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Supporting SMEs efforts for the development - deployment and market
replication of innovative solutions for blue growth
Owonubi Tobi
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Table of Contents
Cover page: ………………………………………………………………………………..1
Table of contents: ……………………………………………………………………….…2
1.0 Executive summary: …………………………………………………………………...3
1.1 Scope of Feasibility Study …………………………………………………………...4- 6
2.0 Project References: ………………………………………………………………….6 -7
2.1 Objective 1 …………………………………………………………………………….7
2.1.1 Stakeholder Analysis………………………………………………………………7 -8
2.1.2 Market Analysis …………………………………………………………………...8-10
3.0 Objective 2……………………………………………………………………………..10
3.1 Risk Assessment: ………………………………………………………………….10-12
3.2 Utilization of Six Sigma ………………………………………………………….. 12-13
4.0 Identification of Bottlenecks …………………………………………………..…. 13-14
5.0 Pestle Analysis ……………………………………………………………………….15
5.1 Environmentally Extended Input Output Analysis …………………………………..16
5.2 SWOT Analysis: ……………………………………………………………………..17
5.3 Gantt Methodology: ………………………………………………………………..17-19
6.0 Contribution: ………………………………………………………………………….20
6.1 Stakeholder Analysis: ……………………………………………………………...20-21
6.2 Market Analysis: ……………………………………………………………………...21
6.3 Risk Analysis: ………………………………………………………………………...22
6.4 Environmentally Extended Input Output Analysis ………………………………...22-23
7.0 Reflection ………………………………………………………………………….23-24
8.0 References: …………………………………………………………………………..25-29
9.0 Appendix: ……………………………………………………………………………30-33
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1.0 Executive Summary
The document that follows this summary is a bid which aims to secure an SME’s place in a
study which purposes to identify the factors which would impact on the growth of the blue
economy – a terminology which describes the sustainability of growth in the marine and
maritime industrial sector. The deliverables this bid aims to present would iterate to the client
specifications on how the use of innovation and creativity would impact on the sustainability
of blue growth industrial sector, citing pilot tested techniques, research methodologies as well
as the impact of the geopolitical issues on the growth of the industry. The bid would also
expatiate on the size of the industry as well as the growth rate of the industry utilising standard
tools such as stakeholder mapping, market analysis, observation of historical trends as well as
utilizing vetted forecasting techniques. The bid also seeks to identify what the advantages and
disadvantages of using the proposed techniques would be as well as relate these merits/demerits
to the blue growth industry sustainability; this would be done using PESTLE analysis as well
as cost-benefit analysis. A SWOTanalysis as well as an environmentally extended input-output
analysis on what needs to be done to employ a positive growth of the blue industry would be
carried out as well.
This bid would clearly identify the most suitable and practical means which would maximise
the productivity for the sector, the problems that could affect the viability of the project would
be clearly identified thus furnishing the client with a practical and methodical means which
iterate ways by which the project aims would be satisfied. The project lifecycle is iterated using
a Gantt chart which details the steps as well as the activities utilized in the project methodology.
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1.1 Scope of Feasibility Study
The prospects of economic viability being derived from oceans, seas and shorelines in Europe
impacts upon job creation as well as potential investments in research purposes in the maritime
industry in the region. Aquaculture, marine biotechnology and the development of allied
applications can be impacted upon by the involvement of SMEs in the blue growth strategic
development. It is however noted that the non-availability of finance for SME’s impact on the
development of blue growth as finance is suggested as a key barrier which directly impacts the
ability to utilize innovations in the economic events in the maritime industry.
The basis of this study is important in providing a clearer understanding of the aims and
objectives of the project. It is suggested that the enhancement of profitability as well as the
growth of SME’s in the blue economy would be facilitated by the utilization of new and
existing knowledge for innovation and competition purposes which will in turn enhance the
development of the blue economy. The study bases the proffering of solutions on supply chain
mechanisms which enhances innovation distribution to improve the sustainability of blue
growth, an analysis of the upsurge of private ventures into technological improvements in the
industry as well as forecasts of anticipated influences on the industry. This presumably would
help in providing a clear description both in quantitative and qualitative terms blue growth
crucial points including market size, profit, investment return percentage, turnover,
employment growth and sales.
This will in turn translate to a clearer identification of client aims and objectives that would
affect the growth of the blue economy by the following means;
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• Identifying verification processes which iterate ideas which are practical to the
technology/ innovations available thus optimizing the profit margin that would be
derived from the sector.
• Reinforcing the standardization of risk assessment procedures, market surveys as well
as the management of intellectual property.
• Identification of the bottlenecks which affect the viability of the suggested techniques
• Production of a project which is potentially revolutionary and also in vision with SME’s
objective and also within legal and political framework of Europe as a geographical
location of the SME.
Objective 1 – This iterates the verification process for which the best innovations that would
optimize the profitability of the sector would be identified. The investigation for this objective
would be made possible by utilizing:
 Market analysis
 Stakeholder analysis
Objective 2 – This would identify how market surveys, risk assessment as well as intellectual
property management would be strengthened. The investigation therein would be carried out
by:
 Incorporation of all risk assessment elements using economic cost benefit analysis.
 Utilization of relevant processes that reduce measurement errors and optimize survey
processes.
 Utilization of Lean process management for the optimization of intellectual
management process.
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Objective 3 – This involves the identification of problems which would impact on whether or
not a technique would be useful for the optimization of the growth of the blue economy. This
would be done by:
 Distinguishing between long term and short term bottlenecks
 Utilization of flow chart techniques for identification of where the bottlenecks occur
and self-inquest into the “whys” of the bottleneck.
 Production of a project which is potentially revolutionary and also in vision with SME’s
objective and also within legal and political framework of Europe as a geographical
location of the SME.
Objective 4 – This involves ensuring that the project aim which is to produce a piece of research
which optimizes the growth of the blue economy is enshrined within the legal framework in
the EU. This would be done by:
 PESTLE Analysis
 Environmentally Extended Input-Output Analysis
 SWOT Analysis
The adopted methodology would ensure that best practices are utilized to ensure that the finest
available value is made available to the client within the iterated project time frame. The study
would encompass utilizing previous researches from both academic and industrial based
material. Primary data would also be collated by utilizing focus groups as well as consultations
with key parties and utilization of survey for data collection from stakeholders at different
levels.
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2.0 Project References
This section of the bid would clearly iterate as well as evaluate the various models from
industry studies as well as academic theories that would be applicable to this research. The
section would also place emphasis on the fundamental purposes of the study, and link theories
relevant to the study for the sole purpose of making sure the objectives are attained. Valid
practices would be utilized within this research task for analysis, measurement and
appropriateness in informing clients on the research development phases. This is in agreement
with Saunders et al (2012) which suggests the need for the identification of mapping as well as
the key stakeholders as a the initiation process during a research project.
2.1 Objective 1
2.1.1 Stakeholder Analysis
Reiterating Saunders et al (2012), identification of key stakeholders as well as charting their
relevance to the project is the initiation stage that all research projects must go through.
Oyegoke (2011) further expands on the importance of stakeholder identification as the interests
of this key group would be impacted either negatively or positively by decisions taken in
regards to the project process. In agreement, Winter et al (2006) suggests that divergence of
interests between stakeholders as a result of not clearly understanding each stakeholders need
could be developed and thus resulting in a failure of the attainment of all stakeholders’
expectation.
The stakeholders in the blue economy within Europe includes governments, maritime agencies,
investors, technology manufacturers, representatives from the public sector, environmental
agencies, regulatory authorities and human resources (Europa, 2014). It can be thus suggested
that there is no clarity on which stakeholder is the most important or relevant
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in the development of the blue economy thus requiring the important phase of stakeholder
mapping as the first activity to be carried out to ensure project success.
Iterating the importance of stakeholder mapping, previous exemplary projects have revealed
the need for not just the identification of key stakeholders but those relevant to the study. For
instance Rodriguez (2005) identifies the stakeholders in the EU blue economy as including
heads of shipping industries, seaports, maritime equipment manufacturers, the Navy, ship
building and off shore supply organizations, recreational boating companies, inland navigation,
maritime engineering works firms and consumers. Exploring the need to identify the
stakeholders, it is suggested that knowledge of the stakeholders would help in the identification
of added value to the economy by aiding the full understanding that the blue growth is
dependent on innovation, sustainability, economic growth and employment growth.
2.1.2 Market Analysis
It is necessary to explore the market size and forecasts for growth trends of the EU region as
the aims and objectives of this analysis is focusing on the size and growth of the blue economy
in this region. Harrison and Reilly (2011) suggest that two approaches usually utilized in
market analysis are the top-down approach and bottom-up approach.
West and Prendergast (2009) expatiating on the top-down approach otherwise known as the
chain-ratio method identifies that this method if adopted lays emphasis on the universal market
and approximates a net market after considerations have been made during the analysis on
demographics as well as disposable income of consumers, etc. The top-down approach
methodology utilizes governmental and industry data; this means that the compilation of the
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analysis would be done by utilizing desk based research based on data already available
(Harrison and Reilly, 2011).
