Risk losses and their types. Abstract: Risk of production and economic activities Conditional losses are associated with the following factors

Risk- this is the likelihood of losses or a decrease in expected income or profit compared to the acceptable option due to an accidental change in the conditions of economic activity, unfavorable, including force majeure, circumstances.

Under entrepreneurial risk it is customary to understand the possible (probabilistic) danger (threat) of the occurrence of material and financial losses by the enterprise not provided for by the design concept of a part of the income as a result of entrepreneurial (production, commercial, investment and financial) activities in conditions of uncertainty and lack of information for adoption management decisions... The main prerequisite for the emergence of entrepreneurial risk is the presence of competition and alternative options for solving certain issues of enterprise development, the efficiency of its functioning:

The reasons for entrepreneurial risk are:

- sudden unforeseen changes in environment(price increases, changes in tax legislation and socio-political situation, etc.);

- the emergence of more favorable offers for partners (the ability to conclude a more profitable contract, with more attractive terms and conditions of payment), which prompts them to refuse to conclude or fulfill previous agreements;

- changes in the target settings of partners (due to an increase in status, accumulation of positive results of activity, changes in strategy, etc.);

- changes in the conditions for the movement of commodity, financial and labor resources between enterprises (the emergence of new customs conditions, new boundaries, etc.).

Distinguish global(nationwide) and local(at the enterprise level) risks. They condition each other, influence each other, and at the same time are autonomous. For example, making a decision at the state level to change (tighten) tax, credit and financial policies introduces elements of risk into the activities of an enterprise. And vice versa, individual decisions made at the level of enterprises to change the assortment and volume of production, the implementation of certain social programs, and the like "may be included in. conflict with national interests and contribute to the emergence of global risks.

The duration of exposure is distinguished:

- short-term risks - risks in which the threat of loss is limited to a certain period of time (choice of an optional counterparty, transport risk when transporting a certain cargo; risk of non-payment for a specific transaction);

- permanent risks - risks that continuously threaten entrepreneurial activity in a given geographic area or in a particular sector of the economy (risk of non-payment in a country with an imperfect legal system; risk of banning and imposing quotas on production of products).

The sources of occurrence are classified:

–The actual economic risk;

–Risk associated with the personality of the employees;

–Risk due to natural factors.

For reasons of occurrence, the following risks are distinguished:

- due to the uncertainty of the future;

–Unpredictability of partners' behavior;

–Lack of information.

By types of enterprises, the risk is classified into industrial, commercial and financial.

Production risk is the risk associated with the production of uncompetitive products (works, services), with the implementation of ineffective production activities, inconsistency of product quality with demand, increase in material or other costs, increase in losses of working time, payment of increased taxes and interest for a loan, which leads to a decrease in the expected volume of production and its efficiency. Industrial risk includes many risks, such as technical and investment.

Technical risk - the risk of losses caused by the use of ineffective technologies and materials, equipment breakdowns.

Investment risk - the risk of incurring losses or not making a profit as a result of investing in new equipment
and technologies, the production of products on the basis of which is not
will meet the demand.

Commercial risk - risk in the sale of manufactured goods and services or in the purchase of the necessary resources by the enterprise. Reasons for commercial risk: a decrease in sales volume due to changes in market conditions, an increase in the purchase price of resources, an unexpected decrease in the volume of purchases, loss of goods in the process of circulation, an increase in distribution costs.

Financial risk- risk in the sphere of the enterprise's relations with banks and other financial institutions. The financial risk of an enterprise is most often measured by the ratio of the amount of borrowed funds to the amount own funds... The higher this ratio, the more the company depends in its activities on creditors, the greater the risk, because the termination of lending or tightening of credit conditions may lead to the suspension of production.

You can find an additional classification of entrepreneurial risks. For example, commercial risks include:

- risks of wrong choice of economic goals of an entrepreneurial project (unreasonable determination of priorities of the general economic and market strategy enterprises; inadequate assessment of the needs of own production and external consumption);

- risks of non-provision of financing for the project or disappearance of the source of financing for the project in the course of its implementation;

- risks of non-compliance with the planned schedule of expenses or the schedule of income for the project,

–Marketing risks of product sales or procurement of resources for an entrepreneurial project;

–Risks of interaction with contractors and partners;

–Risks of unforeseen costs and excess of the project cost estimate (the risk of an increase in market prices for resources; the risk of an increase in the interest rate in the future; the risk of the need to pay fines and arbitration court costs);

–Risks of unforeseen competition (the risk of enterprises from other industries entering the industry; the risk of the emergence of local young competing enterprises; the risk of expansion into the local market by foreign exporters).

