Features of risk assessment and its influence on efficiency of innovative projects

Abstract

Introduction. The organizational and economic system of the project implementation should include special mechanisms that reduce the risk or reduce the adverse consequences associated with it. With this aim, it is recommended to develop rules of conduct of employees in the adverse situations, as well as special stabilization mechanisms at the expense of additional costs for the creation of reserves and stocks, technology improvement, material incentives for improving product quality.

It is investigated the nature of innovation risk and its consideration in the development of innovative projects. In these projects the concept of "innovative risk" is characterized as uncertainty of incomes from a certain type of capital investments due to adverse circumstances in the process of its realization.

The use of the proposed methodology for assessing the effectiveness of model projects has shown that it allows conducting a comprehensive analysis of innovative projects and making the decisions on the basis of a sufficiently large amount of information. This information is a prerequisite for the accuracy and validity of these decisions.

Purpose. The article aims to substantiate and develop scientific and practical recommendations for risk assessment and its impact on the effectiveness of the implementation of innovative projects.

Results. The methods of choosing the discount rate for the analysis of the economic efficiency of innovative projects have been substantiated. It has been suggested, when assessing the return on investment, to apply a discount rate equal to the total size of the rate of inflation, the minimum profitability and the coefficient of innovation risk.

In order to minimize risk, it has been suggested to diversify investment resources and involve specialized companies for more accurate analysis of innovative projects.