Economic risks and methods of their measurement

Type: Normative

Department: department of digital economics and business analytics




SemesterAmount of hoursLecturerGroup(s)
716Vaskiv O. M.УФЕ-31с

Laboratory works

SemesterAmount of hoursGroupTeacher(s)
732УФЕ-31сVaskiv O. M., Vaskiv O. M.

Course description

Risk is inherent in any sphere of human activity. This is due to many conditions and factors that affect the positive outcome of the decisions made. The risk of not receiving forecast indicators began to manifest itself more clearly in the case of commodity-monetary relations, the competitive struggle of economic process subjects. Any subject of market relations shows his own willingness to take risks in conditions of uncertainty, because along with the risk of losses there is the possibility of additional income. Therefore, the formation of market relations built on economic laws necessitated the study of risk theory.

The subject of the academic discipline is theoretical and practical issues of economic risk analysis, mathematical methods and modeling of the behavior of economic systems taking into account risk.

The purpose of the educational discipline is the fundamental training of future specialists in economics and finance with systematized knowledge of analysis, modeling and management of economic risk, strategy and tactics of anti-crisis management of an economic object in real conditions, to learn to make optimal decisions in situations of uncertainty and conflict. develop future specialists’ understanding of the essence of economic phenomena and processes.

Main tasks: acquiring skills in assessing and analyzing the degree of riskiness of management decision-making to ensure effective management of an enterprise operating in an unstable external environment; development of future specialists in-depth understanding of the essence of economic phenomena and processes; flexible professional thinking, mastering a modern, risk-taking, methodology of analysis and rational decision-making, strategy and tactics of anti-crisis management of an economic object in real conditions.

The place of the educational discipline in the structural and logical scheme

The discipline “Economic risks” is interrelated with the following disciplines: Information and communication technologies”, “Automation of business processes”, “Mathematics for economists”, “Economic-mathematical modeling” and others.

Requirements for knowledge and skills

When studying the discipline “Economic risks and methods of their measurement”, students of higher education acquire the following competences (ability) :

SK4 − Ability to explain economic and social ­processes and phenomena based on theoretical models, analyze and meaningfully interpret the obtained results.

SK11 − Ability to substantiate economic decisions based on understanding the regularities of economic systems and processes and using modern methodical tools ­.

SK14 – Ability to analyze problems and phenomena in one or more professional fields in depth, taking into account economic risks and possible socio-economic consequences.

SK15 – Ability to use application software packages for analysis and forecasting of socio-economic phenomena, as well as modeling of business processes and results of the activity of economic objects.

Program learning outcomes:

PR10 – Conduct an analysis of the functioning and development of ­economic entities, determine functional areas, calculate relevant indicators characterizing the effectiveness of their activities.

PR22 – Demonstrate flexibility and adaptability in new situations ­­, in working with new objects, and in uncertain conditions.

PR26 − Determine the necessary computer programs and visual analytics tools for processing large data sets in order to identify new patterns and trends.

As a result of studying the academic discipline, students should:

a) know :

  • source, object and subject of risk;
  • main categories of economic risk;
  • principles of economic risk management;
  • classification of types of risk;
  • general and specific risk measurement methods; quantitative and qualitative, as well as absolute and relative risk assessments;
  • criteria for choosing management decisions under risk conditions;
  • methods of reducing economic risk;
  • basic scientific approaches and modern concepts of riskology ;
  • problems of applying the theoretical developments of riskology to the Ukrainian market;
  • possibilities of using riskology when making decisions in conditions of uncertainty;
  • priority research of Ukrainian risk scientists

b) be able to :

  • carry out qualitative and quantitative risk analysis of projects;
  • develop measures for optimization and risk management;
  • determine the type of risk that affects the adoption of a specific management decision;
  • quantitatively assess the impact of risk using economic and mathematical methods;
  • make optimal management decisions using various game theory criteria;
  • apply riskology to form a portfolio of securities, “currency basket”, risk management in management;
  • to develop and solve topical issues of the theory and practice of entrepreneurial activity in conditions of risk;

apply knowledge of riskology in practical activities.

Recommended Literature

  1. Balabanov IT Risk management / IT Balabanov. – М .: Финансы и статистика, 1996. – 156 с. Berezhnaya EV Mathematical methods of modeling economic systems: textbook. allowance. / EV Berezhnaya, VI Berezhnaya. – М .: Финансы и статистика, 2002. – 368 с.
  2. Vitlinsky VV Analysis, assessment and modeling of economic risk / VV Vitlinsky. – К.: ДЕМІУР, 1996. – 212 с.
  3. Vitlinsky VV Risk in management / VV Vitlinsky, SI Nakonechny. – К.: ТОВ “Бори сфен-М”, 1996. – 326 с.
  4. Vitlinsky VV Risicology in economics and entrepreneurship: Monograph / VV Vitlinsky, GI Velikoivanenko. – К.: КНЕУ, 2002. – 490 с.
  5. Granaturov VM Economic risk: essence, methods of measurement, ways of decrease / VM Granaturov. – М .: Изд. “Delo i Servis”, 1999. – 112 p.
  6. Klebanova TS Theory of economic risk: textbook. allowance. / TS Klebanova, EV Raevneva. – H .: Publishing House “INZHEK”, 2006. – 208 p.
  7. The working program of the discipline “Theory of economic risk” for students in the direction of training 6.030506 “Applied statistics” full-time / way. OV Raevneva, OI Brov-ko. – H .: KhNEU them. S. Kuznets, 2015. – 48 p. (Ukrainian language).
  8. Yastremsky OI Modeling of economic risk / OI Yastremsky. – К.: Либідь, 1992. – 80с.
  9. Klebanova TS Theory of economic risk: textbook. allowance. / TS Klebanova, EV Raevneva. – H.: Izd. HGEU, 2001. – 132 p.
  10. Klebanova TS Theory of economic risk: textbook. allowance. for independent study of the discipline / TS Klebanova, EV Raevneva. – H .: Publishing House “INZHEK”, 2003. – 272 p.
  11. Klebanova TS Theory of economic risk: textbook. allowance. – 2nd ed., Reworked. and add./ TS Klebanova, EV Raevneva. – H .: Publishing House “INZHEK”, 2007. – 208 p.



  1. Algin AP Risk and its role in public life / AP Algin. – М.: Мысль, 1989. – 188 с. Goncharov IV Risk and acceptance of management decisions: textbook. way. / IV Goncharov. – H.: NTU “KhPI”, 2003. – 150 p.
  2. Grabovy PG Risks in modern business / PG Grabovy, SN Petrova. – М .: Изд. Alance, 1994. – 200 p.
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