While the International Finance Corporation (IFC, 2014) identifies that the exploration of the
bottom-up methodology in the analysis of markets where individual bands can be forecasted,
the long time phase utilized in the market investigation process using this method is no doubt
a demerit. Hooley et al (2008) however suggests the use of the bottom-up approach as a result
of its accuracy especially in dispersed geographical regions. Considering the European
Commission’s Maritime Affairs (2014) report which identifies five probable blue economy
growth areas, the utilization of the combination between the bottom-up and top-down analysis
process would be recommended to this study because the aims and objectives are applicable to
the growth of the blue economy in these areas. IFC (2014) also suggests the use of surveys and
interviews for the determination of figures for the total market size of the researched industry.
Primary research would be conducted as this is iterated by the utilization of data from
governmental sources and organizational sources; utilization of primary research in
combination with desk based research as done when using the top-down approach allows for
strengthening and reinforcement of the analysis report for production of accuracy in the
measurement of market size (Harrison and Reilly, 2011). In agreement with Hooley et al
(2008), the two methods of analysis when engaged would help in the production of a high
quality measurement of market size data.
Labonte (2010) however in contrast reiterates the difficulty that comes with the estimation of
market size as a result of the errors based on overestimation of statistics from surveys and
ommission of some segments of the market thus leading to the inaccuracy of the analysis.
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Varga et al (2013) also suggests that the resultant complexity of the blue economy is also
responsible for the inaaccurate assessment of the market size and this questions the
applicability of this analysis method.
The utlization of these approaches for the purpose of this feasibility study is in agreement with
similar approaches used in other projects of the same nature and other industrial sector’s
standard practises on market research.
Exemplifying this, the Malta Aquaculture Research Centre (2014) produced a report which
iterated the blue economy growth in Malta where a combined use of the bottom up and top-
down method was used in the assessment of the market size. This report showed that utilization
of these approaches for market size assessment was useful as a result of the ability of the
method to aid the determination of market share held by stakeholder organizations in the
industry as well as the trade quantities of products done in the region. Further emphasizing on
the improper identification of market size, Labonte (2010) stresses the difficulty in being able
to make an accurate analysis on the development of the economy of the industry of the
researched geographical region.
3.0 Objective 2
3.1 Risk Assessment
The prominence of risks to industries and sectors of economies has increased and thus realized
in managerial stakeholders engaging in the assessment of risks (Mooreland, 2014). While risks
usually iterate the negative and undesirable chances of mishaps, the positive association of risk
includes the opportunities available to organizations. For the blue economy growth, it is with
no doubt that the social establishment enshrined within the sector are constantly occupied with
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risks and non-awareness as well as lack of proper understanding of these risks results in the
avoidable consequences to the industry (Mooreland, 2014).
The risk analysis for this feasibility study would involve performing an economic benefit
analysis due to the reasons that this research would be expatiating on means of improving the
economic growth of the blue economy as well as ensuring the sustainability of this industry.
In agreement, Dixon (2013) iterates that the identification of the economic benefits of projects
would play an important role in risk analysis and expatiating on the probable forecasts that can
result as a consequence of the effects of the study. In determining the risks associated with the
economic growth and investments for organizations, cost benefit analysis or economic cost
benefit analysis could be utilized; while economic cost benefit analysis focuses on the fiscal
benefits to the economy, cost benefit analysis utilizes social factors and is a much wider method
for analysis of economic benefit (Mooreland, 2014). As a result of the wider merits of the
economic cost benefit analysis, it would be utilized to produce optimum results for the client.
While it is argued that economic cost benefit analysis (ECBA) requires the utilization of
calculations such as net present value in the determination of the feasibility of the five blue
growth economy areas, in this study it would be useful in the monetary benefit and financial
data in the five identified blue growth areas (Linn, 2011). It is however argued that risk analysis
using the net present value alone for the economic cost benefit investigation would not provide
optimum data from the survey and a sensitivity analysis for the process is also recommended.
Linn (2010) describes the sensitivity analysis as a tool which allows for better understanding
of risks involves as a result of the modifications in variables and external environments. Using
this would be valuable to the feasibility study as it impacts positively on the market analyst’s
potential to identify the risks that could negatively impact on the project.
Supporting the notion to use the ECBA in this feasibility analysis, Varga et al (2013) iterates
the similar use of this analysis method in the EU where the geographic macro and regional
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framework took into cognizance the national and regional roles different economic
interventions played in the development of blue growth in the region. This study showed that
the economic cost benefit analysis played a beneficial role in helping the determination of the
monetary benefits of undergoing the project. Pauli (2010) however iterates the utilization of
real governmental data as well as financial data from organizations that are stakeholders to the
blue economy for the ECBA to be effective and also improve the accuracy of the information
available for analysis. This tool would utilize desk based research methodology made possible
from current financial information to ensure the accuracy of the analysis.
Iterating the errors and limits that the utilization of ECBA could pose to the analysis, Portney
(2008) suggests that the ECBA as a tool does not allow for assessment of indirect benefits and
expenditure in blue economy industries in the local economy and factors such as employment
growth rate cannot be accurately measured using this tool. Identifying the importance of
employment to blue economy growth, Fujiwara (2010) suggests the importance of the
measurement of employment growth rates, the impacts of these growth rates on the profitability
of the organization and inadvertently the importance of knowledge of this to economic growth
analysis. As identified that the ECBA does not allow for proper and accurate analysis of the
employment growth rates, this study seeks to create a resolution for this by seeking to address
the impact on the wider economic development of the sector.
As exemplified by the case study iterated, this research would also utilize related structure by
utilization of information from government sources and organizations that are within the
identified five blue growth areas in the EU for the calculation of the net present value. Doing
this would allow a sensitivity analysis to be carried out; this would in turn enable the financial
risks that could possible crop up during the implementation of this research process to be
identified and help in the strengthening of the project.
3.2 Utilization of Lean Six Sigma
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For this study, the use of the lean six sigma would play an important role as it would help
organizations that operate in the blue economy sector attain profitability as a result of the tool’s
ability to aid organization attain optimization of operational speed, aid reduction in cost as well
as make possible the attainment of top quality products and services available to the industry
(Nicoletti, 2013). Further agreeing with the importance of the use of lean six sigma in the
optimization of economic productivity is Rana and Tse (2011) which suggests the use of lean
six sigma in industrial sectors where the manufacturing is done as it is a key ingredient to the
development of organizations found in such sectors due to its ability to aid the transformation
of industrial operations through the elimination of wasting.
Illustrating the use of this tool in past research, it is noted that the APM terminals, Bahrain,
which is key to the economic growth of the country had to implement the utilization of the six
sigma tools and as a result of its investment of research in this tool and by extension
implementation in organizations and government agencies that operate within that blue
economy. This improved the productivity and growth of its terminal facilities as well as inland
services and helped expand the terminal’s global network of employees to 68 countries thus
resulting in the boom of its blue economy (APM Terminals Bahrain, 2014).
Objective 3
4.0 Identification of Bottlenecks for Blue Growth
The identification of areas which would reduce the optimization of profit and thus growth of
the blue economy would no doubt aid the sustainability and identification of growth potentials
in the maritime sector. Emphasizing this is the feasibility study embarked upon by UNESCO
(2000) in El hierro, named the “Gorona del Viento El Hierro” which identified the potential
risks to the economic benefits of the project which was aimed at de-salinity of the water in the
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region for agricultural production optimization as well as power production to improve the
economy of the region. Embarking on a feasibility of this study twelve years down the line no
doubt affected the economic development of El heirro, allowing for systemic solutions to the
agricultural and power industries of the economy of the iterated community (UNESCO, 2012).
As this report is focused on the growth of the EU blue economy as a role, the identification of
bottlenecks would be done in the following phases:
- Identifying the maritime clusters and the problems of synergies between these clusters
- Identification of all regulatory bottlenecks which are enshrined within each EU
country’s legal frameworks
- Ascertain the degree of maritime spatial planning issues which inadvertently affects the
integration in maritime legal framework, sea bed mapping (which affects the degree to
which maritime resources would be explored by member nations).
- Ascertaining to what degree environmental factors affect the sustainability of blue
growth.
This is in agreement with previous desk research embarked upon by the European Council on
Maritime Research (2014) which iterates similar procedure for bottleneck identification for
blue economy development in historical feasibility studies embarked upon by the council.
In identifying the bottlenecks and its impact on the economic growth, this study would illustra te
in thematic phases, areas of identification to make for easier clarification and allow for
provisional actions to be taken accordingly. These themes can be classified into coastal
development and preservation, new resource technology and creative maritime activities. This
is in agreement with Jones (2014) which iterates the need for the utilization of thematic
structures to allow for accountability in projects. The use of this structure in previous reports
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by Hwang (2010) on the blue economy of Korea and aquaculture also resulted in the optimal
results in the identification of bottlenecks for that case study.
