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In this regard, it is a matter of fact that of the individuals can get a forecast, or a real time prediction of the time when they will be exposed to such attacks, that might be pretty helpful for the patients who are suffering from epilepsy (Alickovic, Kevric & Subasi, 2018).
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Running head: INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Innovation and sustainable business development
Name of the Student
Name of the University
Author note
Innovation and sustainable business development
Name of the Student
Name of the University
Author note
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1
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Table of Contents
Part 1: Problem................................................................................................................................3
Part 1.1 Background of the problem............................................................................................3
1.2 Definition of the problem......................................................................................................3
1.3 Evidence of the problem........................................................................................................4
1.4 Timing considerations...........................................................................................................4
1.5 Consideration of the broader context.....................................................................................5
Part 2: Benefits................................................................................................................................5
2.1 Benefits to be delivered.........................................................................................................5
2.2 Importance of benefits to the government.............................................................................6
2.3 Evidence of benefit delivery..................................................................................................6
2.4 Interdependence.....................................................................................................................6
Part 3: Strategic response.................................................................................................................7
3.1 Method and criteria................................................................................................................7
3.2 Strategic options analysis......................................................................................................7
3.3 Recommended strategic options............................................................................................7
Part 4: Project options analysis........................................................................................................8
4.1 Project options considered.....................................................................................................8
4.2 Stakeholder identification and consultation...........................................................................8
4.3 Social impacts........................................................................................................................8
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Table of Contents
Part 1: Problem................................................................................................................................3
Part 1.1 Background of the problem............................................................................................3
1.2 Definition of the problem......................................................................................................3
1.3 Evidence of the problem........................................................................................................4
1.4 Timing considerations...........................................................................................................4
1.5 Consideration of the broader context.....................................................................................5
Part 2: Benefits................................................................................................................................5
2.1 Benefits to be delivered.........................................................................................................5
2.2 Importance of benefits to the government.............................................................................6
2.3 Evidence of benefit delivery..................................................................................................6
2.4 Interdependence.....................................................................................................................6
Part 3: Strategic response.................................................................................................................7
3.1 Method and criteria................................................................................................................7
3.2 Strategic options analysis......................................................................................................7
3.3 Recommended strategic options............................................................................................7
Part 4: Project options analysis........................................................................................................8
4.1 Project options considered.....................................................................................................8
4.2 Stakeholder identification and consultation...........................................................................8
4.3 Social impacts........................................................................................................................8
2
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.4 Environmental impacts..........................................................................................................9
4.5 Economic impacts..................................................................................................................9
4.6 Overall evaluations of socio economic and environmental impacts.....................................9
4.7 Financial analysis.................................................................................................................10
4.8 Risk comparison..................................................................................................................11
4.9 Integrated analysis and options ranking..............................................................................12
Part 5: Deliverability of recommended solution............................................................................13
5.1 Details of recommended solution........................................................................................13
5.2 Commercial and financial....................................................................................................13
5.3 Management........................................................................................................................13
5.4 Delivery...............................................................................................................................13
Reference List................................................................................................................................14
Appendix A:...................................................................................................................................17
Appendix B:...................................................................................................................................18
Appendix C:...................................................................................................................................19
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.4 Environmental impacts..........................................................................................................9
4.5 Economic impacts..................................................................................................................9
4.6 Overall evaluations of socio economic and environmental impacts.....................................9
4.7 Financial analysis.................................................................................................................10
4.8 Risk comparison..................................................................................................................11
4.9 Integrated analysis and options ranking..............................................................................12
Part 5: Deliverability of recommended solution............................................................................13
5.1 Details of recommended solution........................................................................................13
5.2 Commercial and financial....................................................................................................13
5.3 Management........................................................................................................................13
5.4 Delivery...............................................................................................................................13
Reference List................................................................................................................................14
Appendix A:...................................................................................................................................17
Appendix B:...................................................................................................................................18
Appendix C:...................................................................................................................................19
3
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Part 1: Problem
Part 1.1 Background of the problem
It has been seen that Epilepsy is becoming a matter of concern as currently more than 50
million of people are suffering from epilepsy which is more than the population of the country
Spain (Jukic & Subasi, 2017). People are suffering from the seizure attacks which are exposing
them in front of various types of harms as when they are having seizure attacks they become
vulnerable and that can bring in various problems to them (Bandarabadi et al., 2015). Currently
there are no such devices that can forecast when the patients can expect to get a seizure attack
and knowing them is becoming more important day by day as the fear of having seizure attacks
can potentially harm a person’s lifestyle.
