Tetyana Marchuk (Ukraine)
Ph.D.,
Associate Professor at the Banking department
Kyiv
National Economics University named after Vadym Hetman
Modern methodological basis
of complex taxonomy of risks of investment-construction projects
In
order to minimize risks, it is advisable to focus the main functions of
management and organization of such projects in one organization - the
developer company. The basic functions of such a company, performed by the
relevant units, should include the following:
-
investment of the project;
-
execution of functions of the customer of construction;
-
performance of the functions of the general designer;
-
execution of functions of the general contractor;
-
further exploitation of objects.
When
creating a risk management system for a development company, it is expedient to
share all risks in the place of origin and the possibility of influencing the
subjects involved in the project implementation.
The
external risks of the developer company include the risks that the state,
consumers (the population), contractors (suppliers, subcontractors, etc.) and
the natural environment determine.
Internal
risks include risks arising from the organization of its functions - an
investor, a customer, a contractor.
By
the rate
of influence, we divide all the risks into three groups:
1.
the risks that the organization is practically unable to influence are the risks that are determined by
the state and the natural environment;
2.
the risks that the organization may affect, but with a significant rate of uncertainty - the risks that
consumers and counterparties cause;
3.
risks that the organization can almost completely control - internal risks.
Thus,
the risk management system of the company-developer should be primarily aimed
at the last two groups of risks. The development of risk prevention measures
should be preceded by the identification of the main factors that give rise to
risks at each stage of the project implementation [1].
For
the risks of investment-construction projects with specific features, it is
necessary to elaborate in detail the methodological basis, which will enable an
integrated assessment of risks in the implementation of the project. The analysis
of project risks is given below [2].
|
Project
Risks |
Characteristics
of risks |
|
The
risk of project participants |
This
is the risk of conscious or involuntary non-fulfillment by members of their
duties. Such failure by at least one party can create a "chain
reaction" effect, creating the impossibility of fulfilling its
obligations by all other project participants. These risks may be due to: the
unfairness of the participants, their unprofessional or financial status,
which has sharply started to deteriorate. |
|
The
risk of exceeding the estimated cost of the project |
The
reasons for exceeding the estimated cost may be: error in the design, the
contractor's inability to effectively use the resources, change the
conditions of the project, etc. |
|
Risk of delay in commissioning the project |
The
reasons for the delay of construction may be structural failures and design
errors, the contractor's failure to fulfill his obligations, as well as
delayed delivery and non-completed equipment |
|
Production risk |
Due
to technical or economic reasons, which mean increased costs due to erroneous
calculation of electricity costs, environmental protection, as well as the
shortage of raw materials and supply disruptions |
|
Risk
associated with management |
The
risk is associated with inadequate qualifications and low level of management |
|
Sales
risks |
They
are associated with changes in the market situation: with the movement of
prices and changes in volumes of manufactured products markets, which may
coincide with the forecasts |
|
Financial
risks |
Contains
the entire set of risks associated with financial transactions. These are
exchange rate risk and interest rate risks |
|
Political
risks |
These
risks relate to the political and legislative activities of the state where
the project is carried out. These are risks of expropriation, nationalization
associated with repatriation of profits, changes in taxes, customs duties,
etc. |
|
Force
Majeure Risks |
Risks
that are difficult to predict: earthquakes, fires, strikes, etc. |
1.
Vakolyuk A.С. Risks of implementation of investment and construction projects
for integrated thermo-modernization / Management of complex systems
development. sciences works, issue number 20, 2014. - pp. 15-20.
2.
Mayorova T. V. Investment activity: textbook / T. V. Mayorova. - Kyiv, KNEU:
Center for Educational Literature, 2009. - 472 p.