relations, stimulating data-driven decision making and cost-saving opportunities. However, its adoption raises important challenges. From data privacy and security concerns to ethical implications and workforce dynamics, the integration of AI into business workflows requires careful planning and oversight. Effective collaboration between humans and artificial intelligence is essential for navigating challenges and capitalizing on the opportunities presented by generative AI. In this context, the aim of this paper is to explore the opportunities and challenges of generative AI in SME’s digital transformation endeavors; the importance of the “human-in-the-loop” practices and strategic business approaches for business success. This study investigates the adoption and utilization of generative AI among small and medium-sized enterprises in Bulgaria and provides insights into the current landscape of AI adoption. By embracing the potential of generative AI in the context of digital transformation, SMEs can position themselves for sustained growth and competitive advantage in the constantly changing data-driven environment.
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Today's organizations are devoting significant resources to raising the level of their cyber security. Resources can be financial, human and time. A key point in this process is the development and implementation of a proper cybersecurity system architecture. This paper examines some of the principles on which the development of such an architecture is based. Some of the good practices are shown and conclusions are formulated.
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Cybersecurity of organizations is becoming a strategic goal for their business development. For these reasons, there is a serious problem in science and practice with finding the right system organization to ensure security. In the present study, the focus is placed on one of its components, namely the use of SIEM platforms. A comparative analysis is made, and some basic points related to their implementation are given.
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The creation and development of digital services is important for the digitization of the economy and the modern information society. The study pays attention to the factors on which this development depends for Bulgaria, Greece, and Romania. A comparative analysis was made, which is the basis for formulating conclusions and recommendations.
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This conference paper traces the captivating evolution of image generation models, taking the reader on a journey through the transformative progress from initial concepts of Autoencoders and Convolutional Neural Networks (CNNs) to the more recent innovations of Generative Adversarial Networks (GANs) and Diffusion models. We put into perspective how this relentless march of technology, characterized by breakthroughs and improvements, has given rise to groundbreaking models like Midjourney, DALL-E 2, and Stable Diffusion, which now define the contemporary paradigm of image generation. Providing a rich, historical backdrop, this work serves as a compass to navigate the current state-of-the-art, inviting readers to reflect on the implications and potentials for future explorations in this dynamic field.
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The report provides an overview of real estate companies and presents the basic value parameters and levels in these companies. The practical analysis of said parameters and values can be made promptly and efficiently by using the respective software. It is necessary that real estate companies have such software to allow teams to con-duct the financial management of such companies relatively quickly while establishing precisely the different values of the basic value parameters and value levels, respectively, namely ‘financial result from sales’ and ‘financial result of the company’, as well as gaining a general approximation for the other two value levels - company liquidity and solvency. The report is based on the applicable accounting legislation in Bulgaria while also taking into account certain theoretical premises. Therefore, it has considerable practical implications.
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