1.2 Definition of the problem
For the patients who are suffering from epilepsy, the terrifying scenario of having seizure
attacks is their daily concern that affects their day to day living. In this regard, it is a matter of
fact that of the individuals can get a forecast, or a real time prediction of the time when they will
be exposed to such attacks, that might be pretty helpful for the patients who are suffering from
epilepsy (Alickovic, Kevric & Subasi, 2018). Epilepsy is an electric problem that takes place in
the brains. Under normal circumstances human brain continuously sends signals and individuals
who suffer from epilepsy, their brains experience an extra burst of electricity while sending
signals and that causes an electric storm that manifests in seizures (Xiang et al., 2015).
Therefore, Australian researcher Mark Cook has been continuously investing time to build a
device that can effectively help to forecast when the patients can expect to get a seizure
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Part 1: Problem
Part 1.1 Background of the problem
It has been seen that Epilepsy is becoming a matter of concern as currently more than 50
million of people are suffering from epilepsy which is more than the population of the country
Spain (Jukic & Subasi, 2017). People are suffering from the seizure attacks which are exposing
them in front of various types of harms as when they are having seizure attacks they become
vulnerable and that can bring in various problems to them (Bandarabadi et al., 2015). Currently
there are no such devices that can forecast when the patients can expect to get a seizure attack
and knowing them is becoming more important day by day as the fear of having seizure attacks
can potentially harm a person’s lifestyle.
1.2 Definition of the problem
For the patients who are suffering from epilepsy, the terrifying scenario of having seizure
attacks is their daily concern that affects their day to day living. In this regard, it is a matter of
fact that of the individuals can get a forecast, or a real time prediction of the time when they will
be exposed to such attacks, that might be pretty helpful for the patients who are suffering from
epilepsy (Alickovic, Kevric & Subasi, 2018). Epilepsy is an electric problem that takes place in
the brains. Under normal circumstances human brain continuously sends signals and individuals
who suffer from epilepsy, their brains experience an extra burst of electricity while sending
signals and that causes an electric storm that manifests in seizures (Xiang et al., 2015).
Therefore, Australian researcher Mark Cook has been continuously investing time to build a
device that can effectively help to forecast when the patients can expect to get a seizure
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4
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
attack; as that can effectively make the lifestyle of the patients who suffer from epilepsy a bit
easier.
1.3 Evidence of the problem
It has been observed that the daily lifestyle of the patients who suffer from epilepsy gets
affected due to the seizure attacks they receive. This is because these attacks can potentially get
them into trouble if they are not at home or under odd circumstances. The people who experience
seizure attacks often gets vulnerable to many harms when they suffer from seizure attacks under
not home conditions (Fujiwara et al., 2016). Not only that, if a person experiences a seizure
attack all alone, the person can lose his or her life also in that point of time by not receiving any
help from others. Therefore, understanding the importance of the issue, Mark Cook, an
Australian researcher is trying to device a machine that can effectively forecast the time of the
seizure attacks for the patients who suffer from epilepsy. Mark Cook stated that he is expecting
that this device will have the capability to reduce the stigmas associated with this disorder and he
aims to change the way people look at this disorder.
1.4 Timing considerations
It is seen that to make innovative ideas and materialize those in an easier way, some
effective measures should be taken. The business organizations who operate in the medical
sector can offer their medical staffs to share their innovative ideas with the authority and then the
management or the board of directors can choose some of the ideas for the betterment of the
medical sector as well as for the humankind (Ramgopal et al., 2014). In this regard, it can be said
that the ideas which will seem to be helpful for the medical sector and for the humankind will be
given importance and the authoritative stakeholders of the medical sector will look forward and
help to work on that or those ideas (Yadollahpour & Jalilifar, 2015). For an example, when Mark
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
attack; as that can effectively make the lifestyle of the patients who suffer from epilepsy a bit
easier.
1.3 Evidence of the problem
It has been observed that the daily lifestyle of the patients who suffer from epilepsy gets
affected due to the seizure attacks they receive. This is because these attacks can potentially get
them into trouble if they are not at home or under odd circumstances. The people who experience
seizure attacks often gets vulnerable to many harms when they suffer from seizure attacks under
not home conditions (Fujiwara et al., 2016). Not only that, if a person experiences a seizure
attack all alone, the person can lose his or her life also in that point of time by not receiving any
help from others. Therefore, understanding the importance of the issue, Mark Cook, an
Australian researcher is trying to device a machine that can effectively forecast the time of the
seizure attacks for the patients who suffer from epilepsy. Mark Cook stated that he is expecting
that this device will have the capability to reduce the stigmas associated with this disorder and he
aims to change the way people look at this disorder.