Entrepreneurial risk has a number of functions:

–The function of obtaining entrepreneurial income through the use of a favorable situation in the market;

–innovative function performed by an entrepreneur to produce innovative goods, meet market needs and ensure sustainable reproduction on an innovative basis;

–Analytical function, contributing to the implementation at the right time of the necessary economic maneuver to obtain entrepreneurial income;

–social function when the risk stimulates the development of entrepreneurial abilities of employees of entrepreneurial structures, which increases their income, which means budget revenues and reduces the unemployment rate.

All factors affecting the growth of the degree of risk of the enterprise can be conditionally divided into external and internal; objective and subjective; direct and indirect impact.

External risk factors- Adverse events in the external environment in relation to the enterprise, which are not amenable to the influence of the enterprise. External factors are called objective, independent of the enterprise itself: this is inflation, competition, political, socio-economic and environmental crises, customs duties, the abolition of the most favored nation regime, the inability to work in the zones of free economic entrepreneurship.

Factors of direct influence on risk- factors that directly affect the level of risk (changes in the tax system, competition in the market, changes in demand for products).

Indirect factors- factors that do not have a direct, direct impact on the level of risk, but contribute to its change (international situation, political and general economic situation in the country, economic situation in the industry, etc.).

It is advisable to analyze risk factors external to an enterprise in the context of a general description of its functioning in conditions of real or possible interaction with economic counterparties and environments.

So, properties external environment relate primarily to natural and climatic factors; socio-demographic "situation in the region, which determines its labor surplus or lack of labor for various categories of workers, the prestige of a particular profession or type of activity; socio-political conditions on which the situation in the region depends, the degree of orientation of the population to productive labor, the level of social tension; fortunes consumer market as a background for the formation of regional needs for the company's products; the standard of living of the population as a factor in providing payment for this need; the purchasing power of the ruble; dynamics of inflation and inflation expectations; the general level of entrepreneurial activity, which characterizes the propensity of people to engage in entrepreneurial initiatives.

In the sphere of circulation, the activities of an enterprise may be affected by such external factors as a violation by allied enterprises of the agreed schedules for the supply of raw materials, components and the like, unmotivated refusal of wholesale consumers to export or pay for the finished products received, bankruptcy or self-liquidation of counterparty enterprises or business partners, which leads to the disappearance of suppliers of raw materials or consumers of finished products.

Internal risk factors are generated by production
the commercial activities of the enterprise itself, the subjective decisions of its leaders.

In the process of production, reproduction, circulation and management, specific factors arise that can provoke the corresponding risks. The risk factors for the main production activity include an insufficient level of technological discipline, accidents, unplanned shutdowns of equipment or interruptions in the technological cycle of an enterprise due to a forced changeover of equipment (for example, due to an unexpected change in the parameters of raw materials or materials used in the technological process).

Risk factors for auxiliary production activities are an interruption in power supply, lengthening compared to the planned time of equipment repair, failure of auxiliary systems (ventilation devices, water and heat supply systems, etc.), Lack of preparation of the company's instrumental facilities for the development of a new product, etc.

In the service sector production processes enterprises, the risk factors may be disruptions in the work of services that ensure the smooth functioning of the main and auxiliary production. For example, an accident or fire in a warehouse, failure (full or partial) of computing power in the information processing system, etc. The reason for the deterioration of the economic situation of the enterprise may be insufficient patent protection of the enterprise's products and the technology of its manufacture, which allowed competitors to master the production of similar products.

Reproductive risks are mainly associated with the unjustified investment activity of the enterprise and the processes of recruitment, training, retraining and advanced training of personnel.

Internal risk factors management activities can be classified according to the level of decision-making: strategic, tactical or operational. At the level of acceptance by the management of the enterprise strategic decisions the following internal planning and marketing risk factors can be distinguished:

–Wrong choice or inadequate formulation of the company's own goals;

–A wrong assessment of the strategic potential of the enterprise;

- an erroneous forecast of the development of the external economic environment for the enterprise in the long term, etc.

