MÄLARDALEN UNIVERSITY, IDT [email protected] ...1453002/FULLTEXT01.pdf · MÄLARDALEN...

MÄLARDALEN UNIVERSITY, IDT

DEVELOPMENT AND VALIDATION OF AN EARLY-STAGE PROJECT EVALUATION TOOL

ARTHUR GODFREY TUMUSHIME - MUGISHA

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Malardalen University

IDT: Faculty of Innovation Design & Technology

Master‘s Thesis

Development And

Validation Of An

Early-Stage

Project Evaluation

Tool.

2020.06.16

Mentor: Erik Lindhult

Author: Arthur Godfrey Tumushime – Mugisha

134 Pages




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Acknowledge ..................................................................................................................................... 6

Introduction ...................................................................................................................................................... 7

Thesis Outline .................................................................................................................................... 8

Problematization .............................................................................................................................................. 8

Problem Discussion ........................................................................................................................... 9

Research Problem .......................................................................................................................................... 10

RQ. What are the perspectives and the process of an early stage tool for evaluating innovation

project ideas? .................................................................................................................................................. 11

Research Focus ............................................................................................................................................... 13

Business Case Focus .................................................................................................................................. 15

Research Aim ................................................................................................................................... 16

CHAPTER 2 ................................................................................................................................................... 18

Methodology ................................................................................................................................................... 18

Research Strategy............................................................................................................................. 20

Interactive Research ......................................................................................................................... 21

Research Quality .............................................................................................................................. 24

Quality of the Tool .................................................................................................................................... 25

CHAPTER 3 ................................................................................................................................................... 26

Convenience Sampling for the Early-Stage Evaluation Tool .......................................................... 26

First Systematic Search Analysis ..................................................................................................... 30

Project Evaluation ............................................................................................................................ 30

Pre-Project Evaluate......................................................................................................................... 31

Quality Assurance (QA) ............................................................................................................................ 32

Environmental Assessment (EA)............................................................................................................... 33

Creative Commons Methods ..................................................................................................................... 33

Cascade Hydraulic Pre-Project Evaluation ................................................................................................ 34

Pre-Network Evaluation Tool .................................................................................................................... 34

Block-diagram ........................................................................................................................................... 35

Recovery Energy Resources (RER) and Early Warning Scoring System (EWSS) ................................... 36

Main Inspiration For Early-Stage Evaluation Tool ................................................................................... 36

On-Going Evaluations ..................................................................................................................... 37

Post-Project Evaluation .................................................................................................................... 38




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Standard Deviation And Standard Error .................................................................................................... 39

Likert Scale ...................................................................................................................................... 39

Evaluation Literature Summary ....................................................................................................... 41

Business Case Systematic Literature Review .............................................................................................. 42

Second Systematic Search Analysis ................................................................................................ 44

Business Case Litreature Summary ................................................................................................. 44

CHAPTER 4 ................................................................................................................................................... 45

Early-Stage Evaluation Tool Summary ....................................................................................................... 45

Hexagon Analysis ............................................................................................................................ 45

Lean Principals................................................................................................................................. 46

I. Market Trends Analysis ............................................................................................................ 48

Market Trends Analysis For On-Going Projects ....................................................................................... 50

II. Customer Survey ................................................................................................................... 50

III. Octagon Analysis .................................................................................................................. 52

IV. Projects Clustering ................................................................................................................ 53

Early-Stage Evaluation Tool Visualisation ...................................................................................... 54

Early-Stage Evaluation Tool and Sparbanken Rekarne ................................................................... 56

I. Market Trends Analysis ......................................................................................................................... 56

Early-stage Evaluation Visulisation (Market Trends Analysis). ..................................................... 56

Competitor Analysis.of Projectmanager .......................................................................................... 57

Executive Summary ................................................................................................................................... 58

Project Definition ...................................................................................................................................... 58

Project Organization .................................................................................................................................. 58

Project Plan ................................................................................................................................................ 59

Project Considerations ............................................................................................................................... 59

Appendix ................................................................................................................................................... 59

The Project Charter (Evaluation Tool Review) ......................................................................................... 59

Sparbanken Rekarne ........................................................................................................................ 60

Savings Bank Foundation Rekarne ............................................................................................................ 60

Appropriations Granted ............................................................................................................................. 61

Apply For Grants ....................................................................................................................................... 61

Social Responsibility ................................................................................................................................. 61

Sveriges Riksbank ............................................................................................................................ 62




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Block-Chain ............................................................................................................................................... 64

Sparbanken Rekarne Mobile Application, Instant Payments, PSD2, SEPA, Virtual Account ................. 67

II. Customer Survey ................................................................................................................................. 71

Early-stage Evaluation Visulisation (Customer Survey). ................................................................ 73

Survey Scales............................................................................................................................................. 73

Likert and Semantic Differential Scales .................................................................................................... 74

Dichotomous.............................................................................................................................................. 75

Qualitative Open Questions ....................................................................................................................... 75

Participants and Customer Survey ................................................................................................... 76

Customer Survey Empirical Results ................................................................................................ 83

Questionnaire Results into Concept Project .............................................................................................. 83

III. Octagon Analysis ................................................................................................................................. 84

Octagon Analysis and Likert Scales Values .................................................................................... 85

Octagon Analysis Evaluation Tool Visualisation ............................................................................ 85

Early-stage Evaluation Visulisation (Octagon Analysis). ............................................................... 86

Complexity of Project ...................................................................................................................... 87

Complexity Of Project Likert Scale .......................................................................................................... 91

Sustainability.................................................................................................................................... 92

Sustainability Likert Scale ......................................................................................................................... 96

Implementation ................................................................................................................................ 97

Implementation Likert Scale ................................................................................................................... 100

Marketability .................................................................................................................................. 100

Marketability Likert Scale ....................................................................................................................... 103

Digitalization.................................................................................................................................. 104

Digitalization Likert Scale ....................................................................................................................... 110

Distribution Logistics..................................................................................................................... 111

Distribution Logistics Likert Scale .......................................................................................................... 115

Timescale ....................................................................................................................................... 115

Timescale Likert Scale ............................................................................................................................ 116

Total Cost ....................................................................................................................................... 117

Total Cost Likert Likert Scale ................................................................................................................. 119

IV. Projects Clustering............................................................................................................................ 120

Organising Pre-Projects ................................................................................................................. 120




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Grouping Pre-Projects .................................................................................................................... 121

Eight Grouping Channels ............................................................................................................... 122

Early-stage Evaluation Visulisation (Projects Clustering) ............................................................ 123

CHAPTER 5 ................................................................................................................................................. 125

Reflection ...................................................................................................................................................... 125

Validation from Interactive Research ............................................................................................ 125

Validation from Development ....................................................................................................... 125

Validation from Björn Fagerström (Mälardalen University) ......................................................... 126

Endorsement from Stefan Öhman (Sparbanken Rekarne) ............................................................. 127

Conclusion .................................................................................................................................................... 127

Future Development....................................................................................................................... 128

References ..................................................................................................................................................... 128

Figures............................................................................................................................................ 128

Tables ............................................................................................................................................. 128

Articles ........................................................................................................................................... 129

Website .......................................................................................................................................... 134




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Abstract

This master‗s thesis is a journey of generating a prototype evaluation tool for Sparbanken Rekarne,

the aim was to contribute to the emerging field as an innovation and design and specifically pre-

project management. The major stakeholder was Sparbanken Rekarne AB, they needed an

innovation model and the research question formulated was: What are the perspectives and the

process of an early stage tool for evaluating innovation project ideas? ‗The approach was gathering

theoretical knowledge in the development of the evaluation tool using a systematic literature review.

The theoretical knowledge building was done by carrying out a systematic literature review to

inspect different credible evaluation tool to use. Focusing specifically on pre-project evaluation tools,

a knowledge gap (Gap spotting) was soon discovered after reviewing some pre-project evaluation

tools. Firstly needed to see what pre-project evaluation tools are available. One stood out with stages

and that ended being the main inspiration for the early-stage evaluation tool. Still basing the tool on

theoretical knowledge, the solution was to hybridizing existing pre-project evaluation tools and tools

already developed. Merging interactive research with Agile principals was how the information was

gathered and how the project was planned. The data gathered was dissected and used in developing

the evaluation tool. Purpose of the pre-project evaluation tool is to bring clarity for Sparbanken

Rekarne in making decisions about choosing pre-projects to invest in. This master‗s thesis gives a

detailed description of how to implement the Early-stage evaluation tool (Chapter 4) from a

Sparbanken Rekarne developer‗s perspective. Results, a contribution to innovation and design,

specifically pre-project management. The early-stage evaluation tool can maturate idea‗s into

concept pre-project that are measured. Involvement with all stakeholder makes sure the pre-projects

entering the project planning phase has a market.

Keywords: Sparbanken Rekarne, Early-Stage Evaluation Tool, Market Trends Analysis, Customer

Survey, Octagon Analysis and Projects Clustering.

Acknowledge

I would like to thank all the core stakeholder that contributed to this master‘s thesis. My knowledge

production has expanded this summer 2020 semester. The development of a prototype evaluation

tool was only possible because of the collaborative endeavours of the mentioned bellow.

Benefaction, guidelines, feedback and advice from;

I. Erik Lindhult (Mentor/ Mälardalen University).

II. Ulrika Florin (Mälardalen University).

III. Karolina Uggla (Mälardalen University).

IV. Bengt Köping Olsson (Mälardalen University).

V. Björn Fagerström (Mälardalen University).

VI. Stefan Öhman (Sparbanken Rekarne).

VII. Johanna Tömmervik (Sparbanken Rekarne).

VIII. Sparbanken Development Team (Sparbanken Rekarne).




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CHAPTER 1

Introduction

In this master‘s thesis, the focus is on evaluation tools, pre-evaluation tools to be specific. In the

early part of the stage-gate model, this is the first step of any project and the most crucial because it

sets the foundation of project development (Frishter, 2018). The main stakeholder that this tool is

developed for is Sparbanken Rekarne, based in Eskilstuna Sweden. Sparbanken Rekarne is one of

Sweden oldest savings bank and interested in creating innovative tools for their organisation needs.

With many regulations in the financial sector, this master‘s thesis approach is to develop a prototype

evaluation tool that facilitates the decision-making process. This approach in solving the bottleneck

of innovation, increasing the efficiency in the decision-making process. It is important to bring

clarity in this fuzzy stage because the more clear the fundamentals are in the project the likely hood

of success. The objective was to research into pre-evaluation tools initially to evaluate Sparbanken

Rekarne‘s project portfolio, but a gap was soon discovered. Most pre-project evaluation tools are

highly specialized to measure specific industries. These pre-project evaluation tools measured

qualitative and quantitative data but did not fulfil Sparbanken Rekarne needs. The next objective was

to find an evaluation tool that certain elements could be built on, the hybrid of an existing pre-project

evaluation tool; an amalgamation of systematic literature review to personalise a pre-evaluation tool

for Sparbanken Rekarne use-cases. My contribution to innovation and design is creating a prototype

pre-study or early-stage evaluation tool, the tool is categorised in innovation and design research

methodology and the wider umbrella is design science.

This master‘s thesis used a previous project the Hexagon Analysis as a starting point, performing a

systematic reviewing on existing evaluations tools in finding the gaps of how the (pg. 29 – 34)

evaluation tool could be hybridized for Sparbanken Rekarne business-case (Sparbanksstiftelsen

Rekarne, 2020). The systematic literature review is important because the methodologies and

theories learnt are to be incorporated in the early-stage evaluation tool. This master‘s thesis has

contributed to the field of a pre-project evaluation tool by validating a pre- project in a project

portfolio. The pre-project evaluation tool developed in this master‘s thesis, uses the experience and

limitations of members in the organization. The research team using the early-stage evaluation tool

would have to use their work experience at Sparbanken Rekarne, knowing the limitation of previous

projects when using the early-evaluation tool. In perfect condition, it should take roughly 3 – 4

weeks to use this tool considering all four stages are completed properly (Sparbanksstiftelsen

Rekarne, 2020). In co-production process of the master's thesis, all stakeholders involved alleviated

the development of the evaluation tool, identifying and justifying the need for knowledge of the tool

and showing the connection with the subject of innovation and design. The co-development and co-

production of the early-stage evaluation tool came from representatives from Sparbanken Rekarne

and Mälardalen University. While discussing and validating the tool, the need for further knowledge

related to the area developed. The prototype evaluation tool is based on using theories testing and

choosing the right research method. In the master's thesis, there are many stages of analysing,

evaluating and testing theories and data. The intent of using interactive research methodology which

was used widely in the thesis was intended for generating knowledge of design and innovation of an

early-stage evaluation tool. The planning timeline of the tool was agile and free; knowledge creation,

tool development and testing were done only when stakeholders were content with the evaluation

tool (Petrov & Samuylov, 2019). There are plenty of research behind the tool to refine its focus

towards a pre-project evaluation. It is also based on building knowledge of ‗Sparbanken Rekarne‘

and what the bank would need from an innovative tool for its business model. Lastly testing the pre-

project evaluation tool for Sparbanken Rekarne business case because of the coronavirus (COVID-




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19) global pandemic, the evaluation tool only reached the second stage out of four (Government

Offices of Sweden, 2020).

Thesis Outline

Chapter 1 starts with introduction‘, a summary of the Sparbanken Rekarne stakeholders and

description of developing an early-stage evaluation tool. ‗Problematization‘, the section describes the

problems I faced when developing the prototype evaluation tool. ‗Problem Discussion‘, Open

conversations about the problems faced in gathering data, the exploration of different methodologies

to use for the master‘s thesis. ‗Research Problem and Research question‘, further exploration and

defining the key problems.‗Research Focus‘, Narrowing down the initial design brief of creating

‗Innovation for Sparbanken Rekarne use‘ to developing a pre-stage evaluation tool. ‗Business Case

Focus‘, To validate the tool, a use-case needed to be developed to test the tool. ‗Research Aim‘,

Setting the goals and projected outcomes of developing the evaluation tool. ‗Theoretical

Background‘, Is explaining the Agile management theories applied in the development of the

prototype evaluation tool. Chapter 2 starts with methodology‘, In the development of the early-stage

evaluation tool the different theories used in co-developing the evaluation tool with stakeholders.

‗Interactive Research‘, was the type of research methodology used in this master‘s thesis, divergent

and convergent conversations strategy. ‗Research Strategy‘, the steps are taken when gathering

qualitative and quantitative data. Decisions made in using more systematic literature review because

of the coronavirus (COVID-19) (Government Offices of Sweden, 2020). ‗Research Quality‘, How

reliable and viable was the data collected, can the data be reproduced? Chapter 3 starts with

convenience Sampling for the early-Stage Evaluation Tool‘, an explanation of sampling technics

used in collecting, coding and decoding research findings. ‗Evaluation Tool Systematic Literature

Review‘, the need for systematic literature review invalidating the use of values in the prototype

evaluation tool. Researching into ‗Project Evaluation, Pre-Project Evaluate, On-Going Evaluations

and Post-Project Evaluation as a preliminary study (University M. , 2020). ‗Business Case

Systematic Literature Review‘, was developed because Sparbanken Rekarne did not allow us to use

an existing project, in the validation process a business was needed to be developed for the validation

process. ‗Business Case Literature Summary‘, is arbitrary of literature based on the interactive

conversation with Stefan Öhman (Sparbanksstiftelsen Rekarne, 2020). Chapter 4 starts with early-

stage evaluation Tool Summary‘, a short description of the stages in the tool. Explaining the four

stages which are Market Trends Analysis, Customer Survey, Octagon Analysis and Projects

Clustering. The validating the tool using Sparbanken Rekarne business use-case invalidating the tool.

Chapter 5 starts with reflection‘, explaining the different validation techniques used in testing the

evaluation tool. ‗Conclusion‘, are the opinions of the stakeholders in the master‘s thesis project.

‗Future Development‘, describes where I would have liked the project go after the master's thesis.

Lastly, the ‗References‘, containing all the articles, books, website data used when developing the

evaluation tool.

Problematization

From Sparbanken Rekarne perspective the many legislation, red tap, institutions, Central bank

policies, in which every year they get more complicated. As the lead researcher contributing to

advancing the decision making process at the pre-project phase was my solution. Being able to react

faster to change and fast track pre-projects that customers needs were the best solution for this

bottleneck in innovation.




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The main issue in solving Sparbanken Rekarne business case of finding how to maintain market

share and increase new customers. Problems from my perspective, whether on to use existing

evaluation tools or make a hybrid evaluation tool designed for Sparbanken Rekarne. How will I gap

spotting in existing pre-project evaluation tools? How will I grade these tools, according to cross-

functionality or ability to generate data? What are the main problems with existing evaluation tools?

The main issue with project studies is they use multiple separate evaluation methods, are they

evaluation tools with one cohesive theory? Some evaluation methods can generate contradicting

data, how can I mitigate this potential risk? Most evaluation tools do not work together, why is this a

problem? Since problems were already identified in the pre-study (Hexagon Analysis) of this

evaluation tool, how can the data help in developing the early-stage evaluation tool (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007)?

There were a need to research into pre-project, ongoing and post-project evaluation tools, then

choose the right evaluation tool for Sparbanken Rekarne‘s project portfolio and business case. After

narrowing down which type of evaluation tool to review, the next step is to spot the gaps within it.

