INTEGRATION OF STRATEGIC AND TACTICAL LEVELS OF FINANCE MANAGEMENT AT SPACE-ROCKET ENTERPRISE

The article proves the necessity to adapt the existing method of budget management at the Russian enterprises of space-rocket industry due to distinctive features of production and supply of equipment for the government procurement. The following features of industrial and financial activities of space-rocket industry are identified. The duration of the production cycle exceeds a calendar year, there are big amounts of unfinished production, prices and production volumes are defined by the Federal Space Program, there are no commercial costs, production of each piece of rocket and space equipment is planned separately, deflators-indexes are used for inflation adjustment.

A technology integrating strategic and tactical management levels is formed; it is a five steps sequence of interrelated procedures to implement the transition from long-term strategic planning to short-term tactical plans. Instruments for implementation of each procedure in the five steps sequence are proposed taking into account practical experience of production of launch vehicles based on network and cyclic graphs.

The budgeting process had been developed; it includes optimization economic-mathematical model of financing the production activities of the enterprise of space-rocket industry that uses other than generally accepted sales budget, production budget, direct material costs and direct labour costs budgets also plans of payments to suppliers, of payroll, of overhead cost, and cash income flow plan. The latter takes into account the requirements and conditions of payment and delivery of the space-rocket equipment defined by the Federal Space Program. In addition, this economic-mathematical model is adapted for enterprises using bank loans. The proposed procedure of budgeting includes development of strategic initiatives, identification of the targets required for the formation of several variants of operating budgets – sales budget and expenses budget, and calculation of cash flow budget and the revenue and expenditure budget.