A NEW APPROACH TO IDENTIFY RISKS IN INNOVATIONS, BASED ON THEIR GRAPHIC TIME COMPARISONS

Milena Kirova

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2018, vol. 12, issue 1, 233-240

Abstract: The complexity of the cause-effect relationship between events is giving rise to risks and their influence on the realizations of innovations. This creates the need to create a risk portfolio that would best justify the efforts and costs of exploring and managing them. This paper presents a new approach for developing such portfolio process. The essence of the procedure is the time comparison of the different risks factor graphs with these of the innovations development. For this purpose, selected S-curves are drawn, and in the same coordinate system are marked the positions of the risks in question – the moment of transition of one stage of the innovation development into another. Above this graph are drawn the graphs of the development of the individual risks, as the moments of their start coincides with the moment the innovation development, in which it can emerge. The decision whether a risk will be included or not in the portfolio is based on the comparison of the assessments of the magnitude, duration, degree of impact, and the ability to prevent and manage individual risks. Based on the estimates of these criteria, the portfolio consists of three to five risks. The presentation of the risk assessment through graphs compared by time, with those for the development of innovation, reveals the relationship between the studied risks and the innovations, and between each risks. The proposed approach is perspicious, easy to use and compatible with other methods, and can be sued for complementary or further development.

Keywords: innovation; risk; risk management; risks portfolio; S-curves. (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:12:y:2018:i:1:p:233-240

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