Risk management in the implementation of innovative projects

Abstract

Introduction. Nowadays, the development of the international economic system is mainly due to the innovation processes associated with the creation and initiation of advanced sciences and technologies, which is why the sphere of innovation becomes the most important resource of the nation, and its effectiveness determines the dynamics and progressive development of the national economy. The purpose of the paper is to investigate the theoretical issues of the essence of risk management of innovative projects. Results. Innovative modifications at the enterprise are developed and implemented through design. The project is an independent system with innovative content, presented in a document format, limited in time, characterized by risks and high levels of uncertainty due to external environmental factors. The key features of an innovation project are uncertainty, exclusivity, the specific purpose of the project, clearly defined conditions and risks. A large number of threatening and dangerous situations exist in the external and internal environment of companies developing and implementing innovative projects, so the question arises of effective risk management at all stages of project operation and implementation. The study found that integrated risk analysis and the development of a quality innovative project risk management system will maximize opportunities to achieve project goals and minimize costs or adverse events. Conclusion. The process of development and implementation of innovative projects is associated not only with large investments, but also with risks at all stages of design. In this regard, there is always the question of the effectiveness of the formation of project risk management mechanisms that will improve the profitability of the enterprise and its functioning in the direction of innovative development. The methodology of project risk management clearly proved to be a successful form of management activity. A consistent course of action should be developed to determine the risk for each project that meets the requirements of the particular enterprise. Implementation of risk management of an innovative project into the practice of the enterprise will lead to significant savings of the budget of realization of projects, time of their realization and will improve quality of execution.