Evaluation methods and criteria for the effectiveness of innovations. Modern problems of science and education Methods for assessing the effectiveness of innovations based on discounting

A necessary condition for making decisions on investing in a particular project is an assessment of economic efficiency. It is necessary both for the management of the enterprise that will implement the innovative project (to form an effective investment portfolio), and for presenting it to an external investor in order to prove to him the feasibility of investing in a separate project. Obviously, the likelihood of making erroneous investment decisions by enterprise management will depend on the quality of assessment of the effectiveness of innovative projects.

The effectiveness of innovative projects is calculated in accordance with the requirements of the Methodological Recommendations for Assessing the Efficiency of Investment Projects dated June 21, 1999 under No. VK 477.

Efficiency, in contrast to effect, is a relative value, determined through the ratio of the effect of innovation activity and the costs of obtaining it. Innovation efficiency - This the resulting value from the development, production and commercialization of an innovation is determined by the ability of innovations to store a certain amount of labor, material and financial resources per unit of created products, technical systems, structures.

The effectiveness of an innovative project as a whole is assessed in order to determine the potential attractiveness of the project for possible participants and justify the sources of financing.

In the process of assessing the effectiveness of innovative, as well as investment projects, it is necessary to take into account such principles :

Review of the project throughout its entire life cycle (calculation period) from pre-investment studies to termination of the project;

Cash flow modeling;

Compatibility of various projects (project options);

The principle of positivity and maximum effect;

Taking into account the time factor;

Accounting only for upcoming costs and revenues;

Comparison “with a project” and “without a project”;

Taking into account all significant consequences of the project (economic, environmental, social, information);

Taking into account the divergence of interests of various project participants affects the value of the discount rate;

Multi-stage assessment carried out at various stages of project development and implementation with varying depth of elaboration;

Taking into account the impact of the need for working capital on the efficiency of the project;

Taking into account the impact of inflation and the possibility of using several currencies when implementing a project;

Taking into account the impact of uncertainty and risk accompanying the implementation of the project.

The effectiveness of the project is characterized by a system of indicators that reproduce the ratio of costs and results. The effectiveness of an innovation project is a category that reflects the project’s compliance with the goals and interests of its participants. That is why it is necessary to evaluate the effectiveness of the project as a whole, as well as the effectiveness of the participation of each of its participants in it. In theory, innovators identify a large number of characteristics by which the effectiveness of innovation can be determined. The most common of them are presented in table. 7.2.

It is especially advisable to dwell on the characteristics of the latter features of the classification of innovation efficiency.

Rice. 7.3. Levels of innovation efficiency

Table 7.2

Classification characteristics and types of innovation efficiency

1. Based on the results obtained	1.1. Economic - characterized by the ratio of the economic effect (profit growth, product sales volume) and the costs associated with achieving this effect
	1.2. Social - characterized by the ratio of the social effect (increasing the level of employment, improving working conditions, etc.) and the costs associated with achieving this effect
2. By the nature of expenses	2.1. Resource efficiency - efficiency of production assets, intangible assets, labor resources, working capital
	2.2. Efficiency of expenses (resources consumed) is the efficiency of capital investments, current and total expenses
3. By type of economic activity	3.1. The efficiency of ordinary activities is characterized by the ratio of results and costs of ordinary activities
	3.2. The efficiency of operating activities is characterized by the ratio of results and costs of operating activities
4. By level of business object	4.1. Efficiency of the economy as a whole, industry, region
	4.2. Efficiency of the enterprise or its structural division
5. By assessment level	5.1. Efficiency at the societal level
	5.2. Enterprise-level efficiency
6. According to assessment conditions	6.1. Real efficiency is characterized by the ratio of the actual level of results and costs according to accounting data
	6.2. Estimated efficiency is characterized by the ratio of project (planned) indicators of results and costs
7. According to the degree of growth of the effect	7.1. Initial efficiency characterizes one-time efficiency
	7.2. Multiplier efficiency characterizes the repeatability of efficiency
8. For purposes of determination	8.1. Absolute efficiency characterizes the ratio of the total value of the result and individual types of expenses
	8.2. Comparative effectiveness is determined by comparing two or more alternative options
9. By process type	9.1. Efficiency of production processes
	9.2. management efficiency
	9.3. Efficiency of investment, marketing, financial activities, etc.
10. By type of effect and significance	10.1. Commercial viability
	10.2. budget efficiency
	1 10.3. national economic efficiency

The commercial effectiveness (financial justification) of innovation is determined by the ratio of financial costs and results that provide the required rate of return.

Within each type of activity there is an inflow and outflow of funds. Let us denote the difference between them by

(7.1)

The flow of real money is the difference between the inflow and outflow of funds from innovation and operating activities in each period of the project (at each stage of calculation)

The budget effect () for the i-th stage of the project is defined as the difference between the revenues of the corresponding budget () and expenses () in connection with the implementation of this project:

Budget efficiency indicators reproduce the impact of project implementation results on the revenues and expenses of the corresponding (national or local) budget.

Indicators of national economic efficiency consider the effectiveness of innovation in relation to the national economy as a whole, as well as for regions, industries, and organizations involved in innovation activities. When calculating economic efficiency indicators at the level of the national economy, the project results include (in value terms):

Final production results (revenue from sales of products; proceeds from the sale of property and intellectual property);

Social and environmental results, calculated depending on the impact of the project on public health, the environmental situation in the region, social factors;

Direct financial results;

Indirect financial results (changes in the income of third-party organizations and citizens, the market value of land, structures and other property, as well as conservation or liquidation costs.

The effectiveness of participation in an innovation project is determined to check the significance of the project and the interest of the participants in it. It covers the calculation of the effectiveness of the participation of enterprises and organizations in an innovation project; efficiency of investing funds in company shares; efficiency of participation in the project of higher-level structures (regional, national economic, sectoral efficiency).

The general scheme for assessing the effectiveness of innovative projects should contain the following stages :

Expert assessment of the social significance of an innovative project for national economic and global projects. For local projects, only their commercial effectiveness is assessed, that is, the financial consequences of the project for its direct participants are taken into account;

Calculation of performance indicators for the innovation project as a whole in order to find potential investors;

Efficiency assessments after justification of the financing scheme. At this stage, the composition of participants is clarified and the effectiveness of participation in the innovation project of each of them is assessed. To take into account the financial consequences of an innovative project at the level of the region, industry, budgets of different levels, individual enterprises and shareholders, regional, industry, budget and commercial efficiency are calculated accordingly.

Future costs and results when determining the effectiveness of innovation are estimated within billing period , the duration of which is taken taking into account the following factors:

Duration of creation, operation and liquidation of the project;

Weighted average standard service life of main process equipment;

Investor requirements.

The effectiveness of innovation can be assessed using two groups of methods, the main components of which are presented in Fig. 7.4.

Rice. 7.4. Methods for assessing the effectiveness of innovations

One group of methods - static - does not take into account the influence of the time factor on the value of payments.

This group includes profit (net income) comparison method, cost comparison method, profitability (profitability) comparison method, payback method.

These methods are quite common in practice. They reflect the various consequences of innovation processes and have their own criteria for justifying the feasibility of an investment.

Static methods for assessing the effectiveness of innovation processes in a general setting are quite popular. They are formed on a static interpretation of investments. The distribution of costs and income over the life cycle is derived from the design of the calculations. The basis is the average values ​​of payments over the established planning horizon. their averaging is carried out relative to the selected time period. For clarity of life cycle construction, the period most often used is one year. Therefore, the situation under consideration is presented as stationary, and the calculated elements are installed in accordance with the selected time period.

Methods in this group should also be distributed depending on the time period covered. In particular, the estimates given by the methods of comparing profits, costs and profitability are single-period. They are limited to a selected period, most often one year.

Only the payback method is considered multi-period, therefore it reflects the temporary result of the compensation process, which may include different periods. The limitation of settlements to one period does not show the dynamics of payments, which significantly affects the realization of the investor’s interests. At the same time, costs and income are distributed unevenly throughout the life cycle. After a large outflow of investment-related funds, as a rule, relatively small income arises from the sale of products or services. In the following stages, income, as a rule, increases, but remains mostly unstable: it grows, decreases, or changes unevenly. Limitations to one period do not allow us to take into account this dynamics. It is difficult to say which time period is representative. This predetermines the use of an average characteristic, which equalizes the result regardless of the trend. At the same time, the investor is not indifferent to the trend in income.

So, static methods do not provide the opportunity to take into account the time factor: they do not reflect the time priority of payments and the time structure, trends in their changes, and the size of fluctuations. In addition, when comparing investment options with different project durations, these shortcomings lead to limited use of static indicators. At the same time, static methods are characterized by simple mathematical calculations and require insignificant costs for information support.

The second group consists dynamic methods for assessing the economic efficiency of innovations. They are based on a dynamic approach, which significantly reduces the disadvantages of static methods. This is ensured by taking into account the time factor on the value of payments. An investment is characterized through the payment series of receipts and payments that are expected during the period under review. In this case, for simplicity, it is assumed that all payments are made at the end (post-numerando scheme) or at the beginning (pre-numerando scheme) of a certain period of time, most often a year.

When assessing the effectiveness of an innovative project, indicators that are calculated for different time intervals lead (discounted) to the cost in the initial period. To reduce costs at different times, the discount rate (δ) is used, which is equated to the rate of return on capital. To bring the costs, results and effects that occur in the i-th year of calculating the project implementation to the base point in time, it is convenient to multiply them by the discount factor determined by the formula:

Where t - year of calculation ( t = 0, 1, 2, ..., T ), T - calculation horizon equal to the project implementation time.

The group of dynamic methods contains net present value method , which allows you to determine the summary total of payments at the beginning of the planning horizon; internal rate of return method , which characterizes the return on investment; payback period , which, unlike the static one, takes into account the time structure of payments; return index method , which allows you to determine the return on investment for each ruble of invested capital. Consequently, these indicators also reflect various aspects of the innovation process (Figure 7.5).

Orientation of dynamic methods to take into account the time factor can lead to solutions that are not identical to static ones. The difference is also amplified by the different approaches to accounting for fees for the acquisition of an investment property. According to dynamic methods, they are considered as specific payments at the beginning of the investment period. According to static methods, these expenses are reflected as fixed depreciation charges, which compensate for the cost of the investment object.

In addition, the design of dynamic methods allows you to flexibly take into account the conditions for attracting capital from sources used for financing and the scheme for its return; introduce instruments for additional investment and additional financing; reflect changes in interest rates occurring during the period under review.

In addition to the graceful indicators indicated in the figure, it is also advisable to characterize the sensitivity analysis method and the method for determining the break-even point.

Rice. 7.5. Characteristics of the main dynamic indicators of innovation efficiency and their calculation

Sensitivity analysis - This is a method for analyzing project risk, using which you can determine how the value of net present value (NPV) will change given a change in the input variable of other conditions. The method provides:

Identification of key variables influencing the NPV value;

Establishing the analytical dependence of NPV on key variables

Calculation of the basic situation, that is, establishing the expected value of the NPV based on the expected values ​​of key variables

Changing one of the input variables by the desired amount (usually 10%); while all other values ​​are fixed; carried out sequentially for all input variables

Calculation of the new value and its change in percentage;

Calculation of critical values ​​of project variables and identification of the most sensitive ones; the critical value of the indicator is the value at which the net present value is zero (NPV = 0);

Analysis of the results obtained and determination of the sensitivity of the PTS to changes in input parameters.

Based on the results of the analysis, a decision is made to prevent the negative influence of factors that are critical for the project. The decision to invest in an innovative project is made, as a rule, in the presence of alternative project options and their comparison in terms of profitability. If the NPV value is positive for all alternative projects, it is necessary to choose the one where the NPV will be greater.

Break even. They use a method to determine the volume of new products that need to be sold on the market based on the forecast price level for it, the achievement of which will ensure the profitability of the project.

Of several alternative options for project implementation, the one that will provide a greater margin of financial strength is accepted. They see the difference between the forecast level of demand for a product and its critical volume.

In the context of assessing innovation processes, the indicator of the duration of reaching the break-even point (BET - break even time), developed at one time by Hewlett Packard employees to assess the effectiveness of the full development cycle of a new product, deserves special attention. BET measures the length of time from the start of development of a new product to the moment when revenues from the sale of this product cover the investment in development (Fig. 7.6).

Rice. 7.6. Graphic interpretation of the indicator for achieving the “break-even point” (BET indicator)

BET considers not only the income from the sale of a new product, but also the costs associated with the NDTsKR, that is, it measures the effectiveness of the development of a new product. In addition, BET focuses on the profitability of the product, that is, the effectiveness of its development, which encourages all departments of the enterprise to optimize costs along the entire cycle of “development - mastery - mass production - distribution”. A third attractive characteristic of the BET indicator is that it is measured in time units, which focuses on assessing the effectiveness of innovations depending on how quickly they begin to generate profits.

To increase the validity of assessments and the quality of decisions made on their basis, it is necessary to calculate the economic efficiency of innovations, observing the following main methodological provisions :

1. Build a diagram of the innovation process based on net cash flow. Its components are formed in accordance with the current organizational and economic mechanism regulating the relationship between project participants and the external environment (legislative acts, regulations, instructions, contractual relations).

2. Provide maximum coverage of the estimated period of the investment life cycle (project development, creation of the facility, its operation and liquidation).

