Restructuring the economic systems on the way to an additive economy

Risk management is one of the prominent issues which are pivotal to the success of a business and may adversely affect profitability if not properly practised. Therefore, the main objective of this paper was to determine risk management practices in manufacturing SMEs in Cape Town. The research conducted was quantitative in nature and constituted the collection of data from 74 SME leaders, all of whom had to adhere to a list of strict delineation criteria. All data collected were thoroughly analyzed through means of descriptive statistics. From the findings made, it is clear that SMEs in the manufacturing sector do in fact understand risk management initiatives applicable to ‘manage’ their respective businesses towards sustainability, but not to a large extent. It was found that respondents are unaware of the elements which make risk management effective, which ultimately aids to the development of problems for SMEs. All employees, managers and owners must coordinate their efforts together to identify and manage organizational risks within their ambit to obtain total risk coverage, as well as provide assurance that these risks are effectively managed from a coordinated approach. Further studies may be carried out to identify measures that can be taken to improve the effectiveness of risk management practices in SMEs.

In the modern world, developing countries like Kenya, Tanzania, Ethiopia and several others in the African continent have been encouraged to reform their public expenditure management systems through computerization of the entire public sectors in response to the increasing volume of data or information that need to be processed. There are, however, various factors to be considered prior to the implementation of the public expenditure management information systems. This paper undertakes a theoretical review of the critical success factors that impact on the implementation of an Integrated Financial Management Information System (IFMIS) with a view to identify factors applicable to the Migori County of Kenya. The paper, then, identifies the key factors to be incorporated in the proposed IFMS framework. The proposed framework draws from the Technology Acceptance Model (TAM), Innovation Diffusion Theory (IDT) and the Work Around Theory (WAT). The paper fuses these theories towards a successful adoption of use of modern technology within the public sector IFMS. The key factors include technical, organizational, environmental, cultural and ethical behavior. These factors could improve efficiency and transparency through direct payments to suppliers and contractors, reduced prices due to gains based on the time value of money, as well as the comparative analysis of market rates and advanced relations across the numerous organizational units within government on execution, reporting, and thoroughness of budget transactions.

As the Kingdom of Saudi Arabia focuses on Vision 2030, there is an immediate need to establish some big manufacturing industries to create jobs and to generate revenue from non-oil sectors. Automobile is one such sector where demand is very high in the Kingdom. Local manufacturing can create a lot of jobs and revenue. This study tries to analyze the scope of automobile sector in the Kingdom. The objective here is to identify the functional value of cars, which can be useful for potential automobile manufacturers. A sample of population is asked about their satisfaction from cars based on five broad factors, namely safety, comfort, aesthetic, instrumentation and engine, through a recent primary survey conducted in 2018. Using structural equation modeling, the study finds that consumers in the Kingdom give maximum importance to the engine of the car. This finding would be helpful for designing the features of a local brand as per the preferences of the local market. Market dynamics indicates a strong consumer base. Future prospects are also promising, as there is strong domestic demand. This can be tapped if production is localized, leading to a development of an entire new manufacturing sector. Finally, the study discusses some feasible options for automobile manufacturing in the Kingdom.