The article deals with decisions when choosing the most optimal method of associated gas utilization. Management systems are presented in the form of a separate business-process, including procedures of associated gas utilization project management, evaluation of their compatibility with the strategic goals of oil&gas company, consideration of external factors changes influencing the project development. The adapted algorithm scheme of utilization project management is presented. The algorithm includes different analysis sectors determining project tagets, priority strategies in the area, applying the broad spectrum of evaluation: system of cross-economic analysis, system of expert analysis, based on hierarchic structure analysis principals, united by EcoExploration analytical integrator. The article proves the necessity to separately manage the cash flow accounts and gas utilization projects making it possible to opportunely correct the utilization method. Discussed are internal and external types of motivation during project implementation, as well as methods of the maximum efficiency achievement of associated gas utilization projects. The financial strategies in this sector are identified, following them, traditional economic indicators could be interpreted differently.

Dictated by the necessity of innovative development and experiencing the sanctions imposed by the international community , Russia confronts the problem and, at the same time the prospect, to gradually withdraw from commodity and raw materials trade orientation of the national economy towards the innovative industrially developed economy. The transition to an innovative economy forces all economic actors to perform a complex organizational and economic work and elaborate the national economy development project. The focus on innovative principles of economic development is an argument favouring the establishment of a common strategy in training specialists for domestic industry. The article is devoted to the analysis of the specificity of human capital formation in National research universities. Considering the Russian goal to create the human capital complying with the development of innovative economy the National technical and natural science research universities (NRU)have to be established.. The article reveals the NRU role in the formation of intellectual capital complying with challenges of the innovation economy, as well as the analysis of the peculiarities of NRU functioning in Russia and abroad. National research universities have to play a significant role in the formation of human capital, the development of Russia’s science and innovation culture, thus contributing to the development of innovative economy of the Russian Federation. Measures are proposed how to change the human capital formation system and provoke adequate changes of the organizational-economic mechanism of University’s management, to change the relationship of all the internal elements basing on partner relations and strategic marketing approach to the University’s activity. 

The study considers theoretical and methodological foundations of governmental investment policy directed to support industrial enterprises in their long-term development and competitiveness under modern economic environment, defines place and role of the «governmental investment» definition in the system of economic concepts. Through a retrospective analysis of the historical experience of governmental investment policy the basic stages in the state regulation of investment processes are shown. The article also investigates the methodological grounds, formation and determination of governmental investment feasibility. The investment activity limits and problems of governmental investment in the industrial sector of the Russian economy are defined. As part of a systematic approach to government regulation of socio-economic development, the article demonstrates proves the expediency of direct governmental investment in industrial enterprises in the modern Russian economy. The importance of the state role as a major investor for investment projects is evaluated, especially in the social sphere, the military-industrial complex, municipal infrastructure, and other capital-intensive projects with long payback period that are not attractive to private investors. The priorities for governmental investment economic activities, as well as future directions of state investment support for industrial enterprises are presented.

In this article, the author attempts to show that the law «On technical regulation» based on the conviction of the need to reduce state involvement in the economy, weakened the consumer protection against imposition of goods with insufficient quality . A range of product properties is regarded as a matter of the agreement between consumers and producers without the regulatory role of the government, although partners of this exchange are not competent enough. This is one of the reasons for the systematic decline in the quality of many products in the past ten years. Decline in the quality of many products is particularly dangerous at the moment when the situation in our external trade calls for of import substitution. The author offers some considerations how to return public institutions the sphere of standardization sphere, which, in his opinion,will be able have to stop decline in the quality of domestic products and create the preconditions for its increase.

consequences for the socio-economic development of the country in the future. As a way out of this situation, a radical modernization of the economy and individual industries with the development of the knowledge economy is proposed. This article analyzes trends in innovative development of the steel industry. Based on the technological waves as suggested by S.Y. Glazyev the authors characterize several periods in the development of metallurgical industry and accumulation of industry knowledge.The modern process of innovation is not possible without the application of knowledge management. In this regard, the article describes the process of knowledge management as one of activation of innovation areas in the steel industry. The features of knowledge management in enterprises are presented. An overview of the current practice of knowledge management at the largest enterprises of Russian ferrous metallurgy is provided. In order to prevent stagnation and decline of the largest city- and system-generating enterprises of Russia the authors propose to create a branch mechanism of knowledge management in the steel industry, based on cooperation, public-private partnerships and cooperation with scientific and educational centers. Successful implementation of the mechanism developed by the authors can help to overcome the crisis in the iron and steel industry and raise it to a new level in the innovation economy.