3. When forming a scheme, they take into account all the significant consequences of the project and ensure the differentiation of payments associated with other processes. Moreover, if investments are made in existing enterprises, the elements of the scheme should be formed as the difference between expenses and income; they exist “with a project” and “without a project.”

4. Orient the design of performance indicators towards net profit, which reflects the result of a comparison of costs and income and, by its economic nature, characterizes motivation.

5. Take into account the specific economic interests of individual participants in the investment process, characterized by different directions of cash flows, opportunities, and profitability requirements.

6. Take into account alternative possibilities of options, projects and provide conditions for their comparison, as well as compare performance indicators.

7. reflecting the influence of the time factor, creates different values ​​of expenses and income at different times.

8. Take into account the assessment of uncertainty and risks when calculating economic efficiency indicators.

9. ranks the characteristics that are provided by various performance indicators. Determine the benefits of certain indicators when used together.

If these indicators indicate the economic profitability of the project within its life cycle at forecast levels of demand and product prices, then the investment decision may be positive.

188. In the mechanical shop of a machine-building plant, when switching to a new technological process, variable costs are reduced from 0.8 to 0.65 UAH / piece. At the same time, semi-fixed costs increase from 7up to 127 UAH/unit define:

- The critical value of the annual production of parts;

- Technological cost of the annual production of parts, which reaches a critical value;

a) 800 pcs. and 102,120 UAH;

b) 870 pcs. and 122,120 UAH;

c) 1000 pcs. and 123,900 UAH;

d) 890 pcs. and 123,450 UAH;

d) 450 pcs. and 62,120 UAH.

• Innovative development of industry in Ukraine / A. I. Volkov, M. P. Denisenko, A.P. Grechan and others; edited by A. I. Volkova, M. P. Denisenko. - M.: KNT, 2006. - 648 p.
• Khobta V. M. Economics of an innovative enterprise: lecture notes / V. Khobta, S. M. Krapivnitska, L. V. Poudry. - Donetsk: DonNTU Publishing House, 2010. - P. 107.

Introduction

3. Social efficiency

4. Cost-effectiveness

4.1 Simple methods for assessing cost-effectiveness

4.2 Discounting concept

Conclusion

List of used literature

Introduction

The problem of assessing the effectiveness of innovative projects has always been and will be the focus of attention of scientists - innovators and managers - practitioners of various levels and ranks. Over the past decades, a large number of scientific works devoted to this topic have been published, many different versions of principles and investment methods for managing innovative projects have been developed.

For scientific organizations and investors operating in market conditions on the basis of self-financing and self-sufficiency and implementing, i.e. investing your own or borrowed funds in the implementation of innovative projects and thereby creating a long-term material basis for both your own development and the development of society, the question of long-term profitability is very important - the ultimate scientific, technical, social, environmental and economic. In this regard, scientific organizations must, taking into account this or that degree of uncertainty, predict what effectiveness can be obtained. To do this, managers must be fluent in the selection tools and methods for assessing the economic efficiency of innovative projects.

The purpose of this course work is to consider the principles and methods of assessing the effectiveness of innovative projects.

The subject of the study is assessing the effectiveness of innovative projects.

To achieve this goal, the following tasks were set:

1. Study of the basic principles of evaluating innovative projects;

2. Consideration of the scientific, technical, social, economic efficiency of innovative projects;

3. Study of methods for evaluating innovative projects: simple methods for assessing economic efficiency (payback period and annual rate of return) and discounting concepts (net present value, profitability index, internal rate of return and discounted payback period of investments).

The work consists of an introduction, three chapters, a conclusion and a list of references.

1. Basic principles for evaluating innovative projects

Evaluation of an innovation project is the most important procedure at the initial stage of the project, but it is also a continuous process, suggesting the possibility of stopping the project at any time due to additional information emerging.

The main groups of criteria that must be taken into account when assessing and selecting projects relate to the following areas:

1) The goals of the organization, its strategy, policies and values;

2) Marketing;

4) Finance;

5) Production.

Criteria related to the strategy and policy of the organization include the following:

Attitude to risk;

Attitude to innovation;

Temporal aspect.

Selecting high-risk projects, especially if they will require large investments, is undesirable in organizations where management has a high level of risk aversion. The risk inherent in the entire innovation portfolio should be a central concern of the innovation strategy and reflect the corporate position. An offensive strategy involves more risk than a defensive one, but also promises greater potential profit. The innovation planning process should lead to a quantification of perceived risk, but it would be a mistake to assume that it can predict every eventuality.

Top management's attitude toward innovation is closely related to its attitude toward risk. Innovators are generally those who are willing to take risks.

The time dimension concerns short-term and long-term assessments. The goals of a corporation are usually long-term oriented, but sometimes they must be subordinated to short-term interests.

Marketing criteria include:

Identifying needs;

Potential sales volume;

Temporal aspect;

Impact on existing products;

Pricing;

Distribution channel;

Start-up costs.

Market needs, like other marketing characteristics, are changeable. Therefore, the presence of a clearly expressed market need when selecting a project does not mean that the market prospect is guaranteed. Moreover, an innovation may find its market where it was not previously expected.

The sales volume that may be generated by the release of a new product should be assessed by its growth prospects, as well as by forecasting trends in consumption of similar products and changes in consumer potential.

Time Aspect: Ideally, new products should be brought to market within the time frame and quantities dictated by marketing requirements. As development progresses, more and more accurate estimates of the possible date for the release of a new product on the market can be made.

New products can complement the existing range or completely replace it. New products expand the range, increase sales and profits, and serve as a condition for the growth of the corporation. At the same time, we should not forget about the tasks of developing the current range, especially since the existing product is trusted in the market. The production of a new product is associated with uncertainty. However, it should also be taken into account that the life cycle of existing products will sooner or later end and they will still have to be replaced.

Sales volume appears as a function of the supply price. Profit from sales of products is the difference between price and production costs. If the firm can control costs, then when setting prices it should take into account the price level of competing products. The lower price limit is the cost of production, the upper limit is the consumption price, which makes the product attractive to the consumer in comparison with those available on the market. The upper price limit is determined by indicators of the technical quality of the product (its performance, quality, reliability, etc.). by choosing a price close to the lower limit, the firm increases the attractiveness of the product, and in the case of a price approaching the upper limit, the firm increases its profit, but reduces the economic attractiveness of the product for the consumer.

Distribution channels are a factor that cannot be ignored when evaluating a project. If there is a need for new distribution channels, costs could increase significantly. You should also estimate the start-up costs of bringing the product to market. First of all, these are the costs of the initial promotion of the product to the market.

3. Scientific and technical criteria. Already when considering the criterion for evaluating the pricing project, the inseparability of the technical and economic aspects of the project was clearly indicated. The technical success of any project is the achievement of project technical indicators within the allocated financial resources and within the required time frame. If there is any doubt about a particular aspect of the project, then the solution is to develop parallel approaches. Typically, at the stage of submitting project proposals for examination, the likelihood that at least one acceptable solution will be obtained is quite high.

4. Finance. Estimates of the cost of development and the time required to complete it are most important. It is important not only the availability of a common resource (financing), but also the need for private resources and their availability (highly qualified specialists, space, production workers, equipment, information support, etc.). The lack of a particular resource can become a decisive factor in the project selection process. A SWOT analysis carried out by a company will give it information about the main advantages that will make it competitive. The extent to which the project will influence future developments, such as whether the project will provide a basis for future developments, should also be used as a decision criterion. This will stimulate possible future synergies.

5. Manufacturing criteria. The main production factors ensuring the success of the project include the following:

Technology corresponding to the type of production;

Present and future balance of production;

Market provision of unique materials and components;

Availability of all types of private resources;

Flexibility of production, its ability to “accept” new products and produce them at costs that ensure a competitive price;

Extent of use of existing technology and equipment.

2. Scientific and technical efficiency

It is very difficult to assess the effect of scientific activity, since in this area there are a number of effects of varying quality. To identify their essence, as well as their relationship, each of them should be analyzed. The intensive development of scientific work is largely determined by how timely the direction of research and development is determined in accordance with the requirements of scientific and technological progress, as well as by the increase in scientific information achieved as a result of carrying out FI and PI. It is known that the effect obtained as a result of the creation of scientific products in the process of scientific work (PSNT) represents an increase in information. It becomes a scientific and technical effect if it is the result of the work of the PSNT and is expressed in an increase in scientific and technical information. Finally, the development of production on the basis of scientific and technical information generates an increase in technical information, which represents a technical effect.

Science as a system of accumulated knowledge develops primarily “vertically” - by improving branches of knowledge and scientific disciplines and transferring accumulated information from generation to generation. At the same time, there is a “horizontal” exchange of scientific information through various channels: books, patents, reports, direct correspondence, conferences, etc. At the same time, the “vertical” and “horizontal” nature of the development of science as a system of accumulated knowledge are closely interrelated. Differentiation and integration of sciences give rise to the emergence of new branches of knowledge, specialties, and new information. For example, over 40 years, the volume of publications has increased 8-10 times; over the same period, due to the scientific and technical results obtained, the scientific and technical effect has increased 2-3 times. In all types of scientific and scientific-technical information, scientific and scientific-technical effects actually act as a potential accumulated effect. The possibility of using the increase in information contained in publications is equivalent to the effect of the future use of use value. A similar effect is expressed in scientific and scientific-technical results that arise from the increase in information from the use of the dynamic part of science - scientific work. This gives grounds to use bibliometric indicators to assess the effectiveness of scientific research: the number of publications, references, the number of patents received, which is explained by the ease of data collection, the possibility of using them to compare individual scientific teams, and determine scientific policy. In the USA, for example, a bibliometric database has been created containing information on publications in the world's leading scientific journals, and the citation index is regularly calculated. Obviously, these indicators cannot comprehensively reflect either the results of research work or the quality level and novelty of the articles. Many scientific publications may be interdisciplinary in nature, making it difficult to calculate relevant indicators. In addition, the use of bibliometric indicators to assess the effectiveness of research leads to an artificial increase in the number of publications. Nevertheless, these indicators, despite the noted shortcomings, are used in practice to assess the effectiveness of scientific activity. Researchers note a close connection between the number of publications, the level of research funding and the scientific status of scientists. Along with bibliometric data, other quantitative indicators are widely used to analyze the effectiveness of scientific research: the number of invited speakers at an international conference, migration of scientists, receipt of grants for scientific research from foreign sources, membership in foreign academies, etc. Of course, publication is also the result of scientific work. But measuring this effect is difficult because they are based on an increase in information, leading to different consequences.

Introduction

In market conditions, the management of innovation activity largely depends on the efficiency of the enterprise's use of the opportunities of the market environment and a clear system for planning the enterprise's resources, primarily financial, when implementing innovative projects, which, in turn, requires an analysis of the possibilities of obtaining financing, the conditions and methods for it implementation.

Relevance of the research topic. Managing a modern enterprise in the context of economic globalization, and the revival of industrial enterprises at a qualitatively new level, based on the use of huge innovative and information potential in production, is a complex process, including the selection and implementation of a certain set of management influences in order to solve the strategic task of ensuring sustainable financial and socio-economic development of the enterprise. Relevant development tasks for industrial enterprises are the selection of effective innovative projects, the creation of a mechanism for the effective implementation of innovation strategies, the formation of an infrastructure to support scientific and technical activities, and the rational use of the scientific and technical potential of the enterprise.

The purpose of the study is to theoretically substantiate and develop tools for assessing the effectiveness of innovative activities in an enterprise.

In accordance with the goal, the following tasks were set:

explore the situation of innovation activity in the enterprise;

studying the theoretical aspects of assessing the effectiveness of investment projects based on existing methods for calculating performance indicators;

propose directions for improving assessment methods and increasing the efficiency of innovative activities of an enterprise.

The subject of the study is approaches and principles for assessing the effectiveness of innovation activities.

The object of the study is the innovative activity of OJSC Tyazhmash.

The theoretical basis of the course work was the works of domestic and foreign authors on the problems of innovative management, strategic enterprise management, planning the creation and development of new equipment in the enterprise; economic assessment of the effectiveness of innovations and financial management of the enterprise. To confirm the provisions and conclusions of the study, real data from a machine-building enterprise of the Defense Industrial Complex was used.

The methodological basis of the study was the provisions of system analysis; methods of economic analysis; methods of mathematical statistics; methods of making management decisions under conditions of uncertainty.

innovation policy competitiveness personnel

1. Innovation and innovative activity of the enterprise. Contents of the technological innovation management process

1.1 The essence and content of innovation and innovative activity

Innovation (eng. “innovation” - innovation, novelty, innovation) refers to the use of innovations in the form of new technologies, types of products and services, new forms of organization of production and labor, service and management. The concepts of “novelty”, “innovation”, “innovation” are often identified, although there are differences between them.

Innovation means a new order, a new method, an invention, a new phenomenon. The phrase “innovation” literally means the process of using an innovation. From the moment it is accepted for distribution, an innovation acquires a new quality and becomes an innovation (innovation). The period of time between the emergence of an innovation and its implementation into an innovation (innovation) is called innovation lag.

The term “innovation” was first introduced by Schumpeter in 1912 in his work “The Theory of Economic Development”. By innovation he understood an innovation that was applied in the field of production technology or management of a certain economic unit. According to Schumpeter, innovation is one of the main engines and profit generators. Most often, innovation is generated by research and development and changing market prospects.