The risk in making decisions at a tactical level is primarily associated with the possibility of distortion or partial loss of meaningful information during the transition from strategic planning to tactical, strategic direction activities of the enterprise and thus weaken its economic stability.

The factors of indirect impact include such a factor as the insufficient quality of enterprise management. In turn, this may be due to the lack of such necessary qualities management team like cohesion, teamwork experience, people management skills, etc.

Obviously, at any level of decisions made, there may be both external and internal risk factors for a given enterprise. It can be assumed that for strategic decisions the number and role of external risk factors is much higher than for tactical or operational ones.

As follows from the above definition of risk, risk is associated with the concept of loss.

Losses are considered to be a decrease in profits, income, in comparison with the expected values. It is the magnitude of such losses that characterizes the degree of risk. Therefore, risk analysis is primarily associated with the study of losses. Losses are divided into the following types:

Material losses;

Labor losses;

Financial losses;

Waste of time;

Special types of loss.

Material species losses are manifested in unforeseen additional costs or direct losses of equipment, property, products, raw materials, energy, etc. Since the units of measurement of material losses can be different, the universal form of calculating these losses is value. Labor losses represent the loss of working time caused by random, unforeseen circumstances. In this case, the conversion into value indicators is also performed by multiplying the total loss of time by the cost of one hour of work. Financial losses - This is direct monetary damage associated with unforeseen payments: payment of fines; payment of additional taxes; loss Money and securities. In addition, financial losses may be due to incomplete receipt or non-receipt of money from the provided sources, non-repayment of debts, non-payment by the buyer of products, a decrease in revenue due to a decrease in prices for products and services sold. Special types of monetary damage are associated with inflation, a change in the exchange rate of the ruble, an increase in the tax rate, etc.

Waste of time I exist when the process of economic activity is slower than it was planned. A direct assessment of such losses is carried out in units of time delay in obtaining the intended result. The cost measurement of losses will be determined by the loss of income.

Special types of losses are manifested in the form of damage to the health and life of people, the environment, the prestige of the personality of an economic leader, as well as as a result of other adverse social and moral consequences.

When conducting integrated analysis possible losses for risk assessment, it is important not only to establish all sources of risk, but also to identify which sources prevail. In principle, it is necessary to take into account only random losses that are not amenable to direct calculation, direct forecasting, and therefore unaccounted for in an economic project, if losses can be foreseen in advance, then they should be considered not as losses, but as inevitable costs and included in the calculations.

It is almost impossible to completely avoid the risk, but knowing what causes losses, you can reduce their threat by reducing the effect of an unfavorable factor.

The classification (system) of risks should be understood as the distribution of risk into specific groups according to certain criteria in order to achieve the set goals, i.e. effective organization of risk management.

Scientifically based risk classification makes it possible to clearly define the place of each risk in their common system... It creates opportunities for the effective application of appropriate risk management techniques and techniques. Each risk has its own risk management system.

Depending on the possible result (risk event), risks can be divided into two large groups (Fig.11.1):

1. Pure risks.

2. Speculative risks.

Net risks mean the possibility of obtaining a negative or zero result. These risks include:

Naturally natural; ecological; political;

Transport; property; production; trading.

Natural and natural risks associated with the manifestation of the elemental forces of nature: earthquakes, floods, epidemics, etc.

Environmental risks - it is environmental pollution.

Political risks associated with the political situation in the country and the activities of the state. Political risks arise when the conditions of the production and trade process are violated for reasons that do not directly depend on the economic entity. Political risks include:

1. The impossibility of carrying out economic activities due to hostilities, revolution, exacerbation of the internal political situation in the country, the imposition of an embargo, etc.

2. Introduction of a deferral (moratorium) on external payments for a certain period due to the onset of extraordinary circumstances (war, strike, etc.).

3. Unfavorable changes in tax legislation caused by the political situation in the country.

Transport risks - these are the risks associated with unforeseen losses during the transportation of goods different kinds transport.

Commercial risks - pose a risk of losses in the process of financial economic activity and means the uncertainty of the results from this commercial transaction. On a structural basis, commercial risks are divided into the following types: property, production, trade and financial.

Property risks- these are risks associated with the likelihood of loss of property of an economic entity due to theft, sabotage, negligence, etc.

Production risks - risks associated with a loss from stopping production due to the impact of various factors and, first of all, with the loss or damage of fixed and circulating assets (equipment, raw materials, transport, etc.).

