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SUBSTANTIATION OF A WAY OF RISK MITIGATION IN INNOVATIVE PROJECTS ON THE BASIS OF RISK ANALYSIS RESULTS

A. Karashova, E. Lifanova, E. Patrusheva, E. Koldeeva

Abstract

Risk management of innovative projects is one of the most difficult tasks in project management due to high degree of uncertainty in future results. One of the most important stages in risk management of innovative projects is the development of the risk mitigation program. In the research approaches to the risk management of innovative projects the methodical apparatus of each individual stage of risk management - identification, assessment and risk mitigation - is considered disconnected and often without any specific order for the formation of a risk mitigation program. Using of each form of risk mitigation requires significant financial and labor costs, so it is expedient to select and justify the most effective method or methods of influence on risks under the given conditions. The algorithm for the development of risk mitigation program described in the article allows to match risk treatment measures with identification and assessment results through the simultaneous consideration of all basic characteristics of project risks: ?number of risks; ?homogeneity of risks; ?probability of damage; ?risk losses. This approach to the formation of risk mitigation program allows minimizing the preventive measures costs of project risks influence and, as a consequence, reducing the amount of damage in the case of risk situation.

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