To clearly identify to the SME’s the development plan and choices to make as well as to iterate
innovative solutions which would help in the development of their blue growth plan, flow
charts would be used to clearly identify the best fit innovative steps to follow. Illustrations in
pictorial form would also be available to the SME’s analyzing the statistical information to
guide strategic decision making. This is in agreement with Longmire (2014) which suggests
the use of flowcharts in benchmarking and analysis process during projects.
Objective 4
5.0 PESTLE Analysis
As a result of the geographical boundary associated with the nature of this feasibility study in
respect to the blue economy growth and sustainability therein, the PESTLE analysis is being
utilized. PESTLE which denotes Political, Economic, Social, Technological, Legal and
Environmental analysis is a preferred method of analysis to the PEST analysis which would
not put into consideration the Legal and Environmental aspects of the study. The legal and
environmental analysis of the study is important as a result of the diversity of the nature of
policies in the different EU states despite similar governmental and organizational structures.
The Project Management Institute (2009) suggests that in the utilization of PESTLE analysis,
organizations would be able to make strategic decisions that would optimize the effectiveness
of the firm’s profit as well as aid the awareness of threats to the firms’ existence. In relation to
this study, utilization of the PESTLE analysis would aid the SME’s within the blue economy
in the sustainability of their profit margin as well as aid SME’s forecast of future snags thus
aiding the ability of the firm to reduce or avoid the effects of these snags.
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Further emphasizing on the use of PESTLE analysis, Bell and Anderson (2002) emphasizes
that the government policies that are enshrined within the EU countries, although similar, are
characterised with peculiar policies for each demographic and regional area. Some political
dynamics that affect the sustainability of the blue growth economy for SME’s include taxation
rules, trade bodies, economic stability, legislation, consumer protection laws, tariff regulations
etc.
5.1 Environmentally Extended Input – Output Analysis
The Environmentally-Extended Input-Output (EEIO) analysis has been identified as a useful
and vigorous tool useful for the evaluation of relationships that exist between economic
undertakings and environmental impacts (Kitzes, 2013). As this research is EU-focused in
regards to economic growth and development, this tool would prove useful in the evaluation
of the upstream and consumption-based drivers of the blue growth economy; vis-à-vis the trade
that occurs within the blue economy of the EU.
While the EEIO analysis is a fairly new tool developed on the traditional input-analysis model
which is a basically “a multi-country set of supply and use tables and symmetric in-put output
tables”, the EEIO analysis would be useful to this research as it utilizes data based on the
sustainability of production as well as consumption in each indicated geographical study area
(Weidmann et al, 2013). As this feasibility is concerned with SME’s and the sustainability of
blue economy growth in the EU region, this tool would prove useful as it further iterates
econometric forecasts on consumption patterns as well as trade switch patterns which would
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be useful to organizations’ trade and strategic decisions to be taken and by extension the blue
economy.
Illustrating an instance of the use of the EEIO in previous industrial feasibility studies and its
economic impact on the project aims concerned, the EEIO was used in a Swiss Analysis which
analysed the economic impact of consumption and production on Switzerland’s economic
development. With the use of the EEIO analysis tool, the study was able to iterate in detail the
environmental intensity of exports per value currency of the region concerned as well as iterate
clearly the domestic environmental impact of organizational consumption and production on
the national economy (Weidmann et al, 2013).
5.2 SWOT Analysis
The use of SWOT as a tool in management and in the optimization of project returns is no
doubt important. This is because the SWOT is useful in the identification of strengths,
weaknesses, opportunities and threats to organizational existence and profit maximization
(Choudrie, 2005). While the strengths and weaknesses as denoted in the SWOT analysis iterate
internal dynamics which craft or destroy value, the opportunities and threats are factors, usually
external which the firm has no control over. Further expatiating on the notations, Coffield et al
(2004) explains strengths as the features which make the firm preferable to its competitors in
the market, the weaknesses as the incompetent areas of the firm which makes it undesirable to
its consumers and thus affects the organizations profitability. Opportunities iterate
circumstances that give the organization a competitive edge on a project or in its profitability
quest while threats are external environmental factors that could affect the firm negatively in
terms of profitability and existence.
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Exemplifying the use of SWOT analysis, a case study by North West Europe (2013) was used
to clearly illustrate the smart, sustainable and inclusive growth objectives for the European
2020 strategy on cooperation between European territories.
5.3 Gantt chart Methodology
The utilization of Gantt charts as a project management tool is arguable very common as a
result of the effective nature of the Gantt chart in iterating project activities and process
development within a specific time frame (Geraldi and Lechter, 2012).
For the purpose of this study, the Gantt chart would be utilised in the validation of activity time
frame, the interrelationship between activities as well as the connection of project activities
over the twenty four week period. It would also emphasize on key actions associated with the
project task and its aggregation with the time phase allocated to each activity.
As illustrated in appendix 9.3, the different activity phases for the research are segmented with
each section corroborating to the client’s objectives. This was done to demonstrate the ability
to utilize analytical means to meet the requirement of the each objective; this led to the further
division of segments into subsections with analytical tools being utilized in the completion of
iterated activities for the analysis goals to be met. The utilization of this method would enable
for easy tracking of the project progression by the client, analysts and key stakeholders of the
project.
Further expatiating on the Gantt chart structure, it is noted that the main actions taken during
the project process are iterated using a critical path; these main activities are covert towards
meetings with client and phase-by-phase activities leading to the project completion. These key
actions/activities iterated can be described as benchmarks or signposts in regards to the project
phases. Further illustrating this structure, it is noted that following the initial meeting with the
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client tagged the “primary meeting”, the first objective can be completed after which a second
meeting will be held with the client to discuss feedbacks on the first phase and discuss the
second objective process with the client. The utilization of these steps will ensure that the
satisfaction and needs of the clients are met and also to allow for consistency in communication
between the project analyst and the client team.
For the aim of each objective to be attained, the activities iterated in relation to the objectives
need to be completed; this study has several dependent activities and this structure results in
less fluidity with the structure of the project thus allowing for easy management of the project
activities due to the rigid nature of its structure. The rigidity in the structure of the project also
helps ensure that all deadlines to meet the project time frame are met with each benchmark
period for each project activity allowing for a meeting and feedback to allow for the objectives
and activities associated with meeting the key aims of the project lifeline to be achieved. The
time frame as illustrated for each activity helps in ensuring the efficiency as iterated for each
scheduled activity. The time frame also allows for the allocation of time to each analytical tool
and this helps in the reinforcement of the rigidity of the project structure. A closer view of the
activities for each tool suggests the need for a thorough research to be embarked upon
throughout the course of the project lifeline. This is evident at the initiation stage of the project
where primary or secondary research would be utilized in the accurate measurement of the
compilation of the model. The Gantt chart also shows an allowance of enough time by the
analyst for the completion of primary data and desk research as the process for doing this could
take quite some time. After the collation of the data required for the project has been done and
the measurement has been validated as accurate within a testing framework, the data would
then undergo further analysis.
It is however noted that for the third objective, more time is allocated to the compilation of the
models due to details required for the Environmentally Extended Input Output analysis and the
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investigational requirements of these models. The required time for each objective was put into
consideration in the design of the Gantt chart and as such the first and second objectives iterated
in the chart was so positioned; also the complexity of the nature of the tools in objectives two
and three led to their positioning for the latter parts.
The Gantt chart also made use of slack time; this term iterates the idea that some project tasks
can be undertaken at the same times as others and not affect the schedule iterated on the critical
path activity of the chart. The slack time would be utilized in this project to prevent unforeseen
circumstances affecting the time schedule of completion as well as provide analysts flexibility
to allow the productivity of high quality analysis. The Gantt chart can thus be said to have been
designed in a manner which allows all client objectives to be met in record time in line with
the highest standard practices and efficiency.
6.0 Contribution
The iterated frameworks in the report above are within legal practices and are of the highest
standard quality to provide the clients with best output. The Gantt chart displays the tasks that
are needed to be completed to meet the terms and requirements for the models and framework
and in turn satisfy the client requirements; case studies are also iterated for clarification and
better illustration. This segment of the study aims to validate the utilized framework and its
feasibility in ensuring the project requirements and stakeholder expectations are met. The
rationale behind the use of the utilized models would be detailed by elaborating them in
relationship with their objectives.
6.1 Stakeholder Analysis
McDonald et al (2012) suggests the importance of the identification of stakeholders when
making an analysis of the market size in the prospective industry in order to know the key
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players as well as gain insight into some essential market data. For the Blue Economy,
utilization of stakeholder analysis is not also far-fetched as suggested by Bunn et al (2002)
which emphasizes the utilization of stakeholder analysis in desk research, mapping and
identification of main players at the initiation stage of a project. As the supporting theory
iterates, the implementation of the stakeholder analysis would entail carrying out of primary
research and this could be by interviews, surveys and group meetings with the key stakeholders
who have an influence over the project. This is illustrated by CARIS (2014) which suggests
the need to map the probable bottlenecks that would influence the development of the project
by identification of key players.