Over the next almost hundred years, as the economy developed, the concept of “innovation” acquired a broader meaning and now refers not only to the field of production technology, but also extends to organizational, financial and any other methods that contribute to the functioning of the enterprise. Innovations are called innovations in the field of personnel management, cash accounting, trade policy, and the use of functional structures.

Innovation- use of the results of scientific research and development aimed at improving the production process, economic, legal and social relations in the field of science, culture, education and other areas of society. The term can have different meanings in different contexts, and the choice depends on the specific purposes of measurement or analysis.

Innovations are usually classified according to a number of characteristics.

Classification of innovations according to the degree of novelty.From these positions, radical (basic) innovations are distinguished, which relate to fundamentally new products; improvement innovations, which involve significant improvements in existing products, and innovations that involve the introduction of new or significantly improved production methods.

For reasons of occurrencehighlight reactive (adaptive) innovations that ensure the survival of the company as a reaction to innovations carried out by competitors; strategic innovations are innovations, the implementation of which is proactive in nature with the aim of gaining competitive advantages in the future.

In industry, there are two types of innovation: product and process innovation. Product Innovation- development and implementation of technologically new and technologically improved products. Such innovations may be based on radically new ones, or on the combination of previously existing technologies in new uses, or on the use of research and development results. Product innovation involves the production of completely technologically new or technologically improved products. Process Innovationinclude the development and implementation of technologically new or technologically significantly improved production methods, including product transfer methods. Such innovations are typically aimed at improving the efficiency of production or transfer of existing products in the organization, but may also be intended to produce and supply technologically new or improved products that cannot be produced or supplied using conventional production methods.

The complex nature of innovations, their versatility and diversity of areas and methods of use require the development of their classification.

Table 1.1 proposes a classifier of innovations, the use of which will make it possible to evaluate them more specifically, objectively, to more comprehensively note their effectiveness and determine the directions of the innovation process that require adjustment or support, as well as to identify the heterogeneity of innovations and select management methods for each of them that are adequate to the characteristics of each innovation process .

Table 1 - Classification of innovations

Classification attribute Classification grouping Scope of innovation Management, organizational, social, industrial, etc. d. Stages of scientific and technological progress, which resulted in innovations Scientific, technical, technological, design, information Degree of intensity “Boom”, uniform, weak, massive Rate of innovation Fast, slow, fading, uniform, spasmodic Scale of innovation Transcontinental, regional, large, medium Innovation performance High, low, stable Innovation efficiency Economic , social, environmental, integral

Innovations that differ according to the stages of scientific and technical progress are very unique, namely:

-technicalusually appear in the production of products with new or improved properties;

-technologicalarise when using improved, more advanced methods of manufacturing products;

-organizational and managerialassociated primarily with the processes of optimal organization of production, transport, sales and supply;

-informationalsolve the problems of organizing rational information flows in the field of scientific, technical and innovative activities, increasing the reliability and efficiency of obtaining information;

-socialaimed at improving working conditions, solving problems of health care, education, and culture.

Various types of innovation are closely interconnected and impose specific requirements on the innovation mechanism. Thus, technical and technological innovations, influencing the content of production processes, simultaneously create conditions for management innovations, since they introduce changes in the organization of production. The above classifications indicate that innovation processes are diverse and different in nature. Consequently, the forms of organization of innovations, the scale and methods of impact on the economy, as well as methods for assessing their effectiveness should also be diverse.

Sources of financing innovations at the enterprise are own funds (new issue of shares, profit, depreciation and cost of production) and borrowed funds (leasing loans, other resources attracted on a repayable and irrevocable basis).

Innovative activity of the enterprise- this is an activity aimed at using the results of scientific research and development to update the range and improve the quality of products, improve the technology of their manufacture.

The innovative activities of the enterprise include:

-carrying out research and development work to develop innovation ideas, conduct laboratory research and manufacture laboratory samples of new products;

-selection of necessary types of materials for the manufacture of new types of products;

-design, manufacturing, testing and development of samples of new equipment;

-development and implementation of new organizational and management solutions aimed at implementing innovations;

-preparation, training, retraining of personnel;

-carrying out work or acquiring the necessary documentation for patenting and licensing.

Innovation is the result of creative entrepreneurial activity, which usually involves various divisions of the enterprise and is strongly influenced by external factors (government influence, environmental requirements, cooperation with other institutions, etc.). Innovation has its own life cycle, starting with the emergence of a new idea and ending with the introduction and approval of a new product on the market.

.2 Management of innovative activities of the enterprise

The main substantive functions of management determine the content of the innovation management process and include the formation of goals for innovation activities, planning innovations, organizing work and monitoring the implementation of innovations. The relationship and logical sequence of implementation of the main functions in the process of innovation management are presented in Figure 1.

Figure 1 - Relationship between the main functions of innovation management

Formation of goals for innovation activities.The management process in accordance with the principle diagram begins with the formation of a system of goals and objectives of innovative activity (or project) for a certain period of time.

Purpose in innovation management- this is the required or desired state of the innovation system in the planning period, expressed by a set of characteristics. The purpose of an organization or activity must establish certain guidelines for its development for given periods of time. Thus, the goal of the organization, on the one hand, is the result of forecasts and assessment of the situation, and on the other hand, it acts as a limitation for planned innovative activities.

Innovation planning. Planning as a function of innovation management consists in the reasonable formation of the main directions and proportions of innovation activity in accordance with established development goals, resource supply capabilities and existing demand in the markets.

Organization of innovation.Essence of the function organizationsconsists of ensuring the fulfillment of established plan targets in order to implement the adopted development strategy of the enterprise. To do this, it is necessary to establish the composition of the necessary resources and performers, distribute tasks, coordinate the work of performers over time, establish cooperation between participants, and ensure control and mutual information. The above tasks are accomplished by creating the organizational structure of the enterprise, establishing the nature of the relationships between its elements and regulating the order and conditions of their functioning. Modern theory and practice of innovation management has a wide variety of forms of organizing innovation. Essential features for systematizing and classifying types of innovation organization are the tasks, forms and methods of emergence of organizational decisions (Figure 2).

Figure 2 - Types of innovation organization

Depending on the task, a distinction is made between the organization of innovation processes in space (where? who?) and the organization of innovation in time (when?). Organizing innovation processes in space means forming an organizational structure of innovation processes that corresponds to the nature and scale of the projects being implemented.

When organizing innovative activities, as a rule, the scientific and production structure of the company is first formed, and then, as a derivative of it, an innovation management structure is built. The organizational structures of the enterprise are characterized by significant diversity. The choice of a specific organizational form depends on such objective factors as the scale of innovation activity, the breadth of the company's innovative profile, the specifics of the products produced or services provided, the level of cooperation and the completeness of the innovation cycle of the work carried out.

The second task of organizing innovation is to combine all elements of the innovation process over time, i.e. in determining the most rational sequence and timing of work on projects. The organization of innovation processes over time is closely related to the operational planning of innovations.

Innovation management uses various forms of organizing innovation. Concentrationcharacterizes the process of concentrating innovations of a certain profile in large innovative enterprises. Specializationas a form of organizing innovation, it is used in building the organizational structures of an enterprise and is implemented by limiting its innovative profile, as well as assigning certain types of work or products to departments. .

Combinationwhen organizing innovation, it manifests itself in the creation and operation at the enterprise of related production and innovative processes based on already obtained results or the recycling of raw materials, energy and materials.

Control as a subject management functioncompletes the management cycle in innovation and thus ensures the efficiency of all other functions.

Control tasks include:

collection and systematization of information about the state of innovation activity and its results;

-assessment of the condition and results obtained;

-analysis of the causes of deviations and factors influencing performance results;

-preparation and implementation of decisions aimed at achieving the intended development goals.

In the system view, control performs the function of feedback in the process of innovation management: information flows in it are directed from the object to the subject of management. The following features are of fundamental importance for organizing control at an enterprise: the purpose of control, subject area, scale and form of control (Figure 3).

Figure 3 - Types of innovation control

Strategic control constitutes the content of the activities of top management at the enterprise and provides for accounting, evaluation and analysis of the results of the development and implementation of a promising concept for the development of innovation.

Operational control is the content of the activities of mostly middle and lower management at the enterprise.

All types of management control at an enterprise are divided by subject into financial and administrative.

Financial control of innovation is focused on the final economic results of the enterprise. Administrative control of innovation at an enterprise also has a hierarchical structure, but extends primarily not to performance parameters, but to innovation management. . The considered main functions of innovation management and the procedure for their implementation reflect the general technological scheme of innovation management. They are equally necessary within the framework of strategic and operational management. Each of a pair of interrelated subject functions represents a closed loop of management decisions, operating in the “end-means” cycle. In the first circuit “goal - planning”, the planning process is completed provided that the planned activities and planned resources certainly ensure the achievement of established development goals. At the second stage, in the “planning-organization” circuit, a search is carried out for such organizational solutions that would ensure the unconditional and most effective implementation of the established plan targets. And finally, in the third circuit “organization - control”, under accepted organizational conditions, continuous monitoring is carried out over the progress of implementation of planned tasks and the development of solutions aimed at eliminating emerging discrepancies.

2.1 General characteristics of the enterprise OJSC Tyazhmash

.2 Analysis of the financial and economic activities of the enterprise

OJSC "Tyazhmash" is a large plant in Syzran, operating since 1943. In the post-war period, the plant produced new diesel engines with a capacity of 40 and 80 hp. With. In the early fifties, the plant created the basic model of the 6Ch 12/14 diesel engine, various modifications of DC and AC diesel generators, main ship engines and diesel engines for driving various mechanisms. In parallel with the development of production of these diesel engines, high-pressure compressors are being manufactured.

Since the sixties, the production of diesel engines with gas turbine supercharging 6Ch 12/14 began from 80 to 180 hp. With. Since 1976. In the eighties and nineties, the enterprise was further developed, new technologies were introduced, comprehensive mechanization and automation of production was carried out, diesel engines 4Ch 10.5/13 were produced; 6CHN 12/14; 6Ch 15/15, spare parts for them, consumer goods, diesel generators. The diesel engines produced at the enterprise are reliable, unpretentious, with a long engine life, capable of reliably operating in the tropics and the far north.

In March 1995, the production association OJSC Tyazhmash was transformed into a joint-stock company.

Until recently, the company employed over 9,000 people. The plant's capacity allowed it to produce 14,000 diesel engines per year, operating in two shifts. But now it is in a state of crisis, production capacities are not used at full capacity, the number of employees as of January 1, 2007 was 1,445 people.

OJSC Tyazhmash specializes in the development, production, sales and maintenance of diesel engines and units based on them. The company produces four-cylinder diesel engines of four sizes with air, water-air cooling systems, with a wide range of modifications in terms of configuration, parameters, degrees of automation, with power from 6 to 600 hp. With. at a rotation speed of 1500 min. up to 3000 min. crankshaft revolutions. Based on this range of diesel engines, diesel generator sets from 25 to 100 kW can be manufactured in stationary, mobile and ship versions, both manual and automated to varying degrees from 1st to 3rd. In addition to diesel engines and units, the company can produce spare parts for them and consumer goods, and carry out repair work and maintenance of diesel engines and generators under contracts.

The enterprise was initially designed for serial production. The products were produced in large series, but currently, due to an unstable financial situation and the lack of large orders, the company has switched to small-scale production, and some types of diesel engines are produced in single units.

The territory occupied by OJSC Tyazhmash is 54 hectares, under industrial facilities - 290600 m 2. The company is located in the city center. It has a railway line, a transport workshop, and its own procurement base: cast iron, steel, non-ferrous casting, hot stamping. The plant is supplied with water from 4 artesian wells drilled on the territory of the plant.

The structure of the plant has two workshops for providing the enterprise with all types of energy resources and repairing the main production assets of energy equipment: steam power and electrical repair shops. The plant has its own compressor station, as well as a Dieselstroy power station. The plant is provided with thermal energy from its own boiler house, which operates on the territory of the plant.

The technological process of diesel production includes the following production stages: procurement, processing, assembly and testing.

At the procurement stage, blanks for diesel production are obtained, such as packages, stampings, castings, etc. Work is carried out in foundries, forging and pressing shops, in the cold extrusion section of the automatic turret shop, in the cold stamping and welded structures shop, in the procurement section of the supply, procurement and transport department.

At the processing stage of diesel production, the work performed in the mechanical, mechanical assembly, thermogalvanic, automatic-revolving shops, and in the fuel equipment shop is combined. The processing stage includes a wide variety of methods for manufacturing parts: cutting, thermal, chemical processing methods, welding, soldering, galvanic and paint coatings.

At the assembly stage, individual parts and assemblies are assembled into finished products - diesel engines, using existing connection points. The assembly process is carried out in mechanical assembly shops (unit assembly); in the assembly, testing and sales shops, at the assembly and testing area and is carried out on special stands.

Test benches include control and testing operations carried out during the subassembly process and tests carried out at the test site.

Considering the complexity and labor intensity of the products, the processing cycle is about one month.

A diesel engine consists of a large number of parts and assemblies. During practice, I studied the part “Oil pump drive housing”. The oil pump drive is used to transmit rotation to the oil pump shaft. The drive is installed on the front cover from the inside, centered with it with a cylindrical protrusion and secured with four studs.

The company issued 7,091,840 shares with a par value of UAH 0.25. per share. The authorized capital of the enterprise is 780 thousand rubles.