One of the key elements of strategic management is the scientific approach to assessment and analysis using formalized and unformalized methods to substantiate the management decisions. Such understanding of the economic analysis logic seems to adequately match administrative paradigms and logic of small business functioning under market environment. Based on the conclusions of scientists who have dedicated their works to cyclical fluctuations and cycle-forming fac-tors, it is possible to use non-formalized methodologies for assessing the economic situation of a small business. To identify the financial position it is expedient to apply the method based on a combination of two significant features: the own capital and the net working capital. The methodology of small business system competitiveness management accepts the hypothesis that competitiveness can be several elements, is measurable and correlated with specific potential of an economic system. The small business subjects competitiveness is regarded as economic effect created from the synergies of industrial, organizational, informational, innovative, resource, environmental, financial, economic and other results of the entity. The article presents such understanding of the formalized methodological logic approaches to the analysis of small businesses strategic management 

Since Russian Federation has chosen a strategy towards orientation on import substitution, the topic of searching for alternative ways of industrial enterprise development through cooperative vertical and horizontal relationship becomes that of a primary interest. One approach to establish these relationships is using relative institutions . The Chamber of Commerce and Industry is an example of such institutions. Taxonomy of approaches when researching the Chamber of Commerce and Industry functioning from the viewpoint of voluntary and mandatory membership, reducing coordination costs in relation between its members and lobbying their interest toward government organs is given in this article. The difference between functions of regional and municipal Chambers of Commerce is shown. This in turn contributes towards theory and methodology of strategic management of domestic industrial enterprises. The municipal Chambers of Commerce are in the process of expanding and the Central and Southern districts play the leading role in this process.The article reveals terms of development of industrial enterprise and cooperation hub as well as peculiarities of cooperative interactions between industrial enterprises and their counterparts through formation of Chambers of Commerce and Industry as a kind of cooperation hub. Statistical methods are applied to identify relations between size of the cooperation hub and the level of producers’ cooperatives spread. 

The article examines the main trends of world and Russian market of lubricants in the context of modern environmental requirements. The need for measures in the field of hydrocarbons resources saving under conditions of Russian reality is identified. Economic preconditions for lubricants production industry development in the Russian Federation are presented. In order to spare resources the world manufacturers of lubricants develop the newest methods of waste oil products recovery The processing of waste oils and their regeneration present now for many countries the priority goal. In addition, it allows to save about 600 kg of CO2 for every ton of waste oil. According to recent studies, during the 2014 the world production of lubricants must rise above 3.5 million tons per year. The consumption of 90% of oil (II-III categories) in Russia is covered by import and the consumption of this kind of lubricants is growing. Considering the energy security and the necessity to substitute the import of high quality lubricants the country has to pursue the policy of import substitution , to develop economic mechanisms and possibilities for their implementation. 

Under the conditions of unstable economic environment Arctic corporations have to increasingly apply strategic management methods. However it requires systematic organizational,analytical, accounting and other measures. The strategic tasks and approaches to their solution often come into conflict with the operational processes that creating a certain resistance environment. In vertically integrated companies the situation is complicated by the fact that management as a rule is placed beyond the basic structure links – enterprises, while current operational decisions are performed within them . A flexible mechanism of coordinating these processes is needed concerning both organization   and functioning. All these processes are examined on the example of JSC «FosAgro» corporation and its largest structural subdivision the mining combine JSC «Apatit» . An efficient tool of coordinating strategic and operational interests on the basis of financial control, supposing that identification, classification   and systematization of planning and accounting objects are obligatory available, has been elaborated. The specificity of including all stakeholders in the process of decreasing production costs is shown. The article attempts to adapt the method of cascade budgeting targeting the final result under the conditions of a big mining enterprise.