Trading risks - represent the risks associated with loss due to delayed payments, refusal to pay, non-delivery of goods, etc.

Speculative risks expressed in the possibility of obtaining both positive and negative results. These include financial risks that are part of commercial risks (see Figure 11.1). Financial risks are associated with the likelihood of losses financial resources... Financial risks are divided into two types:

Risks associated with the purchasing power of money;

Risks associated with capital investment (investment risks).

The risks associated with the purchasing power of money include the following types:

Inflationary (deflationary) risks;

Currency risks;

liquidity risk.

Inflation risk appears when inflation rises and leads to the fact that the received monetary incomes are depreciated, the losses are real. Deflationary risk - this is the risk that, with an increase in deflation, there will be a fall in the price level, a deterioration in the economic conditions of economic activity and a decrease in income.

Currency risks means the danger of losses associated with a change in the exchange rate of one foreign currency in relation to another, during foreign economic, credit and other foreign exchange transactions.

Liquidity risk - this is the risk associated with the possibility of losses in the sale of securities or other goods due to changes in the assessment of their quality and consumer value.

Investment risks I include the following subspecies of risks:

Profit loss risk;

The risk of a decrease in profitability;

The risk of direct financial losses.

Profit loss risk - it is the risk of the occurrence of indirect (collateral) financial damage (lost profit) as a result of not taking any action (for example, investment).

Risk of decreased profitability may arise as a result of a decrease in the amount of interest and dividends on portfolio investments, deposits, loans. The risk of a decrease in profitability, in turn, includes the following types of risks:

Interest rate risks;

Credit risks.

To interest rate risks the danger of losses (by commercial banks, credit institutions, investment institutions and other companies) as a result of an increase in interest rates paid on borrowed funds over the rates on loans provided.

Credit risks - it is the danger of the borrower not paying the principal and interest due to creditors. Credit risk also includes the risk of an event in which the issuer of the debt securities will be unable to pay interest on them or the principal amount of the debt. Credit risk can also be a form of direct financial loss risk.

Risks of direct financial losses include the following types of risks:

Exchange risk;

Selective risk;

Bankruptcy risk.

Exchange risk represents the danger of losses from exchange transactions. This includes the risk of non-payment on commercial transactions and the risk of non-payment of commission to a brokerage firm, other types of risks.

Selective risk- this is the risk of the wrong choice of types of capital investment, types of securities for investment in the formation of an investment portfolio.

Bankruptcy risk poses a risk of losses as a result of the wrong choice of capital investment, complete loss of equity capital of an economic entity and its inability to pay off its obligations.

When planning risk, it is necessary to distinguish between such concepts as resource costs, losses and losses. The economic activity of an enterprise is always associated with the cost of resources, while losses and losses occur under an unfavorable coincidence of circumstances, miscalculations in planning and represent additional costs in excess of the planned ones. If losses can be foreseen in advance and foreseen in the plan, then they should be considered as unavoidable costs and included in the costs.Therefore, risk planning is a forecast assessment of the possible loss of resources in the event of unfavorable circumstances and deviations from the planned strategy, as well as lost profits in the implementation of business operations. In this case, it is necessary to quantify the predicted values of losses.

Risk losses can be:

Material,

Labor,

Financial,

· Time,

· Others.

These types of losses can occur in all spheres of economic activity: production, financial, commercial, etc. Knowing the probable losses of each separate type of resources when planning the development strategy of the enterprise, it is possible to assess the total risk associated with the chosen strategy option. It should be borne in mind that if one or another element of the strategy has a double effect on the results of production and economic activities, that is, leads to overspending and saving resources, then when assessing the total risk, both savings and overspending must be taken into account.

Material losses represent additional costs of raw materials, materials, fuel, energy, equipment and other property that are not foreseen by the plan. Evaluation of these losses when planning a strategy is carried out both in physical and in value terms.

Labor losses are manifested in unplanned expenditures of working time and can be expressed in physical and value terms. For example, unforeseen inter-shift downtime of workers can be estimated in man-hours, as well as the amount of additional payments paid to workers during downtime. In addition, it is necessary to assess the volume of products that the enterprise did not release due to the interruption of production.

Financial losses can take the form of direct monetary damage caused to the company by unforeseen circumstances, for example, fines, penalties, penalties, non-repayment of receivables, a decrease in sales volumes due to lower prices for the company's products, non-receipt of dividends on shares owned by the company, etc.