2.2 Analysis of the financial and economic activities of the enterprise

Today OJSC Tyazhmash is the largest hydraulic construction enterprise in Russia in terms of revenue. Over the past few years, the revenue of OJSC Tyazhmash has remained at approximately the same level of 11.2 billion rubles. (See table 1.). Every year the company invests about 50-80 million dollars in new equipment, and therefore is considered the most technologically equipped in the industry.

In 2006, the company supplied 60 AL-31F (estimated at $210 million) and 20 AL-31FN ($70 million) to China under 2005 contracts, as well as a maximum of eight AL-31F turbines to Venezuela ( 30 million dollars) within the framework of the 2006 contract. for the supply of 24 Cy-30MK2V hydraulic turbines. Some advantage of OJSC Tyazhmash gives the right to independent export of spare parts and maintenance. Other hydraulic construction enterprises in the Russian Federation do not have such a right.

The diversification strategy has not yet brought tangible results - at the end of 2005, the share of civilian products in revenue was only 12.7%. This is partly explained by the fact that OJSC Tyazhmash began to deal with this topic relatively recently, since 2002, and in conditions of an acute shortage of funds.

Table 1. Economic indicators of OJSC Tyazhmash in 2006-2008.

Indicator 200620072008Revenue, billion rubles 11.0512.49.1Net profit. billion rubles 1.88 n/a 0.4 Profitability, % 17.0 n/a 4.4 Share of exports, % 68.575.3 n/a Share of civil products, % 17.53.3 n/a Number of personnel, people 15000 1495314729

Table 2. Profit and loss account for 2008 (thousand rubles)

No. Indicator Page code in form 2 For the reporting period 123401 Revenue (net) from the sale of products, works, services 0109 143 32702 Cost of goods, products, works and services sold 0208 682 387123403 Gross profit 029 460 94004 Selling expenses 030 149 19805 Administrative expenses 04 0-06 Profit (loss) from sales050311 74207 Interest receivable06011 50208 Interest payable0701 596 39709 Income from participation in other organizations 080-10 Other income 09010 731 70511 Other expenses 10010 568 04112 Profit (loss) before tax (lines 050 + 060-070 + 080 + 090-100) 140 - 1 109 48913 Deferred tax assets 1417 64 30114 Deferred tax liabilities 14276 14015 Current income tax 150-16 Tax sanctions 1516 79417Net profit (loss) of the reporting period 190- 428 122

For 2008, a loss was received in the amount of 1,109,489 thousand rubles, the main reasons for which were:

low profitability of new types of products.

The company is going through a period of generational change in product types. Turbine products, which have long been the basis of the business, have entered the final stage of their life cycle. The new promising programs being implemented are mostly at the stages of development and development (power plants) or have entered the initial stage of serial production (ground and industrial programs, special products). As a rule, at these stages, newly developed products are low-profitable, which entails significant financial losses at an early stage of the product life cycle.

growth in the share of R&D and low profitability of these works.

The ongoing policy of intensive development and mastery of new types of high-tech products simultaneously in several directions, not only through its own investment resources and borrowed sources, leads to a significant increase in the share of R&D in the volume of commercial and sold products.

Table 3. Information on the amount of net assets (thousand rubles)

№Indicator 2006.2007.2008. 1Net assets8 843 1029 567 1757 710 336 2Authorized capital3 983 6583 983 6583 983 658 3Ratio of net assets to authorized capital2,222,41,94

The table shows that the ratio of net assets to authorized capital in 2008. compared to 2006 decreased by 0.28.

Table.4. Social indicators (thousand rubles)

No. Indicator For the reporting period 1 Average number of employees (persons) 14 7292 Labor costs 3 275 1773 Average wages of employees (rub.) 18 529

The high investment capacity of products ensures that the characteristics of developed and manufactured products meet modern requirements and makes them competitive in terms of technical and operational parameters.

Table 5. Capital investments in 2008

No. Directions of use Amount, thousand rubles Volume of capital investments total, including:2 362 7251 Capital construction 285 8502 Purchase of equipment 323 3453 Purchase of vehicles 33 1414 Development of information technology 8 9155 R&D 1 576 3016 Purchase of land plots 4 8887 Other expenses 130 285

The need to implement a large R&D and technical re-equipment program to ensure the development and serial production of modern competitive high-tech gas turbine products in the absence of additional issues of equity capital has led to the widespread use of external sources of financing in the form of bond issues and investment loans and increased financial dependence of the enterprise, as shown by the given coefficients liquidity (Table 6.).

Table 6. Liquidity ratios

Name of the indicator Standard value Value in 2007 Value in 2008 beginning of the year end of the year beginning of the year end of the year Autonomy ratio > 0.539,531.931.922.9 Absolute liquidity ratio 0.1...0.20.020.020.020.00 Current liquidity ratio > 21.411, 611,611.00 Total solvency ratio>20,990,990,990.90Sales return, %Growth1.23 .5Net profit margin (net profit/net revenue*100),% Growth 19.1 - 4.7

The profitability of the company's core activities, although it has increased, still remains at a low level. The negative financial result at the end of 2008 is associated with a high level of debt burden (increase in the credit mass, increase in interest rates on loans).

2.3 Assessment of innovative activities at the enterprise

One of the most important tasks of the innovative activities of OJSC Tyazhmash is the creation and implementation of high-performance, reliable and economical turbines that can be aggregated with a wide range of tools that ensure safety, comfortable working conditions, as well as competitiveness in the foreign market.

The implementation of innovative activities at an enterprise depends on the financial capabilities of the enterprise and its innovative potential.

The innovative potential of an enterprise is a set of available means and capabilities for the introduction of new equipment, technologies, forms and methods of organizing production and labor in order to increase the efficiency of the enterprise.

The potential model of any enterprise is determined by:

-available volumes and quality of resources;

-the ability of personnel to create certain products;

-innovative ability;

-information characteristics;

-financial characteristics.

The main components of innovative potential are:

-volumes of financing of innovation activities at the enterprise;

-knowledge intensity of products;

-number of employees engaged in innovation activities;

-the state of material and technical equipment of production.

The effectiveness of innovation activities is achieved by correct accounting of costs, since the actual effectiveness is determined by the relationship between the result and costs.

Innovation costs - costs for research and development of new products and technological processes, for the acquisition of licenses for the use of inventions, industrial designs, patent rights, non-patent licenses for know-how, technology transfer agreements, results of scientific and technical developments.

The specific activities of an enterprise focused on the commercialization of innovations include three groups of costs.

Marketing costs: identification of market opportunities (for new products and services); testing new products (services); preparation of sales channels; Advertising activity; training (retraining) of sales personnel.

Costs for technological preparation of innovation:carrying out R&D (in-house and/or with the involvement of third parties); purchase of technical documentation (know-how) or licenses to use the results of research and development; costs of licensing (certification) of new products (services); acquisition of new equipment, materials, components and semi-finished products; retraining (retraining) of production personnel.

Production costs:mastering the use of new equipment, materials, components and semi-finished products; release of new (modernized) products.

Table 7 - Costs of OJSC Tyazhmash for innovation activities (million rubles)

Name of indicator 2006200720082006/ 20072007/ 2008 Costs for innovation activities of OJSC Tyazhmash, including: 2022523 13927342114.4118.2 scientific research and development of new products and methods of their production, new technologies 318038724834121.8124.8 acquisition purchase of machinery and equipment 142971599317984112112.4 acquisition of new technologies 617491121.3123 acquisition of software funds8199142122143.4production design202224663516122142.6personnel education and training81116137.5145.4marketing research91217133.3141.7innovation management56761274293121.2

According to Table 7, it can be seen that in the total amount of costs for innovation, OJSC Tyazhmash allocates more than 70% to the acquisition of machinery and equipment necessary for the introduction of new technological processes and the production of new products, as well as production design related to technological equipment and organization of production . Thus, the implementation of innovations in an enterprise requires, first of all, capital investments in the renewal of fixed assets.

The types of costs characteristic of modern knowledge-intensive production occupy a much more modest place in the structure of innovation costs. Spending on research and development of new products and technologies averages less than 16% of total innovation costs. The costs of acquiring new technologies, software, personnel training, and conducting marketing research total less than 5%. The costs of managing ID in 2006-2008 ranged from 2.6 to 2.8% of all costs of innovation.

However, according to Table 7 it is clear that the growth rate of costs for innovation activities is quite high. Increasing the cost of innovation is a prerequisite for creating new competitive products.

The enterprise has the opportunity to invest additional funds in innovation activities due to increased profits and additional funding from the innovation fund of the Ministry of Industry and the state budget. It should be noted that these funds are significantly less than what Western European competitors spend.

Figure 4 shows the dynamics of changes in the share of each source of financing in the total costs of innovation.

Figure 4 - Sources of financing for innovation activities

The gradual increase in the share of the enterprise's own funds used for innovative activities is caused by an improvement in the financial condition of the enterprise and the management's awareness of the need for innovative development of production.

In our opinion, the absolute value of costs is not a sufficient basis for assessing the intensity of innovation activity at an enterprise; the share of costs for innovation in the total cost of production and sales of products - knowledge intensity - is more important. Figure 5 shows a comparative change in the knowledge intensity of the products of OJSC Tyazhmash and other industrial enterprises.

Figure 5 - Science intensity of Tyazhmash OJSC products

The knowledge intensity of products at the level of 2.3% is low when compared with the products of Western European manufacturers, however, in comparison with other enterprises, the Ministry of Industry confirms that the plant is one of the leaders in this indicator among industrial enterprises of the republic.

To maintain innovative activity at the proper level, an appropriate provision of enterprise services with specialists is required. The number of personnel of the design and technological services included in OJSC Tyazhmash, engaged in the research and development of new products and modernization of existing ones, is 216 people in 2008, more than 70% of them have higher education, including 1 doctor of sciences, and 9 candidates of sciences.

To increase the efficiency and improve the quality of work of the design and technological services of the center, 55 automated workstations were introduced at OJSC Tyazhmash in 2008, which made it possible to significantly reduce, first of all, the time required for the creation and technological preparation of the production of new models of equipment. The prerequisites have practically been created for the implementation of the principle of parallel computer design, which allows, at the stage of creating a production facility, to develop technical processes and technological equipment, while reducing the preparation cycle for the production of new products. In this direction, a lot of work remains to be done on the further purchase and implementation of licensed software products to increase the efficiency of development and technological work. Currently, when creating new turbines and developing new technological processes, computer technologies based on the two-dimensional AutoCAD package and the three-dimensional Unigraphics package are widely used. Dynamic analysis of structures is carried out using the ADAMS package. When developing electronic specifications, the IMAN PDM system is used, which ensures the creation of a data array for the automated production planning system, to create the material and technical base of which more than 700 additional units of general-purpose PCs have been added to the plant services.

To produce innovative products, appropriate material and technical support for production is required. For this purpose, the enterprise is gradually re-equipping production. For these purposes, both own funds and funds from budget loans are used. The results of the hardware update are presented in Table 8.

Table 8 - Indicators for updating technological equipment

Indicator Unit of measurement 200620072008 Residual value of process equipment: at the beginning of the year, million. RUR 551557622361763374 at the end of the year, million. RUR 622361763374781450 Put on the balance sheet within the current period. yearsmillion rub. 316193254174937 Renewal coefficient 0.0070.0080.019 Removed from the balance sheet during the year million. r.141102053748400 Retirement coefficient, t0.0030.0050.012 Depreciation coefficient, t0.510.590.67

Despite the positive dynamics of updating technological equipment, a large percentage of worn-out equipment remains. According to specialists’ estimates, while implementing the technical re-equipment program, OJSC Tyazhmash should spend about 60-70 million US dollars annually.

For these purposes, the state allowed the enterprise to receive a budget loan for 2006-2010.

So, to improve the current situation in 2009, OJSC Tyazhmash plans to invest at least 150 billion rubles in technical re-equipment. At the same time, the company expects to receive a budget loan of 40 - 60 billion rubles. for the purchase of modern high-tech equipment. Another about 110-120 million. R. planned to be allocated from our own funds.

In addition to updating technological equipment, the company carried out work on the development and implementation of new technologies.

The introduction of new technological processes is carried out with the aim of reducing labor costs for production, increasing the efficient use of material costs and production assets. The development and implementation of new technological processes is carried out not only by the management of the chief designer of the plant, but also in close cooperation with scientific organizations of the republic, such as BNTU, Promfilter LLC, State Scientific Institution Institute of Powder Metallurgy.

Innovation Spending Intensityis determined by the ratio of innovation costs to the volume of products produced by innovation-active enterprises.

The share of costs for product and process innovations in the total cost of technological innovations in industry is presented in Figure 6

Figure 6 - Share of costs for product and process innovations in the total cost of technological innovations in industry

The most important indicators characterizing the effectiveness of innovation activities at the enterprise OJSC Tyazhmash are:

-volume of shipped innovative products

-innovation cycle.

The innovation cycle is a set of works that includes the main stages and results of the innovation process. It includes conducting exploratory research in order to put forward and substantiate ideas about new methods of meeting social needs, performing applied research and development work with the aim of materializing scientific knowledge in new products, technological development of large-scale production of products, and their commercialization. At JSC Tyazhmash the innovation cycle lasts more than 5 years, and if you compare it with the innovation cycle of leading manufacturers of agricultural machinery, it becomes clear that we are 10-20 years behind them. At the same time, we are not only unable to reduce this gap, but on the contrary, we are increasing it, since the development, production and sale of an innovative product takes almost 2 times longer.

