Abstract <p>The theoretical foundations for assessing the effectiveness of innovative projects in modern economic conditions are analyzed. Current methods of investment analysis and risk management are considered; their advantages and limitations are studied in detail, which made it possible to identify key areas for their improvement. The processes of creating liquid crystals are analyzed. A breathing diagnostic device for people with poor breathing is developed. Economic parameters of the production of the technical means and the cash flows of the project are determined. The effectiveness of the project is assessed. Key factors of tactical and strategic uncertainty affecting the external and internal environment of the enterprise are identified. Recommendations for improving the methodology for assessing the economic effectiveness of investment projects, taking into account the influence of these factors are developed. This methodology is tested in practice, which made it possible to assess its applicability and effectiveness in real conditions.</p>