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The Possibility Of Using Method Of Multi-Criteria Optimization In Financial Allocation In The Defense System

Author

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  • Radovan Damnjanović,Milan Mihajlović

    (General Staff of the Serbian Armed Forces, Belgrade, University of Defence, Military Academy, Belgrade)

Abstract

The research performed in this paper refers to the model that would be used to analyze the effects of the implementation of Planning, Programming, Budgeting and Execution Process (PPBE) on the budget of the Republic of Serbia defence system. The aim of this model is to overcome certain shortcomings of budgeting of the Ministry of Defence by using multicriteria optimization methods during allocation of financial resourcestoprogrammes, projects and activities. The purpose of the model is to facilitate the decision- making process, solving a certain problem – in this case the problem of optimal allocation of financial resources approved by the budget of the Ministry of Defence, with the best possible effects. It enablesstudy, analysis and evaluation of certain situations which would otherwise be difficult or impossible to investigate. In a specifically defined environment, while recognizing international experiences in implementation of PPBE, the model is actually a methodology for solving the abovementioned problem. It may be defined as a process for creating a model of an actual system and conducting experiments, which enables understanding of the system behavior and/or evaluation of different strategies for system functioning.

Suggested Citation

  • Radovan Damnjanović,Milan Mihajlović, 2014. "The Possibility Of Using Method Of Multi-Criteria Optimization In Financial Allocation In The Defense System," Ekonomika, Journal for Economic Theory and Practice and Social Issues 2014-01, „Ekonomika“ Society of Economists, Niš (Serbia).
    • Handle: RePEc:esb:casprv:2014-116
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    More about this item

    Keywords

    allocation of financial resources; budgeting; PPBE; multicriteria optimization;
    All these keywords.

    JEL classification:

    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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