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Economic mechanism of investment projects risk management

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Category: Economy and management

Last Updated on 16 May 2013

Published on 15 November 2012

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Authors:

T.S. Yarovenko, Cand. Sci. (Econ.), Associate Professor, Oles Honchar Dnipropetrovsk National University, Senior Lecturer of the Department of Economics and Management, Dnipropetrovsk, Ukraine

Abstract:

Purpose. To generalize and develop scientific and methodological foundations, development tools and best practices for creating an effective economic mechanism for risk management of investment projects. To give further development to the theoretical foundations of investment management and to refine the notions of “stages,” “methods” and “strategy” of risk management.

Methodology. The study used the general scientific and special methods such as: the method of critical analysis, scientific abstraction and generalization of scientific expertise of recent theoretical studies, system-integrated approach.

Findings. Development of tools for risk management by the phases of the project, which takes into account the advantages and disadvantages of each method and using them in combination. During further development of the theoretical foundations of investment management the fact that the risk management strategies consist of a list of methods and correspond to the phases of the investment project was established. Methods of risk management at each phase differ significantly but the risk management process is continuous throughout the project life cycle.

Originality. Methodological approaches of risk management of the investment project were further developed. It was found that the process, which provides for the implementation of the six stages (identification and selection of investment objectives, verification of their consistency, risk assessment, strategy selection and application of management methods, results evaluation), is influenced by such factors as: life cycle of the project and specific risks corresponding the object of control.

Practical value. Theoretical study was developed to the level of specific techniques and suggestions for improvement of the investment projects risk management process. A comprehensive methodology allows identifying reserves of more efficient use of financial resources in investment projects and provides a definition of the necessary and sufficient funds for the implementation of measures of the risk management. It can be used for strategic and operational current investment planning.

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