While the stakeholder analysis might not seem useful as the project timeline progresses, Bunn
et al (2002) further reemphasizes the usefulness of the data obtained from the stakeholder
analysis in the latter part of the research.
6.2 Market Analysis
Harrison and Reilly (2011) suggest that the best approach for market analysis is utilization of
a combination of the top-down and bottom-top approach when examining market size. While
other traditional approaches to market analysis are available, Hooley et al (2008) iterates the
effectiveness of market analysis using the combined approaches due to its potency in related
market sizing surveys. West and Prendergast (2009) further emphasizes the cogency of the
utilization of this method as a result of its ability to measure the market size based on total
population for the top-down approach and the ability of the tool to measure accurately markets
which are scattered which happens to be what the study would do as a result of the scattered
nature of EU governmental policies and regional data. The utilization of the combination of
the approaches would ensure the highest standard quality analysis report is produced as poor
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analysis would affect the overall outcome of the project. The market analysis as previously
iterated concentrates on the validation as well as use of the primary and secondary data. Failure
to identify the size of the blue economy and the key components of the blue economy as a
result of inaccuracy of the market analysis would lead to the inability to assess the economic
progress or developments in the researched region.
The stakeholder analysis can thus be said to be essential to this study as it helps in the
identification of the key stakeholders to communicate with respect to future studies or
investigations; also the analysis for market sizing would satisfy a requirement for an iterated
objective for stakeholder consultation.
6.3 Risk Assessment
The importance of risk assessment to the economic growth of organizations and social units is
iterated by Mooreland (2014) suggesting that for industries such as the maritime industry which
is part of the blue economy, assessment of possible risk factors is important because
identification of bottlenecks could result in loss of profit and avoidable consequences for the
organization therein. The risk assessment makes use of tools such as the Economic Cost Benefit
Analysis (ECBA) to assess the financial feasibility of the project and also estimate the impacts
of growth and development, technologically and otherwise on the blue economy. The ECBA
is utilized at this stage to aid the analysis in the determination of the economic value of the
development on blue growth; this tool is the preferred method of risk analysis at this stage not
just because it is the most widely used economic impact determination tool but as a result of
the accuracy of data and statistics it has proven to give in several preceding similar studies
(Linn, 2011). The utilization of ECBA would be helpful in enabling SMEs accurately
determine short term benefits of their investment in the blue economy (Pauli, 2010). Using the
ECBA would involve the utilization of desk based research to aid the accurate measurement of
23
the Net Present Value after which a sensitivity analysis would be carried out to identify the
weak areas of the project and strengthen them (Varga et al 2013).
6.4 Environmentally Extended Input Output Analysis (EEIO)
The evaluation of interrelationships between economic activities and its environmental impacts
no doubt plays an important role in being able to analyse the sustainability of blue growth.
EEIO as a tool is the most effective means for the accurate measurement of this analysis
(Kitzes, 2013).
The EEIO also makes up for areas that the ECBA cannot effectively measure; these areas
include the maritime economy, aquaculture, blue biotechnology other aspects of the blue
economy. The EEIO is also useful as a result of its ability to estimate accurately cash flow
within the several industrial sectors of the blue economy and geographical region being
researched (Weidmann et al, 2013). The importance of this is the ability of the EEIO to
ascertain the extent of impact, financially, of SME’s and Governmental strategic decision on
the blue growth economy and its sustainability as well as held determine the economic
feasibility of the project.
7.0 Reflection
The evolution of the study can thus be further reflected at this point by emphasizing the areas
of benefits this research will provide to the client and in view of future reports. The literature
used in the course of this report iterates the degree of success that SME’s and perhaps other
organizations and by extension the blue economy would derive by investment into research in
this area. The models utilised in this tender which are relevant to aid the sustainability of blue
24
growth includes lean six sigma, the EEIO, PESTLE analysis, ECBA European Commission’s
Maritime Affairs (2014).
Although EEIO is a partly new technique it is suggested for future research economic
sustainability because of its merit in being able to provide a simplified means for the evaluation
of links of environmental bearings and economic profiteering. It is also suggested for future
research because of its use in the evaluation of profit-drivers between nations (Kitzes, 2013).
Due to the development of the Blue Economy as a new one, only a few papers were able to
identify the growth areas and sustainability index of the industries concerned and as such the
research into the growth and development indicators for this industry would prove useful to the
client as it would provide useful information as well as accurate and current data useful in
future strategic decisions and analysis (Labonte, 2010).
In reviewing this bid, it is important to notice the changes that have been made on the A3 maps
iterating development to optimize the best results for the client. This establishes that the
analysts are interested in the inclusion of innovative and investigational models and structures
as iterated in the appendix. The evolution of the bid has not only changed in terms of
methodologies adopted, the utilization of innovative and investigational structures such as the
EEIO has also been adopted in the bid. The bid has also utilized historical and applicable case
studies to iterate similar economic sustainability research in its arguments and emphasized the
validity of these sustainability methods and in furtherance to the argument of the usefulness of
the models and its use in this investigation.
The study would no doubt be useful to SME’s and their development in the blue economy as
well as in further analysis of the blue growth sustainability within the EU. It would aid the
stakeholders in decision making regarding development of the blue economy and also add to
development of the research area and limitation with regards to studies carried in this area.
25
8 .0 Reference
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7th August, 2014
Blue Economy EU (2012) Online: Available at:
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August, 2014
Bunn, M., Savage, G., Holloway, B., (2002) 'Stakeholder analysis for multi-sector innovations'
Emerald Publishing. Available at:
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August, 2014
Coffield, F. Moseley, D. Hall, E. and Ecclestone, K. (2004) ‘Learning Styles and Pedagogy in
Post-16 Learning, a Systematic and Critical Review’ Learning& skills research centre,UK.
Project Management Institute. (2009). A Guide To The Project Management Body Of Knowledge.
Oxford: Project Management Institute, UK.
Choudrie., J. (2005) ‘Understanding the role of communication and conflict on reengineering
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0398&volume=18&issue=1&articleid=852292&show=pdf
Dixon, J., (2013) 'Economic Cost-Benefit Analysis (ECBA) of project environmental
impacts and mitigation measures: Implementation guide: Available at:
26
http://publications.iadb.org/bitstream/handle/11319/5975/Economic%20Cost%20%20Benefit
%20Analysis%20%28CBA%29%20of%20Project%20Environmental%20Impacts%20and%2
0Mitigation%20Measures%3a%20Implementation%20Guideline%20.pdf?sequence=1
Fujiwara, D., (2010) Online: Department For Work and Pensions. Available at:
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G. Pauli, “The Blue Economy—10 Years,100 Innova- tions, 100 Million Jobs,” Report to the Club of Rome,
Paradigm Publications, Taos, 2010.
Geraldi, J., Lechter, T. (2012) ‘Gantt charts revisited - A critical analysis of its roots and
implications to the management of projects today’ Emerald publishing [Online]. Available at:
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Harrison, R., and Reilley, T., (2011) ‘Mixed methods designs in marketing research’ Emerald
Publishing. Available at:
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August, 2014
Hooley, G., Piercy, N., Nicoulaud, B. 2008. Marketing strategy and competitive positioning.
4th edition. Essex, England: Pearson Education Limited.
Hwang, K., (2010) 'Establishing a capacity-building program for developing countries in the
"Blue Economy Initiative" Korea Maritime Institute, Yeosu Korea. Available at:
http://www.oecd.org/tad/fisheries/45692295.pdf Accessed: 28th August, 2014
Jones, M., (2014) ‘METHODOLOGICAL INSIGHTS Traditional and alternative
27
methods of measuring the understandability of accounting narratives’, Emerald Publishing.
Available at: http://www.emeraldinsight.com/doi/pdfplus/10.1108/AAAJ-04-2013-1314
Accessed: 7th August, 2014
Kitzes, J., (2013) 'An introduction to Environmentally-Extended Input-Output Analysis'
University of Carlifornia, Barrows Hall Publishing, Bekeley.
Labonte, M. (2010). The Size and Role of Government: Economic Issues. Washington:
Congressional Research service. Available at: http://fas.org/sgp/crs/misc/RL32162.pdf
Longmire, L., (2014) ‘What is the difference between benchmarking and competitive
analysis?’ Emerald Publishing. Available at:
http://www.emeraldgrouppublishing.com/learning/management_thinking/interviews/pdf/long
mire.pdf?PHPSESSID=r7bl70iggmmkeqri6nn053h0c0 Accessed: 7th August, 2014
Linn, M., (2011) ‘LIBRARY STRATEGIES Cost-benefit analysis: examples’ Emerald
Publishing. Available at:
http://www.emeraldinsight.com/doi/pdfplus/10.1108/08880451111142123 Accessed: 6th
August, 2014
Linn, M., (2010) LIBRARY STRATEGIES Cost-benefit analysis: a primer’, Emerald
Publishing. Available at:
http://www.emeraldinsight.com/doi/pdfplus/10.1108/08880451011049687 Accessed: 7th
August, 2014
McDonald, G., Killerby, S., Mapleden, F., Rolland, D. (2007) 'Developing a stakeholder
analysis to aid bio-based product innovation' Emerald Publishing. Available at:
http://www.emeraldinsight.com/doi/pdfplus/10.1108/10610420710823753 Accessed: 7th
Mooreland, J., (2014) ‘Obtaining an accurate assessment of client risk profile’ Journal of
Finance Planning’ pp20 – 23.
