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Article

Оценка инновационных проектов в фармацевтической отрасли: подход на основе интеграции реальных опционов и нечетких множеств

Менеджмент инноваций. 2014. № 4 (28). С. 268-278.
Рогова Е. М., Сирик Е. С.

The paper examines the specifics of innovation-based pharmaceutical projects, among which the high uncertainty and long period of implementation are the most important ones. These specific features make the evaluation on the base of the traditional discounted cash plows approach incorrect. The authors propose the approach based upon the integration of real options valuation and fuzzy logic. The choice of the valuation model as the strategic net present value is explained in the article