Metka Tekavcic

Managing the investment in information security technology by use of a quantitative modeling

This paper presents a mathematical model for an optimal security-technology investment evaluation and decision-making processes based on a quantitative analysis of the security risks and a digital-assets assessment in an organization. The model makes use of a quantitative analysis of different security measures that counteract individual risks by identifying the information-system processes in an enterprise and the potential threats. The model comprises the target security levels for all the identified core business processes and the probability of a security accident together with the possible loss the organization may suffer. The model allows in-depth analyses and computations providing quantitative assessments of different options for investments, which translate into recommendations that facilitate the selection of the best solution and the associated decision-making. The model was tested using empirical examples and mathematical simulations with data from a real business environment.

Efficiency in the hotel industry: an empirical examination of the most influential factors

Abstract The purpose of this article is to provide insights into hotel efficiency and investigate which hotels are performing better. Hotel efficiency is examined using data envelopment analysis (DEA) and the output-oriented BCC model is applied on the hotels’ internal accounting information. The study further explores whether there are differences in efficiency between hotels of different size and quality. The results show that average efficiency is high, but not all hotels are performing at their maximum efficiency. A significant relationship between size and hotel efficiency has been found. This study provides a potential framework for efficiency measurement and contributes to the growing body of knowledge in the area of hotel efficiency in the context of a country that is predominantly concentrated on seasonal seaside tourism. The results of this research offer useful insights for hotel managers, suggest ways of enhancing hotel productivity and provide guidance on which aspects to focus their attention in the decision-making process.

The Impact of Management Control Systems - Strategy Interaction on Performance Management: A Case Study

The Impact of Management Control Systems - Strategy Interaction on Performance Management: A Case Study We study the interaction between management control systems and strategy its impact on organisational performance considering the way in which multiple aspects of control systems and dimensions of context combine in a variety of ways to enhance performance. Our purpose is to investigate the relationship among management control systems, strategy and organisational performance in a particular company. The contribution of this study is that it upgrades the existing theory in that it does not only establish a relationship between strategy and management control systems, but also considers how this relationships impacts on organisational performance. The study shows that the combination of performance-driven behaviour and regular use of management control systems leads to improved results. The second contribution of the study is that it incorporates a wider range of controls, including informal controls as being equally important as formal controls, to provide a more comprehensive analysis, as opposed to the majority of prior studies focusing on a more limited range of controls. In this way, this paper contributes to the literature in terms of examination of the broader components of management control systems than was previously done.

The cost of systemic therapy for metastatic colorectal carcinoma in Slovenia: Discrepancy analysis between cost and reimbursement

Abstract Background. The aim of the study was to estimate the direct medical costs of metastatic colorectal cancer (mCRC) treated at the Institute of Oncology Ljubljana and to question the healthcare payment system in Slovenia. Methods. Using an internal patient database, the costs of mCRC patients were estimated in 2009 by examining (1) mCRC direct medical related costs, and (2) the cost difference between payment received by Slovenian health insurance and actual mCRC costs. Costs were analysed in the treatment phase of the disease by assessing the direct medical costs of hospital treatment with systemic therapy together with hospital treatment of side effects, without assessing radiotherapy or surgical treatment. Follow-up costs, indirect medical costs, and nonmedical costs were not included. Results. A total of 209 mCRC patients met all eligibility criteria. The direct medical costs of mCRC hospitalization with systemic therapy in Slovenia for 2009 were estimated as the cost of medications (cost of systemic therapy + cost of drugs for premedication) + labor cost (the cost of carrying out systemic treatment) + cost of lab tests + cost of imaging tests + KRAS testing cost + cost of hospital treatment due to side effects of mCRC treatment, and amounted to €3,914,697. The difference between the cost paid by health insurance and actual costs, estimated as direct medical costs of hospitalization of mCRC patients treated with systemic therapy at the Institute of Oncology Ljubljana in 2009, was €1,900,757.80. Conclusions. The costs paid to the Institute of Oncology Ljubljana by health insurance for treating mCRC with systemic therapy do not match the actual cost of treatment. In fact, the difference between the payment and the actual cost estimated as direct medical costs of hospitalization of mCRC patients treated with systemic therapy at the Institute of Oncology Ljubljana in 2009 was €1,900,757.80. The model Australian Refined Diagnosis Related Groups (AR-DRG) for cost assessment in oncology being currently used is probably one of the reasons for the discrepancy between pay-outs and actual costs. We propose new method for more precise cost assessment in oncology.

Corporate risk-management practices in Slovenian companies

The paper presents the original research results on the corporate risk-management practices in the large Slovenian non-financial companies. The implementation of different risk-management strategies and the use of risk-management instruments are thoroughly investigated, primarily through a survey of risk-management practitioners. The survey has revealed that the vast majority of analysed companies are using some form of interest rate, foreign exchange or commodity price risk-management and those companies are highly influenced by the price risk, whilst currently and interest-rate risk exposures have lower impact on their performance. Companies quite often do not have documented their policies and often are just following the flow and practice fashion.