Towards assessment of innovation in SMEs with Decision Analysis concepts

Mohmood Al Kindi, Sami Al-Kharusi

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

We propose a Commercialization Model incorporating decision analysis where the value created by the owner/s of the SME is subjected for assessment from different angles. This assessment includes the feasibility study, which considers all the uncertainties surrounding SME sustainability. These uncertainties involve uncertainties at the development phase of the business idea. Many SMEs in Oman face uncertain demand for example and the feasibility study conducted at the early phase of the business does not do simulation or scenario analysis. We suggest the use of the Decision Analysis (DA) science in Engineering to help the SMEs study their market carefully and take calculated risk. The application of the field Decision Analysis fits very well and yet helps them make "good" decision. The current feasibility study for example used by Riyada-Public Authority for SME Development is static and never perform sensitivity analysis for the SME owner. According to the Central Bank of Oman (CBO), one critical challenge faced by SMEs in Oman include high costs of conducting professional feasibility studies which may be the case in other part of the world. In brief, we are going to develop a decision analysis assistive tool that is going to give a decision quality score at each stage of the innovation process.

Original languageEnglish
Title of host publicationProceedings of the International Conference on Industrial Engineering and Operations Management, IEOM 2018
PublisherIEOM Society
Pages1278-1283
Number of pages6
Volume2018-March
ISBN (Print)9781532359446
Publication statusPublished - Jan 1 2018
Event8th International Conference on Industrial Engineering and Operations Management, IEOM 2018 - Bandung, Indonesia
Duration: Mar 6 2018Mar 8 2018

Other

Other8th International Conference on Industrial Engineering and Operations Management, IEOM 2018
CountryIndonesia
CityBandung
Period3/6/183/8/18

Keywords

  • Decision Analysis
  • Innovation
  • SME sustainability

ASJC Scopus subject areas

  • Strategy and Management
  • Management Science and Operations Research
  • Control and Systems Engineering
  • Industrial and Manufacturing Engineering

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  • Cite this

    Al Kindi, M., & Al-Kharusi, S. (2018). Towards assessment of innovation in SMEs with Decision Analysis concepts. In Proceedings of the International Conference on Industrial Engineering and Operations Management, IEOM 2018 (Vol. 2018-March, pp. 1278-1283). IEOM Society.