Game theory for the formation of a cluster risk management strategy

The actual direction of scientific research in the field of risk management, today, is the formation of an effective strategy for managing the risks of economic activity, taking into account the peculiarities of the activity of the enterprise of the cluster structure in modern economic conditions, characterized by the variability of the economic environment and pronounced crisis phenomena. This article proposes and tests the tools for the formation of an adaptive risk management strategy for enterprises that are part of cluster structures, based on the provisions of game theory.

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PECULIARITIES OF FINANCIAL AND ECONOMIC ACTIVITY MANAGEMENT OF THE BUSINESS ENTITY ON THE RISK MANAGEMENT BASIS

10.32782/2224-6282/165-22 ◽

2021 ◽

Author(s):

Yaroslav Drobot ◽

◽

Svitlana Dzhezhela ◽

Keyword(s):

Mathematical Model ◽

Risk Management ◽

Economic Activity ◽

Management Strategy ◽

Management Tool ◽

Total Risk ◽

Risk Management Strategy ◽

Economic Activities ◽

Metallurgical Enterprise ◽

Aggregate Risk

The article is devoted to the problems of financial and economic activities management of metallurgical enterprises on the basis of risk management, taking into account the division of their activities into operating, investment and financial. The essence of the risk concept in the situation of alternative behavior of the business entity is considered. The development of the economic category "Aggregate Risk" is analyzed and this concept is clarified on the basis of the alternative approach in the multi-probable situation of the final result. The indicators of determining the total risk from financial and economic activities, which were proposed by O.S. Stoyanova, have been investigated and the possibility of their application in the economy of Ukraine. The general approach to complex risk management in activity of the metallurgical enterprise has been defined. It is proposed to combine operating and investment activities and consider their combination as a single economic activity. An economic-mathematical model of optimization of the aggregate risk of the business entity was built on the basis of finding a compromise between profit maximization and minimization of aggregate risk. Analytical dependences were constructed between different parameters of functioning of the business entity, which together with the existing functional dependencies created the equations and inequalities of the obtained economic-mathematical model. It is proved that the management of the total risk of economic and financial activities at metallurgical enterprise is more effective risk management tool than the individual risks management. The application of the approach to aggregate risk management in strategic management ensures the complexity and systemic nature of risk management of industrial enterprises. The proposed conceptual approaches to the management of aggregate risk of financial and economic activities are the basis for the formation of the development strategy of the metallurgical industry. Approbation of the research results was carried out in the conditions of PJSC «Interpipe NTRP» to determine the main parameters of the risk management strategy. The effectiveness of the developed risk management strategy of the business entity is determined on the basis of the difference between the optimized and actual values of the main indicators of its financial and economic activity. The effectiveness of the implementation of the developed strategy is to reduce the overall level of risk of the enterprise by 1.71 and increase the return on capital of the enterprise by 7.65%.

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