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CAPI TOLUL 5 &,)5$'($)$&(5,,9$/2$5($$' 8*$7
5.1 ANALI ZA CI FREI DE AFACERI
Potrivit normelor contabile n vigoare indicatorul cifra de afaceri se GHWHUPLQ SHED]DIRUPXODUXOXLGHVLQWH] &RQWGHSURILWL pierderi prin vQVXPDUHDYkQ] ULORUGHP UIXULFXYDORDUHDSURGXF LHLYkQGXWH&RQWDELOLWDWHD
GHDQJDMDPHQW FDUH VHSUDFWLF vQ DUD QRDVWU LPSXQH LQFOXGHUHD vQ FDGUXO
DFHVWXL LQGLFDWRU D YDORULL IDFWXUDWH DP UIXULORU SURGXF LHL VDX VHUYLFLLORU vQ
FDX] LQGLIHUHQW GH JUDGXO GH vQFDVDUH D FRntravalorii acestora din partea FOLHQ LORUILUPHL
,PSRUWDQ D QLYHOXO DFHVWXL LQGLFDWRU HVWH vQ P VXU VD GHD R LPDJLQH
GHVSUH SR]L LD SH SLD D ILUPHL UHVSHFWLYH SULQ LQGLFDWRUXO VSHFLILF QXPLW
FRWDGHSLD GHVSUHIRU DSHFDUHRUHSUH]LQW ILUma n sectorul respectiv de activitate.
PDUHDPDMRULWDWHD ILUPHORU vLSURSXQFDRELHFWLYHGHRUGLQ
VWUDWHJLFDWLQJHUHDXQHLDQXPLWHSR]L LLSHSLD GHDGHYHQL OHDGHU ODQLYHO
JOREDOGHDGH LQHGLQSLD D VHJPHQWDW JHRJUDILFVDXGLQSLD DXQXL
produs etc.).
7UHEXLHIDFXW GLVWLQF LD vQWUHcifra de afaceriFDUHUHSUH]LQW XQ indicator de efect L profit care este un LQGLFDWRU GH HILFLHQ . Sunt frecvente FD]XULOH vQ FDUH YROXPXO ULGLFDW GH YkQ] UL vQUHJLVWUDW GH F WUH R ILUP HVWH
SO WLW SULQ Qiveluri minime de profitabilitate sau chiar prin pierderi din DFWLYLW LOHRSHUD LRQDOH
Utilizatori PDQDJHPHQWXOILUPHLFRPSDUWLPHQWXOGHYkQ] ULFRQWDELOLWDWHDILUPHLFRQFXUHQ LSRWHQ LDOLLQYHVWLWRULRUJDQLVPHILQDQ DWRDUHHWF
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
1
5.1.1. Analiza structural i dinamic a cifrei de afaceri Analiza de tip structural se realizeaz pe baza unui criteriu ce clasific vnzrile totale ale firmei realizate n cursul unei perioade de timp n funcie de clieni, produsele comercializate, pieele de desfacere etc. Informaiile furnizate de ctre acest tip de analiz sunt multiple, precum: modificarea ponderii deinute de diferite produse n totalul vnzrilor; ierarhizarea clientelei firmei n ordinea importanei; eficiena campaniilor de publicitate personalizate sau a reelelor de distribuie utilizate.
Metoda principal utilizat pentru realizarea analizei de tip structural este Metoda ABC (Pareto), care ierarhizeaz n ordine descresctoare vnzrile realizate ctre principalii clieni (sau pe zone geografice), determinnd ulterior valoarea cumulat a vnzrilor firmei. n esen, se urmrete punerea n eviden a trei zone majore, distinct delimitate, de grupare a clienilor, respectiv: zona A grupeaz clienii cei mai importani, care dein ponderea cea
mai mare n totalul vnzrilor firmei, respectiv o pondere numeric de cca 10-15% i o pondere valoric de cca 60-65%;
zona B concentreaz clienii medii, care dein o pondere numeric n totalul portofoliului de clieni al firmei de cca 20-25% i aproximativ aceeai pondere n totalul valoric al vnzrilor realizate;
zona C grupeaz clieni numeroi, dar care dein cumulat o pondere puin semnificativ n totalul cifrei de afaceri a firmei, respectiv o pondere numeric de cca 60% i o pondere valoric de cca 10-15%.
