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Abstract

Content

Introduction

No economic entity aimed at successful long–term development can do without the implementation of innovative projects. An integral part of innovation is increased risk. According to this, the primary task of any enterprise that is engaged in the introduction of various innovations is risk management. Since the results of the implementation of the entire innovation project depend on an adequately built risk management system.

Risk is an important element affecting the results of economic activity. Any management activity to some extent is risky, due to both the multifactorial dynamics of the object of management and its external environment, and the role of the human factor in the process of influence. As a result, risk management determines the direction and opportunities to ensure the sustainability of innovative enterprises, the ability to withstand adverse situations. The multi–aspect concept of risk is caused by the existence of a large number of interpretations. In addition, risk is a complex phenomenon with many different and sometimes opposite real foundations. This explains the existence of several definitions of the concept of risk from different points of view in legal practice risk – the probability of negative consequences for the parties arising in the course of the contract in the provision of legal assistance (provision of legal services).

Economic essence of the concept risk of innovation project

The success of any innovative project depends not only on its internal characteristics, but also on the state of the enterprise where it should be implemented. In addition, the innovative activity of the enterprise also depends on the external conditions affecting it, and innovation. Implementation of any innovative project at the enterprise is always associated with certain risks. The risk arises due to the uncertainty of the conditions and processes associated with the innovation project. It is obvious that the innovative project, which makes significant and sometimes radical changes in the production processes during its implementation and development, significantly increases the uncertainty of the dynamics and results of the enterprise. And with increasing uncertainty increases and the risk of the result of the introduction of an innovative project [1].

A project that carries out applied, production research to develop a new process or product, as well as its commercialization, is often presented in the form of a business plan. Its main purpose is to justify the effectiveness of the new type of activity and attract potential investors [2].

Features of risk accounting in the implementation of an innovative project

The success of any innovative project depends not only on its internal characteristics, but also on the state of the enterprise where it should be implemented. In addition, the innovative activity of the enterprise also depends on the external conditions affecting it, and innovation. Implementation of any innovative project at the enterprise is always associated with certain risks. The risk arises due to the uncertainty of the conditions and processes associated with the innovation project. It is obvious that the innovative project, which makes significant and sometimes radical changes in the production processes during its implementation and development, significantly increases the uncertainty of the dynamics and results of the enterprise. And with increasing uncertainty increases and the risk of the result of the introduction of an innovative project [3].

Risk graph in the implementation of innovative project

Fig 1 – Risk graph in the implementation of innovative project

Methods of risk assessment of innovative projects

The need to analyze the risks of the project in modern conditions is primarily due to the fact that the cash flows built on any innovative project relate to future periods and are predictable. The method of risk assessment of innovative projects is to determine the correct algorithm of actions for the risk analysis of the project. For this purpose, there are methods of risk assessment of innovative projects.

The method of adjusting the discount rate is the simplest and most used in practice. The basic idea of the method is to adjust some basic discount rate that is considered risk–free or minimally acceptable (for example, the rate of return on government securities, or the marginal average cost of capital for a firm). The main advantage of this method is the simplicity of calculations. However, the method has significant drawbacks: the calculation of bringing future flows to the present time does not provide any information about the degree of risk, the increase in risk over time with a constant coefficient is not considered correct, the lack of information about the probability distributions of future flows of payments and the inability to obtain their estimates [4].

Thus, the methods of risk assessment of investment projects have advantages and disadvantages. But when conducting the study, it can be concluded that of all the methods best for assessing the risks of the project are sensitivity analysis and the Monte Carlo method [5].

References

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