Figure 8 - Innovation cycle in European hydraulic engineering

The analysis shows that the enterprise has significant innovative potential, in addition, the management of the enterprise is ready to develop it by investing additional financial resources. However, the difficult financial situation that developed at the enterprise in the 90s of the last century, and, as a consequence, insufficient funding for innovation activities, allowed competitors from the European Union countries to significantly surpass the plant’s products in terms of the level of technology used.

In addition to the innovation cycle, the intensity and efficiency of innovation activity at an enterprise is also influenced by the indicator of the share of new products (mastered over the past three years) in the total volume of industrial production (%);

Thus, the share of new products of OJSC Tyazhmash in the volume of industrial production in 2006 was 16.5%, in 2007 - 20.8%, and in 2008 - 21.6%. Over the past 3 years, the number of new models of equipment turbines at OJSC Tyazhmash has increased almost 1.3 times.

In order to increase the innovative potential of OJSC Tyazhmash, i.e. It is recommended to conduct a technological audit of the intellectual property that has been accumulated at the enterprise, but has not been put into economic circulation (not commercialized).

A technology audit will help characterize the needs and assess the innovative capabilities of an enterprise from different points of view:

-positioning of products, identifying markets that would contribute to the competitive and sustainable development of the company;

-technological areas requiring priority attention: automation, information technology, packaging, etc.;

-general problems requiring innovative solutions: productivity, quality control, energy, ecology, flexibility, etc.;

-means of technology transfer - training, technology partnerships (national or international), technical assistance, intellectual property rights, finance, etc.;

-sources and channels of innovation, relationships that need to be developed: customers, suppliers, technical centers, scientific organizations, etc.

Ways to increase the profitability of funds or their sources: with low sales profitability, it is necessary to strive to accelerate the turnover of capital and its elements and, conversely, low business activity of an enterprise determined by one reason or another can be compensated only by reducing production costs or increasing product prices, i.e. .e. increasing profitability of sales.

The enterprise should increase profits by increasing the profitability of production and economic activities and attracting loans for profitable projects that can bring high income to the enterprise.

Application of IT to optimize enterprise financing. By balancing optimistic hopes with realistic planning, you can achieve success by reducing your IT budget without compromising the opportunities that technology provides, but rather taking full advantage of them.

3. Improving the efficiency of innovation management by conducting a technology audit

1 Directions for improving innovation activities at OJSC Tyazhmash through a technology audit

The main criterion for improving the innovation policy of OJSC Tyazhmash is the creation of competitive products that meet all the requirements of international standards, the most unified turbines produced and expected on the market. Taking this into account, and first of all, the requirements of customers, the company continues to work on mastering the production of new models. In addition, the development of innovative activities in the association allows us to master the production of plows for all manufactured models, as well as other complexes and other machines and mechanisms that make it possible to re-equip them with domestic high-performance equipment and eliminate the manual labor of workers.

The enterprise is constantly developing and improving the material and technical base of research centers and laboratories. The scientific and technical center of OJSC "Tyazhmash" is equipped with a complex of modern equipment and allows carrying out all types of tests and their components in accordance with the requirements of regulatory documentation of the Republic of Belarus, foreign countries and international organizations, including for compliance with the EU Directive and UNECE rules .

The products of OJSC Tyazhmash are subject to mandatory certification in the national certification system and testing for compliance with national and international requirements of EU countries.

Understanding the importance of the task of providing high-quality competitive turbines, OJSC Tyazhmash will strive to improve their quality by improving the design, using higher-quality components, introducing new technologies and equipment that make it possible to produce high-quality products.

The development of the information system of OJSC Tyazhmash will make it possible to conduct virtual tests on a computer, in which the operation of turbines under real loads is simulated. To conduct one cycle of natural tests, it is necessary to produce 10 prototypes. The cost of one sample is 5-15 times higher than the cost of a serial product. Carrying out computer tests will reduce the number of required prototypes from 10 to 3. Financial savings due to this factor will amount to 3 million US dollars.

A study of world experience in improving ID at enterprises made it possible to determine that the main areas of optimization could be the introduction of modern information systems (CALS technologies) and the development of an innovation management system within the framework of a technology audit.

Therefore, the current direction of the innovation policy of OJSC Tyazhmash is to conduct a technological audit, introduce and develop CALS technologies.

CALS technologies are a modern approach to the design and production of high-tech and knowledge-intensive products, which consists in the use of computer technology and modern information technologies at all stages of the product life cycle, providing uniform ways of managing processes and interaction of all participants in this cycle: product customers, suppliers / manufacturers of products , operating and maintenance personnel, implemented in accordance with the requirements of a system of international standards regulating the rules of this interaction primarily through electronic data exchange.

The use of CALS technologies can significantly reduce the amount of design work, since descriptions of many components of equipment, machines and systems that were designed earlier are stored in unified data formats of network servers, accessible to any user of CALS technologies. It makes it significantly easier to solve problems of maintainability, integration of products into various types of systems and environments, adaptation to changing operating conditions, specialization of design organizations, etc.

Technology audit is an operation of objective assessment of the potential of an innovation as an object of commercialization. Due to the fact that technology commercialization is a long and expensive process, before spending considerable time and financial resources, it is necessary to assess the reality of selling an idea or invention or its successful transformation into a market product. The experience of conducting technological audits at foreign enterprises shows that it makes it possible to achieve: a reduction in the number of defects; reducing the output of products of reduced quality; improving the consumer attractiveness of products; release of a wide range of products, including the introduction of new types of products; reducing the unit costs of raw materials and energy, leading to a reduction in production costs; reducing negative impact on the environment; increasing production volumes; the company receives an action plan.

Before conducting a technology audit, it is necessary to conduct an assessment of the commercialization of innovations. Then, after determining the commercialization of the innovation, a general technology audit is carried out.

The following outlines and describes the steps typically followed when performing a Technology Audit (TA).

So, at the first stage, goals, objectives, and expected results from conducting TA are agreed upon; preliminary assessment of the needs of Republican Unitary Enterprise "MTZ" and selection of the procedure (methodology) for conducting TA: formal questionnaires, interviews, focus groups.

Second phase. Conducting TA in accordance with appropriate methods and tools, collecting information.

At this stage, information about the enterprise is collected (year of foundation, number of employees, turnover, research work, etc., number of patents, participation in national and European projects, etc.)

Familiarization with the production facility (product and requirements for it), equipment (composition, quantity, age, technical condition, organization of maintenance), technology (route and operational), workpieces, organization of technological preparation of production, organization of ensuring the functioning of production, etc.

Assessment of requirements for equipment, tools, technology, workpieces, production organization, etc., which can ensure the achievement of the set goals of OJSC Tyazhmash. Selection and expert assessment of options.

Third stage. Drawing up a report on the TA, clearly articulating the needs: problems (difficulties) / tasks that need to be solved;

The report includes:

a brief description of the task;

a systematic description of existing production or basic design solutions (if a new production project is subject to audit);

assessment (enlarged) of the required investments and investment terms, assessment of the payback period of investments (if technically possible);

proposals for a long-term work program aimed at achieving the goal set by OJSC Tyazhmash;

proposals for the types and volumes of work that can be undertaken by firms and specialists participating in the TA;

proposals and technical materials on equipment, tools, fixtures, etc., which can be recommended for effective use by OJSC Tyazhmash.

Fourth stage. Analysis (SWOT) of the TA results and preparation of recommendations for an action plan. An analysis of the strengths and weaknesses will help OJSC Tyazhmash understand the background and current position of the enterprise in the market, including the reasons for its successes and failures.

Based on the results of work on the TA of OJSC Tyazhmash, a long-term strategy for achieving this goal is being developed, in the format of a “road map”. Such a map is built using intermediate technical milestones (milestones) and is calculated for a period of 2.5 years or more, although this period depends on the specific technology.

They draw up a work program, highlight priorities in accordance with the available resources and the tasks facing him for production.

Based on the work program, OJSC Tyazhmash develops current work plans for its divisions, plans for purchasing equipment, developing technology, equipping with tools and equipment, developing infrastructure, and removing bottlenecks.

In its current plans, OJSC Tyazhmash determines the timing, amount of investment and performers for specific items of the program.

To implement specific items of current plans, OJSC Tyazhmash has the opportunity to attract firms and specialists who have carried out work on TA, since they are already familiar with the tasks and problems of this production and will be able to help OJSC Tyazhmash in solving its problems in a much shorter time.

Sixth stage. Assistance in the implementation of the action plan: preparing technology requests/proposals, searching for partners, conducting marketing research, etc.

Of course, conducting a technology audit requires additional costs, but the effect of its implementation significantly exceeds them.

The expected results of a properly conducted audit at OJSC Tyazhmash include:

-a complete comprehensive analysis and assessment of the enterprise’s needs for its sustainable development;

-objective analysis of the strengths and weaknesses of the enterprise’s development;

-the opportunity to consider new types of products/services/technologies/markets;

-possibly an assessment of the technology portfolio, intellectual property rights;

-survey and identification of possible financing mechanisms;

-preparing information for innovation networks and technology transfer networks in order to find opportunities/partners for technological development;

-acquaintance with new sources of financing.

3.2 Introduction of elements of CALS technologies at OJSC Tyazhmash

In recent years, a necessary condition for the sustainable position of enterprises in the domestic and foreign markets is the integrated use of information technologies to support all stages of the product life cycle, the so-called. CALS technologies. The use of CALS technologies reduces production cycle times, reduces costs and improves product quality. The minimum cumulative effect from the use of CALS technologies is estimated at 30%. For an enterprise that produces such complex and high-tech products as aircraft engines, a lag in the development of CALS technologies can lead to significant losses in both foreign and domestic markets.

Elements of CALS technologies are planned to be used at OJSC Tyazhmash to support the following main stages of the product life cycle:

design and engineering work;

technological preparation of production;

production of products;

tests;

service and repair,

as well as in financial and economic activities, enterprise management and marketing.

When carrying out design and construction work, modern computer technologies are used to solve problems such as thermal and strength calculations (ANSYS), calculations of gas dynamics and combustion processes (STAR-CD), three-dimensional modeling (UNIGRAPHICS) and preparation of drawing documentation (Autocad). All work is carried out in accordance with the requirements of ISO 9000 standards, design management and documentation preparation are computerized.

The solutions used will make it possible to perform computer prototyping of the engine and its components (this procedure was previously carried out on the material part and was associated with the costs of manufacturing and altering many parts, as well as fitting the engine on site). The work will be organized in accordance with a network architecture with a clearly defined hierarchy of tasks and automated workstations. An experienced designer will control parts and assemblies created at other workplaces, connecting them into assembly units, sometimes numbering hundreds of items. The central design areas will be equipped with powerful workstations that allow working with large graphics files. Developers of nodes with simpler graphical systems of operating cards with sketches (SITEP, TECHNOPRO, TECHCARD packages) are grouped around such powerful stations;

At the testing stage aircraft engines, it is planned to use such specialized software and hardware systems as: Automated product testing management system; Automated process control system for testing combustion chambers; Automated complex for vibration diagnostics of gas turbine engines (package Dynamics ); Plastic bag Calculation of product parameters .

At the stage of operation and repair, using information technology, work will be carried out such as recording the condition of the fleet and product defects, recording the completion of modifications, as well as recording the receipt of products at the plant, their movement, shipment and research .

Coordination and management functions are planned to be supported at OJSC Tyazhmash by an information and computing center (ICC) , solving problems of storing data on product composition, materials and parts, human resources, standards and labor intensity. At the same time, the Information Computing Center is an in-plant Internet communications provider, which allows for operational contacts both with branches within Russia and with partners abroad. ICC has developed and is developing such automated subsystems as: subsystems for managing access control, personnel and wages, a warehouse subsystem, a subsystem for planning the supply of basic materials, a subsystem for accounting for product release, as well as computer programs that solve special problems in various departments of the enterprise.

The implementation of CALS at an enterprise involves, in particular, the reorganization of its information infrastructure. Such a reorganization should not be revolutionary - on the contrary, the automated systems already available at the enterprise should be used as much as possible.

The implementation of the program for the development and implementation of elements of CALS technologies at OJSC Tyazhmash at all main stages of the hydraulic motor life cycle will make it possible to create an effective management system for the enterprise as a Research and Production Center.

3.3 Innovative system of personnel training and staff development

The enterprise plans to create a Center for accelerated training of workers, teaching new specialties that are especially in demand by industry - grinders and CNC machine operators, programmers.

The basis of the program is a continuous cycle of training a young specialist, starting from initial vocational education and ending with postgraduate education. School graduates enter educational institutions of primary and secondary vocational education sponsored by the enterprise, where they undergo training in specialties in which the enterprise is interested. The student enters into a tripartite target agreement between himself, the educational institution and the enterprise. According to this agreement, the enterprise pays the student an additional scholarship, provides material and technical assistance to the educational institution (allocation of qualified specialists, machine equipment and places to obtain practical work skills) and employs the student upon graduation. In turn, the student undertakes to work at the enterprise for the period specified in the contract.

Having found a job at an enterprise after graduating from an educational institution, a young specialist has the opportunity to improve his skills at the enterprise’s internal training courses. Advanced training includes theoretical and practical training according to approved target training programs under the guidance of highly qualified specialists and instructors of the enterprise. At the enterprise, together with SAMSTU, it is planned to organize an Institute for targeted training of specialists in the field of hydraulic engineering. On the basis of the ITsPS, it is planned to open branches of leading technical universities in Moscow, which will allow young specialists not only to improve their qualifications, but also to receive higher education without interrupting work, including full-time full-time education.