Analiza de tip dinamic se realizeaz pe baza indicilor de variaie (cu baza fix sau cu baza n lan), precum i a mrimilor medii, trebuind a fi efectuat n uniti comparabile de valoare, mai ales dac firma respectiv activeaz n cadrul unui mediu economic inflaionist. Dac rata inflaiei a nregistrat valori mai mici de 100% n perioada
analizat, atunci rata real de variaie a cifrei de afaceri se obine astfel: RATA REAL = RATA NOMINAL RATA INFLAIEI
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
2
AdminLine
'DF vQ VFKLPE QLYHOXO LQIOD LHL D IRVW ULGLFDW SHVWH DWXQFL
determinarea ratei reale se va face utiliznd formula lui FI SHER:
RATA NOMI NAL 5$7$,1)/$ ,(,
5$7$5($/
5$7$,1)/$ ,(,
$VWIHO GDF vQ FXUVXO XQXL DQ GH ]LOH UDWD QRPLQDO GH FUHWHUH D FLIUHL GH
DIDFHULDXQHLILUPHDIRVWGHLDUUDWDLQIOD LHLDIRVWGHDWXQFL
UDWDGHFUHWHUHvQWHUPHQLrealiDLQGLFDWRUXOXLPHQ LRQDWQXDIRVWGHci numai de 15 %.
5.1.2 $QDOL]DIDFWRULDO
0RGHOHGHDQDOL]
1) CA = qvi x pvi -SHQWUXSURGXF LHHWHURJHQ
CA qvi
pvi
2) CA = Qv x pv -SHQWUXSURGXF LHRPRJHQ 2.1) pv = gi (%) x pvi pUH PHGLXGHYkQ]DUHGHWHUPLQDWFDPHGLHSRQGHUDW
CA Qv
Pv gi
pvi
3) CA = Qv x pv 3.1) Qv = Of x JUDGXOGHYDORULILFDUHDSURGXF LHLIDEULFDWH
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
3
3.2) 4I &GLVSRQLELO [JUDGXOGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH
CA Qv Qf &GLVSRQLELO
pv gi
pvi
5.1.3 $QDOL]D FLIUHL GH DIDFHUL D SXQFWXOXL FULWLF DO UHQWDELOLW LL LJUDGXOXLGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH
3 Determinarea pragului minim de rentabilitate n XQLW i fizice:
'DF YFKHOWXLDODYDULDELO XQLWDU SHSURGXV
Pv SUH XOXQLWDUGHFRPHUFLDOL]DUH
F suma cheltuielilor fixe
CA = vPv
F
3UHVXSXQHP F SUH XO XQLWDU GH YkQ]DUH este de 25.000 lei; suma cheltuielilor fixe este de 145.000.000 lei, iar FKHOWXLDOD YDULDELO XQLWDU de 15.000 lei. $WXQFL FLIUD GH DIDFHUL vQ XQLW L IL]LFH DIHUHQW SUDJXOXL PLQLP GH
rentabilitate va fi de:
CA = 0001500025
000145..
.
XQLW LIL]LFH
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
4
Presupunnd nivelul fizic al FDSDFLW LL GLVSRQLELOH DO ILUPHLUHVSHFWLYHGHXQLW L IL]LFH UH]XOW F HVWHQHFHVDUXQJUDG
GHXWLOL]DUHDFDSDFLW LLGHSURGXF LHGH
Exprimarea sub IRUP YDORULF VHSRDWHRE LQHDSOLFkQGIRUPXOD
CA =
pv,v1
F
DGLF n exemplul luat anterior,
CA = 40
000000145601000000145
,
..
,
..
=
= 362.500.000 lei.
QFD]XO ILUPHORUFDUHFRPHUFLDOL]HD] RJDP YDULDW GHSURGXVH UHOD LDGH
GHWHUPLQDUH D SUDJXOXL PLQLP DO UHQWDELOLW LL VDX SXQFWXO FULWLF DO
UHQWDELOLW LLGHYLQH
CA = Rv,1
F
n care Rv rata medie a cheltuielilor variabilePHGLHGHWHUPLQDW FDSULQSRQGHUDUHDGLIHULWHORUSURGXVHFDUHIRUPHD] FLIUDGHDIDFHULDILUPHLFX
valorile individuale ale ratelor cheltuielilor variabile.