This would lead to either choosing an existing tool for Sparbanken Rekarne‘s project portfolio or

develop an evaluation tool based on the systematic literature review. The main need was a tool

developed to increase the clarity and speed of the fuzzy front end stage-gate model

(Sparbanksstiftelsen Rekarne, 2020). To narrow down the field of innovation of evaluation tools

further, the direction was to take inspiration from previous work. In a previous course, my teammate

and I developed an innovative tool, the ‗Hexagon Analysis‘ (Mugisha & Thunberg, 2019). The tool

is an pre-project evaluation tool, it evaluates projects before they had entered the project plan or that

are ongoing. There were many problems in the application of the tool, it lacked refinement and

academic sources in key elements of the tool (Mugisha & Thunberg, 2019). The tool lacked any

validation metrics of data being reviewed, they were no feedback loop or involvement of

stakeholders in the construction of the tool. The tool also has an over-reliance on user experience

(subjective), that generated varying results. The tool has no use of qualitative or quantitative data in

its development and was not reviewed by its developers or other stakeholders. Gap spotting is a type

of research methodology, where the researchers constructing the research questions to find the gaps

in the existing literature. The research question aims to identify misunderstanding in the literature

and explain it (Sandberg & Alvesson, 2011). An interactive researcher needs to understand the value

of practice, expands theory, creating trust with participants. Despite this connection the researcher

needs to rely on the facts and results may have a negative impact on the participant‘s opinions

(Svensson, Ellström, & Brulin, 2007). The research focus was difficult to establish; to develop an

early-stage evaluation tool or critical market analysis of the bank to gain more customers from its

target group (Mugisha, 2020). Confusion spotting of another evaluation tool, critique the method and

discussion of the research quality of the different evaluation tool. Understanding why specific

evaluation can only work for specific use-cases. Critique the ‗Hexagon Analysis and findings was to

first find knowledge gaps then how to make a hybridisation evaluation tool that satisfies Sparbanken

Rekarne stakeholders (Sparbanksstiftelsen Rekarne, 2020).

Problem Discussion

Organisations usually carry out market research before they spend resources on developing a good or

service. In most cases of the organisation carry out traditional market research early in the project to

see what competitors are doing and to see where gaps are in the market. All markets are different,

with different rules, restrictions, standardization laws and customer behaviour. This market data

analytics is costly and time-consuming to read, market research identifies saturation as well as gaps

within the target market (Booth, Colomb, & Williams, The Craft of Research, 2008).




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Problematization is to disrupt the reproduction and continuation of established knowledge, literature

methods or theories. Specifically, problematization aims to question current knowledge, remove the

underlying assumptions, existing theory to contribute to knowledge creation (Sandberg & Alvesson,

2011). Detailed evaluation tools cover many subject areas that create a detailed understanding of the

market, from the context of an economic zone, country, region or city. These tools are relevant but

need a lot of time to collect, code, decode and evaluate. Multiple tools create the same conclusion,

focusing on critical tools within the market research would streamline the design process of an early-

stage evaluation tool. Using Agile methodology didn't apply, the lean project developed needed to be

implemented in the development of the evaluation tool (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007).

The tool increases the efficiency of the organisation and provides a competitive edge in being able to

adapt in the context of a market. Disruptive technologies need a lot of time, stakeholder involvement

and capital resources, an early-stage evaluation tool mitigates the unknown within the project. Lean

principles in market research allow the researcher to develop results faster that is based on empirical

evidence.‗First come, first served‘ is a terminology in the context of the organisation, first to produce

a product or service that balances value and quality gain monopoly of the market. Being able to adapt

to the market would maintain relevance to the market, customer loyalty and improves organisation

image. Applying Lean principles in the evaluation tool provides the organisation to respond to

market pressure, market change, consumer behaviour, product or service reception. The organisation

can be early in developing projects, offer competitive products or service, maintain market share and

gain market share (Merriam & Tisdell, 2016). The co-operation and interaction between researchers

and practitioners will generate many problems about control, practitioners will question authority,

power and contribution. The researchers need to takes thins into account in the planning and conduct

of a research study (Ellström, 2008). Developing different innovations like disruptive technology

without deploying a thorough series of evaluation can lead to a financial burden. Thorough market

research takes a lot of time, manpower and resources, a tool that can reduce time, manpower and

resources is my research focus (Merriam & Tisdell, 2016). What if there was a tool that leads the

organisation in creating successful products yet reducing the expenditure of capital, time and

manpower? Is there a tool that makes sure an organisation keeping up with the competition, entering

a new market or creating a disruptive technology (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007)?

Research Problem

The main problem is systematically co-developing an evaluation tool using interactive research and

systematic literature review. The academic literature needs to validate and support the sequences and

process of the tool when applied. The tool needs to solve data gathering methods into concept

projects, combining theoretical knowledge, organization‘s database and experience from developers,

as well as qualitative and quantitative data. The early-stage evaluation tool needs to be able to bring

certainty in Sparbanken Rekarne pre-projects (Sparbanksstiftelsen Rekarne, 2020). The evaluation

also needs to be clear, easy to use with a detailed explanations manual (Lia, Lockettb, & Lawson,

2020). This poses a challenge because the tool needs to have a use-case for Sparbanken Rekarne. It

needs to not just be a copy-paste from competitors, but to draw inspiration or endorse certain

concepts. It should also have a competitive edge from other evaluation tools and needs to bring

clarity in the early fuzzy pre-projects stage. If the tool has several stages, each stage needs to connect

with evaluation concepts, theories and methodologies applied. The tool also needs a visualization in

conveying its intent, because when you can visualize an innovation tool the developer has a clear




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understanding of how it works and how to use it (Sparbanksstiftelsen Rekarne, 2020). Interactive

research is described as a joint learning process between the researcher and the participant. The

researcher and participants co-create and contribute at an equal level. Conducting interactive

research also needs participants during the complete research process (Svensson, Ellström, & Brulin,

2007). This includes the stages in the early stage evaluation tool as well. Creating an opening for

contribution indicates the proficiency of the researchers and the ability to construct research

questions using empirical material when gap spotted (Sandberg & Alvesson, 2011).

There is also a problem in projects where knowledge of what the customers want only appears at the

very end of the project. There is a need for pre-study in both big and small projects to mitigate all

possible risks. The researcher must acknowledge the limitations and capabilities in handling

complexity, motivate the study, imaginary pseudo-problems and lack grounding in reality (Ven,

Engaged Scholarship A Guide for Organizational and Social Research, 2007). Conducting interactive

research before the definition of the problem is important to the diffusion of desired outcomes

(Svensson, Ellström, & Brulin, 2007). Sparbanken Rekarne functions in a complex financial industry

such as the involvement of Central Banks and economic zones creating the framework for different

forms of payment to happen. The Swedish Central Bank (Riksbanken) has been developing the E-

krona digital currency since 2016. The underline technology behind this is block-chain technology.

An innovative tool would be a solution to the organisation's challenge using an unorthodox

methodology for the financial industry. Developing an evaluation tool while simultaneously solving

a challenge through knowledge building and the reflection of the challenge, would help to validate

and shape the tool (Sparbanksstiftelsen Rekarne, 2020).

When setting the research question, the researcher has to define the scope parameters, the population,

intervention, comparator and outcome. Who are the stakeholders looking for? Who are the sub-group

within a given population? What is the researcher looking to impact? What is the particular kind of

programme, events or challenges? What are the comparison groups using to match the outcomes of

the intervention stages (Hagen-Zanker & Mallett, 2013)? Complex questions involve co-operating

processes and influencing elements, timing, exposure, literature and different views (Sandberg &

Alvesson, 2011). Since financial projects take an exorbitant amount of resources, capital and human

capital also strict legislation can stifle innovation. Reduction of risk management at a pre-project

stage would allow core and primary stakeholder in deciding for a specific customer in a particular

time in the market. A need to develop an early-stage evaluation tool helps a bank in deciding on

project concepts and validating the tool by testing it in a business case study (Sparbanksstiftelsen

Rekarne, 2020). Developing the evaluation tool is the creativity of acceptable knowledge and

collaborative research. It addresses the issues in creating educative duties that enhance competencies,

third parties, research process and the overall learning‘s (Ellström, 2008). When formulating the

research question there was a need to narrow down the project scope. Creating an evaluation tool is

difficult because there are many rules in the finance industry (Sparbanksstiftelsen Rekarne, 2020).

RQ. What are the perspectives and the process of an early stage tool for evaluating innovation

project ideas?

The development of the Evaluation Tool took inspiration from a previous project, the ‗Hexagon

Analysis‘ that was co-developed by Arthur Tumushime and Annika Thunberg (Mugisha &

Thunberg, 2019). This evaluation tool was designed to be a pre-project evaluation tool for

researchers. The tool had a limitation, the idea being evaluated would have already been decided

without a pre-study, without this first step of validation, ideas would be based on opinions.




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Using a tool based from previous projects addresses the issue of the interactive researcher‘s need to

have a good knowledge of own disciplines and strive for interdisciplinary understanding (Svensson,

Ellström, & Brulin, 2007). Theses interactions encounter personal opinions and the researchers

should be ignoring differences in identities, competencies and responsibilities (Ellström, 2008). It is

important to ground the research problem in reality, by first stating the key features of the problem

and then gathering information. These steps overlap when developing a detailed problem formulation

(Ven, Engaged Scholarship A Guide for Organizational and Social Research, 2007). The interactive

researcher must be malleable in questioning one‘s point and viewpoint, be able to adopt a limited

perspective and link holistic understanding and analytical structures (Svensson, Ellström, & Brulin,

2007). A research problem has many stakeholders, from the core, primary and secondary

stakeholders. Stakeholders vary by individual, group, organization and industry (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007). During that course, used

interactive research identified areas about the tool that needs to be developed. The standalone

Hexagon Analysis tool is an early-stage evaluation tool for any type of project. Action research

cycles were the methodology used when developing the tool (Mugisha & Thunberg, 2019). A data is

gathered in solving the research problem, the scope of the problem should reduce and become more

manageable as the question develops (Ven, Engaged Scholarship A Guide for Organizational and

Social Research, 2007). The Hexagon Analysis was first introduced and tested in 2019, as it was

presented in a class workshop at Malardalen University. The workshop was to evaluate group

projects using the Hexagon Analysis as individual‘s and then as a group, to see if they came up with

similar results based on a group project they were doing (Mugisha & Thunberg, 2019). This tool

covered the core aspects of an organisation and not all the main features of a project, based on

Annika Thunberg‘s work experience in Customer Resource Management (CRM) tools.

The missing step of the ‗Hexagon Analysis‘ was gathering qualitative and quantitative data to

evaluate instead of using assumptions to evaluate a pre-project (Mugisha & Thunberg, 2019). The

main shortcomings with Hexagon Analysis tool were the lack of input and output of data in helping

the researcher ranking tasks on measurements. They were no supporting qualitative, quantitative and

documentation data in the decision-making process. This made measuring/ grading the activities

risky because they were subjective and often changed among researchers. Researchers in the

workshop had different rankings of tasks based on their perspective working on the project. They

also did not have quantitative documentation that reinforced the decision-making process, this

discord led to believe they were no consistency and could pose a high risk in managing massive

projects (Mugisha & Thunberg, 2019). The diagnosis is the research process is done by organising

and observing a phenomenon into known categories and research problem categories (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007).

The constructive sign of learning the research problem of interest is larger than initially predicted

and it plays into a massive problem (Ven, Engaged Scholarship A Guide for Organizational and

Social Research, 2007). There was no feedback loop from any core and primary stakeholders or

customers. The tool relied mainly on group members work experience and little use of systematic

literature review to develop the tool; there was a research gap. The focus was only on the critical

elements of any type of project. This research gap is worth researching further and to be developed in

an evaluation tool. Using literature that is more academic and with a broader focus of mixed

methodologies and theories, then testing the tool as in a validation cycle, the evaluation tool would

evolve with a combination of real-world use and systematic literature review. Co-creating and co-

developing with mentors, stakeholders and literature would create a useful tool in measuring early-

stage projects. This evaluation tool being developed would be designed for the development team or

research team. In industrial design, the focus is to always carry out market research before the

development of the product. There is also academic literature to support this approach (Frishter,

2018). In industrial design, once the knowledge building of a market is established, identifying key




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market topics to research in, feedback from potential customers is the next step (Mugisha &

Thunberg, 2019).This is a very human-centred design process. Intended to integrate this as well,

getting feedback from customers aftermarket research has been done. This would provide qualitative

and quantitative data on the idea‘s that work and don‘t work for a particular target market. This

approach has been done before. Some evaluation tools in the previous literature used methods such

as qualitative survey or interviews as the evaluation tool its self (Booth, Colomb, & Williams, The

Craft of Research, 2008). The research focus has been co-developed with Stefan Öhman, that solves

the business case and is supported by the research method. The challenge is to create an evaluation

tool for Sparbanken Rekarne (Sparbanksstiftelsen Rekarne, 2020).

Part of the research problem is implementing interactive research cycles, the investigation that leads

to new research areas. Researching Instant Payments lead me to understand the complexity of the

financial industry, the involvement of central banks and economic zones creating the framework for

different forms of payment to happen. Researching PSD2 lead me to build knowledge on the Single

Euro Payments Area (SEPA) and Virtual Account Management (VAM) (Commission, Payment

services (PSD 2) - Directive (EU) 2015/2366, 2020). After the decisions, I thought a way to create an

innovation tool would be to solve the organisation's challenge using an unorthodox methodology for

the financial industry. Developing a tool why simultaneously solving a challenge, knowledge

building, refection of a challenge to validate and shape the tool (Sparbanksstiftelsen Rekarne, 2020).

Orthodox literature reviews conclude a ‗non-representative sample‘, state the shortcoming lays in the

methods of the review phase. Thou the data extraction and analysis of research material carried out

proves variable and non-transparent ways (Jessica Hagen-Zanker, 2013). How do social norms

director the researchers in constructing the research questions in a specific way (Sandberg &

Alvesson, 2011)?

Research Focus

No researcher can represent all features and viewpoints of a research problem, the internal, external

regulations (Ven, Engaged Scholarship A Guide for Organizational and Social Research, 2007).

Investigation of Data is the evaluation of the questions, the approach and the research focuses. The

evaluation stages are in increments, short-term, mid-term and long-term outcome. Build knowledge

of inquiry skills and ability to implement inquiries based on the instruction from the short-term

outcomes is important (Newton, P., & Jr, 2019), which the evaluation tool has been built on as well.

Neglect spotting, finding something neglected in the systematic literature review, identify research

areas where inadequate research has been carried out. Scholar uses neglect spotting to develop

knowledge in the virgin territory, a white spot on the knowledge map (Sandberg & Alvesson, 2011).

The Research Focus is based on evaluation management tools and pre-project evaluation tools

specifically. It has learnings from the short-comings, success points of project evaluation. The

evaluation tool bridges market research as an early-stage evaluation tool, that focuses on the

fundamentals, addresses the core of marketing and issues in a swift precise manner. There is a need

to research into different kinds of evaluations tool, primarily the evaluation (Mitchella, Israelb,

Diehlc, & Galindo-Gonzalezd, 2019). Integrative Task is the what, ways and when that outlined the

research focus, different from action research, based on qualitative data, what has been said rather

than quantitative data (Ellström, 2008). Relationships during the research process generate mutual

trust and an open and liberal climate. This is vital for the interactive research process (Svensson,

Ellström, & Brulin, 2007). The researcher does not lead the development work, makes them

vulnerable in the long term of the group dynamics, the co-dependence on participants contribution

takes away for the leadership responsibilities (Svensson, Ellström, & Brulin, 2007). There are three




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sub-groups of evaluation tools; pre-project, on-going and post-project evaluation. For this early-stage

evaluation tool, the focus is in pre-project evaluation. Pre-project evaluation, usually for massive

investment projects a pre-project evaluation is performed to develop an understanding of the scope of

the project (Merriam & Tisdell, 2016). On-going evaluation tools can critic a products life cycle,

building relationship and learning‘s from the primary stakeholders to the clients. Post-project

evaluation, most commonly used evaluation tool, after the completion of a project, learning, success

and failures are addressed in a report. This report is used as a feedback loop to make improvements

for the next project (Ven, Engaged Scholarship A Guide for Organizational and Social Research,

2007).

Reflexive knowledge is a research process that no longer defines as ‗objective‘ investigation and

reductionist interrogation of arbitrarily defined ‗others‘ (Nowotny, Scott, & Gibbons, 2003). The

evaluation tool is based on theoretical and methodological knowledge about early-stage evaluation

using academic literature. Systematic literature review can show how evaluation tools can be used in

a real-world situation for different scale projects (Merriam & Tisdell, 2016). Research on science and

technology is not designed to build systematic connections between the micro-worlds (scientific

practice) and the macro-categories (sociology and political theory). Science studies advancement has

increased its scope, depth and complexity in the field of scientific practice, sociology and political

theory (Jasanoff, 2004). Evaluations usually have measurables, either for quantitative or qualitative

decoding. The researcher needs to understand different evaluation tools, numeric clustering,

parameters, linear and rate equations. (Booth, Colomb, & Williams, The Craft of Research, 2008).

The research focus should document how the evaluation tool is developed, the skills for the research

team, stakeholders and systems for the organisation. An effective pre-project evaluation tool

identifies gaps in the market and highlights innovations from competitors (Merriam & Tisdell, 2016).

A pre-project evaluation can review previous projects and shows what is needed to be redeveloped or

improved. Pre-project evaluation tool uses data to recognize parts of a project that may be

overlooked and uses qualitative or quantitative measurable in the findings (Booth, Colomb, &

Williams, The Craft of Research, 2008). The researcher needs to understand how pre-project

evaluation tool can set boundaries, goal creations and define activities that are needed to be carried

out (Merriam & Tisdell, 2016), as well as understanding how customers feedback is used in

evaluation tools, at what stages in the project and how understandings can be developed from it.

Lastly, the evaluation tool will be built on a previous evaluation tool co-developed the ‗Hexagon

Analysis‘ but the research and data gathered will be used to modify it (Booth, Colomb, & Williams,

The Craft of Research, 2008).

The research focus, methods and research question was decided together with Stefan Öhman, the

Lead Business developer at Sparbanken Rekarne and the main contact to do with this master's thesis

project. Stefan Öhman has over 30 years of work experience with Sparbanken Rekarne and his

contributions were pinnacle in the development of the early-stage evaluation tool

(Sparbanksstiftelsen Rekarne, 2020). The research focus was going to be both an evaluation tool and

critical market analysis of current technology used by banks and how to gain customers from certain

groups of society. The main issue was to find ways to get this target group to open more accounts

with Sparbanksstiftelsen Rekarne. Firstly there was a need to carry out interviews with employees

and customers and this qualitative data would be important in understanding the context of the

problem. Interviews with employees would be done either face-to-face, through Skype calls or

telephone interviews (Sparbanksstiftelsen Rekarne, 2020). Once understanding was established from

the employees perspective, the questionnaire for the customers could proceed. (Sparbanksstiftelsen

Rekarne, 2020). The timeline for developing the evaluation tool was based on the semester duration.

