RISK-BASED APPROACH TO MANAGING THE PRODUCTION AND ECONOMIC ACTIVITIES OF AGRICULTURAL ENTERPRISES IN THE MODERN INSTITUTIONAL ENVIRONMENT
DOI:
https://doi.org/10.37332/Keywords:
risk-oriented approach, management of agrarian enterprises, production and economic activity, institutional environment, risk management, economic sustainability, competitiveness, military risks, digitalization of management, strategic planningAbstract
Paska I.M., Hrynchuk Yu.S., Artimonova I.V., Nianko V.M. RISK-BASED APPROACH TO MANAGING THE PRODUCTION AND ECONOMIC ACTIVITIES OF AGRICULTURAL ENTERPRISES IN THE MODERN INSTITUTIONAL ENVIRONMENT
Purpose. The aim of the article is to substantiate a risk-oriented approach to managing the production and economic activities of agricultural enterprises, taking into account the influence of the modern institutional environment and determining its importance for increasing the adaptability and economic sustainability of agrarian business.
Methodology of research. General scientific and special methods of economic research were used in the process of research, in particular analysis and synthesis – to generalize the theoretical foundations of a risk-oriented approach to managing the production and economic activities of agrarian enterprises in the modern institutional environment. Institutional, systemic, and process approaches were applied to assess the impact of formal and informal institutions, state agrarian policy, and organizational mechanisms on the effectiveness of risk management. Comparative analysis, economic and statistical methods, and generalization of empirical data were used to substantiate the conclusions.
Findings. It has been established that risk-based management ensures the integration of risks into the management decision-making system at all levels of the functioning of an agricultural enterprise. At the strategic level, it contributes to a well-founded choice of development directions and diversification of production, at the tactical level – it ensures flexible adjustment of production programs and resource provision, and at the operational level – it is implemented through monitoring of performance indicators and rapid response to deviations. It is substantiated that the systemic integration of a risk-oriented approach contributes to increasing the economic sustainability, competitiveness, and ability of agricultural enterprises to function long-term in the conditions of a transformational economy.
Originality. The substantiation of the influence of the institutional environment on the formation of risk-oriented management models has been further developed, which creates the prerequisites for increasing the economic stability and adaptability of agricultural enterprises in the conditions of a transformational and war economy. A systemic approach to integrating institutional factors into the process of making strategic, tactical, and operational management decisions takes into account the multi-level risk structure of the agrarian sector. This allows for increased consistency of management procedures, reduced impact of institutional uncertainty, and allows for a more effective response by enterprises to external shocks.
Practical value. A risk-based approach to managing production and economic activities can be used by agricultural enterprises to increase the validity of management decisions in conditions of high uncertainty, in particular, to improve strategic planning, risk management, optimize resource provision, and increase the efficiency of the internal control system of agrarian enterprises.
Key words: risk-oriented approach, management of agrarian enterprises, production and economic activity, institutional environment, risk management, economic sustainability, competitiveness, military risks, digitalization of management, strategic planning.
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