I ndicatori Produs A Produs B Total
9kQ] UL&$ mii lei 250.000 250.000 500.000
6WUXFWXUDYkQ] ULORU 50 % 50 % 100 %
Cheltuieli variabile mii lei 225.000 100.000 325.000 Cheltuieli fixe mii lei X X 75.000 Rata cheltuielilor var. 90 % 40 % 65 %
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
5
3ULQ XUPDUH vQ H[HPSOXO OXDW QLYHOXO YkQ] ULORU DIHUHQWH SUDJXOXL PLQLP GH
UHQWDELOLWDWHVHGHWHUPLQ DVWIHO
CA = 350
00000075650100000075
,
..
,
..
=
= 214.285.710 lei
5.1.4 6WUDWHJLLvQGRPHQLXOFLIUHLGHDIDFHULLDSUH XOXLGe vnzare. $QDOL]DHODVWLFLW LL
&HL GRL IDFWRUL GH LPSRUWDQ VWUDWHJLF FH GHWHUPLQ QLYHOXO YkQ] ULORU XQHL
firme sunt: - FDQWLWDWHDFRPHUFLDOL]DW - Qv - SUH XOGHYkQ]DUH Pv
&DQWLWDWHDFRPHUFLDOL]DW HVWHFRQVHFLQ DPDQLIHVW ULLXQHLPXOWLWXGLQLGH
fDFWRULLDF LXQLvQWUHFDUHPHQ LRQ P FDQWLWDWHDIDEULFDW
nivelul stocurilor
volumul de ansamblu al cererii LQWHQVLWDWHDFRQFXUHQ LDO
campanii de publicitate politicile de promovare DOLDQ HOHVWUDWHJLFH
Q FHHD FH SULYHWHSUH XOGHYkQ]DUH se impune D IDFHPHQ LXQHD F vQUHDOLWDWHHVWHYRUEDGHXQSUH PHGLXGHYkQ]DUHFDOFXODWSHED]DXQXLDGLQ
FULWHULLOHXUP WRDUH SURGXVHFRPHUFLDOL]DWH FOLHQ LSHULRDGDGH WLPSSHQWUX
FDUHVHGHWHUPLQ HWF
0HWRGHGHVWDELOLUHDSUH XOXLGHYkQ]DUH
I NTERNE: ED]DWHSHFRVWXOGHSURGXF LH
EXTERNE: ED]DWHSHFRQFXUHQ L
bazate pe consumatori
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
6
Elasticitatea cererii ODYDULD LLOHGHSUH - VH GHWHUPLQ FX DMXWRUXO FRHILFLHQWXOXL GH HODVWLFLWDWH RE LQXW FD UDSRUW
vQWUHYDULD LDFDQWLW LLFRPHUFLDOL]DWHLFHDDSUH XOXLGHYkQ]DUH
Ec = - pvqv
'DF (F DWXQFLFHUHUHDHVWHSHUIHFWHODVWLF
'DF (F DWXQFLFHUHUHDHVWHSHUIHFWLQHODVWLF
Analiza pe baza cuplului cantitate SUH HVWHvQP VXU V UHOHYHVWUDWHJLLOHcomerciale ale firmei.
1. &DQWLWDWHYkQGXW ULGLFDW SUH XULFkWPDLDSURSLDWHGHFRVWXUL
3HQWUX UHDOL]DUHD XQXL YROXP ULGLFDW DO YkQ] ULORU PDL DOHV vQ VHFWRDUH GH
activitate caracterizate printr-XQJUDGULGLFDWGHFRQFXUHQ PXOWHILUPHDSOLF marje minime de profit pe produs. Sunt sectoarele n care cel mai adesea ILUPHOHGLVSXQGHFDSDFLW LLPSRUWDQWHGHSURGXF LHLvQFDUHVHPDQLIHVW L
HIHFWXO HFRQRPLLORU GH VFDU FDUDFWHUL]DWH SULQWU-R SRQGHUH ULGLFDW D
cheltuielilor fixe.