28
Nicoletti, B., (2013) 'Lean Six Sigma and digitize procurement' Emerald Publishing.
Available at: http://www.emeraldinsight.com/journals.htm?issn=2040-
4166&volume=4&issue=2&articleid=17088883&show=pdf
North West Europe (2013) Online: Available at:
https://www.nweurope.eu/nwefiles/file/Reviewed_SWOT_NWE_FINAL.pdf Accessed: 7th
August, 2014
Oyegoke, A., (2011) ‘The constructive research approach in project management research’
Emerald Publishing. Available at: http://www.emeraldinsight.com/journals.htm?issn=1753-
8378&volume=4&issue=4&articleid=1951005&show=pdf Accessed: 6th august, 2014
Online Malta Aquaculture. Available at: http://www.independent.com.mt/articles/2014-08-
01/news/blue-growth-areas-identified-in-the-governments-proposals-for-consultation-
6033113093/ Accessed: 6th august, 2014
Online: Malta Aquaculture Research Centre (2014) 'Publications' Available at:
http://vafd.gov.mt/malagri_rescen?l=1 Accessed: 7th August, 2014
Online CARIS (2014) ‘Developing the Blue Economy’. Available at:
http://www.caris.com/conferences/caris2014/assets/CARIS2014_Program.pdf Accessed: 5th
August, 2014
Online: International Finance Corporation (2014) 'Annual reports' Available at:
http://www.ifc.org/wps/wcm/connect/CORP_EXT_Content/IFC_External_Corporate_Site/A
nnual+Report/?regionindustry=IFC_EXT_Design/IFC+regions,IFC_EXT_Design/IFC+indus
tries Accessed: 24th August, 2014
Online European Commission for Maritime affairs (2014) 'Online Publications' Available at:
http://ec.europa.eu/maritimeaffairs/index_en.htm
29
Pauli, G., (2010) 'The Blue Economy; 10 Years, 100 Innovations, 100 Million Jobs' Paradigm
Publications, USA.
Portney, P. (2008). "Benefit-Cost Analysis". In David R. Henderson (ed.). Concise
Encyclopedia of Economics (2nd ed). Indinapolis: Library of Economics and Liberty.
Rodriguez, S., (2005) 'Blue Biotechnology in the EC Blue Growth Strategy' EC Publications.
Available at: http://www.crpm.org/pub/agenda/2347_april2013_bbtcpmr-rodriguez.pdf
Accessed: 7th August, 2014
Rana, H., Tse, F. (2011). Lean Six Sigma in a Service Environment: Applying a Unique Project
Management Framework. Baca Applied Technologies Ltd. PMINZ National Conference
Saunders, M., Lewis, P., Thornhill, A., (2012) 'Research Methods for Business Students' 6th
Edn, Pearson Publishing, Essex, England.
Varga, A., Hau-Horvath, O., Szabo, N., Jarosi, P., (2013) 'Blue Economy Innovation Impact
Assessment with the GMR-Europe Model', Scientific Research Journal pp213 -214
Wiedmann, T.; Wilting, H.C.; Lenzen, M.; Lutter, S.; Palm, V., (2013) ‘Quo Vadis MRIO?
Methodological, data and institutional requirements for multi-region input-output analysis’.
Journal of Management, Vol3, pp23-36.
West, D. and Prendergast, G.P. (2009), “Advertising and promotions budgeting and the role of
risk”, European Journal of Marketing, Vol. 43 Nos 11/12, pp. 1457-76
Winter, M., Smith, C., Morris, P. and Cicmil, S. (2006), “Directions for future research in
project management: the main findings of a UK government-funded research network”,
International Journal of Project Management, Vol. 24, pp. 638-49.
Wiedmann, T.; Minx, J.; Barrett, J.; Wackernagel, M. Allocating ecological footprints to final
consumption categories with input-output analysis. Ecol. Econ. 2006, 56, 28–48.
30
Appendix 9.0 First A3 Map
31
Appendix 9.1 SecondA3 Map
32
Appendix 9.2
33
Appendix 9.3
Final Gantt Chart

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ResearchProject

  • 1. 1 Supporting SMEs efforts for the development - deployment and market replication of innovative solutions for blue growth Owonubi Tobi
  • 2. 2 Table of Contents Cover page: ………………………………………………………………………………..1 Table of contents: ……………………………………………………………………….…2 1.0 Executive summary: …………………………………………………………………...3 1.1 Scope of Feasibility Study …………………………………………………………...4- 6 2.0 Project References: ………………………………………………………………….6 -7 2.1 Objective 1 …………………………………………………………………………….7 2.1.1 Stakeholder Analysis………………………………………………………………7 -8 2.1.2 Market Analysis …………………………………………………………………...8-10 3.0 Objective 2……………………………………………………………………………..10 3.1 Risk Assessment: ………………………………………………………………….10-12 3.2 Utilization of Six Sigma ………………………………………………………….. 12-13 4.0 Identification of Bottlenecks …………………………………………………..…. 13-14 5.0 Pestle Analysis ……………………………………………………………………….15 5.1 Environmentally Extended Input Output Analysis …………………………………..16 5.2 SWOT Analysis: ……………………………………………………………………..17 5.3 Gantt Methodology: ………………………………………………………………..17-19 6.0 Contribution: ………………………………………………………………………….20 6.1 Stakeholder Analysis: ……………………………………………………………...20-21 6.2 Market Analysis: ……………………………………………………………………...21 6.3 Risk Analysis: ………………………………………………………………………...22 6.4 Environmentally Extended Input Output Analysis ………………………………...22-23 7.0 Reflection ………………………………………………………………………….23-24 8.0 References: …………………………………………………………………………..25-29 9.0 Appendix: ……………………………………………………………………………30-33
  • 3. 3 1.0 Executive Summary The document that follows this summary is a bid which aims to secure an SME’s place in a study which purposes to identify the factors which would impact on the growth of the blue economy – a terminology which describes the sustainability of growth in the marine and maritime industrial sector. The deliverables this bid aims to present would iterate to the client specifications on how the use of innovation and creativity would impact on the sustainability of blue growth industrial sector, citing pilot tested techniques, research methodologies as well as the impact of the geopolitical issues on the growth of the industry. The bid would also expatiate on the size of the industry as well as the growth rate of the industry utilising standard tools such as stakeholder mapping, market analysis, observation of historical trends as well as utilizing vetted forecasting techniques. The bid also seeks to identify what the advantages and disadvantages of using the proposed techniques would be as well as relate these merits/demerits to the blue growth industry sustainability; this would be done using PESTLE analysis as well as cost-benefit analysis. A SWOTanalysis as well as an environmentally extended input-output analysis on what needs to be done to employ a positive growth of the blue industry would be carried out as well. This bid would clearly identify the most suitable and practical means which would maximise the productivity for the sector, the problems that could affect the viability of the project would be clearly identified thus furnishing the client with a practical and methodical means which iterate ways by which the project aims would be satisfied. The project lifecycle is iterated using a Gantt chart which details the steps as well as the activities utilized in the project methodology.
  • 4. 4 1.1 Scope of Feasibility Study The prospects of economic viability being derived from oceans, seas and shorelines in Europe impacts upon job creation as well as potential investments in research purposes in the maritime industry in the region. Aquaculture, marine biotechnology and the development of allied applications can be impacted upon by the involvement of SMEs in the blue growth strategic development. It is however noted that the non-availability of finance for SME’s impact on the development of blue growth as finance is suggested as a key barrier which directly impacts the ability to utilize innovations in the economic events in the maritime industry. The basis of this study is important in providing a clearer understanding of the aims and objectives of the project. It is suggested that the enhancement of profitability as well as the growth of SME’s in the blue economy would be facilitated by the utilization of new and existing knowledge for innovation and competition purposes which will in turn enhance the development of the blue economy. The study bases the proffering of solutions on supply chain mechanisms which enhances innovation distribution to improve the sustainability of blue growth, an analysis of the upsurge of private ventures into technological improvements in the industry as well as forecasts of anticipated influences on the industry. This presumably would help in providing a clear description both in quantitative and qualitative terms blue growth crucial points including market size, profit, investment return percentage, turnover, employment growth and sales. This will in turn translate to a clearer identification of client aims and objectives that would affect the growth of the blue economy by the following means;
  • 5. 5 • Identifying verification processes which iterate ideas which are practical to the technology/ innovations available thus optimizing the profit margin that would be derived from the sector. • Reinforcing the standardization of risk assessment procedures, market surveys as well as the management of intellectual property. • Identification of the bottlenecks which affect the viability of the suggested techniques • Production of a project which is potentially revolutionary and also in vision with SME’s objective and also within legal and political framework of Europe as a geographical location of the SME. Objective 1 – This iterates the verification process for which the best innovations that would optimize the profitability of the sector would be identified. The investigation for this objective would be made possible by utilizing:  Market analysis  Stakeholder analysis Objective 2 – This would identify how market surveys, risk assessment as well as intellectual property management would be strengthened. The investigation therein would be carried out by:  Incorporation of all risk assessment elements using economic cost benefit analysis.  Utilization of relevant processes that reduce measurement errors and optimize survey processes.  Utilization of Lean process management for the optimization of intellectual management process.
