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.Keywords: investment projects, making the investment decision, methods of multi-criteria analysis * Corresponding author: adispuska@yahoo.com S e r b i a n J o u r n a l o f M a n a g e m e n t

Apstrakt: Bogatstvo i tradicija korištenja termo -mineralnih voda u Bosni i Hercegovini predstavlja jedan od glavnih potencijala razvoja zdravstva. Primarni značaj u banjskim centrima je pružanju zdravstvenih usluga i organizovanje turističke djelatnosti. Danas u Bosni i Hercegovini aktivno je, i registrovano, 15 banja u svojstvu "zdravstvenih centara". Historija korištenja termomineralnih izvora seže još iz vremena starih Grka i Rimljana, koji su njihova ljekovita i terapeutska svojstva koristili i davali im primaran značaj, gradeći prateće objekte, koji su se održali, u nekim krajevima, i danas. Tema ovoga rada je da se predstave perspektive razvoja zdravstva kroz promovisanje banjskog liječenja. Registrovanih 15 banja, kao zdravstvenih centara, koji raspolažu sa 3.455 ležaja, i ostvaruju oko 200.000 noćenja, na godišnjem nivou, što ukupno čini procenat od 23% ostvarenih, noćenja u Bosni i Hercegovini, i čine veliki privredni potencijal sa značajnim finasijskim prihodima. Zbog toga je veoma važno sagledati trenutnu banjsku ponudu u Bosni i Hercegovini, dati preporuke te kako unaprijediti i kako učiniti konkurentnojom ovu granu zdravstva.Ključne reči: zdravstvo, banjski liječenje, banjski centri, potencijali, stanje Abstract: 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. 67Voda Banje Slatina blagotvorno djeluje na zapaljenski reumatizam u mirnoj fazi, degenerativni reumatizam, ekstraartikularni reumatizam, posljedice trauma. Poztivno djeluje i na izvjesne oblikei sterilitetau prvom redu zapaljenskog i endokrinog porijekla. koristi se u pri terapiji hipertenzije kao i kod, funkcionalna i organska oboljenja perifernih arterijskih krvnih sudova.

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.

In order for a tourist to visit a location, it has to be attractive. Destination attractiveness can be examined in several ways. One of them is offered by this study, which has examined destination attractiveness based on resources available in certain rural settlements. Based on a case study carried out in the Brčko District of Bosnia and Herzegovina (Brčko District), a model will be developed to test for rural tourism destination attractiveness. Examination of tourist destination attractiveness in the area of the Brčko District was conducted with a decision model based on the Decision EXpert method and expert decision-making. For that purpose, six rural settlements in the area of the Brčko District were examined with respect to destination attractiveness. Results obtained using this model showed that rural settlement Bijela has a “very good” attractiveness, rural settlements Brezik, Brezovo Polje, and Gornji Zovik have “good” attractiveness, while rural settlements Ražljevo and Maoča have “middle” attractiveness. The results obtained by applying this model have shown the need for improvement of touristic offer in order to make it more attractive. In order to improve attractiveness of a tourist destination, we need to strengthen human potential in this area and improve tourist infrastructure and make more effort to preserve the environment. The application of the used model has given good results in examination of tourist destination attractiveness and it should be applied for other branches of tourism in the future studies.

In the turbulent environment which is characterized by constant market changes and the development of informational technologies, supply chain is becoming the key instrument for competitive advantage. To survive on the market and be competitive, enterprises have to share and distribute knowledge and information. Information sharing affects the fundamental decisions of the supply chain management. Information sharing with partners is a precondition for the exchange of knowledge needed for business. Most important partners for every enterprise are their suppliers and buyers. Suppliers and buyers are key participants of the supply chain from which they get needed information. Relations with suppliers and buyers are an important precondition for the improvement of the operative performance of the enterprise. Sharing information with suppliers and buyers is done in the following way: information delivered to suppliers, information obtained from the supplier, information delivered to buyers and information obtained from buyers. To examine the impact of the supply chain used an empirical study about multi-dimensional relations. The research is focused on information sharing by food industry in Bosnia and Herzegovina (BiH). A random systematic sample was used to distribute the questionnaire to these companies. Collected data is analysed using the Confirmatory factor analysis (CFA), and the model was tested using the Structural equations model (SEM). The results showed that information sharing impacts the improvement of the organizational performance of companies, and partnerships with supplier and buyer impact on the information sharing. Results of this study showed that information sharing does not have a significant impact on the sub constructors of operative performances of the enterprise because there is no significant connection with flexibility, while for the other constructors there is a significant connection between information sharing and operative performances of the enterprise. Based on these facts, it examined the importance information sharing in the supply chain for the development of partnerships and improvement of performance this companies. The results will help managers on food industry in BiH how to improve quality of the information sharing through partnerships and how to developing operative performances companies. The model gives directions for developing business enterprises in food industry using information sharing within the supply chain. Apart from that, obtained results contributed to the better understanding of the significance of the information sharing in the food supply industry enterprises. Based on what is said, to improve the business of the enterprise, it is needed to share quality information which is possible to get through improving cooperation with key participants in the supply chain.