2. &DQWLWDWH YkQGXW UHODWLY UHGXV SUH XUL FDUH LQFOXG PDUMH
ridicate de profit $FHDVW YDULDQW HVWH VSHFLILF XQHL VWUDWHJLL GH FRQFHQWUDUH SH DQXPLWH
VHJPHQWH GH SLD QLH vQ FDUH GHL YROXPXO FHUHULL QX HVWH ULGLFDW ILUPD
UHXHWH V RE LQ PDUMH LQWHUHVDQWH GH SURILW FD XUPDUH D DERUG ULL
GLIHUHQ LDWH D VHJPHQWXOXL UHVSHFWLY GH SLD (VWH FD]XO FHO PDL DGHVHD DO
produselor de lux.
NI VELUL 35( 8/8,
DE VNZARE
- costuri - marketing - strategie
- FRQFXUHQ L - distribuitori - consumatori - OHJLVOD LH
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
7
3. &DQWLWDWHYkQGXW ULGLFDW SUH XULPDUL $FHDVW SRVLELO FRPELQD LH D FHORU GRL IDFWRUL VH GDWRUHD] H[LVWHQ HL XQHL
cereri ridicate, dar cel mai aGHVHD HYROX LD GH DFHVW WLS HVWH FRQMXQFWXUDO QHSXWkQG IL OXDW vQ FRQVLGHUDUH SH WHUPHQ OXQJ (VWH FDUDFWHULVWLF
VHFWRDUHORU GH DFWLYLWDWH DIODWH vQ SULPHOH ID]H DOH FLFOXOXL GH YLD YH]L
A.D.Little).
4. &DQWLWDWHFRPHUFLDOL]DW UHGXV SUH XULGHYkQ]are minime &D]XOVHUHJ VHWHIUHFYHQWvQSUDFWLF LHVWHWLSLFILUPHORUGHGLPHQVLXQLPLFL
FDUHvQFHDUF V VXSUDYLH XLDVF FRQFXUHQ LORUGLQVHFWRUSULQSUDFWLFDUHDXQRU
SUH XUL VF ]XWH GH YkQ]DUH XQHRUL DFHVWHD ILLQG LQIHULRDUH FKLDU FRVWXULORU
unitarHDOHSURGXVHORUFRPHUFLDOL]DWHQPRGORJLFSURPRYDUHDSHRSHULRDG
OXQJ GHWLPSDDFHVWHLSROLWLFLHVWHGHQDWXU V FUHH]HVHULRDVHGLILFXOW LGH
QDWXU ILQDQFLDU ILUPHORUvQFDX] GDF DFHVWHDQXLDXP VXULGHUHGXFHUHD
costurilor (noi tehnologiL HWF VDX QX DSDU FX R LQRYD LH vQ GRPHQLXO GHactivitate.
Q FRQVHFLQ FLIUD GH DIDFHUL SUH]LQW R LPSRUWDQ GHRVHELW vQ FDGUXO
VLVWHPXOXL GH LQGLFDWRUL XWLOL]D L vQ DSUHFLHUHD DFWLYLW LL XQHL HQWLW L
PLFURHFRQRPLFHQLYHOXOV XLQIOXHQ kQG
IRU DFRQFXUHQ LDO DILUPHL
HFKLOLEUXO ILQDQFLDU DO ILUPHL SULQ LQIOXHQ D GLUHFW SH FDUH R
H[HUFLW DVXSUDQHFHVDUXOXLGHIRQGGHUXOPHQW
QLYHOXOUHQWDELOLW LLILUPHLFDHIHFWDOMRFXOXLSUH GHYkQ]DUH
cost unitar )
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
8
5.2 $1$/,=$9$/25,,$' 8*$7(
,QGLFDWRUXO YDORDUH DG XJDW QX DSDUH HYLGHQ LDW FD DWDUH vQ FDGUXO
GRFXPHQWHORU FRQWDELOH VROLFLWDWH GH F WUH /HJHD &RQWDELOLW LL GLQ DUD
QRDVWU (O VH GHWHUPLQ FD GLIHUHQ vQWUH SURGXF LD H[HUFL LXOXL L YDORDUHD
FRQVXPXULORUGHSURYHQLHQ GHODWHU L
,QGLFDWRUXO SURGXF LD H[HUFL LXOXL VH UHJ VHWH vQ FDGUXO Contului de rezultateILLQGRE LQXWSULQvQVXPDUHDSURGXF LHLYkQGXWHSURGXF LHLVWRFDWe
LDSURGXF LHL LPRELOL]DWH(WHURJHQLWDWHDYDORULORU ODFDUHVXQWHYDOXDWHFHOH
