Abstract <p>The methods of investment appraisal are studied. It is substantiated that they do not pay enough attention to the analysis of project risks. It is proposed to place risk assessment in a separate category of analysis along with fiscal performance and social performance. An innovative project for the creation of a respiratory diagnostic device is being developed. Currently, materials such as liquid crystals are increasingly used in instrument engineering. In medicine, it is possible to create highly sensitive respiratory sensors based on them using such properties of liquid crystals as the ability to respond to mechanical effects and electromagnetic fields, a wide measuring range, high sensitivity, and the ability to detect alternating differences. A methodology for comprehensive value management of innovative projects based on a risk-oriented approach is developed.</p>