Basically each organization has an understanding that its activities have a direct or indirect impact on society. Moreover, upon fulfilling their activities some companies are specifically looking for opportunities to establish effective cooperation not only with business partners, but also with the state and civil society. This approach allows to significantly reduce the commercial risks, substantially improve the organization’s reputation, attract new loyal customers increase the staff efficiency , and above all – to make the business more competitive. The technique of “social activity accounting” involves acquisition of additional information taken from other types of recording such as management, accounting, statistical, financial, tax, environmental accounting. This approach makes it possible to minutely reflect the social responsibility of the reporting organization . The author believes, that the systematic approach should be applied when revealing the information on social obligations in the corporate financial statements . When available information is summarized and compiled for the purpose of social reporting it is proposed to conduct it through the use of balanced scorecard method. This system is used for achieving strategic goals and can be applied also to increase the efficiency of existing operational management. Information reflection in the internal reports of an organization will allow to build an analytical framework for social reporting which can be used also externally.

The article is devoted to problems of competitive stability of the modern business. The analysis of the basic theoretical concepts in application of different terms used in the of market competition theory is given. The conditions are presented, the analysis of which allows to define the specific content of market competition. Special features and the proposed interpretation of the term «competitiveness» and the definition of the term “competitive stability of business» are presented. It is shown that for the currently unstable economy, the competitive stability of the business is based largely on the maximal use of available reserves of the company. The value of the internal company audit system supporting the business competitive stability is proved. It is shown that an important part of internal audit becomes evaluation of the functioning of the risk management system on the basis of its comprehensive analysis, with the subsequent development of recommendations on improving the effectiveness of economic activity. The authors highlight the key principles of designing and implementing a system of internal audit and its purpose. For the creation of competitive stability of business large companies with well-developed branch network must create an effective a common system of internal audit, including its different versions. Unlike other control systems the internal audit complies with the concept of integrated management on all stages of the product life cycle, which makes it possible to ensure efficient use of company resources in all departments and across the entire chain of the production cycle, thus creating the competitive stability of the business.

The article is dedicated to the study of the «capital of an enterprise» definition. The authors come to the following conclusions: (1) the capital of the company is the accumulation of tangible and intangible assets; the capital bears index of profitability, it is generated by the owner or executive manager targeting certain benefits in the future without time restrictions; (2) reproduction of financial resources and company’s capital is performed in the process of their joint circulation, defining the efficiency of financial resources use and, consequently, of the achievement of the main goals of financial management – the growth of aggregated welfare of enterprise owners . Thus the capital is the main object, which has to be managed in the course of the effective strategy of company development implementation.

The article presents the results of an analytical study of the cluster structure of the Russian Federation. The potential for the development of industry clusters in the regions, considering both manufactured and sold products is created, on the one hand, on the basis of the uncontrolled market events, and with the help of the active efforts of public-private partnership. The study examined the following cluster structures: the Central Federal district, southern Federal district, North-Western Federal district, Fat Eastern Federal district, Siberian Federal district, Ural Federal district, Volga Federal district North Caucasian Federal district, Crimean Federal district. The article describes centers of cluster development. effectively working now in the regions of the Russian Federation The consistency of the cluster formation with industrial potential determines the direction and the dynamic development of the domestic economy.

The authors present the results of a study of machine-building enterprises of the Murmansk region with the aim of finding ways to adapt them to the market economy mechanisms meeting the needs of the regional economy. Currently, the region has more than 60 machine-building enterprises with individual and small-scale production, divided in four sub-sectors of the engineering industry of the Russian Federation. The result of the analysis determined the spatial interaction of these entities with other entities of the regional economy, identified and combined problems common for all machine-building enterprises. The study defines different groups and sub-groups of enterprises according to their products and services. It is proposed to divide all machine-building enterprises of the region into two groups, while the first group will be further divided into subgroups according to their importance and manufactured products (services). To the first subgroup the authors attribute the ship-repair enterprises of the Kola Peninsula, included in the United shipbuilding Corporation (JSC «USC»). The strategic development of these companies will be implemented, according to the authors, in the framework of shipbuilding Corporation. To determine the strategy of the second subgroup, including 50 private shipyards, it is necessary to solve the problem «transit vessels», to change the paradigm of technical operation of vessels by transition from “assigned resource” to «on-condition» criterion.It is offered to catch –up und to secure the and competitiveness of ship repair services through creating the cluster association “Fleet maintenance”. The second group of machine-building enterprises of the Murmanskregion provides the requirements of mining-metallurgical enterprises , and their strategy should be based on the harmonization of cooperation between these enterprises and the commodity sector in the framework of the needs of the regional market. As result of this study the authors propose the strategy of further development of machine-building enterprises of different groups to meet the needs of the regional economy.

