When making an investment decision the investor has got many alternative investment options available. The task of the investor is to choose one investment that will best accomplish the objectives of the investment project. In order for an investment to be possible, it is common practice to create a document that plans and especially outlines the form of the investment project. In order to choose an investment that best meets the goals of the project, it is necessary to evaluate the project. There are evaluation methods available for the investor to assess the effectiveness of an investment project. The results given by these methods are usually conflicting, thus causing difficulties for the investor's decision-making abilities. This paper presents a model for improving the decision process in investment. The purpose of this model is to indicate the need for using methods such as the multi-criteria analysis method in order to evaluate the effectiveness of an investment. Due to the fact that the results of the evaluation methods are often different, it is necessary to take into account that there are a number of criteria that need to be acknowledged, in order to make the best investment decision. Multi-criteria analysis can be used to rank potential investment projects and enhances the decision-making process that is required to meet the goals of an investment.

Primary research in social sciences is mostly used in survey questionnaires. Within the questionnaire, it is possible to elaborate questions in different ways. However, when measuring the quantitative properties, the most frequently used scale is Likert scale. Responses to statements are constructed in for of language values. In order to show the statistical analysis of the obtained results in the form of language values, it is necessary to convert them into numerical values. The aim of this paper is to show that we can transform linguistic values into numerical values using fuzzy logic and the corresponding methods. The subject of the paper is to offer an innovative methodology for the transformation of linguistic values into numerical ones so that they can be statistically processed. Converting is usually done by assigning a numerical value to a particular statement. If a 7-scale is applied, then transformations into numeric values are made from 1 to 7. For human way of thinking it is easier to use the linguistic value of the answer because it is not possible to give precise answers to some questions. Therefore, this paper presents a methodology in which linguistic values can be converted into numerical values using fuzzy logic. The transformation process is explained by an example variable of supply chain practice.

The term consumer behavior has become very popular in recent studies. It is characterized by various processes, with consumers purchasing decisions being one of them. This paper explores the way in which demographic characteristics influence purchasing decisions with focus on technical products including household appliances, computers, TV sets and similar technical products that cost more than 400 BAM. The empirical study was conducted in the region of northeast of Bosnia Herzegovina and 192 respondents were included in the study to express their allegations of purchasing decisions. Factor analysis was used to identify broader constructors as a basis for observation of the variables. In total, six variables were identified. Based on the calculation of Cronbach's Alpha indicators, it has been established that there was a low internal affiliation of claims in two variables, upon what they were discarded. Thus, four variables were used to study purchasing decision-making. The results of multivariate analysis of variance (MANOVA) showed that gender, income level and employment status of the respondents significantly influence purchasing decisions among consumers. The analysis of variance (ANOVA) has further shown that females Under the age of 25 and whose income is less than 400 BAM with less than 25 years are generally dedicating to purchasing decisions. The empirical findings showed that the most satisfied with their purchasing decisions are male respondents, whose income varies between 400 BAM and 800 BAM and who belong to the category of students under 25 years.

When exploring the relationship between users and information systems, it is necessary to ascertain what impact the user's basic features have on their experience of the information systems they use in their work. Accordingly, this survey was conducted in the Government of Brcko within the district of Bosnia and Herzegovina, and within the Public company Brcko Municipality. The survey was conducted on 479 employees, while 261 employees completed the questionnaire developed for this research. When measuring the basic characteristics of the respondent’s gender was considered, as well as the work place, age, qualifications, their work experience and the amount of use of the information system weekly. When measuring the experience of using the information system, a modified model of performance of the information system was used. The SPSS 20.0 statistical software tool was applied during the testing of the proposed hypothesis, and the multivariate variance analysis (MANOVA) and the variance analysis (ANOVA) were used for the analysis. A factor analysis was used with the grouping of the proposed claims. The results obtained using this analysis show that in the modified model of success of the information system the statements were grouped into 4 factors. The hypothesis test results have shown that there is a significant statistical dependence on the use of information systems in almost all features of a user, except for the age of users where there is no statistical dependence. The results obtained from this research will contribute to a better understanding of how users experience information systems in their work and what basic features of the respondents affect the use of the system.

Increased competition present in the higher education in BiH has conditioned the trend that institutions need to “fight” for each student through quality development at higher education institutions. This paper deals with means of enhancing quality at eMPIRICA College through continual investigation of students’ satisfaction. For the purpose of this research, we used a questionnaire with 26 statements on quality at the higher education institution, which were grouped in four quality dimensions using factor analysis. In addition, satisfaction and loyalty of students were measured where we compared students’ expectations and perceptions at the beginning and end of the academic year. Thus, a gap in the quality of education services at eMPIRICA was noted, as well as the gap in regards to satisfaction and loyalty. Using MANOVA it has been ascertained that there is a significant statistical difference between expected and perceived quality on the part of the students throughout all quality dimensions as well as in terms of students’ loyalty, and there is no significant statistical difference in satisfaction of students. Using ANOVA it has been deduced that with specific statements there are significant statistical differences in satisfaction and loyalty of students, while using t-test we observed a difference between arithmetic means of expected and perceived quality in all quality statements.

