Risks accounting when building a management system for innovative and investment processes in construction

Abstract

The article focuses on pressing issues of risk and uncertainty consideration in the innovation-driven development and investment support of construction companies. It gives special attention to the most essential characteristics of the risk management process as a complex type of construction companies' activity. The authors suggest their classification of risks specific to innovation and investment processes of construction companies based on the analysis of risk situations in the innovation and investment field. Pressing methodical problems of risk management are investigated. Emphasis is made on methodological approaches to risk accounting and reduction at construction companies. The authors make a number of scientific general conclusions and suggest a methodology for evaluating the effectiveness of the innovation and investment process management system through changing the value of a construction company considering the risks and their probabilities pertaining to the processes.