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Risk Assessment Improvement in the Investment Project Management: Verbal Analysis Methods

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Shevchenko G., Ustinovichius L., Łoniewski K.

Studia Ekonomiczne

2013

vol. 137

83-101

Globalization of the financial markets, the increasing competition between organizations and social and technological development encourage the application of new advanced risk assessment methods. New technological achievements help the researchers and practicians to realize the importance of using various analytical approaches in assessing enterprise performance and evaluating the criteria describing the risk of the performed operations, in particular. Most of decision-making specialists and researchers emphasize that the standard methods used in this area do not well agree with human ability of data perception and processing. A possible solution to this problem is the application of verbal analysis decision-making methods, which are scientifically grounded and use the evaluation criteria, based on psychology. It may be stated that risk assessment depends on a number of variables. Striving for objectivity of a decision, which should assess the risk of the considered object from various perspectives, a great number of various types of risk and the criteria describing them should be evaluated. The investment decision with a higher than planned risk level has a strong negative effect on the effectiveness of other decisions and the level of satisfaction of the interested parties. Therefore, the effect of all changes on the final estimate should be accurately evaluated and calculated. The authors of the paper suggest using the evaluation methods based on verbal analysis as the approaches, requiring the minimum amount of quantitative data.

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1 Studia Ekonomiczne

1 2013

1 Shevchenko G.

1 Ustinovichius L.

1 Łoniewski K.

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Risk Assessment Improvement in the Investment Project Management: Verbal Analysis Methods