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Life Cycle: Formation, Structure, Management

Author

Listed:
  • Sergii Sardak
  • Igor Britchenko
  • Radostin Vazov
  • Oleksandr P. Krupskyi

Abstract

The article aims to define the management mechanism of complex, open dynamic systems with human participation. The following parts of the system life-cycle were identified and unified in the theoretical scope: general and specific compositional elements of repeating changes, marginal index boundaries, the dynamics of the compositional elements of the life-cycle, the key points of the change in the character of the index dynamics. In the practical scope, two common trends of socio-economical system life-cycle management are considered. The first trend is the regulation of the comprising element ratio, which provides the increase in the duration of the maximally effective performance of a functioning system. The second trend is the regulation of the reproduction time of a new system. The systems life cycle aspects are investigated in almost all sciences and studied within many disciplines in the field of higher education. Therefore, deepening the mastery of scientific and methodological foundations of the life cycle of a complex open dynamic system is useful for any subject in everyday and practical activities. A human being – in the formation of own human capital. Families – when it is formed, the birth of children, the distribution of income and expenses. Companies – for efficient business activities. As well as local communities, local self-government bodies, public authorities and global entities within their profile activities. The results of the research provide the possibility of the development of applicable mechanisms for effectiveness and stability enhancement of managerial and entrepreneurial operation in business projects.

Suggested Citation

  • Sergii Sardak & Igor Britchenko & Radostin Vazov & Oleksandr P. Krupskyi, 2021. "Life Cycle: Formation, Structure, Management," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 126-142.
  • Handle: RePEc:bas:econst:y:2021:i:6:p:126-142
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • P00 - Economic Systems - - General - - - General

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