OPTIMIZATION OF SALES PORTFOLIO BY RISK–PROFITABILITY CRITERIA

Abstract

The article considers the issue of optimization of a sales portfolio of a manufacturing enterprise. The two criteria approach by H. Markowitz is offered as one of the approaches to management of a portfolio. This approach makes it possible to take into account not only realization of goods profitability but market situation risk as well. The article presents the estimates of the effective sales portfolios (by risk–profitability criteria) of InfraspakAnalit SPE LLC from 2007 till 2013. The optimal structure of a sales portfolio is suggested on the basis of the conducted research, the main reason of discrepancy of the optimal and real sales structure is stated as well. The article also considers some features of the used method, which must be taken into account in the research. Firstly, we are dealing with the special probabilistic market model, where risk is dispersion and expected profitability is mathematical expectation. Secondly, it is expected that the market must have statistical stability with regard to states of the market. Thirdly, this approach is based only on two estimates – estimates of risk and profitability. Fourthly, the approach uses the neoclassical model of a rational behavior of individual, which, in our case, must be identical to the target function of the enterprise.