Risk management in the context of innovation projects implementation at machine-building enterprises

Authors

  • Олександр Маркович Полінський State Higher Educational Institution «National Mining University», 19 K. Marx Avenue, Dnipropetrovsk, Ukraine, 49005, Ukraine https://orcid.org/0000-0002-7193-7883
  • Артем Леонідович Ширін State Higher Educational Institution «National Mining University», 19 K. Marx Avenue, Dnipropetrovsk, Ukraine, 49005, Ukraine https://orcid.org/0000-0003-0026-2767

DOI:

https://doi.org/10.15587/2312-8372.2016.59709

Keywords:

innovations, risks, projects, investment, management, diversification, hedging, insurance, limitation, methods

Abstract

Methodology to reduce the risks of innovative projects implementation at machine-building enterprises is proposed.

Currently analysis methods of the innovation risks are not generalized completely.

Methods of negative factors effect on the efficiency of innovative projects should be improved.

The uncertainty in the development of innovative projects results in possible losses which quantitative measure is risk.

Uncertainty of an event occurrence and its undesirability are required risk components. That is shown in associated expenditures reflecting either direct damage or indirect one.

This methodology is based on the rejection of risky innovation project in favour of less risky one or on the risk minimization.

The necessity to substantiate at the planning stage the quantitative values of economic indicators when further implementation of the project is not expedient is proved.

The research is of practical value for machine-building enterprises as it proposes to develop the concept of an innovation project before its implementation; to analyze and systematize the risks of innovative projects according to certain parameters determined in the research as they are typical for machine-building enterprises. Moreover, five-stage assessment of total innovation risk according to the results of the analysis and systematization is proposed.

Author Biographies

Олександр Маркович Полінський, State Higher Educational Institution «National Mining University», 19 K. Marx Avenue, Dnipropetrovsk, Ukraine, 49005

Candidate of Technical Science, Associate Professor

Department of Economic Cybernetics and Information Technology

Артем Леонідович Ширін, State Higher Educational Institution «National Mining University», 19 K. Marx Avenue, Dnipropetrovsk, Ukraine, 49005

Candidate of Technical Science, Associate Professor

Department of Software and Computer Systems 

References

  1. Herstatt, C., Verworn, B., Nagahira, A. (2004). Reducing project related uncertainty in the «fuzzy front end» of innovation: a comparison of German and Japanese product innovation projects. International Journal of Product Development, Vol. 1, № 1, 43–65. doi:10.1504/IJPD.2004.004890
  2. Halman, J. I. M., Keizer, J. A. (1994). Diagnosing risks in product-innovation projects. International Journal of Project Management, Vol. 12, № 2, 75–80. doi:10.1016/0263-7863(94)90013-2
  3. Assink, M. (2006). Inhibitors of disruptive innovation capability: a conceptual model. European Journal of Innovation Management, Vol. 9, № 2, 215–233. doi:10.1108/14601060610663587
  4. Ramgopal, M. (2003). Project uncertainty management. Cost Engineering, Vol. 45, № 12, 21–24.
  5. Mu, J., Peng, G., MacLachlan, D. L. (2009). Effect of risk management strategy on NPD performance. Technovation, Vol. 29, № 3, 170–180. doi:10.1016/j.technovation.2008.07.006
  6. Goffin, K., Mitchell, R. (2010). Innovation Management: Strategy and Implementation using the Pentathlon Framework. Ed. 2. Basingstoke: Palgrave Macmillan, 416.
  7. Brochner, J., Olofsson, T. (2011). Construction Productivity Measures for Innovation Projects. Journal of Construction Engineering and Management, Vol. 138, № 5, 670–677. doi:10.1061/(ASCE)CO.1943-7862.0000481
  8. Bazel, R., Koks, D., Braun, R.; In: Efimova, M. R. (1993). Informatsiia i risk o marketinge. Translation from English. Moscow: Finstatinform, 93.
  9. Balabanov, I. T., Goncharuk, O. V., Savinskaia, N. A. et al.; In: Balabanov, I. T. (2000). Banki i bankovskoe delo. St. Petersburg: Piter, 253.
  10. Valdaitsev, S. V. (2001). Upravlenie innovatsionnym biznesom. Moscow: YuNITI, 343.
  11. Fіlіna, G. І., Kravchenko, M. N. (2007). Problemy innovatsiinoho rozvytku ekonomiky Ukrainy. Finansovye rynki i tsennye bumagi, 11, 4–9.
  12. Bovin, A. A, Cherednikova, L. E. (2001). Intellektual'naia sobstvennost': ekonomicheskii aspekt. Moscow: INFRA-M; Novosibirsk: NSAEiU, 216.
  13. Churikanova, E. (2015). Cognitive approach application for the typological classification of regions by level of industrial development. Technology Audit And Production Reserves, 1(7(21)), 28–31. doi:10.15587/2312-8372.2015.38681
  14. Illiashenko, S. M. (2010). Stratehichne upravlinnia innovatsiinoiu diialnistiu pidpryiemstva na zasadakh marketynhu innovatsii. Aktualni problemy ekonomiky, 12, 111–119.
  15. Stadnyk, V. V., Nepohodina, N. I. (2008). Teoretyko-metodolohichni osnovy investuvannia rozvytku pidpryiemstva. Aktualni problemy ekonomiky, 1, 60–69.
  16. Mazur, E. P., Smirnova, G. A., Titova, M. N. (2011). Innovatsionnye riski v deiatel'nosti predpriiatiia. Innovatsii, 4-5 (41-42), 68–70.
  17. Sydora, T. Yu. (2012). Kontseptsiia modeliuvannia diialnosti pidpryiemstva v umovakh tsyklichnykh zmin zovnishnoho seredovyshcha. Derzhava ta rehiony: Ekonomika ta pidpryiemnytstvo, 4, 82–85.
  18. Parshyna, O. A. (2010). Stratehichne upravlinnia finansovymy resursamy pidpryiemstva. Ekonomika promyslovosti, 3, 188–193.
  19. Granaturov, V. M. (2002). Ekonomicheskii risk: sushchnost', metody izmereniia, puti snizheniia. Ed. 2. Moscow: Delo i servis, 160.

Downloads

Published

2016-01-21

How to Cite

Полінський, О. М., & Ширін, А. Л. (2016). Risk management in the context of innovation projects implementation at machine-building enterprises. Technology Audit and Production Reserves, 1(3(27), 54–57. https://doi.org/10.15587/2312-8372.2016.59709

Issue

Vol. 1 No. 3(27) (2016): Problems of macroeconomics and socio-economic development. Development of productive forces and regional economy

Section

Economics and Enterprise Management: Original Research

License

Copyright (c) 2016 Олександр Маркович Полінський, Артем Леонідович Ширін

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

The consolidation and conditions for the transfer of copyright (identification of authorship) is carried out in the License Agreement. In particular, the authors reserve the right to the authorship of their manuscript and transfer the first publication of this work to the journal under the terms of the Creative Commons CC BY license. At the same time, they have the right to conclude on their own additional agreements concerning the non-exclusive distribution of the work in the form in which it was published by this journal, but provided that the link to the first publication of the article in this journal is preserved.