Assessment of scientific approaches to budget risk definition
Abstract
The article studies scientific literature concerning the administration of budget risks; as a result, the present examination allows to single out the issues in the current field (a great amount of approaches among scientists to the definition of the concept of budget risk, the definitions of its types and other basic concepts; the absence of established methods of assessment and analysis of budget risks; the absence of the conception of budget risk administration at a state level). The author determines the interconnection between such concepts as «indetermination», «risk», «danger», and «threat»; it allowed to define the concept of budget risk (as a possibility of emerging budget losses because of the impact of a number of factors, which influence budget stability negatively and subject to both qualitative and quantitative assessment). The paper shows the factors, which influence the growth of budget risks. The article is aimed at defining the principal concepts of budget risk administration and the determination of issues in the present field. The prospect for the further study in the present direction is to determine the algorithm of making decision during the administration of budget risks.
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