It is planned to make a proposal to create a resource center for professional training of entry-level and middle-level workers on the basis of OJSC Tyazhmash. It is recognized as a pilot and can be completed by the end of 2010, includes the development and approval of a regulatory framework for the creation of a resource center, improvement of logistics of educational processes, purchase of new equipment, optimization, and in many ways, unification of educational programs.

It is planned to hold professional skills competitions among workers on the territory of the enterprise. The purpose of such events is to emphasize the importance of blue-collar professions and increase the prestige of the worker in society. After all, the majority of material wealth in the state is created by working hands.

3.4 Economic justification for innovation

To make an economic justification for innovation, it is necessary to compare the costs of their implementation with the expected results.

Carrying out innovations will reduce:

-design costs by 25%;

-time to market for new products by 55%;

-innovation cycle by 35%;

-costs for preparing technical documentation by 40%;

-costs for the development of operational documentation by 25%;

-cost and labor intensity of technical preparation of production when mastering the production of new products 50%;

-the share of defects, errors and design changes in the process of designing and manufacturing a product is on average 45-50%;

-sales costs by 5 - 10%;

-costs for operation and repair of products are 50-80%.

Therefore, with the successful implementation of the project at OJSC Tyazhmash, it will be possible to achieve not only the improvement of the technological innovation management system, but also achieve significant savings on these costs (Table 9).

Table 9 - Cost savings of OJSC Tyazhmash for managing innovation activities

Indicator years 2010201120122013 Costs for ID management, million rubles 567612742567 Costs for TA, million rubles 108000% savings 225 2015 savings 11.34153148.485.05

Since the effect of the project is long-term, it is necessary to take into account the time factor through discounting. The discount factor is calculated using formula 3.1.

where at - discount factor; - discount rate (discount rate);

t is the serial number of the income generation time interval.

?0=1/(1+0,18)0=1;

?1=1/(1+0,18)1=0,85;

?2=1/(1+0,18)2=0,72;

?3=1/(1+0,18)3=0,61;

An analysis of the experience of foreign companies shows that the effect of innovation appears from the second year of the project and the final goal is achieved by the fourth year, with the effect increasing over the months. Table 10 shows the distribution of the results of the investment project implementation by year.

Table 10 - Costs and effect of project implementation (million rubles)

Project yearEffect from implementationDiscounted effectProject costsDiscounted costs200911.3411.341081082010153130.0502011148.4106.80201285.0551.90Total397.8300.09108108

To assess the commercial effectiveness of a project, the following indicators are used: payback period (PP), return on investment index (PI).

The payback period for investments is the minimum time period from which the initial investments and other costs associated with the implementation of an investment project are covered by the total results from its implementation. The main disadvantage of the payback period indicator is that it does not take into account the entire period of operation of the investment and, therefore, it is not affected by all the returns that lie beyond the payback period.

Therefore, the payback period indicator serves not so much as an estimated indicator of investment efficiency, but as a limitation when making a decision, that is, if the payback period of a project is longer than the accepted restrictions, then it is excluded from the list of possible investment projects.

The payback period of an investment is the number of days during which the investment will be returned in the form of net income. In the course project, the algorithm for calculating the payback period depends on the uniform distribution of the planned discounted income received from the sale of investments.

Over 4 years, as a result of the project, a profit of 1,183.76 million rubles can be received. That is, this is still not enough to fully cover the invested funds. It remains to return another 1265.25 -1 183.75 =81.5 million rubles.

The profit from the project in the fourth year will be 464.23 million rubles.

Therefore, the payback period will be: 4 + 167.27/464.23 = 4.36 years, since this does not exceed the estimated years of project implementation, it is advisable to further evaluate the effectiveness of the investment project.

Net present value is the difference between income and investment expenses (capital investments) discounted at one point in time. The calculation is made using the formula:

where is the net present value of the investment project, rub.;

The number of years over which the investment will generate income;

- annual income from investments in year t, rub.;

Investment capital invested in year t, rub.;

Discount factor in year t, fractions of units;

In Table 11 we consider the dynamics of changes in net present value.

Table 11 - Net present value (million rubles)

Project yearDiscounted effectDiscounted costsNet present value200911.34108-96.62010130.05130.052011106.8106.8201251.951.9Total300.09108192.9 A positive net present value indicates that the project is effective and can make a profit.

Investment return index - the ratio of the amount of discounted income to the investments made:

where PI is the investment return index; t is discounted income, million rubles; is the amount of investment, million rubles.

PI=1343.76/1265.25=1.06

A project whose profitability index is above one is considered effective. Based on the results obtained, we can conclude that investing funds in the project will bring us more profit than using them as a bank deposit.

The internal rate of return (IRR) is a discount rate at which the amount of income from the current activities of the enterprise during the implementation of the project is equal to the discounted capital investment. The internal rate of return characterizes the maximum return that can be obtained from a project, i.e. the rate of return on invested capital at which the net present value of the project is zero. A graph showing the dependence of net present value on the interest rate is presented in Fig. 9.

Figure 9 - Dependence of NPV on the discount rate

To carry out innovations at OJSC Tyazhmash, the internal rate of return is 31.3%. Since an interest rate increase of 17.3% in the next 5 years is unlikely, i.e. this investment project can be considered resistant to changes in the interest rate on bank loans.

The indicators calculated above indicate the feasibility of implementing an investment project to carry out innovations at OJSC Tyazhmash.

Conclusion

The development and modernization of the domestic economy are the basis for increasing the well-being of society, strengthening the independence and role of the country in the international arena. Innovative development of the economy involves increasing the competitiveness of enterprises, their adaptation to new economic conditions, and increasing the rate of production renewal.

Ensuring a high level of scientific and technological development of the country, improving the results of innovative activities of enterprises require the creation of conditions for the implementation of structural changes in the economy, increasing the volume of financing of the innovation sphere, government regulation and support of innovative processes, the use of effective forms of managing new developments, increasing the competitiveness and quality of domestic products manufacturers. In this regard, the need for effective management of innovation activities, selection and implementation of enterprise development strategies increases. Improving the forms and methods of organizing and managing innovation activities is aimed at enhancing innovation activities, quickly adapting enterprises to changing consumer demands and increasing the competitiveness of products.

The purpose of the course work was to study OJSC Tyazhmash and the impact of innovative activities on the efficiency of development of this enterprise.

For this purpose, a complete analysis of the economic situation was carried out and the activities of OJSC Tyazhmash in 2006-2008 were assessed. based on an analysis of the technical and economic performance standards of the enterprise. The analysis showed that for all the most important technical and economic indicators there is a steady positive trend: sales revenue increased by 47%, sales profit by 30%, production profitability increased by 3.4%, labor productivity by 37%. In addition, according to the assessment of financial activity in 2009, OJSC Tyazhmash will not experience a cash shortage. The cash inflow of OJSC Tyazhmash in 2009 will amount to 3,457,255 million rubles. The cash outflow of OJSC Tyazhmash in 2008 will amount to 3,450,804 million rubles.

During the analysis, special attention was paid to the innovative activities of the enterprise. The results of the analysis confirm that the enterprise is engaged in active innovation activities. The main part of the work in this direction is carried out in the scientific and technical center created on the basis of the enterprise, which is in close cooperation with the research institutes of the republic. In terms of the knowledge intensity of its products, the enterprise is one of the leaders of the domestic industry, but is significantly inferior to Western European equipment manufacturers.

The analysis carried out in the course project allowed us to determine that the main ways to improve the management of innovation activities of OJSC Tyazhmash could be the introduction of modern information systems (CALS technologies) and the development of an innovation management system within the framework of a technology audit.

The total annual economic effect from the proposed activities is 464.23 million rubles.

Thus, we can say with confidence that OJSC Tyazhmash is a good example of the effective organization of innovation policy and its subordination to the goals of sustainable growth of the competitiveness of the enterprise and its products.

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The history of assessing the effectiveness of innovative projects in our country is considered. An analysis of these methods was carried out. Peculiarities in assessing the effectiveness of projects in the USSR have been identified. Their inapplicability in the modern economy has been proven. Problems in the methodology for assessing the effectiveness of projects in the Russian Federation are identified. The experience of assessing the effectiveness of innovative projects abroad and some of the developments of Russian economists in this area are also analyzed. A number of methods used in the USA and Europe are considered. Their main features and advantages are determined. The impossibility of their use unchanged in the Russian Federation is substantiated. The method of multicriteria evaluation of the effectiveness of innovative projects is analyzed. Along with some of its shortcomings, the prospects for further developments in this area are indicated. A short list of the shortcomings of existing approaches to assessment is given. The main trends in the development of the evaluation apparatus are highlighted. Further ways of its development have been determined.

multi-criteria approach

real options method

STAR and IRI methods

innovation assessment

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The concept of “innovation” appeared relatively recently, namely in the 19th century, and found active application in the works of the Austrian scientist J. Schumpeter. The term innovation means an introduced innovation that provides a qualitative increase in the efficiency of processes or products that is in demand by the market. Although in the process of ontogenesis of civilizations people constantly created various kinds of inventions, it was the scientific and technological revolution of the late 19th - 20th centuries. required the modernization of the conceptual and development of a methodological apparatus for identifying and evaluating qualitatively new products, technological solutions, rationalization proposals, etc.

The problem of assessing the effectiveness of innovative projects became relevant by the middle of the twentieth century. due to the fact that their fundamental differences from the investment projects that make up the current activities of organizations are revealed. The main differences are:

1) a higher degree of uncertainty (technical, commercial) of the project parameters (time frame for achieving the intended goals, upcoming costs, future income), which reduces the reliability of the preliminary financial and economic assessment and involves the use in practice of additional procedures for assessing and selecting projects;

2) involvement of unique resources (highly qualified specialists, materials, instruments, etc.) in the implementation of projects;

3) a high probability of obtaining unexpected, but having independent economic (social, environmental, etc.) intermediate or final results within the project, which places additional demands on the flexibility of managing the innovation process.

The growth of innovative activity contributed to its wide dissemination, which led to the emergence of various types of innovations, such as technological, social, product, organizational, and marketing. Although each type of innovation has a certain impact on the life of society, technological and product innovations have the greatest significance on a regional scale and the possibility of full evaluation. It is for these types that methods for assessing effectiveness have mainly been developed.

By the effectiveness of an innovative project we will understand exclusively economic efficiency, which in a broad sense means the correspondence of results and costs, in a narrow sense (as an indicator) it is the ratio of quantitative estimates of results and costs.

There are also concepts of social and environmental efficiency of a project, but the use of these concepts is legitimate in relation to specialized innovations, namely social innovations or innovations aimed at improving the environmental situation. In this case, efficiency is considered as the relationship between the state of the system with and without the design.

For most technological and product innovations aimed at obtaining a specific commercial result, the above concepts of efficiency are not applicable. In accordance with the specifics of innovative projects, during implementation they can give additional, predictable or unpredictable results that can have an impact on society and the environment. It should be considered as an effect from the implementation of the project, which can be assessed qualitatively (positive or negative) and in financial terms. Depending on its size, it can have either a minor or a decisive impact on the development of the project.

Assessing the effectiveness of innovative projects in a command-administrative economy

In 1960, the “Standard Methodology for Determining the Economic Efficiency of Capital Investments and New Technology in the National Economy of the USSR” was developed. In 1969, this methodology was revised and published under the title “Standard Methodology for Determining the Economic Efficiency of Capital Investments.” To evaluate planning and design decisions, the methodology provides not only indicators of the comparative economic efficiency of investments, but also indicators of overall (absolute) efficiency. To compare investment options with different terms of capital investments and time-varying current costs, the standard methodology provided for a standard for bringing costs at different times (Enp = 0.08). A similar approach to the reduction of multi-time costs was retained in the third edition of the “Standard Methodology for Determining the Economic Efficiency of Capital Investments” (1980).

The minimum reduced cost indicator for calculating the economic efficiency of capital investments was calculated using the formula:

K t xE n + C i →min

where: K t - capital investments for each option; C i - current costs (cost) for the same option; E n - standard coefficient of efficiency of capital investments.

The most effective options for design and economic solutions were selected based on the minimum of given costs. If, according to the compared options, capital investments were different in volume and were carried out at different times, and current costs changed over time and there was no possibility of taking into account the time factor, it was recommended to bring the costs of later years to the current moment by using a reduction coefficient.

From 1977 to 1988 To determine the economic effect of new technology in the USSR, the “Methodology for determining the economic efficiency of using new technology, inventions and rationalization proposals in the national economy” was used. According to this methodological approach, the annual economic effect is determined by comparing the reduced costs for the base and new options. The given costs represent the sum of cost and standard profit per unit of products and services.

An important indicator for all methodological approaches is the determination of the payback period for capital investments planned for the introduction of new technology. At the same time, the calculated payback period was compared with the standard one.