  • 6. 6 Objective 3 – This involves the identification of problems which would impact on whether or not a technique would be useful for the optimization of the growth of the blue economy. This would be done by:  Distinguishing between long term and short term bottlenecks  Utilization of flow chart techniques for identification of where the bottlenecks occur and self-inquest into the “whys” of the bottleneck.  Production of a project which is potentially revolutionary and also in vision with SME’s objective and also within legal and political framework of Europe as a geographical location of the SME. Objective 4 – This involves ensuring that the project aim which is to produce a piece of research which optimizes the growth of the blue economy is enshrined within the legal framework in the EU. This would be done by:  PESTLE Analysis  Environmentally Extended Input-Output Analysis  SWOT Analysis The adopted methodology would ensure that best practices are utilized to ensure that the finest available value is made available to the client within the iterated project time frame. The study would encompass utilizing previous researches from both academic and industrial based material. Primary data would also be collated by utilizing focus groups as well as consultations with key parties and utilization of survey for data collection from stakeholders at different levels.
  • 7. 7 2.0 Project References This section of the bid would clearly iterate as well as evaluate the various models from industry studies as well as academic theories that would be applicable to this research. The section would also place emphasis on the fundamental purposes of the study, and link theories relevant to the study for the sole purpose of making sure the objectives are attained. Valid practices would be utilized within this research task for analysis, measurement and appropriateness in informing clients on the research development phases. This is in agreement with Saunders et al (2012) which suggests the need for the identification of mapping as well as the key stakeholders as a the initiation process during a research project. 2.1 Objective 1 2.1.1 Stakeholder Analysis Reiterating Saunders et al (2012), identification of key stakeholders as well as charting their relevance to the project is the initiation stage that all research projects must go through. Oyegoke (2011) further expands on the importance of stakeholder identification as the interests of this key group would be impacted either negatively or positively by decisions taken in regards to the project process. In agreement, Winter et al (2006) suggests that divergence of interests between stakeholders as a result of not clearly understanding each stakeholders need could be developed and thus resulting in a failure of the attainment of all stakeholders’ expectation. The stakeholders in the blue economy within Europe includes governments, maritime agencies, investors, technology manufacturers, representatives from the public sector, environmental agencies, regulatory authorities and human resources (Europa, 2014). It can be thus suggested that there is no clarity on which stakeholder is the most important or relevant
  • 8. 8 in the development of the blue economy thus requiring the important phase of stakeholder mapping as the first activity to be carried out to ensure project success. Iterating the importance of stakeholder mapping, previous exemplary projects have revealed the need for not just the identification of key stakeholders but those relevant to the study. For instance Rodriguez (2005) identifies the stakeholders in the EU blue economy as including heads of shipping industries, seaports, maritime equipment manufacturers, the Navy, ship building and off shore supply organizations, recreational boating companies, inland navigation, maritime engineering works firms and consumers. Exploring the need to identify the stakeholders, it is suggested that knowledge of the stakeholders would help in the identification of added value to the economy by aiding the full understanding that the blue growth is dependent on innovation, sustainability, economic growth and employment growth. 2.1.2 Market Analysis It is necessary to explore the market size and forecasts for growth trends of the EU region as the aims and objectives of this analysis is focusing on the size and growth of the blue economy in this region. Harrison and Reilly (2011) suggest that two approaches usually utilized in market analysis are the top-down approach and bottom-up approach. West and Prendergast (2009) expatiating on the top-down approach otherwise known as the chain-ratio method identifies that this method if adopted lays emphasis on the universal market and approximates a net market after considerations have been made during the analysis on demographics as well as disposable income of consumers, etc. The top-down approach methodology utilizes governmental and industry data; this means that the compilation of the
  • 9. 9 analysis would be done by utilizing desk based research based on data already available (Harrison and Reilly, 2011). While the International Finance Corporation (IFC, 2014) identifies that the exploration of the bottom-up methodology in the analysis of markets where individual bands can be forecasted, the long time phase utilized in the market investigation process using this method is no doubt a demerit. Hooley et al (2008) however suggests the use of the bottom-up approach as a result of its accuracy especially in dispersed geographical regions. Considering the European Commission’s Maritime Affairs (2014) report which identifies five probable blue economy growth areas, the utilization of the combination between the bottom-up and top-down analysis process would be recommended to this study because the aims and objectives are applicable to the growth of the blue economy in these areas. IFC (2014) also suggests the use of surveys and interviews for the determination of figures for the total market size of the researched industry. Primary research would be conducted as this is iterated by the utilization of data from governmental sources and organizational sources; utilization of primary research in combination with desk based research as done when using the top-down approach allows for strengthening and reinforcement of the analysis report for production of accuracy in the measurement of market size (Harrison and Reilly, 2011). In agreement with Hooley et al (2008), the two methods of analysis when engaged would help in the production of a high quality measurement of market size data. Labonte (2010) however in contrast reiterates the difficulty that comes with the estimation of market size as a result of the errors based on overestimation of statistics from surveys and ommission of some segments of the market thus leading to the inaccuracy of the analysis.
  • 10. 10 Varga et al (2013) also suggests that the resultant complexity of the blue economy is also responsible for the inaaccurate assessment of the market size and this questions the applicability of this analysis method. The utlization of these approaches for the purpose of this feasibility study is in agreement with similar approaches used in other projects of the same nature and other industrial sector’s standard practises on market research. Exemplifying this, the Malta Aquaculture Research Centre (2014) produced a report which iterated the blue economy growth in Malta where a combined use of the bottom up and top- down method was used in the assessment of the market size. This report showed that utilization of these approaches for market size assessment was useful as a result of the ability of the method to aid the determination of market share held by stakeholder organizations in the industry as well as the trade quantities of products done in the region. Further emphasizing on the improper identification of market size, Labonte (2010) stresses the difficulty in being able to make an accurate analysis on the development of the economy of the industry of the researched geographical region. 3.0 Objective 2 3.1 Risk Assessment The prominence of risks to industries and sectors of economies has increased and thus realized in managerial stakeholders engaging in the assessment of risks (Mooreland, 2014). While risks usually iterate the negative and undesirable chances of mishaps, the positive association of risk includes the opportunities available to organizations. For the blue economy growth, it is with no doubt that the social establishment enshrined within the sector are constantly occupied with
  • 11. 11 risks and non-awareness as well as lack of proper understanding of these risks results in the avoidable consequences to the industry (Mooreland, 2014). The risk analysis for this feasibility study would involve performing an economic benefit analysis due to the reasons that this research would be expatiating on means of improving the economic growth of the blue economy as well as ensuring the sustainability of this industry. In agreement, Dixon (2013) iterates that the identification of the economic benefits of projects would play an important role in risk analysis and expatiating on the probable forecasts that can result as a consequence of the effects of the study. In determining the risks associated with the economic growth and investments for organizations, cost benefit analysis or economic cost benefit analysis could be utilized; while economic cost benefit analysis focuses on the fiscal benefits to the economy, cost benefit analysis utilizes social factors and is a much wider method for analysis of economic benefit (Mooreland, 2014). As a result of the wider merits of the economic cost benefit analysis, it would be utilized to produce optimum results for the client. While it is argued that economic cost benefit analysis (ECBA) requires the utilization of calculations such as net present value in the determination of the feasibility of the five blue growth economy areas, in this study it would be useful in the monetary benefit and financial data in the five identified blue growth areas (Linn, 2011). It is however argued that risk analysis using the net present value alone for the economic cost benefit investigation would not provide optimum data from the survey and a sensitivity analysis for the process is also recommended. Linn (2010) describes the sensitivity analysis as a tool which allows for better understanding of risks involves as a result of the modifications in variables and external environments. Using this would be valuable to the feasibility study as it impacts positively on the market analyst’s potential to identify the risks that could negatively impact on the project. Supporting the notion to use the ECBA in this feasibility analysis, Varga et al (2013) iterates the similar use of this analysis method in the EU where the geographic macro and regional