1.4 Timing considerations
It is seen that to make innovative ideas and materialize those in an easier way, some
effective measures should be taken. The business organizations who operate in the medical
sector can offer their medical staffs to share their innovative ideas with the authority and then the
management or the board of directors can choose some of the ideas for the betterment of the
medical sector as well as for the humankind (Ramgopal et al., 2014). In this regard, it can be said
that the ideas which will seem to be helpful for the medical sector and for the humankind will be
given importance and the authoritative stakeholders of the medical sector will look forward and
help to work on that or those ideas (Yadollahpour & Jalilifar, 2015). For an example, when Mark
5
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Cook came up with his idea of devising a machine that can bring a remarkable change in the
medical sector by predicting the time when the epilepsy patients can expect to have a seizure
attack. His innovative idea was selected and he received adequate funds from the University of
Australia and the federal government of the nation to continue working on his innovative ideas.
1.5 Consideration of the broader context
There are many manufacturing companies that operate in the medical sector that will
come forward if the experiment of Mark Cook gets successful. It is a matter of fact that Mark
Cook is working on a project that can effectively help the people who are suffering from epilepsy
by forecasting the expected time for their seizure attacks (Brinkmann et al., 2016). There lies the
significance of this research and therefore, federal government and many other organizations are
coming forward to fund this innovative project.
Part 2: Benefits
It has been observed that technological advancements in contemporary times has given a
major boost to the medical sector and that has provided benefits to the humankind in many ways.
It has been seen that Mark Cook realized the situation that the patients who suffer from epilepsy
undergoes and therefore he initiated to devise a machine that can forecast the time of the seizure
attacks. As the medical sector of Australia is blessed with adequate funds and rapid technological
advancements, Mark Cook will not have to face any challenges and he could easily get
significant amount of funds to work on the project.
2.1 Benefits to be delivered
The innovative idea of devising a machine that can forecast the time of seizure attacks to
the patients who are suffering from epilepsy can effectively help the medical world and more
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Cook came up with his idea of devising a machine that can bring a remarkable change in the
medical sector by predicting the time when the epilepsy patients can expect to have a seizure
attack. His innovative idea was selected and he received adequate funds from the University of
Australia and the federal government of the nation to continue working on his innovative ideas.
1.5 Consideration of the broader context
There are many manufacturing companies that operate in the medical sector that will
come forward if the experiment of Mark Cook gets successful. It is a matter of fact that Mark
Cook is working on a project that can effectively help the people who are suffering from epilepsy
by forecasting the expected time for their seizure attacks (Brinkmann et al., 2016). There lies the
significance of this research and therefore, federal government and many other organizations are
coming forward to fund this innovative project.
Part 2: Benefits
It has been observed that technological advancements in contemporary times has given a
major boost to the medical sector and that has provided benefits to the humankind in many ways.
It has been seen that Mark Cook realized the situation that the patients who suffer from epilepsy
undergoes and therefore he initiated to devise a machine that can forecast the time of the seizure
attacks. As the medical sector of Australia is blessed with adequate funds and rapid technological
advancements, Mark Cook will not have to face any challenges and he could easily get
significant amount of funds to work on the project.
2.1 Benefits to be delivered
The innovative idea of devising a machine that can forecast the time of seizure attacks to
the patients who are suffering from epilepsy can effectively help the medical world and more
6
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
than 50 millions of patient across the worlds who are suffering from epilepsy. It has been
observed that the management of numerous organizations who are operating in the medical
sector has already agreed that they will manufacture the machines in cheap pricing so that they
can help the humankind to get the benefits from the machines.
2.2 Importance of benefits to the government
The machine that can predict the times of the seizure attacks of the patients who suffer
from epilepsy can effectively help a huge population with assuming the time of their seizure
attacks and they will be live their life in a more relaxed manner (Moshé et al., 2015). That can
effectively increase the safety and security of a large number of people and that is the major
benefit that the federal government of Australia can expect from the innovative project.
2.3 Evidence of benefit delivery
With the frequent press meets and innovative ideas the medical sector of Australia is
providing various benefits to the mass population of the country and it can be said that when the
this devise can bring in remarkable changes in the medical sector and can be counted as one of
the major breakthroughs in medical science in the last couple of decades. This will also enhance
more researches in this field.