An agile flexible approach in the timescales, with no fixed dates to perform particular tasks, provided

a work pace that focused on the continuous development of the thesis direction and bottlenecks,




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problems, communication problems and unforeseen situations could be worked around. ‗Not

everything goes according to plan‘, so when the coronavirus (COVID-19) epidemic started having a

flexible project methodology was important. The prototype evaluation tool was to be tested,

gathering data through interviews and surveys. When the Swedish government began setting new

stricter restrictions for businesses in Sweden, it was a matter of time Sparbanken Rekarne had to

comply with the new restrictions and consequentially affecting the master‘s thesis (Government

Offices of Sweden, 2020).

After the 50% master‘s thesis review, the research focus had to be changed, gathering data content

and focusing on systematic literature review instead of practical content creation was the only

solution in delivering a credible thesis. The coronavirus (COVID-19) epidemic for this master‘s

thesis made it impossible to gathering data, performing practical qualitative, quantitative interviews

with the set key start and end dates (Government Offices of Sweden, 2020). The organisation

Sparbanken Rekarne could not carry out these tasks with the new ‗social distancing‘ protocol‘s and

stakeholders had to focus on the essential services of the organisation (Sparbanksstiftelsen Rekarne,

2020). To wait for the Swedish government to lift the social distancing restrictions of the country and

allow businesses to go to work would have taken months and the master‘s thesis would be

incomplete and data gathering and evaluation of data (Government Offices of Sweden, 2020). To

perform a successful qualitative and quantitative research study with Sparbanken Rekarne

stakeholders involvement would, the master‘s thesis development would have wait months before

gathering information. Gathering that data would have taken months as well, generating questions,

holding focus groups, or surveys then coding, missing June 2020 deadline by weeks (maybe months)

(Sparbanksstiftelsen Rekarne, 2020). With confirmation with Stefan Öhman contact at Sparbanken

Rekarne and Erik Lindhult mentor at Mälardalen University to change the master‘s thesis direction

mid-semester solidified the decision to focus on a systematic literature review to support the design

process. A new direction needed to be drafted that focusing on academic theory in the development

of the prototype evaluation tool. The academic literature focus was already available and no delays

would mean the master‘s thesis would be completed in time. With theory-based knowledge,

information was already available, coding & decoding data was possible to justify, develop and aid

the design process of developing the tool (Sparbanksstiftelsen Rekarne, 2020).

Business Case Focus

The validation process of testing the early-stage evaluation tool would need a business case to work

on, developing a business case to test the tool was the original plan. This master's thesis intends to

create a mutually beneficial relationship from research and co-production partners in developing the

innovation tool. But due to the coronavirus (COVID-19) epidemic, this approach was not possible

(Government Offices of Sweden, 2020). Working on personalizing the evaluation tool will be done

using interactive research and building only on the early-stage evaluation tool and hopefully

satisfying both stakeholders. As a result, the interactive co-production of the evaluation tool is

categorised as a new design science and focuses more on the literature to support claims. After the

interview with Stefan Öhman, the conclusion was to find a way to bring in more customers. Based

on previous meetings, the direction of the problem focus and research question was already there;

how to increase the market in particular target groups (Sparbanksstiftelsen Rekarne, 2020).

It is impossible to solve current problems with the same thinking, doing what we have always done,

will generate the same problems. Thinking outside the box, looking for inspiration form market

trends, market behaviour, spotting the gap in markets, analysing competitors and developing concept

projects based on the findings is the best risk reduction strategy (Sandberg & Alvesson, 2011). The

evaluation tool develops concept projects in to pilot studies or prototypes, to facilitate innovation of




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projects. These concept projects could potentially be disruptive and a golden opportunity for the

organisation. Not being able to react fast enough (cause of size, organisation structure) is guaranteed

reduction of market share (Cho & Young, 2020). Using a lean early-stage evaluation tool allows the

organisation to react faster using current reliable data and not assumptions, or forecasting

methodologies. Using real-world applicable data, identifying early trends and developing concept

projects would allow the organisation to release a project before the market matures, maximising

participation and ultimately profits (Swinson, Cockerill, Colby, Tuberty, & Gu, 2015). The steering

of the research priorities is the first step in transforming the research process is to the increasing the

desire of the priorities, at three levels; supranational level, national level and system level.

Supranational level refers to the grand European Community Framework programmes. The national

level is the research and development programmes within a country, programs like ministries of

health, defence, or agriculture. The system level is the Research Councils level, adopted pro-active

research priorities in place of reactive policies (Nowotny, Scott, & Gibbons, 2003).

By narrowing the scope, we can define a problem that needs to be solved. Currently, Sparbanken

Rekarne is trying to simultaneously keep its current customers and market position while looking for

new customers (Sparbanksstiftelsen Rekarne, 2020). Scientific theories are built and evaluated with

precise intentions, research is used to enlighten decisions about theory and practice (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007). Ideas derived from the

communication between researchers and end users are defined as the idealistic situation,

emphasizing the subject-to-subject relationship (Ellström, 2008). The formulation of a research

problem is frequently more essential than the solution, a solution is a typically mathematical or

experimental skill (Ven, Engaged Scholarship A Guide for Organizational and Social Research,

2007). The prototype evaluation tool should make the decision-making process faster, target group

feedback loop that should lead to increasing customer‘s satisfaction and gaining new customers is the

centre of the master's thesis (Sparbanksstiftelsen Rekarne, 2020).

Research Aim

The aim is to convey an intention or aspiration of the research focus, defining the desired outcomes

or purpose to achieve at the end of a research project. Explaining, in short, the idealistic results in

solving the research questions and identifying what has to be achieved (Merriam & Tisdell, 2016).

The research aim for this master's thesis is to develop an evaluation tool using Interactive research.

Reading on the diverse project portfolio of Sparbanken Rekarne, the evaluation tool would need to

be able to appraise projects Sparbanken Rekarne, such as organisation grant's, social work

projects, Valvet projects, angle investor projects, software development and licences projects, events

sponsorship and fundraising projects in Eskilstuna, Strängnäs and Mariefred. The evaluation tool

would need to support an array of project, so multiple subject areas, parameters and metrics need to

be researched. These metrics would allow the user to measure a bunch of projects and pick projects

based on the organisation's direction (Sparbanksstiftelsen Rekarne, 2020).

Sparbanken Rekarne needs an innovation model, my solution was to focus on the pre-stage

evaluation model. Theory background of this master‘s thesis was gathering relevant data for the

development of a pre-stage evaluation tool. Since the systematic literature review helps define the

evaluation tool most of the theoretical knowledge is in Chapter 3 and Chapter 4. Initially to see if

there were evaluation tools to satisfy Sparbanken Rekarne project portfolio. After reviewing

different pre-project, on-going and post-project evaluation tools, the conclusion was to hybridise

evaluation tools from academic literature and the Hexagon Analysis. This approach allowed the




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project to continue when delays occurred, other parts of the project can be progressed to maintain a

constant pace development. What is the perspective concerning this master‘s thesis as a concept of

clarifying to the per-stage evaluation tool? The evaluation tool is designed to generating different

viewpoints of within the early stage of a pre-project (Stage 0 in Stage-gate model). What is the

process of the tool and why the need for different stages? Most evaluation tools generate data that

does not necessarily relate to each other, this research gap is where the evaluation tool sits, using

only relevant data is validated then sent to the next stage. This stage-gate process can only generate

results once the stage is complete if the stage is not completed data cannot be generated, this builds

credibility within the tool. What is Early-stage evaluation tool? It is a hybridization of an evaluation

tool that had stages, these stages work together not like your typical evaluation tool in generating

data based on in the stage, this refining process brings more clarity in the pre-project stage. Agile

Interactive research in project planning consists of planning, Designing, Testing and Launching,

since this is a prototype tool the Sparbanken Rekarne would have to carry a pilot study for further

development (reference that has pre-stage evaluation tool). The process used was Agile Interactive

research was three main sprints used in this master‘s thesis were defined;

Planning, Interactive research that defines subject data to research on (pg. 21). Reviewing subject

data for the evaluation tool and pre-project evaluation in particular.

Designing, Overview of pre-stage evaluation tools (pg. 31 – 36) within the master‘s thesis document.

Hybridising the early-stage evaluation tool based on interactive research, systematic literature review

and convenient sampling. Developing the framework and correlation of stages in the evaluation tool.

Defining and refining each stage of the evaluation tool which are Market Trend Analysis, Customer

Survey and Octagon Analysis and Project Clustering.

Testing, the evaluation tool using Sparbanken Rekarne business use-case, the business case would

verify stages in the evaluation tool can generate (Chapter 4) results (Merriam & Tisdell, 2016).

The original plan was to develop the evaluation tool and business case, the business case would act

as a verification process in testing the tool. But the Coronavirus (COVID-19) epidemic created

difficulty and two out of four stages were performed. The other two stages would rely mainly on

systematic literature review. Agile Interactive research helped alleviate the unforeseen coronavirus

(COVID-19) epidemic was by steering the development more in academic literature because the

database was ready and available (Government Offices of Sweden, 2020). This flexibility theory

allowed me the lead researcher to maintain development and strengthen the evaluation tool with

more academic literature. Applying Agile Interactive research and Agile principles and focusing on

systematic literature review led me to hybridize the hexagon analysis with an existing evaluation tool

that had staged. Process Market Trend Analysis, using interactive research keywords and knowledge

from the hexagon analysis, the tool needed a front end data gathering technique lacking in the

hexagon analysis. Process Customer Survey, working closely with the development team in

generating questions, sending emails bank and forth, convenient sampling methods when selecting

and eliminating questions. Process Octagon Analysis, using interactive research and the previous

results from the hexagon analysis and literature to increase its complexity than can generate useful

data in measuring any type of pre-project. Process Project Clustering, using interactive research

keywords that lead to the academic literature that entered portfolio management. Since the business

case is managing many projects, organising these projects was paramount and a necessary stage in

the early-stage evaluation tool. The Agile Interactive research worked cohesively with interactive

research and the research strategy, they complimented each other because they were no strain on

stakeholder‘s participation or negligence.




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CHAPTER 2

Methodology

The design and innovation master‘s program helped me gain project management knowledge of how

organisation work, project methodologies and theoretical learnings have helped me write the master's

thesis (University M. , 2020). The main inspiration for the master's thesis came from one of the

courses, INO402. Innovation And Creativity Management (Autumn 2019). Working with Annika

Thunberg in developing a workshop evaluation tool, this was the starting point of the early-stage

evaluation tool reimagined in this master‘s thesis (University M. , 2020). By using interactive

research in creating a business case, a problem that needs to be solved. Then developing the main

inspiration ‗Hexagon Analysis‘ evaluation tool into a hybrid evaluation tool that is validated and

developed using systematic literature review. Based on interactive research with Stefan Öhman,

finding ways to make decisions faster was what I thought was the best choice. Developing an

evaluation tool that reduces the fuzzy confusion in pre-project development. This co-creation

synergy of interactive research and the convergent and divergent information from Sparbanken

Rekarne and Mälardalen University stakeholders and Mälardalen University database was the

methodology used (University M. , 2020). ‗Hexagon Analysis‘ as the starting point, interactive

research as the methods combined with the verification and testing of other evaluation tools. Other

evaluation tools were researched on a questioned to see if they could solve the Sparbanken Rekarne

business case (Sparbanksstiftelsen Rekarne, 2020). The hybridisation of other academic literature,

‗From plan to action: Adapting evaluation to serve the developmental needs of a newly-funded

multidisciplinary research centre‘ by Rachel Claire Mitchella then personalising and customising the

early-stage evaluation tool to measure, Sparbanken Rekarne project portfolio (Booth, Colomb, &

Williams, The Craft of Research, 2008). The interactive research methodology offers a bridge

between stakeholders, theoretical data and practice (Kealy, 2019).

The methodology chosen for the thesis was interactive research was done in defining a knowledge

focusing on academic literature in developing the early-stage evaluation tool (Sparbanksstiftelsen

Rekarne, 2020). Implementing interactive research working closely with stakeholders fo an

organisation, co-developing knowledge creation, methodologies, research focus, research direction,

defining target groups, problem areas, methodologies. In pursuit of explore issues and develop

solutions in the context of an organisation and its customer issues (Booth, Colomb, & Williams, The

Craft of Research, 2008). Interactive research was applied in the development of the Hexagon

Analysis and the learning from that study was the foundation of this early-stage evaluation tool

(Mugisha & Thunberg, 2019). In modern empirical research studies try to address the need to invent

a new language of research and comprehensive analysis of research trends (Nowotny, Scott, &

Gibbons, 2003). Evolution in design research focus is user-centred and co-designing is changing the

roles of the designer, users are having a say in the design direction (Sanders & Stappers, 2008).

Equal important to involve and inspire the participation of stakeholders of the organization.

Practitioners have to manage the responsibilities of the research process and take action in changing

the organization (Ellström, 2008). Gathering data and co-production methods used as interactive

research, combining Stefan Öhman 30 year work experience at Sparbanken Rekarne,

Erik Lindhult mentor and leadership at Mälardalen University. Having access to Mälardalen

University academic databases, lead me to have all the necessary tools needed to develop a prototype

evaluation tool with multiple functions for multiple projects. Erik contribution for the master's thesis

was steering the direction of the prototype evaluation tool, making sure the base fundamentals were

in place and providing me with clarity in which methodology to use for the type of project, research

focus, research strategy and defining the research problem (University M. , 2020). In the 50%

presentation Bengt Köping Olsson gave a brilliant review of the master's thesis draft and addressed




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the master‘s thesis s direction needed to change because of the coronavirus (COVID-19) global

pandemic (Government Offices of Sweden, 2020). Stefan contribution using interactive research was

in the development of the business use-case, information about the organisation and co-creating the

prototype evaluation tool during the master‘s thesis. The tool evolved around the contributions of

stakeholders mentioned. Interactive research focuses on practical research, this approach lacks

acceptance, legitimacy traditional academic communities (Svensson, Ellström, & Brulin, 2007).

Interactive research was used when gathering information about the financial industry, working

closely with stakeholders in gathering data, convergent and divergent methodologies were applied in

developing the evaluation tool and business use case (Merriam & Tisdell, 2016). Since more time is

spent in practical research work, the researcher's proficiency is tested in caring out all features of

interactive research (Svensson, Ellström, & Brulin, 2007). Friction from co-operation between

researchers and practitioners will question the objectivity, validity of research process and

organizational processes (Ellström, 2008). Interactive research is increasingly popular in Sweden and

Nordic countries because it coincides with the flat organisation structures of the region (Svensson,

Ellström, & Brulin, 2007). The researcher needs to be disciplined when diagnosing the application of

models or theories in developing the research problem in context (Ven, Engaged Scholarship A

Guide for Organizational and Social Research, 2007). What measures are used, when to use

mathematical formulas, equations, qualitative or quantitative data collection methods? What is the

theoretical thinking/ design thinking, testing and determining what tools to use and when in the

early-stage evaluation tool (Booth, Colomb, & Williams, The Craft of Research, 2008)?

Developing a new insight into a topic from a broad topic perspective and then narrowing down and

focusing on one area to develop. Once the narrowing of the project scope has been done, its easier to

develop research or topic questions. The writer needs to develop interesting questions and sub-

questions in dissecting the main problem. This exploration is important in widening and creating

significance in the research problems (Booth, Colomb, & Williams, The Craft of Research, 2008).

Research Methods can be used to emphasize the rationalised priority of the research question over

research design and procedures (Newton, P., & Jr, 2019). The new research process is being

transformed, this transformation has multiple fundamentals at different novelty and intensity

(Nowotny, Scott, & Gibbons, 2003). Basic spotting, researchers review existing systematic literature

review to spot gaps in the literature and frame specific research questions (Sandberg & Alvesson,

2011). Gap-spotting traditionally indicates knowledge growth and crediting Academia (Merriam &

Tisdell, 2016). The commercialization of ‗engaged research‘ is an element of transformation,

researchers increasingly turned to alternative sources of funding for the development of programs

and projects (Nowotny, Scott, & Gibbons, 2003). Research institutions and Contemporary journal

encourage gap-spotting, they are three versions of gap-spotting Basic Confusion, Neglect spotting

and Application spotting (Sandberg & Alvesson, 2011). Interactive research is a philosophy and

practices of applying research in the context of social sciences. Changing its position with

stakeholders based on the knowledge gained, transforming position through the process of

researching in action and reacting to the new research (Booth, Colomb, & Williams, The Craft of

Research, 2008).

In interactive research, the learning process is defined and the instrument changes in the research

process using an interactive research cycle of planning, acting, observe, reflect and repeat (Svensson,

Ellström, & Brulin, 2007). The research is continuously validated making new links to new findings,

by critical reflection (Booth, Colomb, & Williams, The Craft of Research, 2008). Interactive research

has risks of proximity and personal involvement of participants makes it more difficult to conduct

critical analysis. A focus on understanding experiences and less emphasis on general analysis lead to

a low level of scientific productivity (Svensson, Ellström, & Brulin, 2007). New Production of

Knowledge offers a greater diversity of channels of how knowledge is produced, and in the types of

knowledge developed (Nowotny, Scott, & Gibbons, 2003). Early-stage evaluation tool was




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developed from the learning by doing, gained experience and validation process improve the tool.

The tool was simultaneously researched, for the use case and to the tool. These parallel research

topics worked as a cycle in validating reagents to each other (Sparbanksstiftelsen Rekarne, 2020).