In 1988, the USSR State Committee for Science and Technology and the Presidium of the USSR Academy of Sciences approved “Methodological recommendations for a comprehensive assessment of the effectiveness of measures aimed at accelerating scientific and technological progress.” According to this document, when determining the economic effect at the stages of a feasibility study, choosing the best option for an activity, and when forming research plans, a national economic approach must be observed, reflecting the following principles:

1) assessment of the effectiveness of scientific and technological progress measures is carried out according to the conditions of use of the final product, taking into account all the accompanying positive negative results in other spheres of the national economy, including social, environmental, and foreign economic;

2) calculations of economic efficiency are carried out throughout the entire cycle of development and implementation of scientific and technical progress measures for the period established for each such event;

3) it is necessary to bring the economic standards and other established indicators used in calculations to a single accounting year, taking into account the economic unevenness of costs and results obtained in different periods of time;

4) in calculations for the national economy, a single standard for the efficiency of capital investments and differentiated standards for payment for natural and labor resources are used, as well as estimated costs, tariffs and prices that reflect the quality and efficiency of products from the consumer.

Determining the economic effect of any scientific and technical progress (innovation) event according to the conditions of use of products is carried out in the following order.

1. The economic effect is calculated in total for the years of the calculation period. The calculation is carried out by bringing different costs and results to a single point in time for all variants of the NTP activity - to the calculation year. The calculation year is usually taken to be the earliest calendar year of all options, which precedes the start of production or the use of new technology in production. Bringing the multi-time costs of all years of the life cycle period of the implementation of the scientific and technical progress measure to the accounting year is carried out by multiplying their value for each year by the reduction coefficient.

2. A cost assessment of the results for the entire billing period is carried out. In this case, the initial year of the billing period is taken to be the year in which funding for work, including research, began. The final year of the calculation period is taken to be the moment of completion of the entire life cycle of the NTP event. The valuation of results is defined as the sum of the main and related results. The valuation of associated results includes additional economic results in various areas of the national economy, as well as economic assessments of social and environmental consequences. These results can be assessed in monetary terms.

3. The costs of implementing scientific and technological progress measures for the billing period included costs in the production and use of products. These methods were widely used in the USSR and the Russian Federation from 1958 to 1995. Under the conditions of an administrative-command management system, economic justifications were mandatory attributes of any economic decision, but played a secondary role and, as a rule, were of a formal nature.

In socialist science, the analytical methods and calculations recommended for use were considered mainly from a retrospective perspective and used a large number of fixed values. This approach to assessment was consistent with the command-administrative system of economic management, in which production output and its distribution were determined by the State Planning Committee. Large-scale projects were carried out only by the state; their implementation presupposed the achievement of predetermined results.

The main disadvantages of these methods should be noted:

• stereotyped;
• lack of a prognostic tool;
• the narrowness of the project area being assessed;
• lack of distinction between innovation and investment projects.

Methodological problems in assessing the effectiveness of innovation projects in the Russian Federation

The transition of the economy in our country to market relations has necessitated a rethinking of the principles and methods for determining the economic efficiency of innovation. In 1994, the first methodological recommendations were developed for assessing the effectiveness of investment projects, taking into account the characteristics of a market economy. In 1999, this methodology was revised and reissued under the title “Methodological recommendations for assessing the effectiveness of investment projects”.

In this document, project performance evaluation is divided into two stages. The initial step is to assess the social significance of the project. Large-scale, national economic and global projects are considered socially significant.

Next, the performance indicators of the project as a whole are calculated. The purpose of this stage is an integral economic assessment of project solutions and the creation of the necessary conditions for finding an investor. For local projects, only their commercial effectiveness is assessed, and if it turns out to be acceptable, it is recommended to proceed directly to the third stage of assessment. For socially significant projects, their socio-economic efficiency is assessed first. If the assessment is unsatisfactory, such projects are not recommended for implementation and cannot qualify for government support. If the socio-economic efficiency is sufficient, their commercial effectiveness is assessed.

The last stage of assessment is carried out after the development of a financing scheme. At this stage, the composition of the participants is clarified and the financial feasibility and efficiency of participation in the project of each of them is determined (regional and industry efficiency, the efficiency of participation of individual enterprises and shareholders in the project, budget efficiency, etc.).

In the Methodological Recommendations, when assessing the effectiveness of investment projects, it is proposed to use the following indicators: net income (NI/NV); net present value (NPV), internal rate of return (IRR); cost and investment return indices (CID/DPI); payback period (PP); discounted payback period (DPP).

Net present value (NPV):

Where: CFt is the cash flow from the investment project in
period t; It is the costs of the investment project in period t; n - number of periods; r - discount rate.

Internal rate of return (IRR):

Payback period (PP) and discounted payback period (DPP):

Discounted Profitability Index (DPI):

According to these Methodological Recommendations, in a market economy it is necessary to take into account inflationary processes, as well as risk and uncertainty factors when assessing the economic efficiency of investments. At the same time, in these recommendations, the basis for the formation of indicators of the economic efficiency of investment projects were previously known developments, both from the pre-revolutionary period and from the period of centralized planning of the country's economy. One of the methods used in the Guidelines is the static method for assessing economic efficiency. This allows the assessment of the economic efficiency of investments to be brought closer to the assessment of the current activities of the enterprise. The static rating system includes a set of annual averages and it underestimates the return on investment period because it does not take into account the time factor. Therefore, focusing on the return period increases the attractiveness of the project, and focusing on profitability reduces the attractiveness of the project, since the return on investment is underestimated, since their gradual return from the net income from the project is not taken into account.

The Methodological Recommendations do not provide for the selection at the initial stage of obviously ineffective investment project options using any modern methodology that is known today. Therefore, calculations are made for both potentially profitable and unprofitable projects. This leads to unreasonable time and financial costs.

Further, the Methodological Recommendations indicate such a component as social efficiency (as the ratio of results to costs) as part of the effectiveness of the project as a whole. However, this parameter is extremely subjective, and methods for its calculation have not been developed at the moment.

The coefficients proposed in the Methodological Recommendations for assessing the economic efficiency of projects (NV, NPV, IRR, RR, etc.) are often contradictory, since they have different calculation principles. At the same time, these indicators provide different types of assessments (absolute and relative). According to the results of numerous experiments, choosing from a number of alternative investment projects the most effective according to the NPV criterion (in the Methodological Recommendations is the main criterion) often contradicts reality. For example, if you select the most effective project from alternative investment projects according to several criteria, then the one with the largest NPV value will not be optimal.

The calculations of the Methodological Recommendations do not take into account the factor of inaccuracy of the source data used. It is known that any investment calculations are characterized by a significant level of error in the initial data and intermediate information used. Innovative projects have even greater uncertainty, since the market's response to the innovation is completely unknown. The authors of the Methodological Recommendations tried to take into account factors of uncertainty and risk when assessing the effectiveness of investment projects. However, this attempt is limited mainly to listing possible uncertainties and risks.

In addition to these shortcomings, the Methodological Recommendations do not take into account such stages of the innovation process as research and development. To take these features into account, in accordance with the decisions of the Ministry of Education and Science of Russia, “Methodological recommendations for assessing the economic efficiency of financing projects aimed at commercializing the results of research and development work” dated 2005 were developed and officially recommended for use. The recommendations are focused on conducting an input examination to obtain preliminary assessments of the economic efficiency and potential risks of implementing projects aimed at commercializing the results of research and development work; to introduce objects of industrial property and the results of scientific and technical developments into the economic circulation of enterprises.

• initial data and procedures for calculating economic indicators;
• procedures for calculating the economic efficiency of a project for a direct lending scheme and a long-term investment scheme;
• procedure for determining project ratings;
• features of project financing schemes.

They are focused on assessing the feasibility of commercializing the results of R&D and provide a choice of schemes for the expedient implementation of technology implementation. Thus, the initial data for the correct application of the Recommendations are the results of market tests of a finished sample of innovative products (the results of R&D and testing of a prototype product in market conditions).

Where: - owner’s income for the innovation cycle for the direct lending scheme; - owner’s income for the innovation cycle for a long-term investment scheme; Einf - expected inflation rate, rel. units in year; Ealt - interest rate on loans, rel. units in year; R is the potential risk of project implementation.

Indicators or are close in semantic meaning to the NPV indicator. In these Recommendations, this indicator is the main and only one by which the effectiveness of the project is determined and the rating of projects is built. Uncertainty in calculations in these Recommendations is also not taken into account in any way.

Consequently, all the key shortcomings regarding the Methodological Recommendations apply to these Recommendations.

Thus, the methods currently existing in Russia for assessing the effectiveness of investments in innovation activities do not allow us to fully take into account the specific features of innovation projects, which, in particular, is noted in the regulatory documents themselves.

Current trends in assessing the effectiveness of innovative projects

Expert approaches

In foreign practice of assessing the effectiveness of innovations, there is a clear division between innovation and investment projects. The most popular methods for assessing the effectiveness of innovations are the STAR methodology and the system of “fixed scales”. The authors of the STAR methodology (Strategic technology assessment review - a set of strategic technology assessments) are professors at internationally recognized universities - Columbia and Pennsylvania. The system they developed is based on many years of experience in cooperation with such companies as DuPont, Intel, Hewlett-Packard, Sonera Co., General Electric, IBM, Citibank, Matsushita, Texas Instrument, etc.

The real basis for choice is the logic of finding projects that maximize learning and access to opportunities that reduce cost and risk. Although these are significant advantages over conventional approaches, the tools for using them remain scarce. Variables include the size and sustainability of potential revenue streams, speed or delays in market adaptation, development costs, commercialization costs, and market assessments of the company's strength, such as competitive position, dependence on standards, and degree of uncertainty. Each variable is measured by interviewing experts, which can also be used to assess the risks of alternative projects and the use of certain recipes, even if they involve abandoning the project or reconfiguring it. The main advantage of this approach is the complexity of technological and strategic aspects.

General concept of the STAR system (Fig. 1)

Rice. 1. STAR system concept

Individual factors to be assessed using the STAR system are tabulated with the following indicators: risks by demand factors; risks associated with the nature of the market entry strategy employed; risks of blocking a company’s entry into a new industry; risks associated with the nature of competition; risks of overestimating business sustainability; risks of overestimating the firm's compliance policies; risks associated with estimating the costs of commercialization of products; risks in assessing the resource potential of the commercialization lever; risks associated with the newness of the industry; risks based on development cost estimates; risks associated with the assessment; risks of potential losses; risks due to external uncertainty of the project; risks due to internal uncertainty in the company's activities.

In total, the STAR methodology includes 14 tables, which evaluate 118 individual factors that can influence the feasibility and commercialization of an innovative project (IIP). Provides expert assessments of the importance of a particular risk for a specific factor, the actual assessment of this risk in points from 0 to 10, as well as a risk assessment taking into account the weight of the factor. Based on the results of the examination and the data given in the table, the level of risk of InP is determined. Risk levels (Table 1) are established in accordance with European practice.

Table 1

Final assessment of the project’s risk level using the STAR methodology

InP risk level	Sum of points	The ratio of the assessed level to the limit
Low risk project
Minimal risk
Medium risk
Full risk

It should be noted that, according to the authors of the STAR methodology and the authors of the system of “fixed scales” discussed below, integral assessments come to the fore only at the stage of comparison of alternative projects, and at the stage of project development, assessments of private risks are important. The system of “fixed scales” proposed by IRI (Industrial Research Institute) to study the best practices of US firms in R&D portfolio management is a slightly different version of assessing the success of projects with a high level of uncertainty (hereinafter also the IRI methodology). It includes the following types of assessment:

1) risk assessment based on technical success factors:

a) scale for determining positions in intellectual property - an assessment of the likelihood of obtaining a strong protected patent or other property position in the field of technology being studied;

b) competence assessment scale - determining the likelihood that intellectual and technical resources ensure the implementation of the project;

c) technical complexity scale - assessment of the impact of the technical complexity of the project on the likelihood of its success;

d) scale of availability and effective use of external technology - determines the effect of the suitability of external technology and the organization’s ability to use such technology, the likelihood of achieving the project goal;

e) production capabilities rating scale - an assessment of the likelihood that the organization has the ability to produce a product or introduce these operations into a process;

2) risk assessment based on commercial success factors:

a) a scale for assessing market needs - an assessment of the likelihood of the presence of needs for a product and the market’s readiness to perceive it;

b) a scale for assessing the positions (image, brand, etc.) of an enterprise implementing IP on the market - an assessment of the likelihood that the product will be accepted by the market, taking into account market forces and/or the image of the organization;

c) scale for assessing distribution channels - determines the ease of bringing the developed product to consumers;

d) scale for assessing the power of consumers - for individual entrepreneurs selling subsystems or intermediate products, the consumer’s position in the area of ​​business of interest is assessed;

e) availability rating scale for raw materials and key supply elements, measures the impact of supply and/or availability of key elements or materials on the likelihood of project success;

f) an environmental risk scale assessing the likelihood that environmental aspects will affect the success of the project.

In accordance with the IRI methodology, experts in each of the above scales determine a qualitative assessment that most fully corresponds to their system of preferences, and record this assessment in the form of a score “assigned” to it. At the same time, the expert records the weight of each individual scale. The methodology produces two series of assessments: the probability of technical and commercial success.

