Management of Enterprise Innovation Costs to Ensure Economic Security
Svitlana Bondarenko1, Liudmyla Verbivska2, Natalia Dobrianskа3, Ganna Iefimova4, Valentyna Pavlova5, Oksana Mamrotska6
1Svitlana Bondarenko, Department of Economic Management of Natural Resources, Institute of Market Problems and Economic-Ecological Research of the NAS of Ukraine, Odessa, Ukraine.
2Liudmyla Verbivska, Department of Business, Trade and Stock Exchange Operations, Yurii Fedkovych Chernivtsi National University, Chernivtsi, Ukraine.
3Natalia Dobrianskа, Department of administrative management and market problems, Odessa National Polytechnic University, Odessa, Ukraine.
4Ganna Iefimova, Department of economy policy and safety, Admiral Makarov National University of Shipbuilding, Mykolaiv, Ukraine.
5Valentyna Pavlova, Department of Entrepreneurship, Trade and exchange activities, Alfred Nobel University, Dnipro, Ukraine.
6Oksana Mamrotska, Department of Sociology, Philosophy and Law, Odessa National Academy of Food Technologies, Odessa, Ukraine.
Manuscript received on 10 August 2019. | Revised Manuscript received on 15 August 2019. | Manuscript published on 30 September 2019. | PP: 5609-5613 | Volume-8 Issue-3 September 2019 | Retrieval Number: C6203098319/2019©BEIESP | DOI: 10.35940/ijrte.C6203.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Innovative activity has always been a sphere of economic activity with a difficultly predicted ratio of costs to the resulting economic effect. The size of the costs of implementing innovative activities is often determined by many factors and the effective management of these costs determines the economic success of the organization. The volume of expendable resources is one of the most important indicators of the effectiveness of any enterprise, and the expenditure of money on innovative activities is also the basis of economic security of any organization. The effectiveness of cost management is determined by how little resources have been used up and how much effect has been achieved. Uncontrolled spending of resources, and senseless spending on the modernization of the entire range of products can lead to the collapse of even the most successful innovative enterprise. The economic security of any organization associated with innovation is primarily dependent on the effective management of the costs of implementing this innovation.
Keywords: Innovation Costs, Economic Security, Enterprise, Management.
Scope of the Article: Social Sciences