Knowledge creation through interactive research can be done form two interlocked learning cycles,

Research System and Practice System. Research System comprises of the problem issued theories

and concepts generated, data assembled, analysis and conceptualized. Practice System begins with

the problem issues, local theories produced, lastly organisational action of the conceptualized

product or service (Ellström, 2008). Seeking public funding from universities or research institutes

because they are increasingly becoming more aware of the value of the ‗intellectual property‘

generated by their research studies. They understand the commercial application use case, this

research data could be used to develop programs at supranational, national or system levels

(Nowotny, Scott, & Gibbons, 2003). interactive research cycles are a methodology involving

stakeholders of refining a research focus, steps are taken in cycles that use the research to define and

refine the research focus. The main cycles are Plan, Act, Reflect, Observe and Reflect. The Plan

stage research area is directed, in the Act stage, the researcher begins researching an area. In the

Observe stage, the researcher gathers qualitative and quantitative data. The reflecting stage the

researcher evaluates the research content and future research directions, the cycle repeats (Merriam

& Tisdell, 2016). The intersection between the Research System and Practice System are processes

of interactive research produced and conceptualizations. The interpretations of the research object

fed back as ―cognitive input‖ as the next cycle of problem-solving and research process activities

(Ellström, 2008). How and when would applying interactive, action research or mix research needed

in the master's thesis? What is the best method in collecting qualitative or qualitative data for the

research project? How and when would inductive and deductive research be applied and at what

stage or topic (Booth, Colomb, & Williams, The Craft of Research, 2008).? What research

methodology to use for the development of the evaluation tool since action research was used in

developing the Hexagon Analysis (Sparbanksstiftelsen Rekarne, 2020)?

As stated early in the master‘s thesis, coronavirus (COVID-19) pandemic made collecting empirical

qualitative data impossible, other methods of collect data for reviewing existing evaluation tools had

to be made (Government Offices of Sweden, 2020). Qualitative and quantitative data that develops

the Hexagon Analysis had to be done. Erik Lindhult (mentor) suggested conducting systematic

literature review would provide apple data for this master‘s thesis. The systematic literature review

form the Mälardalen University database can act as a validation process when developing the early-

stage evaluation tool and the literature will support claims, stages and decisions made in the tool

(University M. , 2020).

Research Strategy

The research strategy is a step-by-step plan of action of the design process, in this case, the steps

taken in developing a prototype evaluation tool. The research strategy directs and documents the

researcher thought process, efforts made and decisions made. The research strategy shows

communication with intent, conduct research systematically on a schedule that produces quality

(Booth, Colomb, & Williams, The Craft of Research, 2008). The process used in developing the

evaluation tool had Agile principles, flexible timeline interactive research techniques. As stated early

the theoretical and methodological findings are integrated into Chapter 3 and Chapter 4, used to in

explaining the values, use-cases and measurements methods of the early-stage evaluation tool. In this

master‘s thesis, the project managerial and theoretical background was Agile principles. Elements of

Agile Project management are a flexible approach to developing a project. In the planning of this

early-stage evaluation development, there was a stage-gate timeline defined but with no fixed dates.




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The primary challenges or problems in developing the prototype evaluation process are defining the

technical functions and specifications. The design process of the early-stage evaluation tool began

with interviews with stakeholders, using interactive research with both mentor and Sparbanken

Rekarne. The next stage was to develop theoretical knowledge, performing an systematic literature

review research strategy. By cross-referencing the data done with the data received, this interactive

research design process satisfied all stakeholders (Sparbanksstiftelsen Rekarne, 2020). Before the

coronavirus (COVID-19) epidemic (Government Offices of Sweden, 2020), the research strategy

was to develop an evaluation tool based on the bank‘s project portfolio, but the new research focus

that leans to more academic research would provide an alternative solution. As stated early in the

research focus, Agile project management was the strategy used in developing the prototype

evaluation tool. The previous strategy was ambidexterity, that developed an early-stage evaluation

tool based on two problems.

Creating a new business case had to be done because of confidential projects at Sparbanken Rekarne,

there was no possibility to use existing projects or pre-projects in testing or validating the prototype

evaluation tool. The simultaneous development of the business case and the prototype tool was

customised and personalised to evaluate Sparbanken Rekarne project portfolio (Sparbanksstiftelsen

Rekarne, 2020). The simultaneous strategy had to stop because validating the tool would not be

possible due to the coronavirus. Focusing on the academic literature was then the new research

strategy, through interactive research to fill in the knowledge gaps in the development and validating

process (Merriam & Tisdell, 2016). Implementing interactive research defined the research gaps,

problem areas and knowledge areas that needed to to be explored. Interactive research was pivotal in

setting the direction and research focus of the master's thesis, exploitation of databases and

stakeholder inputs.

The exploitation of academic literature was the main systematic knowledge-gathering methodology

in developing critical theoretical and practical aspects of the prototype evaluation tool. Interactive

research led me to exploitation and exploring fintech technologies, digitization, project development,

project analytics, evaluation and pre-project evaluation tool. Learning about the complex problems

with multiple rules and regulation restrict innovation, the same methodologies and theories would

only generate the same outcome. Researching into new fintech technologies that could be first tested

as a pilot studied then scale up the successful concept project is the early-stage evaluation tools goal.

Methodologies and theories done in the past will only generate content that applies to the past.

Combing Interactive research and academic literature in this master‘s thesis generated a prototype

early-stage evaluation tool (Sparbanksstiftelsen Rekarne, 2020). The exploitation of information was

also partly the divergent and convergent interviews and conversations with Stefan Öhman, Johanna

Tömmervik (Sparbanksstiftelsen Rekarne, 2020). Erik Lindhult and Mälardalen University database

(University M. , 2020). The exploration was interactive research information gathered from the

interviews and meetings. The systematic literature review needs to support the development of the

evaluation tool. Interactive research sampling progress the keywords in which aid in the development

of the tool. This sampling will make sure the evaluation tool is reliable and can meet all expectations

of the stakeholders. The interactive research methods set the objectivity of the tool being developed,

critically reviewing the ‗Hexagon Analysis‘ in an open discussion can spawn keywords for the

literature review (Sparbanksstiftelsen Rekarne, 2020).

Interactive Research

Interactive research can be defined as the continuous joint learning process between the researcher

invested stakeholders and participants. The process of evolving information is co-developed with the

researcher and stakeholders involved. This changes of information lead towards knowledge creation




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and a sustainable critical reflection of data is performed. Another sustainable fact of Interactive

research is the analysis in the joint learning process (Kealy, 2019). Interactive research is popular in

Nordic countries because of the human-centred approach of merging developers and stakeholders,

this increasingly collaborative methodologies increases, contribution, the wellbeing of participants

involved, a positive ethical contribution for members in the process. Building on participants

knowledge and experience increases the proficiency and efficiency of a solution focus strategy (Ven,

Engaged Scholarship A Guide for Organizational and Social Research, 2007). Interactive research

approach builds on participants who have theoretical knowledge or experience and uses theses

background qualification in seeking innovation. Interactive research can be conducted in close co-

operation with an organisation, it was the case for this master's thesis, working closely with Stefan

Öhman. His financial knowledge steered the development of the early-evaluation tool (Nowotny,

Scott, & Gibbons, 2003).

Co-developing the framework of the tool in the context of Sparbanken Rekarne of a critical and

reflective Eskiltuna community. The interactive research approach used, knowledge from invested

stakeholders and supported by systematic literature review in development and dissemination the

early-stage evaluation tool (Svensson, Ellström, & Brulin, 2007). Interactive research was the

methodology used of this master's thesis in generating theoretical knowledge in order to identify and

understand pre-project evaluation tools and how the tool can be built on those findings (Ven,

Engaged Scholarship A Guide for Organizational and Social Research, 2007). Interactive research

narrowed down the wide cope of innovation for Sparbanken Rekarne. agreeing to work on an

evaluation tool and re-engineered for Sparbanken Rekarne business portfolio. The process of

Interactive research develops mechanisms for a sustainable work environment and Interactive

research creates a high level of participation before, during and after the early-stage evaluation tool

has been developed (Svensson, Ellström, & Brulin, 2007). To ensure effective communication

methods, we used different forms of communication, face to face, emails, Skype calls and phone

calls. Utilising stakeholders time and scope for development for the evaluation tool (Nowotny, Scott,

& Gibbons, 2003). The production logics of Stefan was to create small agile groups that work

independently and collaborate on set stages in the project, this information exchange creates trust and

openness in order to enable a critical discussion of the evaluation tool (Svensson, Ellström, & Brulin,

2007). Stages in the early-stage evaluation tool where developed, the refining process was both

convergent and divergent interviews, discussions and analyses the ongoing development of the

evaluation tool (Nowotny, Scott, & Gibbons, 2003). The interaction developed rapid feedback in

setting the research aim, research focus and business case for the development of the evaluation tool

(Ven, Engaged Scholarship A Guide for Organizational and Social Research, 2007).

Interactive research was the base the work on developing the business case that in turn develops the

evaluation tool, Interactive research process in this master's thesis demonstrates knowledge creation

on variations implementation stages of the evaluation tool, facilitate the learning and reflection of the

evaluation tool (Kealy, 2019). This experience gained developed the key concepts of the stages,

information gathering steps, the involvement of customer feedback and analysis models that provide

new use case of market trends into concept projects (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007). Interactive research addresses what methodology take in

practice, the different levels of methodology during the development processes of the early-stage

evaluation tool. Interactive research addresses the level of contribution of the researcher and

participants, data generated that relates to the joint development of knowledge (Newton, P., & Jr,

2019). The knowledge that occurred between the researchers and participants, their efforts,

contributions and a joint understanding of a complex evaluation tool. Interactive research relates to

the development of knowledge that occurred between the researchers, mentors and primary

stakeholders and customers, the organisation structure, business case and innovation tool

development (Kealy, 2019). Interactive research co-creates a joint development process of




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knowledge gathering, that took place between the research group and representatives of the practical

sphere in the various aspects of the research material that would build the evaluation tool (Svensson,

Ellström, & Brulin, 2007). Interactive research is a ‘human-centred design‘ approach that can be

applied from macroeconomics to microeconomics organisations or governmental institutions,

governmental authorities, county councils, municipalities, private companies, other research

institutes, universities, corporate and occupational healthcare services (Nowotny, Scott, & Gibbons,

2003). Interactive research aims to produce good scientific results with high accuracy, fidelity and

practical ability or applicability of knowledge, methodologies or theories developed (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007). In Interactive research, the

researcher assigns tasks for and with participants, that there is a clear division of interests,

responsibilities, powers and expertise between stakeholders involved (Svensson, Ellström, & Brulin,

2007).

In Interactive research, the researcher has to take the lead and create a framework of the

collaboration of participants involved. In the case of the early-stage evaluation tool, the tool was co-

developed with stakeholders and Stefan was sent out a questionnaire but because of the coronavirus

(COVID-19) epidemic steps in the validation of the tool had been affected. The validation process of

the evaluation tool would stop on the second stage but the solution of the tool will continue

(Government Offices of Sweden, 2020). Using academic literature and Interactive research in

developing the next two stages (the early-stage evaluation tool has four stages) (Newton, P., & Jr,

2019). In Interactive research, there is a clear reflection of the division of work between the

stakeholders. A clear connection and interaction with both the research system and practice system in

the development of the evaluation tool (Ven, Engaged Scholarship A Guide for Organizational and

Social Research, 2007). In Interactive research the researchers and participants have the

collaboration of a project, discussing the issues, respective parties, interests and in examining

findings. Jointly reviewing new data, investigated data and analysing any issues that stakeholders are

interested in (Nowotny, Scott, & Gibbons, 2003). In Interactive research the lead researcher has been

democratic in decision-making but needs to be firm on the decision-making process, using a

theoretical referenced framework that aid in choosing elements of the project, based on data

(Svensson, Ellström, & Brulin, 2007).

Interactive research like action research does not have a particular methodology, yet in the process

uses a fusion of interviews, focus groups and questionnaires (Svensson, Ellström, & Brulin, 2007).

To demonstrate how interactive research is conducted within close co-operation the use of

frameworks that promote co-development of critical and reflective outcomes (Svensson, Ellström, &

Brulin, 2007). Information about the problem supplied, alternative solution models. What is the

chosen strategies and search techniques? How can the evaluation tool being to develop help facilitate

their innovation needs.? What new data is received and how is it relevant? How the data should be

used to make inferences? How does the researcher decide which inference path to believe (Ven,

Engaged Scholarship A Guide for Organizational and Social Research, 2007)? The meeting was a

form of interactive research, I asked Stefan the research areas that I would need to explore the fintech

(financial technologies) when developing an innovative tool for the bank (Sparbanksstiftelsen

Rekarne, 2020). Relationships during the research process generate mutual trust and an open and

liberal climate, this is vital for the interactive research process (Svensson, Ellström, & Brulin, 2007).

Stefan suggested looking into Sparbanken Rekarne History, PSD2, Instant Payments and Riksbank‘.

Participants need to have a level of capability, interest creative depth and analytical understanding of

the studies (Svensson, Ellström, & Brulin, 2007). When using the interactive research cycle it builds

more knowledge about the fintech based on these subject areas. After every reflection with

stakeholders a new door to research areas would open, this interactive research cycle was the

approach for solving both intertwine‘s the research questions (Sparbanksstiftelsen Rekarne, 2020). It

is difficult to assess the research texts and how the researchers generated the research questions. How




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the researcher began the projects and the key stage of the preparation of research questions

(Sandberg & Alvesson, 2011). In the second stage of the prototype evaluation tool, interactive

conversation with Stefan leads to the development of an online survey. The online survey was the

chosen platform in communicating with a large customer pool directly. The questions were co-

developed from interviews with Stefan and the data collection in the first step of the prototype

evaluation tool. The questions, intended for costumers answer, was a mixture of closed quantitative

questions and open qualitative questioned. The purpose of the online survey was to provide feedback

for the development of pre-projects. The customer's input gives the development team insight into

the ideology and customer expectations for specific markets (Sparbanksstiftelsen Rekarne, 2020).

Conducting interactive research has eight intervention stages. Stage one includes establishing a set of

outcomes or results, setting and constructing a feasible research question, which sets the overall

direction of the project. Stage two involves developing a protocol, documenting previous experiences

and drafting the research strategy before searching begins. Stage three focuses on defining the

specific inclusion and exclusion criteria this process works with; the research strategy protocol in

identifying relevant material to review. In stage four, the important step of academic literature has

been collected which documents the journey of collecting that data. Drafting the search strings right

is extremely important. Reviews of your work will use it when evaluating what material the

researcher retrieved. Stage five, includes retrieval research material under one's experience,

documenting this data a vital stage in the review process. Stage six focuses on filtering the relevant

Academic literature is called screening by using inclusion and exclusion criteria, reading the

publication in detail the researcher chooses articles that reflect or oppose concepts in the master‘s

thesis. Stage seven, once the research completed, Academic literature, retrieves the next step

comprises relevant studies need to be defined and classified. The analysis of the data is in the last

stage of the process, stage 8, which summarise and synthesise in summarising and answering the

overall research question (Jessica Hagen-Zanker, 2013).

The validity of interactive research and ambition in the development of the research is often

criticized, this encourages researcher and participants to create a critical-realistic foundation. The

critical learning between the researcher and participants can supportively increase the reflexivity

validity of the research (Svensson, Ellström, & Brulin, 2007). We discussed how Riksbank‘Sweden

Central Bank is developing E-krona and how that might affect the Swedish banking industry.

Riksbank has been developing the E-krona digital currency since 2016. Talked about Central Bank

Digital Currencies (CBDC) creating a digital currency and the underline technology behind this is

block-chain technology. I decided to read up more about block-chain (Sparbanksstiftelsen Rekarne,

2020). The interactive researcher set the climate and creates closeness but should also keep distant

and not impose personal perspective. Has to listen, participate and understanding local perspective,

yet dedicate time seeking generally valid knowledge (Svensson, Ellström, & Brulin, 2007). The main

challenge in situating a research problem is deciding who are the stakeholder groups to be researched

on, the reality perspectives and desired outcomes (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007). The interactive researcher has to prepare participants

with sporting data, activities data collection, dialogue, meetings, feedback and generally spends more

time and resources on the research process (Svensson, Ellström, & Brulin, 2007).

Research Quality

The research quality refers to how the reader is sure the research is acceptable or creditworthy.

Focusing on the research contributory facts from stakeholders, was it sufficient or bias? As the lead

researcher in this paper, it was paramount for me to be objective at all times and to make judgements

about the research direction and focus that benefits the development of the tool for Sparbanken




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Rekarne. Competent research is credible and reliable, using the research to lead the direction of the

research was my approach. Divergent and convergent conversations that focussed on continuous

reflections lead to credible research keywords and eventually credible articles. Using the Hexagon

Analysis as a starting point, dissecting it and using other evaluation tools to have its development.

the same results from researcher to researcher is only possible with consistent research quality. The

relation to Hexagon Analysis values was investigated and discussed on their viability and usability in

developing the early-stage evaluation tool. Hexagon Analysis values became keywords for the

research string, reflecting (gap spotting) on the need for another project valuation was done.

Reviewing other pre-project evaluation tools lead me to discover other aspects of a typical project.

As the evaluation tool became complex so did the research findings. The needs of the early-stage

evaluation dictated the path of the research quality. Because of the need for the evaluation tool to

measure bank project the measurements needed to be customised for the business use-case.

Credibility was a big concern and using Scopus database was chosen not because of its large data on

pre-project evaluations but because of its IEEE certification Articles. Most of the Articles used to

have IEEE certification Articles, this adds to the reliability of the chosen articles (University M. ,

2020). The filtering method of me the lead researcher was to narrow down the language and limit

document type to Article and Conference Paper, doing this because these carry more trustworthy

weight. Limit Source type Articles to Journals and Conference Proceedings because these articles

generate more useful data for the tool. Then focusing keywords that deal with project management

because the tool needs to look at a different perspective of a typical project. Lastly limiting articles

from 2016 – 2020, this means all findings are modern and current techniques, theories and

methodologies (University M. , 2020).

