The difficulty of innovation risk assessment makes it necessary to use a multi-criteria analysis.

Innovative projects are related to unstructured problems and the uncertainty, therefore,

the use of fuzzy logic in the innovation risk assessment is analyzed. This paper proposes

a method of determining the weights of criteria in order to innovation risk assessment. The

weights are determined by 5 general criteria and 14 detailed criteria of innovation risk assessment.

The proposed method is an extension of the fuzzy AHP method. The extension

consists in taking into consideration the group decision-making approach with experts’ psychological

conditions. The groups of experts have been chosen based on an elaborated form.

The form makes it possible to characterize the persons within the scope of different psychological

conditions. The proposed method provides objective and rational decision-making.

The paper presents also a comparison of results with the fuzzy AHP method without the

group decision making. The weights obtained by the proposed method are more diversified

and bring out the most important criteria.