2.4 Interdependence
There are numerous interdependent features related to the development of innovative and
novel ideas within the medical sector of Australia. Among them the topic of the research of Mark
Cook has gained an enormous positive feedback from the all layers of the government and the
medical sector and his research has been acknowledged as one of the groundbreaking research
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
than 50 millions of patient across the worlds who are suffering from epilepsy. It has been
observed that the management of numerous organizations who are operating in the medical
sector has already agreed that they will manufacture the machines in cheap pricing so that they
can help the humankind to get the benefits from the machines.
2.2 Importance of benefits to the government
The machine that can predict the times of the seizure attacks of the patients who suffer
from epilepsy can effectively help a huge population with assuming the time of their seizure
attacks and they will be live their life in a more relaxed manner (Moshé et al., 2015). That can
effectively increase the safety and security of a large number of people and that is the major
benefit that the federal government of Australia can expect from the innovative project.
2.3 Evidence of benefit delivery
With the frequent press meets and innovative ideas the medical sector of Australia is
providing various benefits to the mass population of the country and it can be said that when the
this devise can bring in remarkable changes in the medical sector and can be counted as one of
the major breakthroughs in medical science in the last couple of decades. This will also enhance
more researches in this field.
2.4 Interdependence
There are numerous interdependent features related to the development of innovative and
novel ideas within the medical sector of Australia. Among them the topic of the research of Mark
Cook has gained an enormous positive feedback from the all layers of the government and the
medical sector and his research has been acknowledged as one of the groundbreaking research
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INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
work already as it is a very relevant and serious topic of research that can benefit up to 50
millions of people who are suffering from epilepsy.
Part 3: Strategic response
The topic of the research of Mark Cook has received some major positive feedbacks as
his machine will be able to benefit up to 50 millions of people who are suffering from epilepsy.
Mark Cook stated in a press meet that he will make sure that the production costs of the machine
will be on the lower end so that all the people who are suffering from epilepsy can afford it.
Quality of the machine, accuracy of the machine and reducing the production costs; these are the
main aspects on which Mark Cook is emphasizing.
3.1 Method and criteria
Mark Cook will be gathering relevant information and ideas from the medical sectors of
all the different parts of the globe and implement them while devising the machine to improve its
accuracy and the quality of the product. After making the machine successfully, Mark Cook will
be guiding top manufacturing companies to manufacture the product in industrial quantity
accurately.
3.2 Strategic options analysis
The manufacturer companies should focus on the quality of the product
The manufacturer company will have to make sure that the readings of the devise are
accurate
The production costs should be on the lower end so that a large section of the patients can
afford this medical devise.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
work already as it is a very relevant and serious topic of research that can benefit up to 50
millions of people who are suffering from epilepsy.
Part 3: Strategic response
The topic of the research of Mark Cook has received some major positive feedbacks as
his machine will be able to benefit up to 50 millions of people who are suffering from epilepsy.
Mark Cook stated in a press meet that he will make sure that the production costs of the machine
will be on the lower end so that all the people who are suffering from epilepsy can afford it.
Quality of the machine, accuracy of the machine and reducing the production costs; these are the
main aspects on which Mark Cook is emphasizing.
3.1 Method and criteria
Mark Cook will be gathering relevant information and ideas from the medical sectors of
all the different parts of the globe and implement them while devising the machine to improve its
accuracy and the quality of the product. After making the machine successfully, Mark Cook will
be guiding top manufacturing companies to manufacture the product in industrial quantity
accurately.
3.2 Strategic options analysis
The manufacturer companies should focus on the quality of the product
The manufacturer company will have to make sure that the readings of the devise are
accurate
The production costs should be on the lower end so that a large section of the patients can
afford this medical devise.
8
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
3.3 Recommended strategic options
Mark Cook can approach federal government of Australia for assistance in the
preliminary stages
The manufacturer companies should focus on reducing the costs by utilizing eco-friendly
materials that can be reused for making more devices.