Still, several Articles were found and the difficult part happen. Reading abstracts and introductions

and deciding whether they could contribute to the development of the paper or does it give new

insight into validating projects. After chosen articles where read cross-referencing was done to see if

the articles provided similar information. This push and pull factors when choosing articles reflected

in the development of the tool. Articles that explain where the current financial industry is going,

from different pre-project, ongoing and post-project evaluation methodologies. The systematic

literature review literature validated aspects about the tool, providing more information on how to

use the evaluation values and numeric qualities. Gave more insight to corresponding values to

numeric measurements that bring clarity in evaluating pre-project fuzzy end. The quality of the

literature used in defining each stage and sub-stages was done by using current prevalent modern

insights and applications.To reciprocate this early-stage evaluation tool, other researchers would

need to start with the Hexagon Analysis as a starting point then reviewing the pre-project stage

evaluation tool because of its oversimplified nature (University M. , 2020).

Quality of the Tool

The research quality of the tool is finding out whether the tool is functional. This prototype tool is

categorized as in innovation and design as a pre-project evaluation tool. The research quality of this

tool is the functionality of measuring pre-projects for Sparbanken Rekarne. What is its functionality?

This evaluation tool takes ideas and relevant data and formulates this data into concept projects with

the use of stages. Each stage data confirmation and reflection solidifies pre-project's overall

complexity. This solidifying process converts qualitative and quantitative data into data that is

measured with Likert scales. Making it valuable in measuring any type of project scope in an

organizational project portfolio. Each reflection after each stage uses current and relevant data and

the development team experience in that organization in increasing the efficiency of the decision-

making process. Another proof of quality is at each stage the relevant data increasingly produces




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beneficial credible data in aiding the decision-making process. I might be subjective when rating

how good is the evaluation tool, because of large amount research done, the systematic review

focused on every aspects of the tool including all the keywords and use of measurement scales. The

research quality of the systematic literature review made it possible to validate every metric in each

stage of the evaluation tool.

Stage 1 Market Trend Analysis, the research quality systematically reviewing competitors, gaining a

deeper understanding of the organization, research into market trends and the implementation of lean

principals based on lean principles.

Stage 2 Customer Survey, the research quality is systematically researching into different survey

solutions, researching into Likert, semantic differential scales, Dichotomous style questions,

quantitative and qualitative open questions styles.

Stage 3 Octagon Analysis, the research quality is systematically researching into Likert scales values

to be integrated into the stage, systematic research into each keyword (Complexity of Project,

Sustainability, Implementation, Marketability, Digitalization, Distribution Logistics, Timescale and

Total Cost) in this application.

Stage 4 Project Clustering, the research quality is systematically researching into project portfolio

management than using lean principals based on interactive research. Then expanding those findings

to organising, grouping and developing channels to funnel the pre-projects.

CHAPTER 3

Convenience Sampling for the Early-Stage Evaluation Tool

When carrying out a literature review keywords need to be formed. The keywords were generated

from interactive research convergent and divergent conversation with stakeholders. Conducting

academic literature would aid the development of the tool because the literature can support the

clams of the evaluation tool. The ‗Hexagon Analysis‘ which this tool is based on did not have a

tougher literature review, this left knowledge gaps in the tool and where evidenced when trying to

use it. Because empirical data was not available invalidating the tool, the literature would have to

have a feedback loop in validating perspectives of the tool. This convenience sampling interview

method was used because of the vast knowledge in this specific industry would be applicable when

developing a tool for Sparbanken Rekarne‘s project portfolio. The keywords generated from these

discussions would develop knowledge of Sparbanken Rekarne‘s project portfolio, increase the clarity

of what the tool needs to measure (Sparbanksstiftelsen Rekarne, 2020).

Convenience sampling conversations focused on the ‗Hexagon Analysis‘ and its metrics, what was

there and what wasn‘t included and why? Critique of ‗Hexagon Analysis‘ was done discussing the

research quality need to develop the early-stage evaluation tool. Drawing from the knowledge gaps

from ‗Hexagon Analysis‘, the numeric values of the tool also needed to be researched on because

this numeric valuation brings clarity to subject matters. The stakeholders have work experience that

helps shape the keywords which were later used in the ‗Octagon Analysis‘. The ‗Hexagon Analysis‘

had seven metrics of understanding and this was a starting point. Interactive research and the

literature expanded the values from seven Project Measurement Tools to thirty-two. This clearly was

too much so conversations that focused on the elimination of Project Measurement Tools. This lean

approach is evidenced in the tool. Eight where chosen, these eight are Complexity of Project,

Sustainability, Implementation, Marketability, Digitalization, Distribution Logistics, Timescale and

Total Cost (which later became the keywords). Since the master‘s thesis focused on the evaluation




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tool and specifically pre-project evaluation tools became keywords. Interactive research sampling

conversation encouraged a modern 'Lean Principles', this feedback loop aided the development of

early-stage evaluation tool. Making the tool lighter and more applicable for measuring Sparbanken

Rekarne‘s project portfolio (The literature also supported this approach) (Sparbanksstiftelsen

Rekarne, 2020).

Evaluation Tool Systematic Literature Review

A characteristic for ‗New Production of Knowledge‘ is the highly reflexive knowledge, the research

process no longer defined as ‗objective‘ investigation and reductionist interrogation of arbitrarily

defined ‗others‘ (Nowotny, Scott, & Gibbons, 2003). Since the development of the prototype

evaluation would specifically on academic literature and not empirical data, a more robust analysis

of different attributes of projects also needs to be done.

The first Systematic Literature Search Strategy was to develop the early-stage evaluation tool and the

second was to develop the business case (University M. , 2020). A systematic review, is a rigorous

and transparent method of reviewing the literature, the core principals of a systematic review are

rigour, transparency and replicability. The first step is to increasing the breadth in the literature and

retaining focus. The second step is to focus on empirical evidence and not preconceived knowledge.

The third step is to be transparent and replicable about knowledge creation (Jessica Hagen-Zanker,

2013). The solving the paradigmatic camps are by fading gaps in the literature to formulate detailed

research questions (Sandberg & Alvesson, 2011). The Database used was Scopus, sourcing modern

academic literature related to the Project Evaluation, the search word used was Project Evaluation,

Complexity of Project, Timescale, Total Cost, Sustainability, Implementation, Marketability

Penetration, Digitalization Implementation and Distribution Logistics (University M. , 2020).

Keywords Search Strategy

Project

Evaluation

‘Project Evaluation‘ as a search string, resulting in 148 957

documents. Limit Language to only English, resulting in 136,968

documents. Limiting Document type to Article and Conference Paper,

resulting in 125 837 documents. Limit Source type to Journals and

Conference Proceedings, resulting in 118 530 documents. Limit

keywords to Business, Management and Accounting, Social Sciences

resulting in 25 139 documents. Document year limit to 2020, resulting in

196 documents, read 120 documents and used 9 (University M. , 2020).

Pre-Project

Evaluation

‗Pre-Project Evaluation‘ as a search string, resulting in 102

documents. Limit Language to only English, resulting in 96 documents.

Limiting Document type to Article and Conference Paper, resulting in 89

documents. Keywords limited to Project Management, Project

Evaluation, Evaluation, Sustainable Development, Cost-Benefit

Analysis, Decision-making, Design, Environmental Impact Assessment,

Life Cycle, Planning, Pre-project Planning, Project Planning, Surveys,

Adaptive Management, Computer Software Selection And Evaluation,

Economics, Investments, Organizational Innovation, Post-project




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Appraisal, Project Assessment, Risk Management, Capital Investment,

Data Analysis, Data Collection, Developing Countries, Doctor-Patient

Relation, Ecosystems, Environmental Assessment, Environmental

Management, Environmental Technology, Fuzzy Mathematics, Human

Relation, Information Management, Information Processing,

Management, Project Execution, Quality Improvement, Quality

Requirements, Questionnaire, Questionnaires, Regression Analysis,

Requirements Engineering and Scheduling. Resulting in 57 documents.

Read 23 documents, and used 7.


Complexity of

Project

‗Complexity of Project‘ as a search string, resulting in 42 382

documents. Limit Language to only English, resulting in 40 429


resulting in 35 057 documents. Limit Source type to Journals and

Conference Proceedings, resulting in 35 057 documents. Limit keywords

to Product Design, Product Development, Decision-making , Problem

Solving, Methodology, Reliability Marketing, Probability and

Information Technology resulting in 7 073 documents. Document year

limit from 2019 – 2020 resulting in 414 documents, read 51 documents

and used 4 (University M. , 2020).

Timescale ‗Timescale‘ as a search string, resulting in 57,691



resulting in 52,683 documents. Limit Source type to Journals and

Conference Proceedings, resulting in 51 481 documents. Limit keywords

to Timescale and Time-scales resulting in 8,377 documents. Document

year limit from 2019 – 2020 resulting in 513 documents, read 31

documents and used 2 (University M. , 2020).

Total Cost ‗Total Cost‘ as a search string, resulting in 253,168




Conference Proceedings, resulting in 220,055 documents. Limit

keywords to Costs, Cost-Benefit Analysis, Cost Control, Cost

Effectiveness, Cost Reduction, Cost-benefit Analysis resulting in 49 691

documents. Document year limit to 2020 resulting in 606 documents,

read 80 documents and used 3 (University M. , 2020).

Sustainability

‗Sustainable‘ as a search string, resulting in 82,151







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Conference Proceedings, resulting in 58,696 documents. Limit keywords

to Sustainable Development, Sustainability, Recycling, Sustainable

Production and Optimization resulting in 25,230 documents. Document

year limit to 2020 resulting in 782 documents, read 48 documents and

used 4 (University M. , 2020).

Implementation ‗Implementation‘ as a search string, resulting in 1,283,339

documents. Limit Language to only English, resulting in 1,203,682


resulting in 1,015,158 documents. Limit Source type to Journals and

Conference Proceedings, resulting in 1,015,158 documents. Limit

keywords to Optimization, Design And Implementations, Risk

Assessment, Problem Solving, Sustainable Development,

Implementation and Parameter Estimation resulting in 95,426

documents. Document year limit to 2020resulting in 1,076 documents,

read 36 documents and used 3 (University M. , 2020).

Marketability ‗Marketability‘ as a search string, resulting in 2,810





to Marketability, Marketing, Economics, Product Development,

Sustainable Development and Sustainability resulting in 249 documents.

Document year limit to 2018 - 2020 resulting in 512 documents, read 62

documents and used 3 (University M. , 2020).

Digitalization ‗Digitalization‘ as a search string, resulting in 11,253





to Digitalization, Industry 4.0, Digital Transformation, Decision-making,

Big Data, Sustainable Development and Digitization resulting in 2,309

documents. Document year limit from 2016 – 2020 resulting in 883

documents, read 91 documents and used 4 (University M. , 2020).

Distribution

Logistics

‗Logistics‘ as a search string, resulting in 495,858




Conference Proceedings, resulting in 437,252 documents. Limit

keywords to Logistic Models, Logistic Regression Analysis, Time

Factors, Logistics and Logistic Regression resulting in 175,655

documents. Document year limit to 2019 - 2020 resulting in 8,628




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documents, read 17 documents and used 3 (University M. , 2020).

Likert ‗Likert‘ as a search string, resulting in 28,552


documents. Limiting Document type to Article resulting in 23,664

documents. Limit keywords to Questionnaire, Information Management,

Quality Control, Knowledge Management , Marketing, Human Resource

Management , Project Management, Supply Chain Management ,

Questionnaire Surveys, Total Quality Management and Risk

Assessment resulting in 413 documents. Document year limit from 2018

- 2020 resulting in 129 documents, read 62 used 3 documents


Table 1. Evaluation Tool Systematic Literature Review (University M. , 2020).

First Systematic Search Analysis

Fig 1. First Systematic Search Analysis (University M. , 2020).

Project Evaluation

Project evaluation was the first research focus and the keyword as my research topic. Project

evaluation is a systematic assessment of a project at different stages. The project evaluation has

process done in a systemic order of analysis data that was gathered, reveal new understandings,

theories and methodologies. Project evaluation is an appraisal tool to manage a project, making the

project effective and efficient. Project evaluation are tools in design science of project management.

Project evaluation is a crucial exercise that minimises risk, ensures the projects on track, informs

2002 2015 2018 2019 2020




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stakeholders of progress and learning can advance similar projects in the future. The sampling

method is a batch reactor problem, the optimization parameters focus on temperature and processing

time. The kinetic parameters of the model's system work under the rules of mixing isothermal

operation (Kucherenkoa, Giamalakis, Shaha, & García-Muñoz, 2019).

The outcomes are determined, at different stages of a project. Project evaluation can measure pre-

project, medium-term and end evaluation, recording the effects of project outputs. Observing the

outcomes and the changes that happen and documenting the linking the transformation evolution

interventions. Project evaluation provides participation for stakeholders involved in a project, at

different levels of involvement, internationally, national or within an organisation. Reinforce

communication through data-driven results, clarification of methods, technologies and strategies can

be verified and agreed among stakeholders. Also gives stakeholders a sense of joint ownership

(Merriam & Tisdell, 2016). Goals are usually set in the project plan, and some project evaluation

record, the achievements and failures of the project. These evaluation link the intended impact and

what actually happened. The outcomes are the results that link and described events in the project

document (Booth, Colomb, & Williams, The Craft of Research, 2008). Impact in an evaluation is

defined as the positive and negative outcome of an event. The impact is events in a project that are

labelled as primary and secondary short, medium and long-term (Merriam & Tisdell, 2016). Using

evaluation effectively produces an intervention, directly or indirectly and recording the intended or

unintended as results. This impact is a result of linked events that develop the project, documenting

the objective described in the project document. Because projects can take years to develop and

executed there is a reason to document, goals, tasks and objective of the project. Documenting the

plan for impact, recognizing that the project will likely achieve outcomes (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007). Using Interactive research in

gathering data about different project evaluation then reviewing these evaluation methodologies.

These different evaluation tools measure and breakdown projects down. Others measure the during

the life cycle of one project and some measure the end of a project. Project evaluation is broken

down into three main types: pre-project evaluation, on-going evaluation and post-project evaluation

(Booth, Colomb, & Williams, The Craft of Research, 2008).

Pre-Project Evaluate

Using interactive research cycles lead me to Pre-Project Evaluate, it is a tool that measures aspects of

projects before the project plan has been drafted. Pre-Project Evaluate (0 of the stage-gate model)

tool uses different kinds of the measurable set to achieve the deliverables and variables in the project,

tools vary in use of mathematical equations, algorithms, quantitative and qualitatively measurable

(Booth, Colomb, & Williams, The Craft of Research, 2008). Pre-Project evaluations reinforce

accountability because the pre-project data-driven results promote transparency and highlight

potential risks within a project. By assessing possible bottlenecks improvements to the project plan

can increase the performance, contributes and organizational learning‘s. Pre-Project evaluations

learning‘s can dramatically change a project plan, design process, timelines and dynamic review

process (Merriam & Tisdell, 2016). To reduce development for large projects and risks, the solution

is to develop algorithms that communicate directly with each other, by running various algorithms in

simulations (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Pre-Project Evaluate measures the validity of new methods and tools used in the project. Identifying

the different categorise in the evaluation tool measures the failures and success of methods and tools

used that worked in stages of the project (Booth, Colomb, & Williams, The Craft of Research, 2008).

Orthodox literature reviews do not accept pre-defined methods for assessing or arranging evidence,

more concerned with the evaluation results of studies than the research questions. Orthodox literature




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reviews are not concerned about the research design, methods used and the quantitative and

qualitative data. Orthodox literature reviews do not represent trustworthy findings (Jessica Hagen-

Zanker, 2013). Pre-Project Evaluate Identify problem, analyses data, Agreement with stakeholders,

Timelines and deliverables (Booth, Colomb, & Williams, The Craft of Research, 2008). Pre-Project

Evaluate is generally the pre-study used to validate massive projects and are used to develop the

project plan. Pre-Project Evaluation methods first need to defined core and primary stakeholders,

define the research area, evaluation questions and related activities (Frishter, 2018). Pre-Project

Evaluation need to ask; What lessons can we learn? How can we improve communication and

collaboration? How can we incorporate stakeholder insights? Mainly what are the setting,

parameters, metrics and measurements used? What are the collaborative resources used, the format

and metrics used in defining the parameters? What is the evaluation process? How can we improve

efficiency, decrease the spending and create systems to compare? What trends, methodologies and

theories need to be taken into consideration? What connection to literature does the evaluation tool

have? How is the evaluation tool used in a project? At what level does the evaluation tool have

centre-level logic model activities in the outputs and outcomes (Booth, Colomb, & Williams, The

Craft of Research, 2008)? Pre-project evaluation is the backbone of a well-executed project plan,

pre-evaluating a project are steps in measuring tasks and activities within the project. You cannot

effectively project plan, without pre-project evaluation that includes a contribution from the

stakeholders enfolded. The developer team involvement, participation and contribution discuss and

evaluate the pre-project‘s before initial investments are made. In some cases pilot studies are done at

a smaller scale to measure the viability of a massive project (Tanwar, Parekha, & Evans, 2019). This

pre-project evaluation is the only method to determine the effectiveness of a massive and highly

complex project before executing it (Svensson, Ellström, & Brulin, 2007). Pre-project evaluation are

usually done with project‘s that consume an immense amounts of capital, manpower and time.

Validating these investments is through as a highly credible, independent and transparent process

(Booth, Colomb, & Williams, The Craft of Research, 2008). Pre-project evaluation describes the

design process of a particular project and the technical administrative roles for stakeholders. Pre-

project evaluation is conducted to promote data sharing in an ethical way and including tasks and

stakeholders in charge of tasks and responsibilities. This information is highly sensitive and handling

the confidential information is reserved for the development team organisations (Merriam & Tisdell,

2016). Reviewing different kinds of a pre-project evaluation tool that I could use for Sparbanken

Rekarne needs, Quality Assurance (QA), Environmental Assessment (EA), Creative Commons

Methods, Cascade Hydraulic Pre-Project Evaluation, Pre-Network Evaluation Tool, Block-diagram,

Recovery Energy Resources (RER) and Early Warning Scoring System (EWSS). Decided to create a

hybrid pre-project evaluation tool base on an existing evaluation tool.