The first step in starting each production is the choice of suppliers. The choice of suppliers is influenced by many factors that differ depending on whether it is the first relationship with suppliers or it is about establishing partnerships with suppliers. Factors influencing selection are different and depend on business cooperation with suppliers themselves. Unlike other works, this paper applies expert judgment in the rankings of supplier selection factors. Experts include those scientists who published scientific papers on this subject by the prestigious Elsevier publishing house. Experts were assigned a survey questionnaire containing 39 factors for supplier selection to which they gave their opinion on which of these factors is important for establishing new cooperation or establishing partnerships with suppliers. The answers received were processed and the factors were ranked using the fuzzy TOPSIS method. The results showed that various factors are used in this cooperation with suppliers.

Investment decision making always bears a certain amount of risk and uncertainty. Therefore, we can say that the investment decision is the most difficult decision which a company owner or a manager has to make. During the process of investment decision making, every decision maker has to face the problems of choosing the right among several possible alternatives. The goal is to choose the alternative which is most likely to realise the company's development and investment goals. The decision maker may approach this problem in several different ways. Investment decision making is among the final steps of preparatory operations of an investment process. Before making this decision, it is necessary to follow certain procedures in order to successfully conduct the required investment studies. After the investment decision has been made, we can initiate the realisation process of a given investment. This paper uses 20 different investment projects which were analysed through 5 methods of investment efficiency evaluation that are mostly used in countries covered by the research. Additionally, a research which focuses on the ways in which companies from Bosnia and Herzegovina, Croatia, Serbia and Montenegro approach the investment decision making process was conducted.

Wealth and tradition of using thermo mineral waters in Bosnia and Herzegovina is the main potential for development of health tourism. The primary significance in spa centers is providing health services and the organization of tourist activities. Today in Bosnia and Herzegovina 15 spas as health institutions have been registered. History of use of thermo-mineral springs dates back to the ancient Greeks and Romans, who recognized the healing properties of geothermal resources. The topic of this paper is to present the perspective of the development of the tourism sector through the development of health tourism through spa treatment. There are registered 15 spas as health institutions which have 3,455 beds and generate around 200,000 overnight stays, which accounts for 23% of overall overnight stays in Bosnia and Herzegovina. It is therefore important to look at the current offer of spa treatments in Bosnia and Herzegovina and to make recommendations on how to improve this branch of health.

For the purpose of this research, we used a quality questionnaire related to quality, satisfaction and loyalty of students. The research was carried out a t he start and end of the academic year. This approach ascertained a gap with respect to quality, satisfaction and loyalty of students of eMPIRICA

Abstract In today’s modern age, information systems are of vital importance for successful performance of any organization. The most important role of any information system is its information support. This paper develops an information support model and presents the results of the survey examining the effects of such model. The survey was performed among the employees of Brcko Distric Government and comprised three phases. The first phase assesses the influence of the quality of information support and information on information support when making decisions. The second phase examines the impact of information support when making decisions on the perceived availability and user satisfaction with information support. The third phase examines the effects of perceived usefulness as well as information support satisfaction on user loyalty. The model is presented using six hypotheses, which were tested by means of a multivariate regression analysis. The demonstrated model shows that the quality of information support and information is of vital importance in the decision-making process. The perceived usefulness and customer satisfaction are of vital importance for continuous usage of information support. The model is universal, and if slightly modified, it can be used in any sphere of life where satisfaction is measured for clients and users of some service.

Cattle breeding is a very important part of agricultural production in Bosnia and Herzegovina (B&H), and milk production has a vital place in cattle breeding production. From an economic point of view, milk production is interesting as it is a daily production which presupposes faster marketing, which accelerates capital movement in agriculture, which in turn enhances liquidity. This research uses analyses of the existing state in milk production. The collected data are processed and cost calculation has been designed which enables the analysis of economic indicators of 4 dairy farm production models in B&H. Based on the collected data on features and values of dairy farm production models in B&H an analysis of expert evaluation was conducted as input data for DEXi method. The aim of this paper is to ascertain the basic indicators of business success of 4 dairy farm production models in B&H. Production-ecological, economic and socio- political features of the mentioned dairy farm models were analyzed. Based on the used criteria a rate of dairy farm production models using DEXi method was conducted. The results of the research in this paper using DEXi method show that the best model for dairy farm is model number four, which includes 45 milk cows.