Part 4: Project options analysis
4.1 Project options considered
Mark Cook should always look for the areas of improvements in the device he is
devising
Mark Cook should focus on reducing the production costs
The manufacturer companies should emphasize on making the devices accurate and of
higher quality
The manufacturer companies should deploy a highly skilled labor force to manufacture
this type of devices
4.2 Stakeholder identification and consultation
In this context, the primary stakeholders will be Mark Cook, the government of Australia
and the manufacturer business organizations that will manufacture and market the product. The
patients who are suffering from epilepsy disease are significant stakeholders of this project as
well.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
3.3 Recommended strategic options
Mark Cook can approach federal government of Australia for assistance in the
preliminary stages
The manufacturer companies should focus on reducing the costs by utilizing eco-friendly
materials that can be reused for making more devices.
Part 4: Project options analysis
4.1 Project options considered
Mark Cook should always look for the areas of improvements in the device he is
devising
Mark Cook should focus on reducing the production costs
The manufacturer companies should emphasize on making the devices accurate and of
higher quality
The manufacturer companies should deploy a highly skilled labor force to manufacture
this type of devices
4.2 Stakeholder identification and consultation
In this context, the primary stakeholders will be Mark Cook, the government of Australia
and the manufacturer business organizations that will manufacture and market the product. The
patients who are suffering from epilepsy disease are significant stakeholders of this project as
well.
9
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.3 Social impacts
This particular devise if gets success, it can effectively benefit up to 50 millions of people
across the world by assuming the expected date when they will experience the seizure attacks
due to epilepsy.
4.4 Environmental impacts
This project and manufacturing this device will not affect the balance of the environment
The manufacturer companies will always use latest eco friendly technologies while
manufacturing this machine
4.5 Economic impacts
This machine will benefit a lot of people and help the labor force as the people who
suffer from epilepsy cannot continue their regular professional life fearing the seizure
attacks
The manufacturing process will effectively create job opportunities
4.6 Overall evaluations of socio economic and environmental impacts
Considering the abovementioned points it can surely be said that this project can
effectively help 50 millions of people across the world. Apart from that manufacturing this
product can create significant amount of job opportunities.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.3 Social impacts
This particular devise if gets success, it can effectively benefit up to 50 millions of people
across the world by assuming the expected date when they will experience the seizure attacks
due to epilepsy.
4.4 Environmental impacts
This project and manufacturing this device will not affect the balance of the environment
The manufacturer companies will always use latest eco friendly technologies while
manufacturing this machine
4.5 Economic impacts
This machine will benefit a lot of people and help the labor force as the people who
suffer from epilepsy cannot continue their regular professional life fearing the seizure
attacks
The manufacturing process will effectively create job opportunities
4.6 Overall evaluations of socio economic and environmental impacts
Considering the abovementioned points it can surely be said that this project can
effectively help 50 millions of people across the world. Apart from that manufacturing this
product can create significant amount of job opportunities.
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INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.7 Financial analysis
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.7 Financial analysis
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
11
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.8 Risk comparison
risk management
Financial risk The manufacturer companies
should make an effective plan
Entrance of more competitors Continuous process of
innovation should be
maintained
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.8 Risk comparison
risk management
Financial risk The manufacturer companies
should make an effective plan
Entrance of more competitors Continuous process of
innovation should be
maintained
12
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.9 Integrated analysis and options ranking
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
4.9 Integrated analysis and options ranking
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
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INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Part 5: Deliverability of recommended solution
5.1 Details of recommended solution
The innovation of Mark Cook can personalize the readings of the assumptions regarding
determining the expected time of getting seizure attacks for the people who suffer from epilepsy
and can effectively bring in remarkable changes in the medical sector.
5.2 Commercial and financial
The managements of the manufacturer companies should focus on the experience of the
customers to improve the quality of the machines
The managements of the manufacturer companies should focus on reducing the
production costs
5.3 Management
The board of directors of the manufacturer organizations should supervise of the
operational areas to ensure the quality of the products
The customers or the epilepsy patients should be informed regarding the operations and
functions of the device by providing a brochure
5.4 Delivery
There will be performance measurement tools for ensuring the quality of the machines
The manufacturer companies should abide by the rules and regulations set by the federal
government of Australia
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Part 5: Deliverability of recommended solution
5.1 Details of recommended solution
The innovation of Mark Cook can personalize the readings of the assumptions regarding
determining the expected time of getting seizure attacks for the people who suffer from epilepsy
and can effectively bring in remarkable changes in the medical sector.