WUHL HOHPHQWH PHQ LRQDWH DQWHULRU L DQXPH SUH XO GH YkQ]DUH vQ FD]XO
SURGXF LHLYkQGXWHLFRVWXOGHSURGXF LHvQFD]XOSURGXF LHLVWRFDWHLDFHOHL
imobilizate, impune tUDWDUHD FX SUXGHQ D LQGLFDWRUXOXL SURGXF LDH[HUFL LXOXL
&RQVXPXULOHGHSURYHQLHQ GHODWHU LVXQWIRUPDWHGLQ
Cheltuielile cu materii prime, materiale, semifabricate; &KHOWXLHOLOHFXFRPEXVWLELOLLXWLOLW LHQHUJLHHOHFWULF DS DEXUHWF
VaORDUHD OXFU ULORULVHUYLFLLORUSUHVWDWHGHF WUHWHU L UHSDUD LL WUDQVSRUW
etc.
9DORDUHDDG XJDW FXSULQGH 4 &KHOWXLHOLOHFXSHUVRQDOXOVDODULLDVLJXU ULSURWHF LHVRFLDO 4 Cheltuielile cu amortizarea; 4 &KHOWXLHOL UHSUH]HQWkQG LPSR]LWH L WD[H SH FO GLUL SH WHUHQ
WHOHFRPXQLFD LLHWF 4 Cheltuieli cu dobnzile; 4 Profitul.
'XS FXP VH UHPDUF YDORDUHD DG XJDW FXSULQGH UHPXQHUDUHD WXWXURU
IDFWRULORU FDUH SDUWLFLS OD SURFHVXO GH FUHDUH D YDORULL L DQXPH IRU D GH
PXQF , PLMORDFHOH GH SURGXF LH, statul (prin infrastructura pe care o SXQHODGLVSR]L LDILUPHLcreditorii, DF LRQDULL (pentru capitalul aportat).
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
9
,PSRUWDQ D YDORDUHDDG XJDW HYLGHQ LD] HIRUWXOSURSULXDOILUPHLUROXOHL
vQFDGUXOODQ XOXLGHFUHDUHDYDORULLILQDOHSHQWUXFRQVXP Wor (client). Spre deosebire de cifra de afaceri, care include efoturile tuturor firmelor din DPRQWH YDORDUHD DG XJDW QX LD vQ FRQVLGHUDUH GHFkW HIRUWXO ILUPHL
UHVSHFWLYH 3ULQ vQVXPDUHD YDORULORU DG XJDWH FUHDWH OD QLYHOXO UDPXULORU
HFRQRPLFHVHRE LQH Lndicatorul macroeconomic denumit PRODUS I NTERN BRUT.
6HSRDWHGHWHUPLQDLYDORDUHDDG XJDW QHW SHED]DUHOD LHL
9$1(7 9$%587 AMORTIZARE
5.2.1 $QDOL]DVWUXFWXUDO DYDORULLDG XJDWH
3H ED]D DQDOL]HL VWUXFWXUDOH VH SXQ vQ HYLGHQ PRGLILFarile care intervin n FXUVXOSHULRDGHLDQDOL]DWH vQUHPXQHUDUHDIDFWRULORUFDUHSDUWLFLS ODSURFHVXO
GHFUHDUHDYDORULLvQILUPDUHVSHFWLY
% Elemente componente N-1 N N+ 1 N+ 2
Cheltuieli salariale Amortizare 56879:; ;
Pe baza acHVWXL PRGHO VH SRW SXQH vQ HYLGHQ LQWHUGHSHQGHQ HOH FDUH VHPDQLIHVW vQWUH
- LQGLFDWRULL GH WLS FDQWLWDWLY FXP DU IL QXP UXO PHGLX GH VDODULD L FDUH
OXFUHD] vQFDGUXOILUPHLUHVSHFWLYHVDXWLPSXOGHPXQF SHVDODULDW
- LQGLFDWRULLGHVWUXFWXU DF URULQIOXHQ HVWHJHQHUDW FDXUPDUHDIDSWXOXL
F ILUPDSURGXFHPDLPXOWHSURGXVH
- LQGLFDWRULL FDOLWDWLYL FD GH H[HPSOX SURGXFWLYLWDWHD RUDU D PXQFLL VDX
YDORDUHDDG XJDW PHGLHFHUHYLQHODOHXSURGXF LDH[HUFL LXOXLSHILHFDUH
produs n parte.
