scholarly journals Risk management in the implementation of innovative projects

2020 ◽  
pp. 11-13
Author(s):  
Iryna BASHYNSKA ◽  
Laura PETROVA ◽  
Kateryna POPOVYCH
Keyword(s):  
Risk Management ◽  
Project Risk Management ◽  
Management Activity ◽  
Project Risk ◽  
Innovative Project ◽  
Progressive Development ◽  
Course Of Action ◽  
Integrated Risk ◽  
Innovation Project ◽  
Integrated Risk Analysis

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.

scholarly journals Integrating risk management in the innovation project

2014 ◽  
Vol 17 (1) ◽  
pp. 25-40 ◽  
Author(s):  
John Bowers ◽  
Alireza Khorakian
Keyword(s):  
Risk Management ◽  
Case Studies ◽  
Process Model ◽  
Quantitative Methods ◽  
Innovation Process ◽  
Project Risk Management ◽  
Project Risk ◽  
Content Type ◽  
Innovation Projects ◽  
Innovation Project

Purpose – While innovation has many similarities to other forms of projects it is characterised by a high failure rate and the need to stimulate creativity. More explicit risk management could help in achieving success in innovation projects. However, too much or inappropriate risk management might stifle the creativity that is core to innovation. So, what project risk management should be applied and where in the innovation project? Design/methodology/approach – A theoretical framework is proposed which combines the generic innovation process with project risk management. The framework was used to analyse the current attitudes to managing innovation risk in a series of companies. Findings – The decision points of the stage-gate innovation process model provide an effective interface for incorporating project risk concepts. The general concepts appear most relevant to innovation management though it is useful to customise them to emphasise the particular characteristics of innovation projects. The experience of using the resultant combined model in a number of diverse case studies indicates the relevance of the model in understanding attitudes towards risk management in innovation. The analysis of the case study companies suggested that risk management needs to be applied in differential manner: simple, unobtrusive techniques early in the innovation life cycle with more substantial, quantitative methods being considered for later stages. Research limitations/implications – It would be useful to extend this research by examining more case studies from other countries and industries. Practical implications – The combined innovation and risk management model provides a framework that diverse companies can appreciate. The framework offers a basis for discussing the most appropriate form of risk management in different innovation-based industries. Originality/value – Although there are many separate models for innovation and project risk management described in the literature, there is very little discussion about explicitly combining these theories. This paper aims to help fill this gap in the knowledge.

scholarly journals Developing a risk management system and assessing the effectiveness of integrated risk management in the space rocket sector

2018 ◽  
Vol 212 ◽  
pp. 08028
Author(s):  
Alexander Sobol ◽  
Oleg Fadeev
Keyword(s):  
Risk Management ◽  
Management System ◽  
Project Risk Management ◽  
Project Risk ◽  
Risk Management System ◽  
Space Rocket ◽  
Integrated Risk ◽  
Project Risks ◽  
Integrated Project ◽  
Integrated Risk Management

The article discusses the formation of the system of risk management and evaluation of the effectiveness of integrated project risk management in the space rocket sector. The classification of the integrated project risks for knowledge-based enterprise in the space rocket sector and credit institution was made. The main methods of project risks evaluation, which can be applied in the space rocket sector, are described. The scheme of integrated project risk management was made on the basis of the life cycle approach when implementing projects in the space rocket sector. When implementing project risks in the space rocket sector, an enlarged scheme of the Regulations on Integrated Project Risk Management System, was developed. An issue of integrated risk management in the space rocket sector using a system of measures being named the “Value-at-Risk” (VaR) was reviewed. It was concluded that there was a need for project implementation in the space rocket sector using a complex, effective, and integrated system of risk management.

PROJECT RISK MANAGEMENT FOR NEW PRODUCT DEVELOPMENT

2013 ◽  
Author(s):  
Dundusid Porananond ◽  
◽  
Natcha Thawesaengskulthai ◽  
Keyword(s):  
Risk Management ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
Project Risk Management ◽  
Project Risk

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

scholarly journals Analysis of interactions among barriers in project risk management

2017 ◽  
Vol 14 (1) ◽  
pp. 153-169 ◽  
Author(s):  
Rahul V. Dandage ◽  
Shankar S. Mantha ◽  
Santosh B. Rane ◽  
Vanita Bhoola
Keyword(s):  
Risk Management ◽  
Project Risk Management ◽  
Project Risk
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