Risk management of innovative projects: New aspects

Abstract

Project-based approach is one of the most widespread approaches to promotion of innovations. Risk management in innovative projects is one of the most difficult tasks in project management due to high degree of uncertainty of innovative projects. The mechanical connection of various methods of analysis and risk management described in risk management approaches often impossible due to their methodological disconnection. The aim of the research is to improve the risk management system of innovative projects at all key stages (identification, assessment, risk mitigation) through the overcoming main disadvantages of current researches and interconnection of risk response procedures with the nature of risks and their quantification. The improvements are mostly general and don’t take into account sphere of innovations and stage of project life cycle. Moreover, the system of project risk management is usually unique because it depends on individual set of project risks. Generally the developed by author risk management system described in article operates the parameters, which are uniform in project planning; so it may be adapted to different areas of innovations. The results of this study may be used for development of application software (in the form of an independent software product or in the form of an automated system module), which would implement a set of risk assessment procedures and determining the key measures to mitigate risks.