Most graduates of different training areas will be in their professional work in one or another way exercise managerial (administrative) functions. Management experience in domestic and foreign enterprises and organizations shows that the best results achieve production organizers, able to demonstrate social and personal competence. In this article we consider the use of a process approach when training to work under modern economy conditions The. process approach, as declared by ISO 9000, became the basis of any professional activity. It is especially necessary to be applied in the system of education being a complex and lengthy production process. The paper provides recommendations for systemic construction of the educational process. It begins with setting the model of a competent graduate , development of training plan and working program for each discipline with defined links between different disciplines’ content and road maps of performing. Presented are results, how students evaluate the importance of the social – personal competence playing a key role in the implementation of managerial functions in professional activity of a specialist.

For the modern high school the prompt response to the changing society needs is very important. A large university is especially lagging behind in this respect, and it can only compensate this imperfection by creation of special mechanisms allowing to rapidly detect signals of the environment and to analyse their response to changes in the activity. In the context of multi-functional activities of the university it is necessary to complexly utilize available potentials (resources), making it possible to increase the optimal cost efficiency of resources. The effectiveness of the higher education institution presents a multilateral category that includes both economic and social components. The rigging of high schools with the latest equipment and appliances presents the most important but not the sole task. For the efficient and effective performance of the university, a combination of modern equipment and high potential of its professional stuff is required. The quality of the university’s activity is the combination of properties securing its ability to meet the educational needs in accordance with its purpose. The result of the university’s activity is expressed by high quality educational services, i.e. the high level of knowledge of its graduates. To achieve the envisaged results in the educational and scientific activities and in the qualification level of teachers the application of new technologies, techniques, different studies must became basic resulting in synergies from the complex potentials.

Credit ratings are considered an important forecasting tool at the stock market. This article offers an evaluation technique for ratings’ reliability, based on the comparison of current rating changes with changes in the exchange rate of the corresponding financial instruments in the medium term. In this article, we evaluate the reliability of the sovereign credit ratings of Russia, the USA and Japan. We also evaluate rating forecasts of domestic and foreign agencies regarding several major Russian companies. We conclude that the ratings’ reliability is not very high. Notably, foreign agencies’ evaluations regarding Russia are less reliable than their evaluations of the USA and Japan . The forecasts of international agencies regarding Russian issuers are less precise than the similar forecasts published by Russian agencies. 

Over the past 20 years, the automotive products market in Russia has significantly changed. In the early 90’s our market was mostly dominated by local manufacturers. Despite substantial claims of customers concerning the quality of cars, the industry looked to be advantageous due to the relatively low prices for their products and developed network of car dealers and car repair garages, where it was possible at any moment to repair the car or buy spare parts. Foreign manufacturers could offer the consumer a good quality, but at a higher price. However, the image of the Russian car market in the 90’s began to change. Burdened by the problems of the transition economy , the Russian manufacturers could not and did not want to invest in the modernization of production and a in acute long term quality increase. Moreover, they did not have the proper incentives. The customs protection in internal Russian car market created an artificial price protection for domestic manufacturers. On the one hand, the customs protection prevented the bankruptcy of domestic manufacturers and related indus-tries, saved millions of jobs and stable taxpayers. But on the other hand, the situation contributed to the preservation of many negative and non-market factors of automobile companies, lacking again the stimulus for large-scale upgrade and transition to new approaches. Russia’s entry to the World Trade Organization means that Russian producers will be forced to exist on the domestic market on equal terms with major international competitors. 

The modern diamond industry is an important link in the global economy. Industry extraction and export of rough diamonds provide a significant portion of GDP in the economies of many developing countries. Developed countries, such as Belgium, the Netherlands, Israel, the UK, gain substantial profits from the processing, sorting, cutting diamonds coming and, of course, the further distribution of final products. This sector is of great economic and social interest for Russia, which today is the largest supplier of diamonds to the world market (in physical volumes). The majority of natural diamonds are used in jewelry, and the total amount of end- products exceeds estimated more than 70 billion dollars. However, the modern diamond industry faces a number of structural problems that can drastically change the image of the sector over the next 5 years.