  • 12. 12 framework took into cognizance the national and regional roles different economic interventions played in the development of blue growth in the region. This study showed that the economic cost benefit analysis played a beneficial role in helping the determination of the monetary benefits of undergoing the project. Pauli (2010) however iterates the utilization of real governmental data as well as financial data from organizations that are stakeholders to the blue economy for the ECBA to be effective and also improve the accuracy of the information available for analysis. This tool would utilize desk based research methodology made possible from current financial information to ensure the accuracy of the analysis. Iterating the errors and limits that the utilization of ECBA could pose to the analysis, Portney (2008) suggests that the ECBA as a tool does not allow for assessment of indirect benefits and expenditure in blue economy industries in the local economy and factors such as employment growth rate cannot be accurately measured using this tool. Identifying the importance of employment to blue economy growth, Fujiwara (2010) suggests the importance of the measurement of employment growth rates, the impacts of these growth rates on the profitability of the organization and inadvertently the importance of knowledge of this to economic growth analysis. As identified that the ECBA does not allow for proper and accurate analysis of the employment growth rates, this study seeks to create a resolution for this by seeking to address the impact on the wider economic development of the sector. As exemplified by the case study iterated, this research would also utilize related structure by utilization of information from government sources and organizations that are within the identified five blue growth areas in the EU for the calculation of the net present value. Doing this would allow a sensitivity analysis to be carried out; this would in turn enable the financial risks that could possible crop up during the implementation of this research process to be identified and help in the strengthening of the project. 3.2 Utilization of Lean Six Sigma
  • 13. 13 For this study, the use of the lean six sigma would play an important role as it would help organizations that operate in the blue economy sector attain profitability as a result of the tool’s ability to aid organization attain optimization of operational speed, aid reduction in cost as well as make possible the attainment of top quality products and services available to the industry (Nicoletti, 2013). Further agreeing with the importance of the use of lean six sigma in the optimization of economic productivity is Rana and Tse (2011) which suggests the use of lean six sigma in industrial sectors where the manufacturing is done as it is a key ingredient to the development of organizations found in such sectors due to its ability to aid the transformation of industrial operations through the elimination of wasting. Illustrating the use of this tool in past research, it is noted that the APM terminals, Bahrain, which is key to the economic growth of the country had to implement the utilization of the six sigma tools and as a result of its investment of research in this tool and by extension implementation in organizations and government agencies that operate within that blue economy. This improved the productivity and growth of its terminal facilities as well as inland services and helped expand the terminal’s global network of employees to 68 countries thus resulting in the boom of its blue economy (APM Terminals Bahrain, 2014). Objective 3 4.0 Identification of Bottlenecks for Blue Growth The identification of areas which would reduce the optimization of profit and thus growth of the blue economy would no doubt aid the sustainability and identification of growth potentials in the maritime sector. Emphasizing this is the feasibility study embarked upon by UNESCO (2000) in El hierro, named the “Gorona del Viento El Hierro” which identified the potential risks to the economic benefits of the project which was aimed at de-salinity of the water in the
  • 14. 14 region for agricultural production optimization as well as power production to improve the economy of the region. Embarking on a feasibility of this study twelve years down the line no doubt affected the economic development of El heirro, allowing for systemic solutions to the agricultural and power industries of the economy of the iterated community (UNESCO, 2012). As this report is focused on the growth of the EU blue economy as a role, the identification of bottlenecks would be done in the following phases: - Identifying the maritime clusters and the problems of synergies between these clusters - Identification of all regulatory bottlenecks which are enshrined within each EU country’s legal frameworks - Ascertain the degree of maritime spatial planning issues which inadvertently affects the integration in maritime legal framework, sea bed mapping (which affects the degree to which maritime resources would be explored by member nations). - Ascertaining to what degree environmental factors affect the sustainability of blue growth. This is in agreement with previous desk research embarked upon by the European Council on Maritime Research (2014) which iterates similar procedure for bottleneck identification for blue economy development in historical feasibility studies embarked upon by the council. In identifying the bottlenecks and its impact on the economic growth, this study would illustra te in thematic phases, areas of identification to make for easier clarification and allow for provisional actions to be taken accordingly. These themes can be classified into coastal development and preservation, new resource technology and creative maritime activities. This is in agreement with Jones (2014) which iterates the need for the utilization of thematic structures to allow for accountability in projects. The use of this structure in previous reports
  • 15. 15 by Hwang (2010) on the blue economy of Korea and aquaculture also resulted in the optimal results in the identification of bottlenecks for that case study. To clearly identify to the SME’s the development plan and choices to make as well as to iterate innovative solutions which would help in the development of their blue growth plan, flow charts would be used to clearly identify the best fit innovative steps to follow. Illustrations in pictorial form would also be available to the SME’s analyzing the statistical information to guide strategic decision making. This is in agreement with Longmire (2014) which suggests the use of flowcharts in benchmarking and analysis process during projects. Objective 4 5.0 PESTLE Analysis As a result of the geographical boundary associated with the nature of this feasibility study in respect to the blue economy growth and sustainability therein, the PESTLE analysis is being utilized. PESTLE which denotes Political, Economic, Social, Technological, Legal and Environmental analysis is a preferred method of analysis to the PEST analysis which would not put into consideration the Legal and Environmental aspects of the study. The legal and environmental analysis of the study is important as a result of the diversity of the nature of policies in the different EU states despite similar governmental and organizational structures. The Project Management Institute (2009) suggests that in the utilization of PESTLE analysis, organizations would be able to make strategic decisions that would optimize the effectiveness of the firm’s profit as well as aid the awareness of threats to the firms’ existence. In relation to this study, utilization of the PESTLE analysis would aid the SME’s within the blue economy in the sustainability of their profit margin as well as aid SME’s forecast of future snags thus aiding the ability of the firm to reduce or avoid the effects of these snags.
  • 16. 16 Further emphasizing on the use of PESTLE analysis, Bell and Anderson (2002) emphasizes that the government policies that are enshrined within the EU countries, although similar, are characterised with peculiar policies for each demographic and regional area. Some political dynamics that affect the sustainability of the blue growth economy for SME’s include taxation rules, trade bodies, economic stability, legislation, consumer protection laws, tariff regulations etc. 5.1 Environmentally Extended Input – Output Analysis The Environmentally-Extended Input-Output (EEIO) analysis has been identified as a useful and vigorous tool useful for the evaluation of relationships that exist between economic undertakings and environmental impacts (Kitzes, 2013). As this research is EU-focused in regards to economic growth and development, this tool would prove useful in the evaluation of the upstream and consumption-based drivers of the blue growth economy; vis-à-vis the trade that occurs within the blue economy of the EU. While the EEIO analysis is a fairly new tool developed on the traditional input-analysis model which is a basically “a multi-country set of supply and use tables and symmetric in-put output tables”, the EEIO analysis would be useful to this research as it utilizes data based on the sustainability of production as well as consumption in each indicated geographical study area (Weidmann et al, 2013). As this feasibility is concerned with SME’s and the sustainability of blue economy growth in the EU region, this tool would prove useful as it further iterates econometric forecasts on consumption patterns as well as trade switch patterns which would
  • 17. 17 be useful to organizations’ trade and strategic decisions to be taken and by extension the blue economy. Illustrating an instance of the use of the EEIO in previous industrial feasibility studies and its economic impact on the project aims concerned, the EEIO was used in a Swiss Analysis which analysed the economic impact of consumption and production on Switzerland’s economic development. With the use of the EEIO analysis tool, the study was able to iterate in detail the environmental intensity of exports per value currency of the region concerned as well as iterate clearly the domestic environmental impact of organizational consumption and production on the national economy (Weidmann et al, 2013). 5.2 SWOT Analysis The use of SWOT as a tool in management and in the optimization of project returns is no doubt important. This is because the SWOT is useful in the identification of strengths, weaknesses, opportunities and threats to organizational existence and profit maximization (Choudrie, 2005). While the strengths and weaknesses as denoted in the SWOT analysis iterate internal dynamics which craft or destroy value, the opportunities and threats are factors, usually external which the firm has no control over. Further expatiating on the notations, Coffield et al (2004) explains strengths as the features which make the firm preferable to its competitors in the market, the weaknesses as the incompetent areas of the firm which makes it undesirable to its consumers and thus affects the organizations profitability. Opportunities iterate circumstances that give the organization a competitive edge on a project or in its profitability quest while threats are external environmental factors that could affect the firm negatively in terms of profitability and existence.
