Nevenka Nićin
Univerzitet Union, Fakultet za poslovno industrijski menadzment i pravo, Beograd, Ekonomski fakultet, Evropski univerzitet Brčko, Brčko distrikt, BIH
Anka Bulatović
Evropski univerzitet Brčko distrikt, Brčko, BIH
Vojislava Grbić​
Visoka škola strukovnih studija za menadžment i poslovne komunikacije, Sremski Karlovci, Ekonomski fakultet, Evropski univerzitet Brčko, Brčko distrikt, BIH​

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4th International Conference – ERAZ 2018 – KNOWLEDGE BASED SUSTAINABLE ECONOMIC DEVELOPMENT, Sofia- Bulgaria, June 7, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia;  Faculty of Business Studies, Mediterranean University – Podgorica, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia, ISBN 978-86-80194-12-7


Management is a key function of the company. The effectiveness of the management depends on the success of the company or other organizational system. Therefore, it is rightly considered that the main cause of the underdevelopment of many countries is the lack of a system of modern management, and not resources. The goal is to use limited resources (human work, production elements, money) in order to achieve the set goals with a higher degree of efficiency and effectiveness. It is very important to note that today’s large companies require the application of a professional management system.
Professional managers of the company are hired experts, who have appropriate knowledge, skills and experience in the field of management. It is believed that management is by its very nature universal and hence it’s wide application in various forms of social organizational systems. The key elements of management are universal and with appropriate adaptation, applicable in different environments, which the previous scientific researches and experiences in practice have shown. However, this does not mean that management is applied everywhere in the same way.
In today’s conditions, the ability by which individuals and organizations produce and master new knowledge becomes a key comparative advantage. The ability of an organization or individuals to recognize the source of new creative ideas, to change their environment, represents learning to create. In a competitive global economy, the only source of sustained competitive advantage will be people in the organization, because other factors of production (technology, capital, information) can be copied. The effectiveness of organizations in such circumstances is primarily dependent on people, since, by their quality, knowledge and behavior, people are the main factor in the organization’s success.
Leadership, or human resource management, is becoming the most important function of modern management as well as the basic factor of success of the global organization. It is generally accepted, and there is a belief that in the modern world economy there is a need for people with “managerial and leadership abilities”. Such people are determined as specific assets in the enterprise.

Key words

management, human resources, efficiency, effectiveness, comparative advantage, leadership


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