Another group of financial losses includes the depreciation of financial resources, such as depreciation and working capital due to inflation, delays in payments, freezing of accounts, etc.

The loss of time is associated with the pace of implementation of the strategy, when the process of production and economic activity is carried out more slowly than it was envisaged in the plan. Such losses are expressed, firstly, in the death of resources; secondly, the delay in the receipt of financial results (cash flows). They are valued using discounting.

A special group of losses, which in practice is rather difficult to assess, are losses associated with damage to the prestige of an enterprise, moral and psychological damage to its employees, damage to the environment, etc.

It is impossible to completely avoid risk in economic activity, but, knowing where and under what circumstances it can arise, managerial personnel can prevent it, reduce ufoz losses, reducing the effect of unfavorable factors. Therefore, it is important to know where these or those losses may occur.

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Factor analysis technique
All phenomena and processes of economic activity are somehow interdependent, and each event can be considered as a cause and as a consequence. Each resultant indicator depends on numerous and varied factors ...

Exposure (exposure) to material losses - both actual and potential - leads to costs both in an individual organization (firm) and in the economy as a whole. These costs fall into three broad categories:
property, income, lives of people and other values, completely or partially lost in accidents;
economic and social gaps as a result of the effect of excessive avoidance of potential losses and non-receipt of potential benefits due to non-participation in areas of activity and projects unreasonably (intuitively) assessed as high-risk;
costs (resources) spent on risk management (cost of risk management).
All three categories of costs can be significantly reduced due to the correct use of funds in the third of the categories mentioned - the cost of risk management. With the correct spending of these funds, a system should be created that will systematically reduce losses in all categories, both for individual organizations and for the economy as a whole.
The benefits to a firm of a good risk management program are cost savings by reducing the loss of existing assets in the firm's already mastered operations and increased revenues through deliberate participation in profitable lines of business that intuitively seem too risky. Reducing the cost of risks includes:
- reduction of accidental losses that are not reimbursed by insurance or from other sources;
reduction of insurance premiums and other payments for the use of reserves and insurance funds;
reducing the cost of preventive measures to reduce or prevent accidental losses;
reduction of administrative costs for the risk management system.
Analysis and
forecasting possible losses of resources in the implementation of entrepreneurial activities. This does not mean the consumption of resources, objectively due to the nature and scale of entrepreneurial actions, but random, unforeseen, but potentially possible losses arising from the deviation of the real course of entrepreneurship from the intended scenario.
To assess the likelihood of certain losses caused by the development of events according to an unforeseen option, one should, first of all, know all types of losses associated with entrepreneurship, and be able to calculate them in advance or measure them as probable predicted values. At the same time, it is natural to want to evaluate each of the types of losses in quantitative terms and be able to bring them together, which, unfortunately, is not always possible to do. One important circumstance must be kept in mind here. A random development of events that affects the course and results of entrepreneurship can lead not only to losses in the form of increased resource costs and a decrease in the final result. It can cause an increase in the costs of one type of resources and a decrease in the costs of another type, i.e. along with the increased costs of some resources, savings in others can be observed.
If a random event has a double effect on the final results of entrepreneurship, has unfavorable and favorable consequences, then when assessing the risk, both must be equally taken into account. In other words, when determining the total possible losses, the accompanying gain should be subtracted from the calculated losses.
Losses that can be in business activities should be divided into material, labor, financial, time losses, and special types of losses. Material types of losses are manifested in additional costs not foreseen by the entrepreneurial project or direct losses of equipment, property, products, raw materials, energy, etc. In relation to each individual of the listed types of losses, their units of measurement are used. It is most natural to measure material losses in the same units in which the amount of a given type of material resources is measured, i.e. in physical units of weight, volume, area, etc.
However, it is not possible to bring together the losses measured in different units and express them in one value. You cannot add kilograms and meters. Therefore, the calculation of losses in value terms, in monetary units, is inevitable. For this, losses in the physical dimension are converted into a value dimension by multiplying by the price per unit of the corresponding material resource. For material resources, the cost of which is known, the losses can be immediately estimated in monetary terms. Having an estimate of the probable losses for each of the individual types of material resources in value terms, it is realistic to bring them together, while observing the rules of action with random values and their probabilities.