  • 18. 18 Exemplifying the use of SWOT analysis, a case study by North West Europe (2013) was used to clearly illustrate the smart, sustainable and inclusive growth objectives for the European 2020 strategy on cooperation between European territories. 5.3 Gantt chart Methodology The utilization of Gantt charts as a project management tool is arguable very common as a result of the effective nature of the Gantt chart in iterating project activities and process development within a specific time frame (Geraldi and Lechter, 2012). For the purpose of this study, the Gantt chart would be utilised in the validation of activity time frame, the interrelationship between activities as well as the connection of project activities over the twenty four week period. It would also emphasize on key actions associated with the project task and its aggregation with the time phase allocated to each activity. As illustrated in appendix 9.3, the different activity phases for the research are segmented with each section corroborating to the client’s objectives. This was done to demonstrate the ability to utilize analytical means to meet the requirement of the each objective; this led to the further division of segments into subsections with analytical tools being utilized in the completion of iterated activities for the analysis goals to be met. The utilization of this method would enable for easy tracking of the project progression by the client, analysts and key stakeholders of the project. Further expatiating on the Gantt chart structure, it is noted that the main actions taken during the project process are iterated using a critical path; these main activities are covert towards meetings with client and phase-by-phase activities leading to the project completion. These key actions/activities iterated can be described as benchmarks or signposts in regards to the project phases. Further illustrating this structure, it is noted that following the initial meeting with the
  • 19. 19 client tagged the “primary meeting”, the first objective can be completed after which a second meeting will be held with the client to discuss feedbacks on the first phase and discuss the second objective process with the client. The utilization of these steps will ensure that the satisfaction and needs of the clients are met and also to allow for consistency in communication between the project analyst and the client team. For the aim of each objective to be attained, the activities iterated in relation to the objectives need to be completed; this study has several dependent activities and this structure results in less fluidity with the structure of the project thus allowing for easy management of the project activities due to the rigid nature of its structure. The rigidity in the structure of the project also helps ensure that all deadlines to meet the project time frame are met with each benchmark period for each project activity allowing for a meeting and feedback to allow for the objectives and activities associated with meeting the key aims of the project lifeline to be achieved. The time frame as illustrated for each activity helps in ensuring the efficiency as iterated for each scheduled activity. The time frame also allows for the allocation of time to each analytical tool and this helps in the reinforcement of the rigidity of the project structure. A closer view of the activities for each tool suggests the need for a thorough research to be embarked upon throughout the course of the project lifeline. This is evident at the initiation stage of the project where primary or secondary research would be utilized in the accurate measurement of the compilation of the model. The Gantt chart also shows an allowance of enough time by the analyst for the completion of primary data and desk research as the process for doing this could take quite some time. After the collation of the data required for the project has been done and the measurement has been validated as accurate within a testing framework, the data would then undergo further analysis. It is however noted that for the third objective, more time is allocated to the compilation of the models due to details required for the Environmentally Extended Input Output analysis and the
  • 20. 20 investigational requirements of these models. The required time for each objective was put into consideration in the design of the Gantt chart and as such the first and second objectives iterated in the chart was so positioned; also the complexity of the nature of the tools in objectives two and three led to their positioning for the latter parts. The Gantt chart also made use of slack time; this term iterates the idea that some project tasks can be undertaken at the same times as others and not affect the schedule iterated on the critical path activity of the chart. The slack time would be utilized in this project to prevent unforeseen circumstances affecting the time schedule of completion as well as provide analysts flexibility to allow the productivity of high quality analysis. The Gantt chart can thus be said to have been designed in a manner which allows all client objectives to be met in record time in line with the highest standard practices and efficiency. 6.0 Contribution The iterated frameworks in the report above are within legal practices and are of the highest standard quality to provide the clients with best output. The Gantt chart displays the tasks that are needed to be completed to meet the terms and requirements for the models and framework and in turn satisfy the client requirements; case studies are also iterated for clarification and better illustration. This segment of the study aims to validate the utilized framework and its feasibility in ensuring the project requirements and stakeholder expectations are met. The rationale behind the use of the utilized models would be detailed by elaborating them in relationship with their objectives. 6.1 Stakeholder Analysis McDonald et al (2012) suggests the importance of the identification of stakeholders when making an analysis of the market size in the prospective industry in order to know the key
  • 21. 21 players as well as gain insight into some essential market data. For the Blue Economy, utilization of stakeholder analysis is not also far-fetched as suggested by Bunn et al (2002) which emphasizes the utilization of stakeholder analysis in desk research, mapping and identification of main players at the initiation stage of a project. As the supporting theory iterates, the implementation of the stakeholder analysis would entail carrying out of primary research and this could be by interviews, surveys and group meetings with the key stakeholders who have an influence over the project. This is illustrated by CARIS (2014) which suggests the need to map the probable bottlenecks that would influence the development of the project by identification of key players. While the stakeholder analysis might not seem useful as the project timeline progresses, Bunn et al (2002) further reemphasizes the usefulness of the data obtained from the stakeholder analysis in the latter part of the research. 6.2 Market Analysis Harrison and Reilly (2011) suggest that the best approach for market analysis is utilization of a combination of the top-down and bottom-top approach when examining market size. While other traditional approaches to market analysis are available, Hooley et al (2008) iterates the effectiveness of market analysis using the combined approaches due to its potency in related market sizing surveys. West and Prendergast (2009) further emphasizes the cogency of the utilization of this method as a result of its ability to measure the market size based on total population for the top-down approach and the ability of the tool to measure accurately markets which are scattered which happens to be what the study would do as a result of the scattered nature of EU governmental policies and regional data. The utilization of the combination of the approaches would ensure the highest standard quality analysis report is produced as poor
  • 22. 22 analysis would affect the overall outcome of the project. The market analysis as previously iterated concentrates on the validation as well as use of the primary and secondary data. Failure to identify the size of the blue economy and the key components of the blue economy as a result of inaccuracy of the market analysis would lead to the inability to assess the economic progress or developments in the researched region. The stakeholder analysis can thus be said to be essential to this study as it helps in the identification of the key stakeholders to communicate with respect to future studies or investigations; also the analysis for market sizing would satisfy a requirement for an iterated objective for stakeholder consultation. 6.3 Risk Assessment The importance of risk assessment to the economic growth of organizations and social units is iterated by Mooreland (2014) suggesting that for industries such as the maritime industry which is part of the blue economy, assessment of possible risk factors is important because identification of bottlenecks could result in loss of profit and avoidable consequences for the organization therein. The risk assessment makes use of tools such as the Economic Cost Benefit Analysis (ECBA) to assess the financial feasibility of the project and also estimate the impacts of growth and development, technologically and otherwise on the blue economy. The ECBA is utilized at this stage to aid the analysis in the determination of the economic value of the development on blue growth; this tool is the preferred method of risk analysis at this stage not just because it is the most widely used economic impact determination tool but as a result of the accuracy of data and statistics it has proven to give in several preceding similar studies (Linn, 2011). The utilization of ECBA would be helpful in enabling SMEs accurately determine short term benefits of their investment in the blue economy (Pauli, 2010). Using the ECBA would involve the utilization of desk based research to aid the accurate measurement of
  • 23. 23 the Net Present Value after which a sensitivity analysis would be carried out to identify the weak areas of the project and strengthen them (Varga et al 2013). 6.4 Environmentally Extended Input Output Analysis (EEIO) The evaluation of interrelationships between economic activities and its environmental impacts no doubt plays an important role in being able to analyse the sustainability of blue growth. EEIO as a tool is the most effective means for the accurate measurement of this analysis (Kitzes, 2013). The EEIO also makes up for areas that the ECBA cannot effectively measure; these areas include the maritime economy, aquaculture, blue biotechnology other aspects of the blue economy. The EEIO is also useful as a result of its ability to estimate accurately cash flow within the several industrial sectors of the blue economy and geographical region being researched (Weidmann et al, 2013). The importance of this is the ability of the EEIO to ascertain the extent of impact, financially, of SME’s and Governmental strategic decision on the blue growth economy and its sustainability as well as held determine the economic feasibility of the project. 7.0 Reflection The evolution of the study can thus be further reflected at this point by emphasizing the areas of benefits this research will provide to the client and in view of future reports. The literature used in the course of this report iterates the degree of success that SME’s and perhaps other organizations and by extension the blue economy would derive by investment into research in this area. The models utilised in this tender which are relevant to aid the sustainability of blue
  • 24. 24 growth includes lean six sigma, the EEIO, PESTLE analysis, ECBA European Commission’s Maritime Affairs (2014). Although EEIO is a partly new technique it is suggested for future research economic sustainability because of its merit in being able to provide a simplified means for the evaluation of links of environmental bearings and economic profiteering. It is also suggested for future research because of its use in the evaluation of profit-drivers between nations (Kitzes, 2013). Due to the development of the Blue Economy as a new one, only a few papers were able to identify the growth areas and sustainability index of the industries concerned and as such the research into the growth and development indicators for this industry would prove useful to the client as it would provide useful information as well as accurate and current data useful in future strategic decisions and analysis (Labonte, 2010). In reviewing this bid, it is important to notice the changes that have been made on the A3 maps iterating development to optimize the best results for the client. This establishes that the analysts are interested in the inclusion of innovative and investigational models and structures as iterated in the appendix. The evolution of the bid has not only changed in terms of methodologies adopted, the utilization of innovative and investigational structures such as the EEIO has also been adopted in the bid. The bid has also utilized historical and applicable case studies to iterate similar economic sustainability research in its arguments and emphasized the validity of these sustainability methods and in furtherance to the argument of the usefulness of the models and its use in this investigation. The study would no doubt be useful to SME’s and their development in the blue economy as well as in further analysis of the blue growth sustainability within the EU. It would aid the stakeholders in decision making regarding development of the blue economy and also add to development of the research area and limitation with regards to studies carried in this area.
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