Quality Assurance (QA)

The Quality Assurance (QA) evaluation tool aims to improve the quality of a product or service

(health care in this use-case) of the population in the regional. The Quality Assurance (QA) pre-

project evaluation collected qualitative data from medical records, interviews stakeholder (staff,

managers, focus groups) conducted in the communities. Factors contributing to the success of a

Quality Assurance (QA) is the synergy of activities that development teams that optimises the impact

of supervision. Implement the coaching system and district coordination system structures.

Supported teams, improving standards, increasing training, support systems addressing the

integration of the entire health system and related support functions. Quality Assurance (QA)

evaluations aim to validate the achievement of Teamwork and communication, documenting the

keys to success that fostered a culture of quality and motivated stakeholders. Quality Assurance

(QA) evaluations focus on the user‘s awareness and respect for customer‘s rights, needs, and




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satisfaction became the ‗yardstick‘ by which organisation stakeholders measured their success.

Quality Assurance (QA) evaluations bring clarity of roles through standardization efforts. The work

on standardization efforts establishes clarity about the who, the needed, the what was, and how?

Quality Assurance (QA) is a useful tool for measuring qualitative metrics, identifying the needs and

satisfaction levels (Legros, Tawfik, Abdallah, Crespin, Djingarey, & Catsambas, 2002). But the tool

I need for Sparbanken Rekarne business case would need to do more than measure user‘s awareness.

It would need to measure the different aspects of pre-projects and on-going projects.

Environmental Assessment (EA)

A pre-project evaluation focuses on a restoration project that conducted in-depth qualitative

interviews with project sponsors, performed an Environmental Assessment (EA) and construction

plans. The pre-project data used justified the restoration and development and project plan. This pre-

project evaluation data can be used for project implementation, conducting valid post-project

assessments and future projects. The pre-project goals listed in the Environmental Assessment (EA)

improve the aquatic and riparian habitat, reducing financial disaster, preventing greenway loss and

restore a degraded system. Qualitative Pre-project evaluation tool Measuring the Motivations &

importance, Expected outcomes, Data used for planning and Monitoring plan. Pre-project

evaluation‘s highlight issues of the relevant data used to justify restoration complex projects. Post-

project Monitoring and Evaluation project‘s sponsor's official monitoring project goals. The

evaluation data justifies the project develop using environmental assessment and project plan. This

presents an end solution that may preclude to the conducting of valid post-project assessments. Pre-

project assessments measure the most effective specifications for a complex project, accounting for

representing multi-scale processes. This key data makes the researcher accurately understanding

existing problems. The ramifications of not collecting immaculate pre-project data can be significant,

leading to diminished success or complete project failure. The longevity of the planning and design

process a successful project plan from ideation to inception and implementation relies upon an

adequate pre-project database. The pre-project evaluation tool was used in showcasing and

highlighting the disconnects from perceptions, project goals, defining costs, potential barriers and

data used to design and implement. Environmental Assessment (EA) is a useful evaluation tool, used

to projects with a big project scope. It measures the overall cost, specifications for a complex project

and helps planning and design process in the project plan (Swinson, Cockerill, Colby, Tuberty, &

Gu, 2015). But it does not have qualitative inputs of stakeholders. This is an important stage of

creating a human-centred pre-project evaluation tool and the early-stage evaluation tool should

include this feedback loop (Sparbanksstiftelsen Rekarne, 2020).

Creative Commons Methods

In a stage-gate model, the pre-investment stage of project design justifies and aids decisions making

process. This pre-investment data determine the feasibility of further investment, the transition to the

next stage, choosing the design process and stages of development in the project documentation. Pre-

project evaluation tools estimate the model of the total cost, calculations of each stage of investment.

Using data to justify the need of help indicating the improvements, accuracy and validity of the

stages of the pre-design studies. The Creative Commons methods (pre-project evaluation tool)

formulate the specific cost, defines the natural indicators that improve the validity of pre-design

solutions and capital expenditure planning. Creative Commons methods (pre-project evaluation tool)

defines the investors and developers roles to meet customers desired outcomes within the investment

projects plan. Based on financial prospects, not focusing on issues justifying the increase of capital




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investments. At the pre-project stage, the situation parameters are structures that have not been

determined but capital investments can be evaluated. Creative Commons methods (pre-project

evaluation tool) aims to optimization total cost, improving informed design decision, using

quantitative and qualitative indicators. These indicators mitigate probabilistic risk assessment, the

complex of facilities and address artificial obstacles. Basic assumptions method and algorithm (pre-

project evaluation) are tools that bring order to predict changes in cost over time. Also clarifying

predict changes in the coordinate system. Drafting the correlation fields in constructed visualization

of graphs that coordinate the values of effective featuring total cost and abscissa axis of time values

in years (that are postponed). In the visualization, the based correlation fields signify the hypothesis

(of the General population) and the relationship between 'y' and 't' values is linear. The estimated

model (pre-project evaluation tool) measures the total cost, calculations of the fuzzy stage of

investment. Visualising and justifying findings with enlarged indicators that increase the accuracy,

validity and calculations at the stage of pre-design studies. Creative Commons methods is a brilliant

evaluation tool, measuring the overall cost, setting Key Performance Indicators (KPI) of a project is

important for investor‘s to allocate funds for projects (Kirillova & Gorelova, 2018). But they are

many other factors that need to be measured when coming up with the total cost of the project. An

evaluation tool that can measure not only the cost but overall complexity of multiple projects would

be an idea for Sparbanken Rekarne use case (Sparbanksstiftelsen Rekarne, 2020).

Cascade Hydraulic Pre-Project Evaluation

A pre-project evaluation data can be used to bring clarity that inspects technical condition and

engineering structures technical condition. Pre-project evaluation brings possibilities for further

development of a project plan. The evaluation data reinforces the structural framework of the pre-

project. Pre-project evaluations highlight the structures of technical challenges in the design process

of modelling and design of large projects. Pre-project inspection for on-going project needs to gather

empirical data aims at describing the framework structures, confirming areas to develop and

highlighting possible areas for future development. Pre-project evaluations aid the technical

developer‘s team in projects that need a level of safe operation that comply with safety regulations.

These standardization safety regulations are usually determined according to legislation set by the

governmental, institutional or organisations. Pre-project evaluations aid the technical developer‘s in

developing a project plan that considers all safety regulations and quality requirements that comply

with the legislation. The pre-project evaluations for complex engineering structures need technical

inspection form, primary stakeholders, that analysis the operation of the structures construction

projects. Construction pre-project evaluations transferred knowledge findings to the developer of the

project, this data is then adapted to the project plan.This Cascade Hydraulic Pre-Project Evaluation

was developed to measure the technical condition and of safety level for the hydraulic structures. It

does this with the guidelines of the Russian Register Of Hydraulic Engineering Structures (RRHES)

(Frishter, 2018). This evaluation too stood out to me because the evaluation tool was built to gather

qualitative and quantitative data. The knowledge gathered evaluation tool was custom, it‘s possible

to build or hybridise an existing evaluation tool for a specifically Sparbanken Rekarne. This would

be my approach because there are many methodologies needed for the prototype evaluation tool

(Sparbanksstiftelsen Rekarne, 2020).

Pre-Network Evaluation Tool

Developing a thorough pre-network pre-project needs the copious amount of empirical research data.

These large construction projects are funded by governmental institutions or multinational




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organisations. To develop a transport network project the study of transport and non-transport effects

needs to be investigated. A pre-project evaluation addresses the capital investments for infrastructure

development, documentation of different aspects of infrastructure operational efficiency. In the pre-

project evaluations, a Standard method of time-linear allocation of money flow is not enough. A

detailed pre-transport network and a design process development from raw material, technical

equipment, labour, logistical constraints and resources allocation. A pre-project evaluation

calculation can provide a rationale for an allocation of resources, providing an empirical database

that supports after-action for a rationalized pre-projects into projects. Approving pre-projects for

development is doe once the core stakeholders have agreed, the pre-project needs to meet the

organisation's strategic development goals. Once the core stakeholders have ranked the goals and the

pre-project has met economic efficiency, the go-ahead can be done. As the industry regulations

become stricter, promoting technological advancement into (criteria adaptation for the industry) pre-

project‘s is necessary. This increases cost in complexity but usually reduces overall running costs,

reduces material and labour within the project in the long run. Pre-project evaluation determines the

social-economic priorities and relations damaging by the modernization of strategic development.

These productive forces facilitate the accelerated acceptance of development. Result in more

competition and increased investment requirements in pre-projects (Petrov & Samuylov, 2019).

Pre-project evaluation strategically assorts and evaluate tolerable ranges for risk management of

single (inter-network) development resource. Pre-project evaluation Identify alternate, inter-

changeable project strategy, or methodologies to optimise the pre-project design development. This

allows the development team to set criteria‘s of comparative efficiency to choose the most effective

option. Pre-project evaluation can be designed to project‘s, forecasting desired conditions. This data

is designed to equality the effects of time-bound values of transport flow volume (independent from

fluctuations of transport costs) and structural networks. The pre-project evaluation provides data for

pre-capital investments in complex infrastructure projects. This data highlights aspects of

infrastructure operational efficiency, total construction investment from the federal budget.

Dissecting the costs into operational costs and material costs meeting the corporate budgets that that

is passed onto the customers. Pre-Network Evaluation Tool is a tool developed specifically to

measure transport networks. This tool has a standard method that measures cost but also the total

cost of raw materials of a project. It is useful for the strategic development of the organisation that

deals with transport networks (Petrov & Samuylov, 2019). This evaluation tool would not be useful

for Sparbanken Rekarne because of the diverse project portfolio it has. The evaluation tool would

need to measure project that has a wide and narrow project scope (Sparbanksstiftelsen Rekarne,

2020).

Block-diagram

Pre-project evaluation results can ensure rationality, safety and efficiency of complex project

management. Implement integrated pre-project evaluation at the pre-project stage from

technological, financial, ecology preparedness. Gathering pre-project evaluation data to uncover

unmeasured data is done by using interviews, data analytics, qualitative and quantitative surveys.

Pre-project evaluation tool like Block-diagram is an algorithm for integrating pre-project evaluation

data reserves. Setting goals for preparedness that are efficient for scaling up project development at

industrial scale: τi preparedness criterion capacity and ash content.The complexity of the pre-project

evaluation signifies preparedness, defined instructions and guidelines on the implementation of the

project plan. The pre-project evaluation provides proof of conformity between the extent of

exploration and exploration of the available database. Results define the optimum objectives for the

design choices for sustainability, efficiency, performance, maximising profit margins project,




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reducing risk and investment cost. Pre-project evaluation is aim to decrease risks, implement

sustainable utilization of resources, increase wealth management and promote innovative

technologies across all industries. Block-diagram uses complex algorithm‘s that measure the coal

deposits for mining projects (Shaklein & Pisarenko, 2019). This is a specialised evaluation tool to

measure only one quantitative detail. The evaluation tool aims to decrease risks and increase profit

margins. This evaluation tool would not be useful because Sparbanken Rekarne does not have

projects in that industry to my knowledge (Sparbanksstiftelsen Rekarne, 2020).

Recovery Energy Resources (RER) and Early Warning Scoring System (EWSS)

The development and modernization of the massive energy complex of Oil Gas Condensate Raw

Materials (OGCRM) production, transportation, processing and storage enterprises need pre-studies

(pre-project evaluation) to measure and validate the total cost. The pre-project evaluation would have

to direct and create its sources of electric and thermal energy based on Combined Cycle Plants

(CCGT) and renewable resources. Performing a pre-project evaluation of effectiveness addresses

other alternative options available for the project. Pre-project evaluation tools depend on the type of

project. A pre-project that focus on energy and water supply system that utilizes low-pressure gases

and thermal neutralization of industrial wastewater management. A complex pre-project that

develops methanol recovery plants and designs a multi-purpose oil and gas condensate processing is

a massive enterprise that needs multiple pre-project evaluation metrics in providing proof for the

investment strategy. A pre-project evaluation brings clarity of effectiveness to develop structural

solutions carried out according to multi-criteria indicators. This multi-criteria indicators of the pre-

project evaluation reflect the effectiveness of the Oil And Gas Enterprises (OGE) as an economic

asset. Pre-project evaluation projects guidelines for effective implementation of priority areas for

improvement. Priority areas like resource-saving, minimizing consumption of energy and water,

reducing reliance on external sources. Pre-project evaluation data increases environmental safety,

reliability of energy and water supply management from own resources. The pre-project evaluation

provides an assessment of the effectiveness and provides an Early Warning Scoring System (EWSS)

for Oil And Gas Enterprises (OGE) carried out. This large project needs a two-dimensional model to

validate the optimum use case, reduce cost and risk, the evaluations tools are Energy Resources (ER)

and Recovery Energy Resources (RER). Pre-project evaluation tools that measuring Energy

Resources (ER), these measures total electricity, thermal energy, cold sources including using

thermal dynamics measurements. Recovery Energy Resources (RER) pre-project evaluation tool

measures overall performance and records efficiency indicators. Early Warning Scoring System

(EWSS) is a pre-project basement tool which results can be developing into visualization‘s that

including vector criteria for technological, energy, economic and environmental effectiveness and

efficiency. Recovery Energy Resources (RER) and Early Warning Scoring System (EWSS) are both

useful tools for measuring Oil Gas Condensate Raw Materials (OGCRM) production (Dolotovskij,

Dolotovskaya, Larin, & Semenov, 2019). The evaluation tool can provide a form of forecasting that

is important for large investment projects. But these tools are highly specialised and would be

difficult to customise the evaluation tool for Sparbanken Rekarne business use case


Main Inspiration For Early-Stage Evaluation Tool

Early-stage evaluation tool‘s main inspiration called ‗From plan to action: Adapting evaluation to

serve the developmental needs of a newly-funded multidisciplinary research centre‘ by Rachel Claire




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Mitchella, Glenn D. Israelb, David C. Diehlc and Sebastian Galindo-Gonzalezd. The developmental

evaluation principle they created has five steps. Step one, Engaging all stakeholders and agree on the

focus and evaluation program. Step two, Collect significant data from the research hubs from

individual research projects to cores research fields. Step three, evaluate and interpret the data in

establishing the quality, effectiveness, and impact of the research hub and individual research

projects. Step four, making reports and sharing the evaluation findings from key stakeholders. Step

five, Maintaining multiple channels of communication for engagement concerning the evaluation

programs (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019). This developmental

evaluation tool showed me the researcher can have multiple stages in the evaluation process. That

included qualitative and quantitative information. The tool had a knowledge gathering stage with a

human-centred design element, involving all stakeholders was an element missing in the Hexagon

Analysis. Another stage in the tool was an evaluation portion, making reports and developing

channels of communication. To me, this was a complete evaluation tool designed specifically to

measure complex, large data. This evaluation tool is the main inspiration and Hexagon Analysis

evaluation tool (Mugisha & Thunberg, 2019). The hybridization of this tool using other academic

literature and interactive research is the methodology for the early-stage evaluation tool for

Sparbanken Rekarne use cases.The aim of this master‘s thesis is not to re-inventing the wheel but

making a hybrid evaluation tool for an organisation‘s strategic development (Mitchella, Israelb,

Diehlc, & Galindo-Gonzalezd, 2019).

On-Going Evaluations

On-going evaluations work within the design process in analysing the data during the project cycle,

documenting the success and failures in the project. Continuously documenting and evaluate the

project documents during the project. Documenting what actually happen, comparing the project

forecast. On-going evaluations also identify any shortcoming and success within stages of a project

(Putra, Fifilia, & Juwitasary, 2018). On-going evaluation introduces a theory and methodology that

interrelated cycles of a project, the planning, action taken, observation and reflection of millstones in

the project (Svensson, Ellström, & Brulin, 2007). To make sure your project is on track and

proceeding as planned, on-going evaluations are used. These evaluation tools document all

scheduling, budgets and milestones set. It is crucial that monitoring and reporting tasks completed,

any delays, bottlenecks in real-time (Merriam & Tisdell, 2016). On-going evaluations using project

metrics in the evaluation process, these metrics, algorithms or equations are used to measure the

success of the project. Whether goals where meet or not meet in the project (Booth, Colomb, &

Williams, The Craft of Research, 2008). On-going evaluation promotes knowledge gathering and

transfer gained in the projects, this data is shared during the project to improve stakeholders

performance for current and future projects (Svensson, Ellström, & Brulin, 2007).

On-going evaluation measure aspects during a project, they monitor and focuses on activities, stages

and document results of outputs and the contribution to desired outcomes. On-going evaluation

monitoring the continuous observation of the projects, the systematic progress of gathering key

performance and indicators for evaluation purposes (Merriam & Tisdell, 2016). In on-going

evaluation, documenting and appraising team member‘s performances, contribution, involvement,

participation and interactions are monitored. Accountability is monitored, assessed and progress is

tracked and evaluation data for the duration of the project (Svensson, Ellström, & Brulin, 2007).

Discriminant Validity testes the correlation with other tests designed to measure theoretically diverse

concepts (Putra, Fifilia, & Juwitasary, 2018). On-going evaluation of interactive research show

advantages because it allows participants to effectively collaborate between the evaluator, core and

primary stakeholders throughout the project cycle (Svensson, Ellström, & Brulin, 2007). Composite




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Reliability similar to ‗Cronbach's alpha‘ a mathematical formula of measuring the internal

consistency, how closely related a set of. Composite Reliability is designed to measure the scale of

reliability (Putra, Fifilia, & Juwitasary, 2018). On-going evaluation promotes knowledge gathering

and transfer gained in the projects, this data is shared during the project to improve stakeholders

performance for current and future projects (Svensson, Ellström, & Brulin, 2007).