5.2 Commercial and financial
The managements of the manufacturer companies should focus on the experience of the
customers to improve the quality of the machines
The managements of the manufacturer companies should focus on reducing the
production costs
5.3 Management
The board of directors of the manufacturer organizations should supervise of the
operational areas to ensure the quality of the products
The customers or the epilepsy patients should be informed regarding the operations and
functions of the device by providing a brochure
5.4 Delivery
There will be performance measurement tools for ensuring the quality of the machines
The manufacturer companies should abide by the rules and regulations set by the federal
government of Australia
14
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Reference List
Alickovic, E., Kevric, J., & Subasi, A. (2018). Performance evaluation of empirical mode
decomposition, discrete wavelet transform, and wavelet packed decomposition for
automated epileptic seizure detection and prediction. Biomedical Signal Processing and
Control, 39, 94-102.
Andrzejak, R. G., Rummel, C., Mormann, F., & Schindler, K. (2016). All together now:
Analogies between chimera state collapses and epileptic seizures. Scientific reports, 6,
23000.
Bandarabadi, M., Teixeira, C. A., Rasekhi, J., & Dourado, A. (2015). Epileptic seizure prediction
using relative spectral power features. Clinical Neurophysiology, 126(2), 237-248.
Brinkmann, B. H., Wagenaar, J., Abbot, D., Adkins, P., Bosshard, S. C., Chen, M., ... & Pardo, J.
(2016). Crowdsourcing reproducible seizure forecasting in human and canine
epilepsy. Brain, 139(6), 1713-1722.
Fujiwara, K., Miyajima, M., Yamakawa, T., Abe, E., Suzuki, Y., Sawada, Y., ... & Sasano, T.
(2016). Epileptic seizure prediction based on multivariate statistical process control of
heart rate variability features. IEEE Transactions on Biomedical Engineering, 63(6),
1321-1332.
Hosseini, M. P., Soltanian-Zadeh, H., Elisevich, K., & Pompili, D. (2016, December). Cloud-
based deep learning of big eeg data for epileptic seizure prediction. In Signal and
Information Processing (GlobalSIP), 2016 IEEE Global Conference on(pp. 1151-1155).
IEEE.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Reference List
Alickovic, E., Kevric, J., & Subasi, A. (2018). Performance evaluation of empirical mode
decomposition, discrete wavelet transform, and wavelet packed decomposition for
automated epileptic seizure detection and prediction. Biomedical Signal Processing and
Control, 39, 94-102.
Andrzejak, R. G., Rummel, C., Mormann, F., & Schindler, K. (2016). All together now:
Analogies between chimera state collapses and epileptic seizures. Scientific reports, 6,
23000.
Bandarabadi, M., Teixeira, C. A., Rasekhi, J., & Dourado, A. (2015). Epileptic seizure prediction
using relative spectral power features. Clinical Neurophysiology, 126(2), 237-248.
Brinkmann, B. H., Wagenaar, J., Abbot, D., Adkins, P., Bosshard, S. C., Chen, M., ... & Pardo, J.
(2016). Crowdsourcing reproducible seizure forecasting in human and canine
epilepsy. Brain, 139(6), 1713-1722.
Fujiwara, K., Miyajima, M., Yamakawa, T., Abe, E., Suzuki, Y., Sawada, Y., ... & Sasano, T.
(2016). Epileptic seizure prediction based on multivariate statistical process control of
heart rate variability features. IEEE Transactions on Biomedical Engineering, 63(6),
1321-1332.
Hosseini, M. P., Soltanian-Zadeh, H., Elisevich, K., & Pompili, D. (2016, December). Cloud-
based deep learning of big eeg data for epileptic seizure prediction. In Signal and
Information Processing (GlobalSIP), 2016 IEEE Global Conference on(pp. 1151-1155).
IEEE.
15
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Jukic, S., & Subasi, A. (2017). A MapReduce-based rotation forest classifier for epileptic seizure
prediction. arXiv preprint arXiv:1712.06071.
Karoly, P. J., Freestone, D. R., Boston, R., Grayden, D. B., Himes, D., Leyde, K., ... & Cook, M.
J. (2016). Interictal spikes and epileptic seizures: their relationship and underlying
rhythmicity. Brain, 139(4), 1066-1078.
Morimoto, M., Satomura, S., Hashimoto, T., Ito, E., & Kyotani, S. (2016). Oxidative stress
measurement and prediction of epileptic seizure in children and adults with severe motor
and intellectual disabilities. Journal of clinical medicine research, 8(6), 437.
Moshé, S. L., Perucca, E., Ryvlin, P., & Tomson, T. (2015). Epilepsy: new advances. The
Lancet, 385(9971), 884-898.
Rakers, F., Walther, M., Schiffner, R., Rupprecht, S., Rasche, M., Kockler, M., ... & Schwab, M.