Labor losses represent losses of working time caused by random, unforeseen circumstances. Directly measured, labor losses are expressed in man-hours, man-days, or simply hours of work. The translation of labor losses into value, monetary expression is carried out by multiplying the labor hours by the cost (price) of one hour.
Financial losses are direct monetary damage associated with unforeseen payments, payment of fines, payment of additional taxes,
loss of funds and securities. In addition, financial losses can occur if money is not received or received from the provided sources, when debts are not repaid, the buyer does not pay for the products supplied to him, and revenue decreases due to a decrease in prices for products and services sold. Special types of monetary damage are associated with inflation, changes in the exchange rate of the ruble, in addition to the legalized withdrawal of funds from enterprises to the state (republican, local) budget. Along with irrecoverable, there may be temporary financial losses due to the freezing of accounts, untimely disbursement of funds, and deferred payment of debts.
Waste of time occurs when the business process is slower than it was planned. A direct assessment of such losses is carried out in hours, days, weeks, months of delay in obtaining the intended result. To translate the estimate of the loss of time into a value measurement, it is necessary to establish what losses of income, profits from entrepreneurship can lead to random losses of time.
Special types of losses take place in the form of damage to the health and life of people, the environment, the prestige of an entrepreneur, as well as other adverse social and moral-psychological consequences. Most often, special types of losses are extremely difficult to quantify, especially in terms of value. For each of the types of losses, the initial assessment of the possibility of their occurrence and the magnitude is made for a certain time, covering a month, a year, and the period of business operation. When conducting a comprehensive analysis of probable losses for risk assessment, it is important not only to identify all sources of risk, but also to identify which sources prevail.
It is necessary to further divide the probable losses into determinative and incidental ones. When assessing business risk, incidental losses can be excluded in quantify level of risk. If, among the losses under consideration, one type stands out, which is either in magnitude or in probability of occurrence obviously greater than the others, then in a quantitative assessment of the level of risk, only it can be taken into account.
In principle, it is necessary to take into account only random losses that are not amenable to direct calculation, direct forecasting and therefore not taken into account in the entrepreneurial project. If losses can be foreseen in advance, then they should not be considered as losses, but as inevitable costs and should be included in the calculation. So, the foreseeable movement of prices, taxes, their change in the course of economic activity, the entrepreneur must take into account in the business plan.
Only due to the imperfection of the methods used for calculating business activities or insufficiently deep study of the business plan, systematic errors can be considered as losses in the sense that they can change the expected result for the worse. Therefore, before assessing the risk due to the action of purely random factors, it is highly desirable to separate the systematic component of the loss from the random ones.
Let us consider in more detail the structure of losses depending on the type of entrepreneurial activity, i.e. industrial, commercial and financial entrepreneurship. Let's characterize some specific sources of losses and factors influencing them. These include:
losses from the impact of unforeseen political factors that give rise to political risk, which manifests itself in the form of an unexpected, due to political considerations and events, changes in the conditions of economic activity, which creates an unfavorable background for the entrepreneur and thus can lead to increased costs
resources and loss of profits. Typical sources of such risk are an increase in tax rates, the introduction of compulsory deductions, changes in contractual conditions, transformation of forms and relations of ownership, alienation of property and funds for political reasons. The magnitude of the potential losses and the degree of risk determined by them are very difficult to foresee;
losses caused by natural disasters, as well as theft and racketeering;
losses caused by imperfect methodology and incompetence of persons who form a business plan and calculate profit and income. If, as a result of the action of such factors, the values of the expected values of profit and income from an entrepreneurial project are overestimated, and the actual results obtained are lower, then the difference is perceived as a loss. But, in reality, if the nominal values of profit (income) were determined correctly, the threat of such losses might not be taken into account. If the estimated profit was overestimated, then its "shortage" will certainly be considered damage, and there is a risk of such losses;
losses of the entrepreneur due to the dishonesty or insolvency of the partners. Unfortunately, the risk of being deceived in a transaction or facing the debtor's insolvency or irrecoverable debt is quite real in Russia.
It is almost impossible to completely avoid the risk, but knowing the source of losses, a businessman is able to reduce their threat, reduce the effect of unfavorable factors. Let's characterize the losses potential opportunity which gives rise to entrepreneurial risk, in particular in the manufacturing business.