Post-Project Evaluation

Post-Project Evaluation usually happens towards the end of a year also called annual project reviews

focusing on outputs and outcomes of projects carried throughout the year. These reports act as a

summary of pre-projects, on-going projects or post-projects. Usually occurs at the end of a project

cycle, a self-evaluation of the project. Where core and primary stakeholders reflect the learning from

stage, achievements and progressing of the project. The stakeholders also reflect on the project in

progress, objectives, and individual‘s accountability within the project as well as assessing

productivity done in the design process. Post-Project Evaluation at the end of a project, a report on

the outcomes of the project plan and what happened (Merriam & Tisdell, 2016). Generalized Method

Of Moments (GMM) is an evaluation tool implemented in econometrics and statistics, determining

the generic methods for estimating an array of parameters in statistical models (Nadler & Guo,

2019).

Post-Project evaluation tool share lessons learnt from the project, giving suggestions of further

development based on the findings, suggestions methodologies and technologies for future

development. Post-project evaluation is when the development team and principles analyse all

relevant data and understanding what worked and what went wrong. Once the development team has

resolved arguments based on data-driven conclusions, the next iteration would have overcome

lessons learnt and would use findings in the project plan of upcoming projects (Booth, Colomb, &

Williams, The Craft of Research, 2008). Examples of complex post-project evaluation tool are;

Average Variance Extracted (AVE) is a statistical analysis that measures the amount of modification

in a construct and the relation it has to the amount of variance due to the measurement of errors

(Putra, Fifilia, & Juwitasary, 2018). Generalized Least Squares (GLS) is a financial evaluation

model, used to approximate unknown parameters as a linear regression model. This defined degree

of correlation creates residuals in a regression model (Gurdgiev & O‘Loughlin, 2020). The

evaluation methods used uses data from Wind turbine renewable energy measurements.

Measurement methods used are Analogue/Digital Energy Measurements, Power Quality and Energy

Benchmarks (Kealy, 2019). Preindustrial (PI) control simulation studies the natural and unforced

variability of the climate system. UK CMIP6 Preindustrial investigates the climate simulations using

the Preindustrial (PI) control simulation with the HadGEM3-GC3.1 model on two different High-

Performance Computing (HPC) platforms (Guarino, Sime, Schroeder, Lister, & Hatcher, 2020).

Post-Project evaluation tools focus on results, analysing the data and building methodologies and

theories for the projects. Evaluation tool uses systematic project aims, in identifying, quantify and

calculating the achievements based on set goals from the project plan (Booth, Colomb, & Williams,

The Craft of Research, 2008). Generalized Method Of Moments (GMM) uses qualitative data to

approve the conclusions of the Generalized Least Squares (GLS) estimation (Gurdgiev &

O‘Loughlin, 2020). The quality of desired outcomes comes for the Post-Project evaluation, this is the

assessing if deliverables where met. The results from a report project show if aims and goals were

achieved and address the ones which have not been achieved (Merriam & Tisdell, 2016). The

Conceptual Framework for the evaluation categories is the end-users and TAM framework. End-

users need to have knowledge of the technology, be able to trust, change behaviour and compatibility

when using the technology (Putra, Fifilia, & Juwitasary, 2018). The evaluation is called Repeated




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Load Triaxial (RLT) testing protocol, based on the range of relevant applied stresses, capping the

materials while using standard proctor energy. The application process of RP was the blending of

C&D aggregates including RCA and CB in created and the blends were evaluated. RLT evaluation

measured the geotechnical properties, particle breakage, compressibility behaviour, resilient modulus

of materials and stress-strain characteristics of the material (Arulrajaha, Naeinia, Mohammadiniaa,

Horpibulsukb, & Leong, 2020). There different evaluation tools method determines the successful

implementation of using NFC technology in mobiles. The evaluation tools measure the Discriminant

Validity, Composite Reliability, Average Variance Extracted (AVE) and Structural Equation

Modelling (SEM) (Putra, Fifilia, & Juwitasary, 2018). Structural Equation Modelling (SEM) uses a

diverse set of mathematical models, computer algorithms, and statistical methods. These methods are

used to validate the networks data construction. The evaluation methods have an array of factors to

analysis, path analysis, confirmatory composite analysis, partial least squares path modelling, and

latent growth modelling (Putra, Fifilia, & Juwitasary, 2018).

Standard Deviation And Standard Error

Standard deviation and Standard error are evaluation tools that measure provided data, they can be

used to measure the various amount of data that determine key points in the data provided. The

standard error is a statistics analytical model that sets the standard deviation of its sampling

distribution. This estimates the standard deviation on a set of values. Standard deviation is statistics

analytical model that measures the amount of variation or dispersion in set values in any quantitative

research study. When validating data a low standard deviation indicates that the values are close to

the mean (average) of the set of values. When the set of values are high the standard deviation

indicates that the values are spread out, the scales have a wider range. Using both Standard deviation

and Standard error when validating data provides the researcher empirical data and accessible

information that aids in the decision-making process in creating satistical models requirements for

pre-projects development (West, Mongea, Dowlinga, Wakelina, Richard T. Yaoa, & Payna, 2020).

Likert Scale

Likert scale is a based evaluations tool that uses flexible fuzzy numeric based methodology. The

Likert scale uses users experience or opinions and combines the reaction or experience with a

correlated number. They do this to enhance the reliability of user data. Likert scale traditional related

to measurements and evaluation of service quality (Tóth, Jónás, & Dénes, 2019). Likert scale can be

used for sample testing, purpose tools and statistics testing gathering mean scores data necessary

for determines there are notable differences between certain variables (Madhavan Devadas, 2019).

Likert scale proposed fuzzy rating scale based methodology that built on the novelty of representing

multiform of fuzzy numbers. Means the inherent uncertainty, subjectivity and vagueness

characterising opinions, experiences or perceptions related to product or service could be reflected,

pivotal for the decision-making process. Likert rating scale measures service quality, important

features, satisfaction level of stakeholders feedback that relates to the development of a project.

Likert rating scale converts experiences into quantitative data (Tóth, Jónás, & Dénes, 2019). Likert

scale can be used in knowledge-gathering for equity investment aiding the decision-making process

(Madhavan Devadas, 2019). Likert rating scale methodology can be easily conducted, utilisation of

user-generated data can be applied across many industrial sectors but mainly product development

(Tóth, Jónás, & Dénes, 2019). Likert scales are used in various sources of investment, assimilating

information essential for the decision of investing (Madhavan Devadas, 2019). Likert scales

methodological contains a high degree of fuzziness and also consider participants feedback input true




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and the judgements in crisp numbers are the data studied (Tóth, Jónás, & Dénes, 2019). Likert scales

results can display factors which influence investment decision-making inequities (Madhavan

Devadas, 2019). When using the application of Likert scales the researcher needs to interpret the

evaluation measurements details metrics and results. The researcher also deals with the definitions of

the product or service, the quality of the evaluations depend on a clear explanation of the tool (Tóth,

Jónás, & Dénes, 2019). When investors invest they look at the organisation's structure and financial

history, information including Expected Dividends, Financial Statements, Annual Reports, Expected

Earnings, General Press Coverage, Firm Reputation, Local Operations, Recommendation, Perceived

Ethics of Firm, Recent Price Movements, Risk Minimization, Share Price Affordability, Personal

Financial Needs and Tax Consequences (Madhavan Devadas, 2019).

Likert rating scale utilisation of flexible fuzzy numbers for evaluation purposes can enhance the

reliability of the metrics that correspond to each numeric measurements. The researcher needs to

define the fuzzy numeric rating scale with an experience for the participant to give accurate feedback

(Tóth, Jónás, & Dénes, 2019). Likert scales evidence generates investing opportunities, stating the

difference of opportunity, miss fortune, fields including stockbrokers and potential risk minimization

(Madhavan Devadas, 2019). The Likert evaluate tool attributes provide user data experience of all

stakeholders. This feedback tool is a spectrum of satisfactory experience, can express a positive

experience down to uncertainty. The tools offer contrasting perceptions and variability of the rating a

product or services attributes in a quantitative format (Tóth, Jónás, & Dénes, 2019). Likert scales can

measure the difference in the thought process of both genders about recent price movements,

perceived ethics of the organisations or strategic partners (Madhavan Devadas, 2019).

Likert scales application tool for evaluating products or service user experience, a human-centred

tool that measures the quality of feedback. Likert scales utilities fuzzy terms such as attitude,

perception and satisfaction with correlated numbers (Tóth, Jónás, & Dénes, 2019). Likert scales are

used in surveys, or questioners where the respondents fill out the questionnaire subjectively based on

their unique experience.This subjective user experience is vital in the assessment tool. The subjective

data is intrinsically for the researcher. The feedback data is imprecise and ambiguous but aids in the

decision-making process (Tóth, Jónás, & Dénes, 2019). Likert scales by using crisp values and

measurements rates for participants to mark their subjective experiences. The participants mark their

feelings and perceptions related to specific dimensions (Tóth, Jónás, & Dénes, 2019). Likert-type

scale organisation surveys intended for internal use reports for both cost of leadership and values for

differentiation (Mura, Longo, & Zanni, 2019). Likert scales have problems when applying the tool.

The reliability of Likert-type scales decreases as the numeric responses options is reduced, the

variability of the scale is also reduced when the numeric scale increases (Tóth, Jónás, & Dénes,

2019). When an organisation uses a Likert-type scale to measure internal relations measures the

performance dimensions, multiple variables for adapting them for its correlation with values and

metrics (Mura, Longo, & Zanni, 2019). The researcher needs to be able to use a specific scale for

precise questions. The researcher needs to use the numeric scale rating that correlates with value

defined (Tóth, Jónás, & Dénes, 2019).

Likert-type scale business relations survey measures the overall performance, customer satisfaction

and achievement of full business potential (Mura, Longo, & Zanni, 2019). Likert scales have

problems, developers carrying out the analysis of these evaluations would have difficulties in

understanding the participates. Confusion in the differences and uncertainties in humans semantic

expression (Tóth, Jónás, & Dénes, 2019). Likert-type scale business relations survey measures

innovation performance consists of the development of new generations of products and services,

developments that expand existing products or services also opening up new markets (Mura, Longo,

& Zanni, 2019). Likert scale based evaluations also assess specific product or services feature and

attributes. The approach is to use the data values in the decision-making process. Values on a Likert-




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scale are represented by fuzzy numeric that can be used instead of expressing an opinion. The

researcher can use numeric categories of opinions on visualization (Tóth, Jónás, & Dénes, 2019).

Likert-type scale business relations survey measures new technological areas, operational

performance, making processes efficient and reducing costs (Mura, Longo, & Zanni, 2019).

Likert scale based evaluations aim at assessing specific product or service attributes accurately.

Likert evaluation tool inherent uncertainty, subjectivity and vagueness characterising stakeholders

when expressing and tries to digest complex emotions into qualitative data. Likert scale fuzzy

evaluation environment aims to bring stakeholder feedback to the decision-makers. Likert scale

quantitative data facilitates effective and efficient strategies related to the development of a product

or service. Increasing efficiency of the design process, employ ethics, manufacturing techniques,

product or services, supply chain and quality. Identifying improvements by identifying which service

features require more consideration (Tóth, Jónás, & Dénes, 2019). Likert scales contains flexible

fuzzy numbers, the framework establishes the measurement and evaluation of participants.

Measuring and addressing perceptions, opinions and statements of the organisations pre-projects, on-

going projects, and post- projects (Tóth, Jónás, & Dénes, 2019). Likert-type scale diagram can be

designed to reveal how organisations position themselves organisations involvement, reported values

are the numeric scales used for both for cost leadership and differentiation (Mura, Longo, & Zanni,

2019).

Evaluation Literature Summary

What measures are used, when to use mathematical formulas, equations, qualitative or quantitative

data collection methods? What is the theoretical thinking/ design thinking, testing and determining

what tools to use and when in the early-stage evaluation tool (Booth, Colomb, & Williams, The Craft

of Research, 2008)? The researcher needs to be disciplined when diagnosing the application of

models or theories in developing the research problem in context (Ven, Engaged Scholarship A

Guide for Organizational and Social Research, 2007). Narrowed the scope and creating a project

direction, the methods used would be loosely based on literature and co-creation with members at

Sparbanken Rekarne (Sparbanksstiftelsen Rekarne, 2020).

The early-stage evaluation tool would need to measure, bring clarity to all pre-project with different

attributes. The project values that were researched where; Complexity of Project, Sustainability,

Implementation, Marketability, Digitalization, Distribution Logistics, Timescale and Total Cost.

These project characteristics were identified from Sparbanken Rekarne project portfolio

(Sparbanksstiftelsen Rekarne, 2020). The complexity of Project, understanding the complexity of a

product or service makes the developing team know the extent of involvement of specific

stakeholders involvement, value chain, manufacturing techniques, sustainable, implementation,

marketability, digitalization, logistics, methodologies, theoretical and practical technologies needed

in the design process. The complexity of the product addresses and identifying production constraints

and design issues for the development team. This predictions tool are used to clarify technical issues

that need to be resolved for the development of a concept project (University M. , 2020).

Sustainable, production focuses on the production methods used when mass producing product or

service. The modern methods that were used, the sustainable approaches put in the design process,

using renewable energy in the manufacturing process or recycled materials. This also applies to

servitization the measure taken in improvement in energy consumption of factories or offices. Or the

organisation's environmental policies and goals set in reducing carbon emissions. This predictions

tool are used to identify sustainable technics needed for the development of a concept project.

Marketability, penetration addresses market penetration of a project, the area of the project looks into




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market research tools needed in marketing the product or service to the right market and target

market. The different tools, advertising techniques for sealing a product or service directly to the

customer. This could be marketing from business to business or business to customer. Being able to

have a product or service that communicates the right information to the customer makes it

competitive. This predictions tool are used to address marketing strategies needed for the

development of a concept project (University M. , 2020). Digitalization, we enter the digital age,

Digitalization of servitization evens the market playground. Start-ups or Small to Medium

Enterprises (SME) can compete with Multi conglomerates in offering a product or service to

customers directly. Digitalization implementation can be integrated into the design process and

supply chain of a project. All projects being developed need to co-develop digitalization strategies if

it is a product or service. This predictions tool are used to allocate ample digitalization technologies

for the development of a concept project. Distribution logistics, different projects have different

distribution channels, digital service, for example, don‘t have many stages in the supply chain, often

can move from final digital service direct to the customer. Some projects that have a manufacturing

process need a detailed supply chain process with defined supply management protocols. Large

organisations usually have multiple projects that have different logistical constraints when

implementing lean manufacturing technics (University M. , 2020). Timescale, various projects have

different time constraints, empathetic knowledge on the duration of a project aids the development

team in drafting a successful project plan. This stage is possible when all aspects of the project have

been addressed and a timeline can be designed based on completing tasks in the design process.

Calculating and analysis product life cycle and planning mid-cycle updates to projects. This

predictions tool are used to allocate ample time management for the development of a concept

project. Total Cost, Once all aspects of the projects that have been diagnosed, the overall cost of the

project can be addressed. Calculating the labour costs, the complexity of the product, sustainable

production, marketability, digitalization and distribution the total risk and potential costs can be

forecasted. All previous project management methodologies aimed at reducing risks and overall

costs in the pursuit of maximising profits and customer satisfaction. This predictions tool are used to

allocate capital resources for concept project to be developed into project plans. The Likert tool is a

method of using scales in the questioner, complex questions with multiple opinions and experiences

can be measured using this method. Provides the researcher qualitative data that visualizations can

draft a clear understanding of the participants. Being able to measure qualitative opinions of

participants is a useful tool for evaluation purposes. The Likert scale survey tool could be used at

different stages of a project, pre-project, ongoing or post-project evaluation use-cases (University M.

, 2020).

Business Case Systematic Literature Review

Convenience Sampling for Business Case was also done by using interactive research. These

divergent and convergent conversations generated topic areas that needed to research. These research

areas are the keywords for this literature review, Block-chain, Instant Payments and Riksbank. Pre-

project data was not available for this master‘s thesis so a business case needed to be drafted, this

business case would also validate the need of stages of the early-stage evaluation tool

(Sparbanksstiftelsen Rekarne, 2020). New Production of Knowledge trans-disciplinary dimension

makes a fundamental contribution to the development of new methodologies, concepts and theories

(Nowotny, Scott, & Gibbons, 2003). A case study investigates a phenomenon in detail and the

context of the real-world. A case study based on a shortage of real-world renewable energy data

reflects on the context of renewable projects (Kealy, 2019). Systematic reviews have challenges and

methodological when applying the practice. Needing widespread databases and peer-reviewed




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journals, when conducting Systematic reviews (Jessica Hagen-Zanker, 2013). The Database used

was Scopus, sourcing modern academic literature related to the financial industry. The search word

used was based on the interactive convergent and divergent conversational topics which were about

Block-chain, Instant Payments and Riksbank‘ (University M. , 2020).

Keywords Search Strategy

Block-chain ‗Block-chain‘ as a search string, resulting in 9 161 documents. Limit the search to

2020 and English only, resulting in 444 documents. Next step was to limit Articles

and Conference Papers, resulting in 324 documents. Lastly limiting search by

keywords ‗Bitcoin, Cryptography, Security, Cryptocurrency, Proof Of

Work, Decentralised and Disruptive Technology‘. Reading 94 documents and used

4 documents (University M. , 2020).

Instant

Payments

‗Instant Payments‘ as a search string, results where 124 documents. Limiting articles

from 2017 – 2020 resulted in 85 documents. Then read 10 documents and refined it

to 3 documents (University M. , 2020).

Riksbank ‗Riksbank‘ as a search string, the first results were 70 document results. Then Limit

document from 2016 – 2020, resulting in 25 documents. After reading those

documents 4 were used (University M. , 2020).

Table 2. Business Case Systematic Search Strategy (University M. , 2020).




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Second Systematic Search Analysis

Fig 2. Second Systematic Search Analysis (University M. , 2020).