(2017). Weather as a risk factor for epileptic seizures: a case‐crossover
study. Epilepsia, 58(7), 1287-1295.
Ramgopal, S., Thome-Souza, S., Jackson, M., Kadish, N. E., Fernández, I. S., Klehm, J., ... &
Loddenkemper, T. (2014). Seizure detection, seizure prediction, and closed-loop warning
systems in epilepsy. Epilepsy & behavior, 37, 291-307.
Sharma, R., & Pachori, R. B. (2015). Classification of epileptic seizures in EEG signals based on
phase space representation of intrinsic mode functions. Expert Systems with
Applications, 42(3), 1106-1117.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Jukic, S., & Subasi, A. (2017). A MapReduce-based rotation forest classifier for epileptic seizure
prediction. arXiv preprint arXiv:1712.06071.
Karoly, P. J., Freestone, D. R., Boston, R., Grayden, D. B., Himes, D., Leyde, K., ... & Cook, M.
J. (2016). Interictal spikes and epileptic seizures: their relationship and underlying
rhythmicity. Brain, 139(4), 1066-1078.
Morimoto, M., Satomura, S., Hashimoto, T., Ito, E., & Kyotani, S. (2016). Oxidative stress
measurement and prediction of epileptic seizure in children and adults with severe motor
and intellectual disabilities. Journal of clinical medicine research, 8(6), 437.
Moshé, S. L., Perucca, E., Ryvlin, P., & Tomson, T. (2015). Epilepsy: new advances. The
Lancet, 385(9971), 884-898.
Rakers, F., Walther, M., Schiffner, R., Rupprecht, S., Rasche, M., Kockler, M., ... & Schwab, M.
(2017). Weather as a risk factor for epileptic seizures: a case‐crossover
study. Epilepsia, 58(7), 1287-1295.
Ramgopal, S., Thome-Souza, S., Jackson, M., Kadish, N. E., Fernández, I. S., Klehm, J., ... &
Loddenkemper, T. (2014). Seizure detection, seizure prediction, and closed-loop warning
systems in epilepsy. Epilepsy & behavior, 37, 291-307.
Sharma, R., & Pachori, R. B. (2015). Classification of epileptic seizures in EEG signals based on
phase space representation of intrinsic mode functions. Expert Systems with
Applications, 42(3), 1106-1117.
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16
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Wang, N., & Lyu, M. R. (2015). Extracting and selecting distinctive EEG features for efficient
epileptic seizure prediction. IEEE journal of biomedical and health informatics, 19(5),
1648-1659.
Xiang, J., Li, C., Li, H., Cao, R., Wang, B., Han, X., & Chen, J. (2015). The detection of
epileptic seizure signals based on fuzzy entropy. Journal of neuroscience methods, 243,
18-25.
Yadollahpour, A., & Jalilifar, M. (2015). Seizure prediction methods: a review of the current
predicting techniques. Biomedical and Pharmacology Journal, 7(1), 153-162.
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Wang, N., & Lyu, M. R. (2015). Extracting and selecting distinctive EEG features for efficient
epileptic seizure prediction. IEEE journal of biomedical and health informatics, 19(5),
1648-1659.
Xiang, J., Li, C., Li, H., Cao, R., Wang, B., Han, X., & Chen, J. (2015). The detection of
epileptic seizure signals based on fuzzy entropy. Journal of neuroscience methods, 243,
18-25.
Yadollahpour, A., & Jalilifar, M. (2015). Seizure prediction methods: a review of the current
predicting techniques. Biomedical and Pharmacology Journal, 7(1), 153-162.