5.2.3 MecaQLVPHGHFUHDUHDYDORULLDG XJDWHla nivel microeconomic
1LYHOXOYDORULLDG XJDWHODVFDU PLFURHFRQRPLF GHSLQGHGHJUDGXO
GHLQWHJUDUHSHYHUWLFDO DSURFHVXOXLGHSURGXF LH
$VWIHOVHSRWHYLGHQ LDWUHLWLSXULGHILUPHvQIXQF LHGHIRUPDGHLQWHJUDUH
)LUPHFHDFWLYHD] vQWU-XQODQ GHLQWHJUDUHGHWLS9
QDFHVW FD] VXQW SX LQHPDWHULL SULPHFDUH VXQW WUDQVIRUPDWH vQXUP XQRU
procese caracterizate printr-XQJUDGULGLFDWGHVWDQGDUGL]DUHvQXUPDF URUDse RE LQH R JDP ODUJ GLYHUVLILFDW GH SURGXVH ILQLWH ([HPSOX PDWHULDOH
SODVWLFH VLGHUXUJLH UDILQDUHD L HLXOXL WH[WLOH HWF (VWH HYLGHQW GHFL F ILUPD
UHVSHFWLY YDFUHDRYDORDUHDG XJDW LPSRUWDQW
)LUPHFDUHDFWLYHD] vQWU-XQODQ GHLQWHJUare de tip A 5HSUH]LQW RSXVXO SULPHL VLWXD LL 8Q QXP U vQVHPQDW GH PDWHULL SULPH
VHPLIDEULFDWH L FRPSRQHQWH VXQW XWLOL]DWH vQ RE LQHUHD XQHL JDPH UHODWLY
UHGXVH GH SURGXVH ILQLWH ([HPSOX LQGXVWULD DHURVSD LDO FRQVWUXF LL GH
PDLQLHWFQDFHDVW VLWXD LHYDORDUHDDG XJDW YDDYHDRP ULPHUHGXV
)LUPHFDUHDFWLYHD] vQWU-XQODQ GHLQWHJUDUHGHWLS7
3URGXVXO ILQDO HVWH RE LQXW vQ XUPD XQRU SURFHVH GLIHULWH Se pot identifica GRX HWDSHSULQFLSDOHLDQXPH
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
11
3LHVHOHFRPSRQHQWHVXQWRE LQXte ntr-XQQXP UPLFGHILUPH $VDPEODUHD VH SURGXFH vQ PRGXUL GLIHULWH RE LQkQGX-se produsul
ILQDOGHGLIHULWHFXORULP ULPLHWF
([HPSOXLQGXVWULDVWLFOHLLFHUDPLFLL
Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2
12
Curs 5 scurt 1Completare curs 5Curs 5 scurtCAPITOLUL 55.1 ANALI ZA CIFREI DE AFACERI5.1.1 Analiza structurala si dinamica a cifrei de afaceri5.1.2 analiza factoriala5.1.3 Analiza cifrei de afaceri, a punctului critic al rentabilitatii aMD.'a%t4Bmk+5.1.4 Strategii in domeniul cifrei de afaceri si a pretului de vanzare
5.2 Analiza valorii adaugate5.2.1 Analiza structurala a valorii adaugate5.2.2 Analiza factoriala a valorii adaugate5.2.3 Mecanisme de creare a valorii la nivel microeconomic