Innovative Risk Management: Identification, Assessment and Management of Risks in the Context of Innovative Project Management

• Published in: Economic affairs (Calcutta) 2023-12, Vol.68 (4), p.2263-2275
• Main Author: Ponomarenko, Alina Pomaza
• Format: Article
• Language: English
• Subjects: Big Data; Case studies; Competition; COVID-19; Data analysis; Failure; Innovations; Management accounting; Prevention; Product development; Project management; Risk assessment; Risk factors; Risk management; Startups; Success; Supply chain management; Sustainability; Sustainable development
• ISSN: 0424-2513; 0976-4666
• DOI: 10.46852/0424-2513.4.2023.34

"The article aims to solve the critical problem of risk management in the context of innovative projects, which affects the competitiveness and sustainability of organizations in the modern business environment. The purpose of the article is to highlight and develop an innovative approach to risk management in innovative projects to improve their success. The article examines the theoretical foundations of risk management in the context of innovative projects, including concepts, principles, and methods of risk management. The article identifies and analyzes the key risks that arise in the process of implementing innovative projects, including technological, financial, market and organizational risks. The article proposes the development of risk assessment methods and tools in the context of innovative projects, which may include the use of analytical methods, models, and approaches to assess the probability of risk occurrence and their potential impact on projects. The article offers effective methods of risk management in innovative projects the development of proactive measures to prevent risks, the determination of control points, the implementation of backup plans, and the development of a risk monitoring and control system. The article provides practical recommendations and examples of implementing innovative risk management in the real field of innovative project management. The authors examine various aspects of risk management and offer practical recommendations for managing them effectively. The results of the study will contribute to the improvement of risk management practices in organizations engaged in innovative activities and contribute to ensuring sustainable development and competitiveness."