17
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix A:
1 2 3 4 5
-$2
$0
$2 Cost Benefit Analysis: Option 1
Present Value of Benefits ($million)
Present Value of Costs ($million)
Cumulative Net Present Value ($million)
Year
Todays Dollars ($ millions)
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix A:
1 2 3 4 5
-$2
$0
$2 Cost Benefit Analysis: Option 1
Present Value of Benefits ($million)
Present Value of Costs ($million)
Cumulative Net Present Value ($million)
Year
Todays Dollars ($ millions)
18
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix B:
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix B:
Summary of the Results of the Analysis:
Capital Costs $0
Whole of Life Costs $235,000
Present Value of Benefits $1,406,272
Present Value of Costs $194,357
Benefit Cost Ratio 7.24
Net Present Value $1,211,915
0 1 2 3 4
Year 2018 2019 2020 2021 2022
Discount factor (mid-year) 0.96225 0.89097 0.82497 0.76387 0.70728
Discount factor (start of year) 1.00000 0.92593 0.85734 0.79383 0.73503
Benefit 1 125000 125000 125000 125000 125000
Benefit 2 150000 150000 150000 150000 150000
Benefit 3 110000 50000 50000 50000 50000
Total Benefits (mid-year) $385,000 $325,000 $325,000 $325,000 $325,000
Present Value of Benefits (mid-yr) $370,466 $289,566 $268,117 $248,256 $229,867
Present Value of Benefits $1,406,272
Cost 1 -$10,000 -$15,000 -$15,000 -$15,000 -$15,000
Cost 2 -$18,000 -$18,000 -$18,000 -$18,000 -$18,000
Cost 3 -$15,000 -$15,000 -$15,000 -$15,000 -$15,000
Total Costs (mid-year) -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Capital Costs (at start of year) $0 $0 $0 $0 $0
Total Costs -$43,000 -$48,000 -$48,000 -$48,000 -$48,000
Total Capital Costs $0
Total Whole of Life Costs -$235,000
Present Value of Costs (mid-year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs (start year) $0 $0 $0 $0 $0
Present Value of Costs (by year) -$41,377 -$42,767 -$39,599 -$36,666 -$33,950
Present Value of Costs -$194,357
Net Cash Flows $342,000 $277,000 $277,000 $277,000 $277,000
Net Present Value (by year) $329,090 $246,799 $228,518 $211,591 $195,917
Cumulative NPV $329,090 $575,889 $804,407 $1,015,998 $1,211,915
Chart data only:
Year 0 1 2 3 4
Present Value of Benefits ($million) 0.370$ 0.290$ 0.268$ 0.248$ 0.230$
Present Value of Costs ($million) 0.041-$ 0.043-$ 0.040-$ 0.037-$ 0.034-$
Cumulative Net Present Value ($million) 0.329$ 0.576$ 0.804$ 1.016$ 1.212$
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19
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix C:
Investment title:
Agency:
Y/N
Is the need clearly established (e.g. investment concept brief)?
Are the links to government policy(ies) and contributions explicit?
Is there a clear statement of the service benefits and project scope and are future
implications noted?
Are cost estimates provided for capital and operational phases?
Have cost and risk estimators signed off on the adequacy of their work?
Is the project budget including the base cost estimate, risk assessment, base risk
allocation and contingency adequate?
Do cost and benefit estimates and analyses show value for money?
Are the project deliverables clearly stated?
Is a benefit management or evaluation plan included?
Are risk management processes in place and assumptions stated?
Does the proposal assess the project schedule and readiness (including market appetite)?
Are governance structures identified?
Are stakeholder interfaces detailed?
Are regulatory requirements identified?
Is the project High Value/High Risk?
Have Gateway reviews been undertaken? Gate 1
Gate 2
This model checklist is designed for the project proponent’s endorsement.
Prepared by: ……………………………………………..…… Date:
…………………
Approved by: ……………………………………………..…… Date:
…………………
……………………………………………... …………………………………………………….
(Name of approving officer or delegate) (Title)
Secretary: ……………………………………………..…… Date: …………………
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Appendix C:
Investment title:
Agency:
Y/N
Is the need clearly established (e.g. investment concept brief)?
Are the links to government policy(ies) and contributions explicit?
Is there a clear statement of the service benefits and project scope and are future
implications noted?
Are cost estimates provided for capital and operational phases?
Have cost and risk estimators signed off on the adequacy of their work?
Is the project budget including the base cost estimate, risk assessment, base risk
allocation and contingency adequate?
Do cost and benefit estimates and analyses show value for money?
Are the project deliverables clearly stated?
Is a benefit management or evaluation plan included?
Are risk management processes in place and assumptions stated?
Does the proposal assess the project schedule and readiness (including market appetite)?
Are governance structures identified?
Are stakeholder interfaces detailed?
Are regulatory requirements identified?
Is the project High Value/High Risk?
Have Gateway reviews been undertaken? Gate 1
Gate 2
This model checklist is designed for the project proponent’s endorsement.
Prepared by: ……………………………………………..…… Date:
…………………
Approved by: ……………………………………………..…… Date:
…………………
……………………………………………... …………………………………………………….
(Name of approving officer or delegate) (Title)
Secretary: ……………………………………………..…… Date: …………………
20
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
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