Decrease in the planned volumes of production and sales of products due to a decrease in labor productivity, equipment downtime or underutilization of production capacity, loss of working time, lack of the required quantity raw materials, an increased percentage of rejects leads to a shortfall in the planned revenue. In this case, the probable losses in value terms are determined by the product of the probable total decrease in the volume of output and the selling price of a unit of output.
A decrease in prices at which it is planned to sell products due to insufficient quality, unfavorable changes in market conditions, a drop in demand, price inflation leads to probable losses determined by the product of a probable decrease in the price of a unit of product volume by the total volume of products planned for production and sale.
Increased material costs due to overconsumption of materials, raw materials, fuel, energy, lead to losses determined by the product of the likely overspending of a material resource for each type by the price of a resource unit. Other increased costs can be due to high transport costs, sales costs, overheads and other incidental costs. The overrun of the target value of the wage fund is possible due to the excess estimated number either due to a payment higher than planned, wages employees. It is also possible to pay increased deductions and taxes if, in the course of business, the rates of deductions and taxes change in a direction that is unfavorable for the entrepreneur. The possibility of losses in the form of fines, natural loss, and also caused by natural disasters should not be overlooked, although it is very difficult to account for such losses in a calculated way.
There are also losses in commercial entrepreneurship. So, an unfavorable change (increase) in the purchase price of goods in the process of implementing an entrepreneurial project, which is not blocked by the terms of the agreement on
purchase, leads to losses determined by the product of the volume of purchases of goods in physical dimensions by the likely increase in the purchase price. An unforeseen decrease in the volume of purchases in comparison with the planned one causes a decrease in the volume of sales. The loss of profit (income) is calculated as the product of the decrease in the volume of purchases by the amount of profit (income) per unit of the volume of sales of goods. It should be borne in mind that a decrease in the volume of purchases and sales may be accompanied by a decrease in costs, because, in addition to the so-called conditionally fixed costs, there are costs proportional to the volume of the operation.
Also important are the loss of goods in the process of circulation (transportation, storage) or loss of quality, consumer value of the goods, leading to a decrease in its value. The level of such damage is established as the product of the amount of the lost product by the purchase price or the product of the spoiled amount of the product by the reduction in the selling price. The increase in distribution costs in comparison with the planned leads to an adequate decrease in income, profits. Among possible reasons increasing costs may be unforeseen duties, deductions, fines, additional costs. A decrease in the price at which the goods are sold in comparison with the design one causes losses in the amount of sales multiplied by the decrease in price. A decrease in sales volume due to a drop in demand or demand for a product, its displacement by competing goods, restrictions on sale, can cause loss of income and profits, measured by the product of unsold products by the selling price.
The losses in financial entrepreneurship are sometimes quite serious. Financial entrepreneurship, in fact, is the same commercial one, but in this case the goods are money, securities, and currency. Consequently, losses that are generally characteristic of commercial entrepreneurship are also inherent in financial entrepreneurship. But when assessing financial risk, it is necessary to take into account such specific factors as the insolvency of one of the agents of a financial transaction, changes in the exchange rate of money, currency, securities, restrictions on foreign exchange monetary transactions, possible withdrawal of a certain part of financial resources in the course of entrepreneurial activity.
Therefore, the financial risk that arises in the sphere of the enterprise's relations with banks and other financial institutions is especially important for the conditions of Russia. The financial risk of the company's activities is usually measured by the ratio of borrowed funds to its own: the higher this ratio, the more the company depends on creditors, the more serious is the financial risk, since the restriction or termination of lending, tightening of credit conditions usually entails difficulties and even a halt in production due to lack of raw materials, materials, etc. For the securities market, riskiness is a property of almost any transaction due to the fact that the effectiveness of the transaction is not fully known at the time of its conclusion. Some exceptions are government interest-bearing securities. But given the unpredictability of inflation or exchange rates, the lack of risk, even for US Treasury bills, is questionable.
The responsibilities of the financial manager include ensuring that all types of risk are mitigated, not just financial, since there are no clear boundaries between the various areas of the enterprise. Risk and income in financial management viewed as two interrelated categories. They can be associated as with any a separate species assets, and with their combination.
So, let us characterize the losses, the potential of which gives rise to entrepreneurial risk.

Risk losses and their types. Abstract: Risk of production and economic activities Conditional losses are associated with the following factors

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More on the topic Chapter 1.4. Risk loss: