Search results for: Cash%20Flow%20Optimization

Authors: Y. Gholipour

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In this paper, supply policy and procurement of shared resources in some kinds of concurrent construction projects are investigated. This could be oriented to the problems of holding construction companies who involve in different projects concurrently and they have to supply limited resources to several projects as well as prevent delays to any project. Limits on transportation vehicles and storage facilities for potential construction materials and also the available resources (such as cash or manpower) are some of the examples which affect considerably on management of all projects over all. The research includes investigation of some real multi-storey buildings during their execution periods and surveying the history of the activities. It is shown that the common resource demand variation curve of the projects may be expanded or displaced to achieve an optimum distribution scheme. Of course, it may cause some delay to some projects, but it has minimum influence on whole execution period of all projects and its influence on procurement cost of the projects is considerable. These observations on investigation of some multistorey building which are built in Iran will be presented in this paper.

Keywords: Construction Management, Supply Management, Resources Sharing, Multi-Project, Resource Procurement.

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Authors: Dilek Özdemir, Gül Tekin Temur

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In Supply Chain Management (SCM), strengthening partnerships with suppliers is a significant factor for enhancing competitiveness. Hence, firms increasingly emphasize supplier evaluation processes. Supplier evaluation systems are basically developed in terms of criteria such as quality, cost, delivery, and flexibility. Because there are many variables to be analyzed, this process becomes hard to execute and needs expertise. On this account, this study aims to develop an expert system on supplier evaluation process by designing Artificial Neural Network (ANN) that is supported with Data Envelopment Analysis (DEA). The methods are applied on the data of 24 suppliers, which have longterm relationships with a medium sized company from German Iron and Steel Industry. The data of suppliers consists of variables such as material quality (MQ), discount of amount (DOA), discount of cash (DOC), payment term (PT), delivery time (DT) and annual revenue (AR). Meanwhile, the efficiency that is generated by using DEA is added to the supplier evaluation system in order to use them as system outputs.

Keywords: Artificial Neural Network (ANN), DataEnvelopment Analysis (DEA), Supplier Evaluation System.

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Authors: Popoola, C. F., Akinsanya, K., Babarinde, S. B., Farinde, D. A.

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This study investigated published financial statement as correlate of investment decision among commercial bank stakeholders in Nigeria. A correlation research design was used in the study. 180 users of published financial statement were purposively sampled from Lagos and Ibadan. Data generated were analyzed using Pearson correlation and regression. The findings of the study revealed that, balance sheet is negatively related with investment decision (r= -.483; p<.01) while income statement (r= .249; p<.001), notes on the account (r= .230; p<.001), cash flow statement (r= .202; p<.001), value added statement (r= .328; p<.001) and five-year financial summary (r= .191; p<.01) are positively related with investment decision. Findings also revealed that components of published financial statement significantly predicted good investment decision (R²= .983; F_(5,175)=284.5; p<.05) for commercial bank stakeholders. Therefore, it was suggested that Nigeria banks and professional bodies should instigate programs that will increase the knowledge of stakeholders on published financial statement.

Keywords: Commercial banks, Financial statement, Income Statement, Investment decision, Stakeholders.

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Authors: Nidal F. Shilbayeh, Reem A. Al-Saidi, Ahmed H. Alsswey

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In this paper, we presented an evaluation and analysis of E-Voting Authentication Preparation Scheme (EV-APS). EV-APS applies some modified security aspects that enhance the security measures and adds a strong wall of protection, confidentiality, non-repudiation and authentication requirements. Some of these modified security aspects are Kerberos authentication protocol, PVID scheme, responder certificate validation, and the converted Ferguson e-cash protocol. Authentication and privacy requirements have been evaluated and proved. Authentication guaranteed only eligible and authorized voters were permitted to vote. Also, the privacy guaranteed that all votes will be kept secret. Evaluation and analysis of some of these security requirements have been given. These modified aspects will help in filtering the counter buffer from unauthorized votes by ensuring that only authorized voters are permitted to vote.

Keywords: E-Voting preparation stage, blind signature protocol, nonce based authentication scheme, Kerberos authentication protocol, pseudo voter identity scheme PVID.

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Authors: Sanja Pfeifer, Nataša Šarlija, Marina Jeger, Ana Bilandžić

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The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.

Keywords: Creative industries, growth prediction model, growth determinants, growth measures.

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Authors: Edward Lim

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This paper deals principally with the socio-economic impact on the local Iban community in Mukah Division, Sarawak; with the commencement of the open-cut coal mining industry since 2003. To-date there are no actual studies being carried out by either the public or private sector to truly analyze how the Iban community is coping with the advent of a large influx of cash into their society. The Iban community has traditionally been practicing shifting cultivation and farming of domesticated animals; with a portion of the younger generation working as laborers and professional. This paper represents the views and observations of the author supported by some statistical facts extracted from published articles and non-published reports. The paper deals primarily in the following areas: • Background of the coal mining industry in Mukah Division, Sarawak; • Benefits of the coal mining industry towards the Iban community; • Issues / Problems arise in the Iban community because of the presence of the coal mining industry; and • Possible actions that need to be taken to overcome these issues/ problems.

Keywords: Coal Mining, Iban Community, Malaysia, Sub-Bituminous Coal.

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Authors: Ahmad Javid Habib, Tetsuo Kidokoro

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There is an increasing demand for developing urban land to provide better living conditions for all citizens in Afghanistan. Most of the development will involve the acquisition of land. And the current land acquisition method practiced by central government is expropriation, which is a cash-based transaction method that imposes heavy fiscal burden on local municipalities and central government, and it does not protect ownership rights and social equity of landowners besides it relocates the urban poor to remote areas with limited access to jobs and public services. The questionnaire analysis, backed by observations of different case studies in countries where land readjustment is used as a collaborative land development tool indicates that the method plays a key role in valuing landowners’ rights, giving other community members and stakeholders the opportunity to collaboratively implement urban development projects. The practice of the method is reducing the heavy fiscal burden on the local and central governments and is a better option to deal with the current development challenges in Afghanistan.

Keywords: Collaboration, land readjustment, master plan, expropriation.

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Authors: Nadezhda Kvatashidze

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The conceptual framework of International Financial Reporting Standards determines the basic principles of accounting. The said principles have multiple applications, with professional judgments being one of those. Recognition and assessment of the information contained in financial reporting, especially so the somewhat uncertain events and transactions and/or the ones regarding which there is no standard or interpretation are based on professional judgments. Professional judgments aim at the formulation of expert assumptions regarding the specifics of the circumstances and events to be entered into the report based on the conceptual framework terms and principles. Experts have to make a choice in favor of one of the aforesaid and simulate the situations applying multi-variant accounting estimates and judgment. In making the choice, one should consider all the factors, which may help represent the information in the best way possible. Professional judgment determines the relevance and faithful representation of the presented information, which makes it more useful for the existing and potential investors. In order to assess the prospected net cash flows, the information must be predictable and reliable. The publication contains critical analysis of the aforementioned problems. The fact that the International Financial Reporting Standards are developed continuously makes the issue all the more important and that is another point discussed in the study.

Keywords: Conceptual Framework for financial reporting, Qualitative characteristics of financial information, Professional judgement, Cost constraints, Financial reporting.

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Authors: Prasansha Kumari

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This paper intends to identify and analyze customer adoption and attitudes towards mobile banking facilities. The study uses six perceived characteristics of innovation that can be used to form a favorable or unfavorable attitude toward an innovation, namely: Relative advantage, compatibility, complexity, trailability, risk, and observability. Collected data were analyzed using Pearson Chi-Square test. The results showed that mobile bank users were predominantly males. There is a growing trend among young, educated customers towards converting to mobile banking in Sri Lanka. The research outcomes suggested that all the six factors are statistically highly significant in influencing mobile banking adoption and attitude formation towards mobile banking in Sri Lanka. The major reasons for adopting mobile banking services are the accessibility and availability of services regardless of time and place. Over the 75 percent of the respondents mentioned that savings in time and effort and low financial costs of conducting mobile banking were advantageous. Issue of security was found to be the most important factor that motivated consumer adoption and attitude formation towards mobile banking. Main barriers to mobile banking were the lack of technological skills, the traditional cash‐carry banking culture, and the lack of awareness and insufficient guidance to using mobile banking.

Keywords: Compatibility, complexity, mobile banking, risk.

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Authors: Lo Kar Yin, Law Ka Mei

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Architectural, engineering, construction and operations (AECO) industry practitioners have been well adapting to the dynamic construction market from the fundamental training of its disciplines. As further triggered by the pandemic since 2019, great steps are taken in virtual environment and the best collaboration is strived with project teams without boundaries. With adoption of Building Information Modeling-based approach and qualitative analysis, this paper is to review quantity take-off (QTO) and cost estimation process through modeling techniques in liaison with suppliers, fabricators, subcontractors, contractors, designers, consultants and services providers in the construction industry value chain for automatic project cost budgeting, project cost control and cost evaluation on design options of in-situ reinforced-concrete construction and Modular Integrated Construction (MiC) at design stage, variation of works and cash flow/spending analysis at construction stage as far as practicable, with a view to sharing the findings for enhancing mutual trust and co-operation among AECO industry practitioners. It is to foster development through a common prototype of design and build project delivery method in NEC4 Engineering and Construction Contract (ECC) Options A and C.

Keywords: Building Information Modeling, cost estimation, quantity take-off, modeling techniques.

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Authors: Roshayani Arshad, Normah Omar, Siti Fatimah Awang

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The move from cash accounting to accrual accounting, or rule-based to principle-based accounting, by many governments is part of an ongoing efforts in promoting a more business-like and performance-focused public sector. Using questionnaire responses from preparers of financial statements of public universities in Malaysia, this study examines the implementation challenges and benefits of principle-based accounting. Results from these responses suggest that most respondents perceived significant costs would be incurred in relation to staff training and recruitment of staffs with relevant technical knowledge. In addition, most respondents also perceived that there will be significant changes in the current accounting system and structure in order to comply with the principle-based accounting requirements. However, most respondents perceived that these changes might not result in significant benefits for management purposes, for example, financial management, budgeting and allocation of resources. Nevertheless, most respondents perceived that principle-based accounting information would facilitate the monitoring function of the board. The general perception is that adoption of principle-based accounting information is not significantly useful than rule-based accounting information is expected to change over time as preparers of the financial statements gradually understand and appreciate the benefits of principle-based accounting information. This infers that the perceived usefulness of different accounting system is a function of familiarity by the preparers.

Keywords: Accrual accounting, principle-based accounting, public sector, rule-based accounting.

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Authors: José M. Brotons, Manuel E. Sansalvador

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The relationship between Corporate Social Responsibility (CSR) and financial performance (FP) is a subject of great interest that has not yet been resolved. In this work, we have developed a new and original tool to measure this relation. The tool quantifies the value contributed to companies that are committed to CSR. The theoretical model used is the fuzzy discounted cash flow method. Two assumptions have been considered, the first, the company has implemented the IQNet SR10 certification, and the second, the company has not implemented that certification. For the first one, the growth rate used for the time horizon is the rate maintained by the company after obtaining the IQNet SR10 certificate. For the second one, both, the growth rates company prior to the implementation of the certification, and the evolution of the sector will be taken into account. By using triangular fuzzy numbers, it is possible to deal adequately with each company’s forecasts as well as the information corresponding to the sector. Once the annual growth rate of the sales is obtained, the profit and loss accounts are generated from the annual estimate sales. For the remaining elements of this account, their regression with the nets sales has been considered. The difference between these two valuations, made in a fuzzy environment, allows obtaining the value of the IQNet SR10 certification. Although this study presents an innovative methodology to quantify the relation between CSR and FP, the authors are aware that only one company has been analyzed. This is precisely the main limitation of this study which in turn opens up an interesting line for future research: to broaden the sample of companies.

Keywords: Corporate social responsibility, case study, financial performance, company valuation.

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Authors: T. P. Singh, Vijay Gautam

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Gladiolus is an important cash crop and is grown mainly for its elegant spikes. Traditionally the gladiolus corms are planted manually which is very tedious, time consuming and labor intensive operation. So far, there is no planter available for planting of gladiolus corms. With a view to mechanize the planting operation of this horticultural crop, a prototype of 4-row gladiolus planter was developed and its performance was evaluated in-situ condition. Cupchain type metering device was used to place each single gladiolus corm in furrow at required spacing while planting. Three levels of corm spacing viz 15, 20 and 25 cm and four levels of forward speed viz 1.0, 1.5, 2.0 and 2.5 km/h was taken as evaluation parameter for the planter. The performance indicators namely corm spacing in each row, coefficient of uniformity, missing index, multiple index, quality of feed index, number of corms per meter length, mechanical damage to the corms etc. were determined during the field test. The data was statistically analyzed using Completely Randomized Design (CRD) for testing the significance of the parameters. The result indicated that planter was able to drop the corms at required nominal spacing with minor variations. The highest deviation from the mean corm spacing was observed as 3.53 cm with maximum coefficient of variation as 13.88%. The highest missing and quality of feed indexes were observed as 6.33% and 97.45% respectively with no multiples. The performance of the planter was observed better at lower forward speed and wider corm spacing. The field capacity of the planter was found as 0.103 ha/h with an observed field efficiency of 76.57%.

Keywords: Coefficient of uniformity, corm spacing, gladiolus planter, mechanization.

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Authors: N. Talisa, K. Rungsarid, P. Chakrit

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The objectives of the research are to study the existing agricultural patterns, and to evaluate the sustainability of agricultural on economic, social and environmental aspects. The samplings were the representatives of the agriculturist group from Ban Paew district, Samut Sakorn province by purposive sampling method of 30 households. The tools being used were interview forms together with the Rapid Rural Appraisal (RRA) and the Participation Rural Appraisal (PRA). The information collected was analyzed with the principle of Content Analysis andusing Descriptive Statistics. After that all the information gotten was analyze the sustainability on the household level and village level. The research result can be concluded as follows: The agricultural Patterns: For most of the cultivation main crop was fruit trees planted and the supplement crop was around the patch or added other plants in the trenches. There were trenches for the cultivating water. The product distribution was by selling (97.5%) and the selling to middle man was the highest number (62.5%). Evaluating the sustainability of the agricultural by the indicators which were appropriate to the area: For the agricultural sustainability on the household level it was found that only one household had sustainable, others household had conditioned sustainable. For on the village level it was found that the sustainability on the issue of agricultural knowledge training had the lowest level (Sustainability index = 31.67%). Secondary was the acknowledging about soil information (Sustainability index = 35.0), and the household labors on agriculture, net return over cash cost (Sustainability index = 55.0%) respectively. Performance percentage is 48.81 %. It was brought to the conclusion that this area did not have the agricultural sustainability.

Keywords: Sustainability of agricultural, sustainability indicators, sustainability index.

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Authors: M. Talebzadegan, S. Bina, I. Riazi

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The purpose of this paper is to present an active solar energy system to supply heating demands of the teaching staff dormitory of the Islamic Azad University of Ramhormoz. The design takes into account the solar radiations and climate data of Ramhormoz town and is based on the daily warm water consumption for health demands of 450 residents of the dormitory, which is equal to 27000 lit of 50-C° water, and building heating requirements with an area of 3500 m² well-protected by heatproof materials. First, heating demands of the building were calculated, then a hybrid system made up of solar and fossil energies was developed and finally, the design was economically evaluated. Since there is only roof space for using 110 flat solar water heaters, the calculations were made to hybridize solar water heating system with heat pumping system in which solar energy contributes 67% of the heat generated. According to calculations, the net present value “N.P.V.” of revenue stream exceeds “N.P.V.” of cash paid off in this project over three years, which makes economically quite promising. The return of investment and payback period of the project is 4 years. Also, the internal rate of return (IRR) of the project was 25%, which exceeds bank rate of interest in Iran and emphasizes the desirability of the project.

Keywords: Solar energy, heat demand, renewable, pollution.

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Authors: Rishabh Garg

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Blockchain technology can allow remote, untrusted parties in the banking and financial sector to reach consensus on the state of databases without the involvement of gatekeepers. Like a bookkeeper, it can manage all financial transactions including payments, settlements, fundraising, securities management, loans, credits and trade finance. It can outperform existing systems in terms of identity verification, asset transfers, peer-to-peer transfers, hedge funds, security and auditability. Blockchain-based decentralized finance (DeFi) is a new financial protocol. Being open and programmable, it enables various DeFi use-cases, including asset management, tokenization, tokenized derivatives, decentralized autonomous organizations, data analysis and valuation, payments, lending and borrowing, insurance, margin trading, prediction market, gambling and yield-farming, etc. In addition, it can ease financial transactions, cash-flow, use of programmable currency, no-loss lotteries, etc. This paper aims to assess the potential of decentralized finance by leveraging the blockchain-enabled Ethereum platform as an alternative to traditional finance. The study also aims to find out the impact of decentralized finance on prediction markets, quadratic funding and crowd-funding, together with the potential challenges and solutions associated with its implementation.

Keywords: Advance trading, crowd funding, exchange tokens, fund aggregation, margin trading, quadratic funding, smart contracts, streaming money, token derivatives.

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Authors: Edikan E. Akpanibah Obinichi C. Mandah Imoleayo S. Asiwaju

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In this paper, we studied the effect of supplementary premium on the optimal portfolio policy in a defined contribution (DC) pension scheme with refund of premium clauses. This refund clause allows death members’ next of kin to withdraw their relative’s accumulated wealth during the accumulation period. The supplementary premium is to help sustain the scheme and is assumed to be stochastic. We considered cases when the remaining wealth is equally distributed and when it is not equally distributed among the remaining members. Next, we considered investments in cash and equity to help increase the remaining accumulated funds to meet up with the retirement needs of the remaining members and composed the problem as a continuous time mean-variance stochastic optimal control problem using the actuarial symbol and established an optimization problem from the extended Hamilton Jacobi Bellman equations. The optimal portfolio policy, the corresponding optimal fund size for the two assets and also the efficient frontier of the pension members for the two cases was obtained. Furthermore, the numerical simulations of the optimal portfolio policies with time were presented and the effect of the supplementary premium on the optimal portfolio policy was discussed and observed that the supplementary premium decreases the optimal portfolio policy of the risky asset (equity). Secondly we observed a disparity between the optimal policies for the two cases.

Keywords: Defined contribution pension scheme, extended Hamilton Jacobi Bellman equations, optimal portfolio policies, refund of premium clauses, supplementary premium.

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Authors: Sama’ila Idi Ningi, Abubakar Yusuf Dutse

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The banking sector poses a lot of problems in Nigeria in general and the non-oil export sector in particular. The banks' lack effectiveness in handling small, medium or long-term credit risk (lack of training of loan officers, lack of information on borrowers and absence of a reliable credit registry) results in non-oil exporters being burdened with high requirements, such as up to three years of financial statements, enough collateral to cover both the loan principal and interest (including a cash deposit that may be up to 30% of the loans' net present value), and to provide every detail of the international trade transaction in question. The stated problems triggered this research. Consequently, information on bank financing of non-oil exports was collected from 100 respondents from the 20 Deposit Money Banks (DMBs) in Nigeria. The data was analysed by the use of descriptive statistics correlation and regression. It is found that, Nigerian banks are participants in the financing of non-oil exports. Despite their participation, the rate of interest for credit extended to non-oil export is usually high, ranging between 15-20%. Small and medium sized non-oil export businesses lack the credit history for banks to judge them as reputable. Banks also consider the non-oil export sector very risky for investment. The banks actually do grant less credit than the exporters may require and therefore are not properly funded by banks. Banks grant very low volume of foreign currency loan in addition to, unfavorable exchange rate at which Naira is exchanged to the Dollar and other currencies in the country. This makes importation of inputs costly and negatively impacted on the non-oil export performance in Nigeria.

Keywords: Supply Side Factors, Bank Financing, Non-Oil Exports.

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Authors: A. S. Adelokun, O. O. Gambo, A. A. Adegboye

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This study estimates the private cost of Humanities and Education programs in public universities in Osun state, Nigeria, as well as the private monetary returns to Humanities and Education programs in public universities in the state. It also estimates the private rates of return to Humanities and Education programmes in public universities in Osun state; with the view of providing information on the relative profitability of investments in Humanities and Education programs in public universities in Osun state. The study adopted a descriptive survey research design. The population for the study consisted of all Humanities and Education students from public universities in Osun State and all Humanities and Education graduates who are workers in Osun state establishments. The sample was made up of 600 students and 120 workers. The students were selected through simple random sampling technique from the two public universities in the state while the workers were purposively selected from Osun state establishments. These workers were graduates of Humanities and Education programs. The selected programs included Bachelor of Arts (B.A.) in English, Bachelor of Education (B.Ed.) in English, B.A. in Religious Studies, B.Ed. in Religious Studies, B.A. in Yoruba and B.Ed. in Yoruba. Two research instruments were used, namely: Private Costs of University Education Questionnaire (PCUEQ) and Age Education Earnings of Workers Questionnaire (AEEWQ). The data were analyzed using compounding and discount cash flow techniques. The results showed that the private costs of Humanities and Education programs in public universities in Osun state were N855,935.59 and N694,269.34 respectively. The private monetary returns to Humanities and Education programs in public universities in the State were N9,052,859.28 and N9,052,859.28, respectively. The private rates of return to Humanities and Education programmes in public universities in Osun state were 27.36% and 34.40% respectively. The study concluded that it was more profitable to invest in Education programs than in Humanities programs at public universities in Osun state, Nigeria.

Keywords: Rates of return, private cost, investment, education.

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Authors: Rafia Hassan, Ali Rizwan, Sadaf Farhan, Bushra Sabir

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The purpose of this study is to compare the conventional crop monitoring system with the satellite based crop monitoring system in Pakistan. This study is conducted for SUPARCO (Space and Upper Atmosphere Research Commission). The study focused on the wheat crop, as it is the main cash crop of Pakistan and province of Punjab. This study will answer the following: Which system is better in terms of cost, time and man power? The man power calculated for Punjab CRS is: 1,418 personnel and for SUPARCO: 26 personnel. The total cost calculated for SUPARCO is almost 13.35 million and CRS is 47.705 million. The man hours calculated for CRS (Crop Reporting Service) are 1,543,200 hrs (136 days) and man hours for SUPARCO are 8, 320hrs (40 days). It means that SUPARCO workers finish their work 96 days earlier than CRS workers. The results show that the satellite based crop monitoring system is efficient in terms of manpower, cost and time as compared to the conventional system, and also generates early crop forecasts and estimations. The research instruments used included: Interviews, physical visits, group discussions, questionnaires, study of reports and work flows. A total of 93 employees were selected using Yamane’s formula for data collection, which is done with the help questionnaires and interviews. Comparative graphing is used for the analysis of data to formulate the results of the research. The research findings also demonstrate that although conventional methods have a strong impact still in Pakistan (for crop monitoring) but it is the time to bring a change through technology, so that our agriculture will also be developed along modern lines.

Keywords: Crop reporting service, SRS/GIS, satellite remote sensing/geographic information system, area frame, sample frame.

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Authors: A. V. Shashkova

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The aim of the present article is to analyze the position of the Constitutional Court of the Russian Federation on the matter of restricting the constitutional rights of citizens to inviolability of professional and banking secrecy in effecting controlling activities. The methodological ground of the present Article represents the dialectic scientific method of the socio-political, legal and organizational processes with the principles of development, integrity, and consistency, etc. The consistency analysis method is used while researching the object of the analysis. Some public-private research methods are also used: the formally-logical method or the comparative legal method, are used to compare the understanding of the ‘secrecy’ concept. The aim of the present article is to find the root of the problem and to give recommendations for the solution of the problem. The result of the present research is the author’s conclusion on the necessity of the political will to improve Russian legislation with the aim of compliance with the provisions of the Constitution. It is also necessary to establish a clear balance between the constitutional rights of the individual and the limit of these rights when carrying out various control activities by public authorities. Attempts by the banks to "overdo" an anti-money laundering law under threat of severe sanctions by the regulators actually led to failures in the execution of normal economic activity. Therefore, individuals face huge problems with payments on the basis of clearing, in addition to problems with cash withdrawals. The Bank of Russia sets requirements for banks to execute Federal Law No. 115-FZ too high. It is high place to attract political will here. As well, recent changes in Russian legislation, e.g. allowing banks to refuse opening of accounts unilaterally, simplified banking activities in the country. The article focuses on different theoretical approaches towards the concept of “secrecy”. The author gives an overview of the practices of Spain, Switzerland and the United States of America on the matter of restricting the constitutional rights of citizens to inviolability of professional and banking secrecy in effecting controlling activities. The Constitutional Court of the Russian Federation basing on the Constitution of the Russian Federation has its special understanding of the issue, which should be supported by further legislative development in the Russian Federation.

Keywords: Bank secrecy, banking information, constitutional court, control measures, financial control, money laundering, restriction of constitutional rights.

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Authors: Kari Björn

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Introduction of games has expanded the application area of computer-aided learning tools to wide variety of age groups of learners. Serious games engage the learners into a real-world -type of simulation and potentially enrich the learning experience. Institutional background of a Bachelor’s level engineering program in Information and Communication Technology is introduced, with detailed focus on one of its majors, Health Technology. As part of a Customer Oriented Software Application thematic semester, one particular course of “eHealth Business and Solutions” is described and reflected in a gamified framework. Learning a consistent view into vast literature of business management, strategies, marketing and finance in a very limited time enforces selection of topics relevant to the industry. Health Technology is a novel and growing industry with a growing sector in consumer wearable devices and homecare applications. The business sector is attracting new entrepreneurs and impatient investor funds. From engineering education point of view the sector is driven by miniaturizing electronics, sensors and wireless applications. However, the market is highly consumer-driven and usability, safety and data integrity requirements are extremely high. When the same technology is used in analysis or treatment of patients, very strict regulatory measures are enforced. The paper introduces a course structure using gamification as a tool to learn the most essential in a new market: customer value proposition design, followed by a market entry game. Students analyze the existing market size and pricing structure of eHealth web-service market and enter the market as a steering group of their company, competing against the legacy players and with each other. The market is growing but has its rules of demand and supply balance. New products can be developed with an R&D-investment, and targeted to market with unique quality- and price-combinations. Product cost structure can be improved by investing to enhanced production capacity. Investments can be funded optionally by foreign capital. Students make management decisions and face the dynamics of the market competition in form of income statement and balance sheet after each decision cycle. The focus of the learning outcome is to understand customer value creation to be the source of cash flow. The benefit of gamification is to enrich the learning experience on structure and meaning of financial statements. The paper describes the gamification approach and discusses outcomes after two course implementations. Along the case description of learning challenges, some unexpected misconceptions are noted. Improvements of the game or the semi-gamified teaching pedagogy are discussed. The case description serves as an additional support to new game coordinator, as well as helps to improve the method. Overall, the gamified approach has helped to engage engineering student to business studies in an energizing way.

Keywords: Engineering education, integrated curriculum, learning experience, learning outcomes.

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