The conducted studies show that the system of “fixed scales” correlates well with the STAR methodology (Table 2).

table 2

Comparative assessments of the level of project risk using the STAR methodology and the IRI methodology

Risk level of an innovation project	STAR Method		IR1 technique		The ratio of the assessed level to the limit
	Sum of points including risk factor weights		GPA with taking into account weights risk factors
Low risk project
Minimal risk
Medium risk
High risk
Full risk

The results obtained from their use are also in good agreement with generally accepted indicators of the probability of project successpresented below:

• 80-100 Expansion of the range of existing products using known technologies
• 60-80 The product is known in the world, but is not developed or produced by the company
• 40-60 Some development of processes is required, the integration of which has not been carried out
• 20-40 Difficult development required, but some potential solutions are visible
• 0-20 Major breakthrough required, creation of key patents

We are exploring the possibility of using STAR and IRI methods in innovation infrastructure organizations (such as technology parks, venture funds, etc.) for the competitive selection of innovative projects in the Russian Federation:

• It is impossible to build a system of criteria suitable for absolutely all projects. In addition, in the STAR methodology, some risks are duplicated, which can lead to inadequate results; in the IRI methodology, the range of assessments is quite narrow;
• the methods are based on expert assessments (discrete), which does not allow taking into account the entire range of possible project implementation scenarios;
• the transfer of foreign techniques to the domestic innovation system is illegal. This is due to the fact that in developed countries more interactive models of the innovation process prevail, in Russia - linear ones, and this affects the conditions and mechanisms for the commercialization of innovations. In addition, foreign methods do not take into account the specifics of the market and the regulatory framework of Russia.

Modern comprehensive methods for assessing effectiveness

Real options method

The work of S. Myers “Financial Theory and Financial Strategy” is considered the starting point for the development of the practice of applying the real options model. Subsequently, a significant contribution to the development of the theory of real options was made by R. McGrath, J. Rosenberger and a number of other foreign scientists. In Russia, the theory of real options was developed in the studies of A. V. Bukhvalov, M. A. Limitovsky, N. K. Pirogov and others. In recent years, there has been a rapid increase in the number of works devoted to the use of real options to evaluate innovative projects. Valuation of investment projects using the real options method is based on the assumption that any investment opportunity for a company can be considered as a financial option, i.e. the company has the right, rather than the obligation, to create or acquire assets over a period of time. Option pricing models can be divided into two groups: those based on the Black-Scholes model and those based on the Cox-Ross-Rubinstein binomial tree model.

The Black-Scholes model, based on the assumption of continuous time accounting, is more appropriate in the case of valuing financial options, since they can be bought or sold at any time. When assessing real investments, the second approach is more acceptable due to their lower liquidity. It is precisely this property that prevents them from selling their right to participate in the project at any time. When using the binomial model, a tree of the value of the underlying asset is first constructed and, on its basis, a tree of the value of the option (Fig. 2), which are then collapsed. When constructing a tree of the value of the underlying asset, you can take into account the risks of the project in scenario values, and not in the discount rate.

Rice. 2. An example of the structure of an innovation project

The general concept of the real options method can be presented as follows.

1. Formation of a tree of scenarios depending on the structure of the innovation project.

2. Determination of input data: risk-free rate, time between vertices, asset value at the initial moment of time, real option exercise price.

3. Determination of parameters characterizing the results of the project for specific scenarios.

4. Determining the value of the option.

5. Convolution of the option value tree.

6. Obtaining the final result.

7. Adjustment of project economic efficiency indicators to the cost of the real option.

The proposed method corresponds to the principle of comprehensive assessment of an innovative project, which can be considered as a necessary condition for its effectiveness from a commercial point of view. However, real options, according to Professor V.V. Kossov, do not remove the fundamental difference between the concept of an innovative project, when the first assessment of its effectiveness is made, and the cash flow generated by the implementation of this project.

Multicriteria method

Authors S.N. Yashin and O.S. Boronin propose to evaluate an innovative project not only from a commercial point of view. The multicriteria method they proposed for assessing the economic efficiency of innovative projects is based on taking into account economic, scientific, technical, social and environmental indicators. The essence of this method is to use a systematic approach to evaluating innovative projects. The authors of this version of the complex method propose to distinguish four groups of indicators, each of which characterizes its own aspect of innovation: economic, scientific and technical, social and environmental. This variation of the comprehensive assessment method is based on the following sequence of actions:

1) selection and formation of the structure of integral indicators;

2) translation of indicators into a comparable form;

3) calculation of a single basic comprehensive assessment;

4) taking into account the uncertainty and risks of an innovative project.

At the first stage, all indicators should be brought to an immeasurable form. To do this, when determining the general indicator, innovative projects are ranked using the method of comparative rating assessment of the innovative attractiveness of projects. To calculate significance coefficients, due to the wide variety of indicators, it is necessary to use two methods.

1. In conditions of uncertainty, when performance indicators can be ranked by priority at a quantitative level, to calculate the significance coefficients of selected integral indicators we use one of the methods of mathematical modeling - expert ranking.

2. In conditions of uncertainty, performance indicators can be ranked by priority only at a qualitative level (“very important” - “important” - “less important”, etc.).

In accordance with these assessments, a rating of indicators is built, and the lower the rating of the project as a whole, the lower its rating among other projects. The methodology deliberately does not emphasize that economic criteria are the main ones in the assessment. The weight of all indicators should be determined by a special commission, which includes authorized and interested persons of the relevant functionality.

After calculating the general indicator, the rating of each of the innovative projects is determined and they are selected according to its value. The resulting performance indicator value does not mean that one project is “better” than another. Based on the calculations, a conclusion is drawn only about the preferability of a particular project compared to others within the framework of the selected performance indicators.

Second phase. Some indicators are set as mandatory or recommended, therefore, projects with indicators below the standard are not even considered. Thus, there is a reduction in time and financial costs for considering obviously ineffective projects.

The third step is to take risk and uncertainty into account. For this purpose, an approach based on probabilistic modeling of risk assessment of innovative projects is used. To take risks into account, it is recommended to consider the stage of project implementation at which funds are invested.

The comprehensive assessment method has the following advantages:

• it is possible to evaluate various types of innovative projects (technological, social, product);
• there are tools for weeding out obviously ineffective projects;
• the uncertainty factor is taken into account, which is extremely important when assessing innovative projects.

But, unfortunately, this method is not without its drawbacks:

• it is unclear how to take into account the rank of a particular expert;
• It is not possible to foresee all scenarios for the possible development of the project.

Conclusion

Having examined the history of the development of methods for assessing the effectiveness of innovative projects, we note the main problem areas in their use in the modern economy of the Russian Federation.

1. Methods for assessing the economic efficiency of capital investments, developed for the conditions of an administrative-command economy, do not correspond to the current state of economic development.

2. The methods currently used in domestic practice for assessing the effectiveness of innovations do not screen out clearly unpromising innovations at the initial stage, do not take into account the specific features of innovative projects, namely, do not take into account the factor of inaccuracy of initial data and high uncertainty, and do not take into account the multi-criteria nature of innovations. As part of efficiency, such components as social efficiency and other qualitative criteria are declared, but methods for their numerical calculation are not given.

3. In foreign practice of assessing the effectiveness of innovations, there is a clear division between assessing the effectiveness of investments in existing technologies and innovations. Meanwhile, foreign methods also have some methodological shortcomings (assigning grades and determining ranks, lack of expert ranks in calculations). The direct transfer of foreign techniques to domestic subjects of the innovation structure is unacceptable due to different models of the innovation process.

4. Attempts to develop comprehensive project evaluation methods are also not without some drawbacks. The real options method does not remove the fundamental difference between the concept of an innovative project, when the first assessment of its effectiveness is made, and the cash flow generated by the implementation of this project. At the same time, real options, due to their orientation towards the interactive model of the innovation process, cannot be transferred into domestic practice without changes. And the multicriteria method, being a type of expert methods, retains many of the disadvantages of the STAR and IRI methods.

The main trends in the assessment of innovations include the following:

1) change from a retrospective assessment to a prospective one;

2) taking into account not only the commercial effect, but also the state of the market:

3) transition from analytical methods of assessment to expert ones;

4) multi-criteria approach to evaluating innovative projects.

Thus, we can conclude that with the complication of the projects being developed and implemented, with an increase in their ability to influence an increasing number of spheres of life of society and nature, the evaluation apparatus becomes more complex. Today, simply analytical assessment methods are no longer enough, since they cannot take into account the entire versatility of the project. The transition to expert methods, while providing significant scope for assessment, at the same time raises the problem of subjectivity and ambiguity in establishing expert ranks.

Research aimed at “merging” analytical and expert approaches may be a promising way to overcome existing contradictions and inaccuracies. The creation of such an integral methodology will be able, on the one hand, to expand the scope of assessment, and on the other, to level out its subjectivity. It should also be noted that such an evaluation apparatus must contain a multi-criteria approach in order to give an idea not only of the financial effectiveness of the project, but also of the potential for its influence on other planes of existence.

Reviewers:

Rudyk E.N., Doctor of Economics, Professor, Professor of the Department of Management of the State Budgetary Educational Institution of Higher Education of the International University of Nature, Society and Man “Dubna”, Dubna;

Khozyainov M.S., Doctor of Technical Sciences, Professor, Head of the Department of Project Management, State Budgetary Educational Institution of Higher Education of the Moscow Region “International University of Nature, Society and Human Being “Dubna””, Dubna.

Bibliographic link

Kulikov D.L., Kucherov A.A. FORMATION AND DEVELOPMENT OF METHODS FOR ASSESSING THE EFFECTIVENESS OF INNOVATION PROJECTS // Modern problems of science and education. – 2015. – No. 1-1.;
URL: http://science-education.ru/ru/article/view?id=19451 (access date: November 25, 2019). We bring to your attention magazines published by the publishing house "Academy of Natural Sciences"

Approaches to assessing the effectiveness of innovative projects

-Qualitative (targeted)

it is necessary to assess the effectiveness of the project in terms of its maximum compliance with the goals set

the strategic effectiveness of the innovation in terms of obtaining long-term market benefits

-Quantitative (costly)

limited internal resources and the need to find financial resources to implement the project

is assessed profitability and profitability innovative project. Quantitative methods for assessing the effectiveness of innovative projects are based on the use of several indicators:

Net present value (NPV) – integral effect

Yield Index (YI)

Internal rate of return (IRR)

Payback period (Current)

Using three types of assessments

There are three types of evaluation of the effectiveness of an innovative project: - absolute profitability; - absolute-comparative profitability; - comparative profitability.

If the amount of income that can be received by an investor when implementing a project is estimated, then we are talking about absolute assessing the profitability of the project.

If an investor compares the possible amount of absolute income with the standard, then he uses absolute-comparative assessment of the project’s profitability (standards can be set by the investor independently, or generally accepted standards in the practice of a given business can be taken into account).

If the investor compares the project not with the standard, but with alternative options for projects that have passed selection according to the standard - is used comparative assessment of project profitability.

Each of the above methods for assessing project effectiveness is based on cost reduction carried out at different times, to comparable values and involves the use of a system of indicators, the reliability of which is confirmed by international financial and economic experience

1. Analysis and risk assessment of an innovation project

Risk analysis is carried out to identify factors that determine risk and predict their manifestation.

Risks arising in the innovation sector depend on the following factors:

Fundamental;

Opportunistic; - internal.

Fundamental risk factors are determined by the economic and political aspects of the functioning of the world community and individual countries.

Market risk factors are associated with the dynamics of the market situation in the national and international markets.

Internal risk factors are determined by the characteristics of the organizational structure and capabilities of the enterprise.

To analyze risks and predict the development of the situation, the following methods are used: - Method of analogies;- “Decision tree” method; - Monte Carlo method; - Methods of expert assessments.

The method of analogies is based on the analysis of information about similar projects implemented under similar conditions.

The “decision tree” method is used to select the best option for implementing an innovative project based on calculations of the probabilities of obtaining results for each of the alternative options. In this case, a branched diagram is constructed, reflecting the sequence of operations and assessment of results, taking into account the probabilities of their achievement

The Monte Carlo method is a study of statistical data on the implementation of similar projects at similar enterprises.

The analysis allows us to obtain more accurate information about the effectiveness of the innovation process, which serves as the basis for building simulation models.

Expert assessment methods are based on the opinions of specialist experts assessing an innovative project.

The most common expert methods are: the scoring method, the ranking method, pairwise comparison and the Delphi method. To reduce subjective assessment, the result is determined as the weighted average of a set of expert assessments.

Assessing the risk level of the selected option

To assess the degree of risk, both complex computer modeling systems and purely intuitive expectations of a manager based on common sense are used. The optimal sets of metrics and values ​​for each indicator may vary depending on the core activities of the organization, but there is a group of basic metrics that can be applied in any company.

ROII (return on innovation investment) - the rate of return on innovation. ROII can be calculated both for successfully completed projects and for projects prepared for implementation, provided that forecast calculations have been made for revenue growth or cost reduction.

Share of revenue from sales of new products in total profit over the last N years.

This is one of the most popular metrics used by organizations that are leaders of the modern innovation movement, in particular the 3M company, the inventor of Post-it self-adhesive pieces of paper. The change in the relative growth of a company's market value compared to the relative growth of the industry market over the past N years.

The number of innovative ideas put forward by company employees over the last N months.

The ratio of implemented innovative ideas to the total number of proposals put forward. The most important indicator characterizing the effectiveness of the corporate idea management system.

The time elapsed from the moment of initiation (submission) of a new proposal to the launch of an innovative project. Characterizes the effectiveness of the corporate idea management system.

The ratio of the number of customers who consider your company innovative to their total number. A very important indicator that allows you to evaluate the positioning of the organization in the eyes of customers and their innovative expectations for the company.

Innovation index. Some companies use a complex indicator that characterizes the organization’s overall ability to innovate.