ALGORITHM OF EVALUATING THE ECONOMIC EFFECT AND EFFICIENCY OF IMPLEMENTING INNOVATIVE MEASURES AT THE INDUSTRIAL ENTERPRISES

This article defines the concept of innovation, considers the concepts and methods of assessing the economic effect and economic efficiency of implementing innovative measures at the industrial enterprises. The concepts of economic effect and economic efficiency of innovative measures are presented; the types and sources of economic effect are considered. Calculations of indicators that give a quantitative assessment of the economic efficiency of innovation implementation are analyzed. The paper presents concepts and methods for determining such indicators as net income, net discounted income, profitability index, internal rate of return, and economic value added. Based on the indicated high significance of the long-term period in assessing the economic efficiency of implementing innovative measures at enterprises, the indicator of the payback period is considered. The method of ranking of existing innovation options in descending order of profitability is considered when evaluating the effectiveness of innovations using the profitability index indicator. The article substantiates the need for marketing analysis of the market characteristics and competitiveness of innovative products being introduced, and highlights the social and environmental aspects when evaluating the economic effectiveness of innovative measures. The effect and efficiency indices are presented, which clearly show the ratio of effect and efficiency indicators. These indices are proposed to be calculated using factor analysis of costs to identify the possibility of improving the economic efficiency of innovative measures by reducing certain costs over time. The method of calculating the economic effect using factor analysis of costs is analyzed in detail on the example of grouping costs by calculation items. Based on the considered points, an algorithm for evaluating the economic effect and efficiency of implementing innovative measures at industrial enterprises is proposed.

economic effect, economic efficiency, innovation, net income, integral effect, payback period, effect index, efficiency index, factor analysis of costs, algorithm for evaluating the effectiveness of innovations.

Streltsova D. A. Algorithm of evaluating the economic effect and efficiency of implementing innovative measures at the industrial enterprises. Business. Education. Law, 2020, no. 3, pp. 248–254. DOI: 10.25683/VOLBI.2020.52.334.