Business Case Litreature Summary

Block-chain technology is a tool where digital services can be developed. It is a tool that focuses on

security and validation of information. Block-chain uses timestamp and a distributed ledger. This

makes it very difficult to tamper with and data, more secure network. Data can also be easily

accessible and verified from members of the network (Tanwar, Parekha, & Evans, 2019). Instant

Payments is developed by the Central Bank Digital Currency (CBDC) of a country. Instant Payments

allows people to able to make payments every day at any time. People can make payments use a

bank card, computer or mobile as a form of payment instead of cash. Enhanced risk management for

customer, banks, central banks and business. Lower overall costs for institutions and real-time

payments from peer to peer or from individual to an organisation (Bank, 2020). Riksbank is the

Central Bank Digital Currency (CBDC) of Sweden, they regulate and distribute fiat currency within

the country. Making sure the fiat currency retains value for payments while making it safe and

efficient. Sveriges Riksbank is simplified to Riksbank is the world's oldest central bank and the third

oldest bank that is still in operation. Sveriges Riksbank create monetary policy is to maintain price

stability within the country, the objective is to lower and stabilize the rate of inflation (Szyszko &

Rutkowska, 2019).

Researching Instant Payments lead me to understand the complexity of the financial industry, the

involvement of central banks and economic zones creating the framework for different forms of

payment to happen. Researching PSD2 lead me to build knowledge on the Single Euro Payments

Area (SEPA) and Virtual Account Management (VAM) (Commission, Payment services (PSD 2) -

Directive (EU) 2015/2366, 2020). After the decisions, I thought a way to create an innovation tool

would be to solve the organisation's challenge using an unorthodox methodology for the financial

industry. Developing a tool why simultaneously solving a challenge, knowledge building, refection

2017 2018 2019 2020




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of a challenge to validate and shape the tool (Sparbanksstiftelsen Rekarne, 2020). Orthodox literature

reviews conclude a ‗non-representative sample‘, state the shortcoming lays in the methods of the

review phase. Thou the data extraction and analysis of research material carried out proves variable

and non-transparent ways (Jessica Hagen-Zanker, 2013). How do social norms director the

researchers in constructing the research questions in a specific way (Sandberg & Alvesson, 2011)?

CHAPTER 4

Early-Stage Evaluation Tool Summary

Pre-project evaluation tools bring clarity from data available for the researcher, this data is measured

using algorithms, equations to clarify the fuzzy front stage of a project. In your typical stage-gate

model project the front stage needs improvement in the case of Sparbanken Rekarne developing a

pre-project evaluation tool will make a decision the decision-making process more efficient.

Speeding up decision (Lean decision-making) in developing pre-projects into workable projects will

give the Sparbanken Rekarne a competitive edge (Sparbanksstiftelsen Rekarne, 2020). This Early-

stage Evaluation Tool could be categorised as a ‗Pre-Project Evaluation‘ tool. In a sense, this pre-

evaluating of the market analysis and develops concept projects that can be to pitch to the

stakeholders before the deployment of a project plan. You cannot effectively plan, staff and control a

new project if you‘ve first not evaluated it. Pre-project evaluation or early-stage evaluation determine

the effectiveness of the project before any project plan or resources have been allocated (Mugisha,

2020).

Hexagon Analysis

The Hexagon Analysis did not have this step, most organisations have multiple projects. This stage

would cluster ideas into groups of possible projects. Grouping projects based on complexity, this

helps identify a project to develop based on the organisation or market constraints (Mugisha &

Thunberg, 2019). The new research process is being transformed, this transformation has multiple

fundamentals at different novelty and intensity (Nowotny, Scott, & Gibbons, 2003). The research

team can choose different types of projects and develop a thorough project plan based on empirical

data. Sparbanken Rekarne can choose evaluated concepts pre-project stage, reducing the overall cost

of, ensure valuable project based on data and a foundation for the development of an effective

project plan (Sparbanksstiftelsen Rekarne, 2020). The demand for a quality research material is often

difficult, the range and scope are demanding. Action research usually develops research directions

that have conflicting demands and differences of interest (Svensson, Ellström, & Brulin, 2007). An

element of accountability in science, the transformation of research is the emphasis on managing the

research. Managing the evaluate process, effectiveness, assess the quality, application use case,

patience‘s and ownership (Nowotny, Scott, & Gibbons, 2003). Majority of systematic reviews

recently have become a set of rigid protocol, though some have taken the flexible approach (Hagen-

Zanker & Mallett, 2013).

The literature supports theories and aspects of a project life cycle, coving the product form a circular

economy perspective, the relation of product to its environment. Using research with closely related

subjects of the tool. The literature is to aid the research on how to understand the measurements and

scales, knowledge reference in using the early-stage evaluation tool, coving different kinds of




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projects with different scopes. The early-stage evaluation tool would have to be customised for

Sparbanken Rekarne use case, the evaluation tool used in Sparbanken Rekarne Project Portfolio in

measuring pre-projects in Eskilstuna, Strängnäs and Mariefred (Sparbanksstiftelsen Rekarne, 2020).

Market research has many analytical tools to assess the different markets but this market evaluation

tool dedicated tool to clusters market trends, receiving qualitative data, develop concepts, evaluate

concepts then clustering of concepts on feasibility (Booth, Colomb, & Williams, The Craft of

Research, 2008). The aim of ‗Early-stage Evaluation Tool‘ is to determine the relevance of market

trends and evaluate idea‘s possibility, efficiency, effectiveness, impact and sustainability. An

overview of the market trends on these key topics, one can generate theoretical questions, target

market, markets average selling price, markets average sales cycle, social economics, psychographic

and geographic region data. simplified then directed to an average customer (Merriam & Tisdell,

2016). This feedback from customers is a key indicator of possible market adoption of concepts and

identifies what concepts should be developed to satisfy the target market. An early-stage evaluation

is used before a project plan has been developed, a tool that proves why market research is not

enough and why an early-stage evaluation tool is necessary for risk management (Booth, Colomb, &

Williams, The Craft of Research, 2008).

Lean Principals

A detailed market research tools cover international market size, domestic market size, market

growth rate, domestic and international customers, customer statistics and demographics, industry

data of competitors and leaders, competitors product or service, parallel markets, overlapping

markets, market pain, markets barriers, market penetration, market volatility, industry life cycles,

product life cycles, point of entry into a market, supply and demand of the market, identify a market

opportunity, notifies organisation market position within the market, target market, markets average

selling price, markets average sales cycle, social economics, psychographic and geographic region

data. When developing the Early-Stage Evaluation Tool I took into consideration ‗Lean principles‘.

Where is the value and the Value Stream Mapping? The tool would need to be lean in each process,

focusing on specific value information and brings clarification to market trends. The Early-Stage

Evaluation Tool would need to identify value in market research and formulate concept projects in

teams of review different projects that are either product or service (Merriam & Tisdell, 2016).

Lean principals need to eliminate some tools but address tools, picking the one that does the best job

for the time given. Does the tool accomplish the specific mission, develop concept projects or brings

clarity in the concept projects? In determining lean tools in the academic literature one needs to

determine the unique value the tool produces and clarity it brings. Does each step lead to solving the

business use-case? Are their steps in the process that could have been eliminated. Why and when

does each step in the early-evaluation tool is used and why is it need it? Does the early-stage

evaluation tool fulfil that need of the Sparbanken Rekarne? The early evaluation needs to identify

Sparbanken Rekarne value stream, solve the business case by using market trends in developing

concept projects that could be used to maintain or gain market share (Sparbanksstiftelsen Rekarne,

2020). The Early-Stage Evaluation Tool value stream mapped the market research exercise

concerning Sparbanken Rekarne project portfolio. Taking into account previous projects and the

process for each part of the businesses. The value creation of the early-stage evaluation tool is

identifying market trends and developing concept projects based on specific customer feedback and

needs. Value stream mapping processes can be defined as the production, research and development,

marketing and human resources (Merriam & Tisdell, 2016).

Value Stream Mapping in the context of the evaluation tool, questions that review the design process

and supply chain of Sparbanken Rekarne. Where does the literature theories or organisation practices




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correlate, when it is applicable for the early-stage evaluation tool? What process and when would

Sparbanken Rekarne need or use the early-stage evaluation tool? What systematic literature review

and interactive research contribute to the co-create of the early-stage evaluation tool ? Is there a

design process in the early-stage evaluation tool and how many stages are there? Are all the stage of

the early-stage evaluation tool necessary for developing concept projects? Are there other existing,

formulas, equations or algorithms used in the early-stage evaluation tool need in the development

(Sparbanksstiftelsen Rekarne, 2020)? Why does the Sparbanken Rekarne need an evaluation tool and

why did you choose to develop a pre-project evaluation tool? How does the evaluation tool provide

innovation to Sparbanken Rekarne? What academic literature was used in knowledge creation of

developing the evaluation tool? What design processes have been designed and what lean principles

were applied to the evaluation tool? Which stakeholders feedback in the evaluation tool and what

lean questions, formulas and mathematical equations were used in the evaluation tool? In this

evaluation tool only literature, interactive research meetings, qualitative and quantitative of

customers were used in the development of the early-stage evaluation tool. When the Sparbanken

Rekarne use the ear-stage evaluation tool, would it aid them in the decision-making process? The

plan is to present to the tool to Stefan and his development team to test, this would another way of

validating the early-stage evaluation tool (Sparbanksstiftelsen Rekarne, 2020).

The lean approach to market research allows the user develop a clear picture of concept projects, the

data may not use all the tool in developing a detailed analysis but more focus was done in measuring

each project. The lean Early-Stage Evaluation Tool approach coordinates the user to create a clear

understanding of the market (Booth, Colomb, & Williams, The Craft of Research, 2008). Testing the

tool during the production stage, validates each step, using a business case to appraise the early-stage

evaluation tool verifies usability, essential, compulsory and necessary of the tool. The testing process

also creates an opportunity for the tool to be customised and edited. Using academic literature

database, Sparbanken Rekarne business case, qualitative and quantitative data work in ancient in

shaping and forming the evaluation tool specifically for Sparbanken Rekarne needs. The early-stage

evaluation tool identifying market trends to measured concept projects for future development

(Sparbanksstiftelsen Rekarne, 2020). The progressive logic used to establish the context for

contribution was characterized by the network of studies. The link between the progressive logic is

shared theoretical perspectives and methods working (Sandberg & Alvesson, 2011). Developmental

evaluation principle involves developmental purpose, evaluation rigorousness, utilization focus,

innovation niche and complexity perspective (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd,

2019).

Prototype Evaluation Tool

Lean Principles Evaluation Tools

(Lean Principles Researched)

Pre-project evaluation tool, Likert and

Semantic Differential Scales, online

quantitative and qualitative questioner.

Pre-project evaluation, On-Going evaluation,

Post-Project evaluation, Interviews

questioners, Focus groups, Observation,

Standard deviation, Standard error, Justifying

conclusions, Gathering credible data,

Algorithm evaluation tools, Jacobi method,




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Equation evaluation tools, Repeated Load

Triaxial (RLT), Consensual Assessment

Technique (CAT), Generalized Linear

Regression (GLS), Mean Reverting Model

(MRM), Risk management evaluation,

Heteroscedasticity, Cross-sectional

correlation and Monte Carlo-based algorithm

and Stochastic diffusion processes.

Table 3. Prototype Evaluation Tool and Lean Principles (Mugisha, 2020).

Early-stage Evaluation Stages

Early-stage Evaluation Tool has four stages which are in developed and tested in this master's thesis

project, a tool used to satisfy the Sparbanken Rekarne business case. For the first stage ‗Market

Trends Analysis‘, researching into Sparbanken Rekarne business case (Merriam & Tisdell, 2016).

The research elements are financial market research, a market analysis of international and domestic

markets, competitor analysis, financial technologies and central bank overview. A case study of

Sparbanken Rekarne is performed to understand its background and objectives, this data would be

added to the market research (Booth, Colomb, & Williams, The Craft of Research, 2008). Early-

Stage Evaluation Tool is necessary due to the ever-increasing market pressures and ever-tightening

requirements of the market. This pressure encourages competitiveness but increases the complexity

of the organisation in developing these ever-complex products and services (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007).

I. Market Trends Analysis

A full Market Trends Analysis was not performed, a lean methodology was applied, picking relative

and critical tools of market research in the development of the evaluation tool. Focusing on

international market size, domestic market size, customer statistics and demographics, industry data

of competitors and leaders, competitors product or service, markets barriers, market penetration,

product life cycles and target market (Merriam & Tisdell, 2016). Interactive research has been said to

be the continuation of action research but the methodologies focus on objectives, preferences and

diverse research direction (Svensson, Ellström, & Brulin, 2007). Market conditions can vary from

fixed feed-in tariffs, tender systems that increase costs and reduce profit margins (Wiener & Nicoleit,

2019). In modern empirical research studies try to address the need to invent a new language of

research and comprehensive analysis of research trends (Nowotny, Scott, & Gibbons, 2003). Collect

significant data from the research hubs from individual research projects to cores research fields

(Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019). Market trend analysis is conducted to

identify and validate current challenges into the potential for product development (Wiener &

Nicoleit, 2019). Total addressable market (TAM), sometimes called the total available market, is a

market terminology that references to a revenue opportunity that is available for a product or service.

TAM framework is based on two-dimensions Perceived Ease of use and Perceived of usefulness

(Putra, Fifilia, & Juwitasary, 2018). The market trends toward higher quality, inexpensive goods and

services affect all industries and the global industry (Wiener & Nicoleit, 2019).

Market trend analysis need interviews with core and primary stakeholders in determining the goals

for product development (Wiener & Nicoleit, 2019). Market Trends Analysis and Feedback is the




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first evaluation stage, only current and specific information is collected, only market trends and

customer feedback (Booth, Colomb, & Williams, The Craft of Research, 2008). Systematic reviews

need rigorous methods to map base as unbiased and assure the quality of the indication and

synthesise it. Systematic reviews consider offering the most consistent and comprehensive statement

proof of work (Hagen-Zanker & Mallett, 2013). Mix 8P‘s Marketing Mix 8P‘s is a set of objectives

that companies use when conducting a SWOT or competitive analysis. The 8P‘s is the framework

that evaluates by assessing element about a market. The 8P‘s are; Products, Prices, Place, Promotion,

Physical Evidence, People, Partners and Productivity. Products, the question about how an

organisation can develop products or services. Prices, what an organisation does to change the

pricing model of the product or service? Place, how an organisation distributes goods or services to

the customers. Could be distributing a product to a location, a brick-and-mortar store or online.

Promotion, how customers gain awareness of the product or service can and what media channels

should be used. Physical in the context of a store, what was the customer's reaction to the store and

the staff. If online, how was the usability of the website and was there customer service. People,

understanding who the stakeholders are, what role they play and what skills gaps your employees

have? Partner‘s examinees business partners, does the organisation need more or fewer partners to

maintain market share or enter new markets? Productivity and Quality, What is the organisation

offering to the customer ? What are their skills in cost management and how can they pass on the

economies of scale to customers (Sparbanksstiftelsen Rekarne, 2020)?

This refining process of projects allows the development team to constantly develop and provide

innovation across the Sparbanken Rekarne project portfolio. Refection of project portfolio provides

the development with credible data to not only keep up with market trends in making continuous

developed of projects to satisfy the market. Because previous and on-going projects generate real-

time data, accessing this database for plotting risk areas, conflict areas, knowledge gaps and missed

opportunities for development. Focuses on Sparbanken Rekarne portfolio researching into a lesson

learnt from the previous and on-going project then combining this data with a market trend focus. If

applied properly and on-time, this provides the development team to learn and constantly develop

project‘s making the organisation competitive, maintain market share (Sparbanksstiftelsen Rekarne,

2020). In the first stage of the early-stage evaluation tool ‗Market Trends Analysis‘ instead of

performing a fresh market research direction, having an accessible database of previous or on-going

projects can be combined with a lean market research approach. This lean market research approach

could be done by focusing on the results of the previous evaluations of the project and combining the

data with innovation research into competitor analysis, Fintech 2.0, regional market trends, customer

behaviour trends and measuring how these technologies complement on-going projects. Analysing

how could bring value addition to on-going projects. Measuring and allocating resources into the

exploration of pilot studies into the integration of value-added tools, methodologies, technologies

into on-going projects (Sparbanksstiftelsen Rekarne, 2020).

Market Trends Analysis

Lean Principles Market Research Tool


Online Data Analytics, Domestic Market

Size, Market Growth Rate, Domestic And

International Market Size, Domestic Market

Size, Market Growth Rate, Domestic And




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International Customers, Customer Statistics

And Demographics, Competitors Product Or

Service, Markets Barriers, Market Volatility,

Industry Life Cycles, Product Life Cycles

and Target Market.

International Customers, Customer Statistics

And Demographics, Industry Data Of

Competitors And Leaders, Competitors

Product Or Service, Parallel Markets,

Overlapping Markets, Market Pain, Markets

Barriers, Market Penetration, Market

Volatility, Industry Life Cycles, Product Life

Cycles, Point Of Entry Into A Market,

Supply And Demand Of The Market, Online

Data Analytics, Identifies Market

Opportunity, Notifies Organisation Market

Position Within The Market, Target Market,

Spot Pricing, Competitive Pricing, Markets

Average Selling Price, Markets Average

Sales Cycle, Social Economics,

Psychographic and Geographic Region Data.

Table 4. Market Trends Analysis and Lean Principles (Mugisha, 2020).

Market Trends Analysis For On-Going Projects

For Sparbanken Rekarne, innovation for the organisation‘s strategy is to find innovation on existing

projects. Resources allocation is for finding value addition on ongoing or previous projects. Parent

company Swedbank has the resources to develop projects from ideation to finished project and

Sparbanken Rekarne customises these projects for their customer's use-cases. Sparbanken Rekarne

needs to develop innovation on previous and ongoing projects because of the large costs, financial

legislation and permits and difficult communication strategies to develop. There is complexity in

redeveloping previous and ongoing projects, this involves core and primary stakeholder contribution,

looking into new methodologies, theories and technologies (Sparbanksstiftelsen Rekarne, 2020).

II. Customer Survey

The Customer Survey was based on the lean Market Trends Analysis, measurables of quantitative

and qualitative questions were addressed. This is part of market research and vital in developing the

concept projects in the next Octagon Analysis stage (Booth, Colomb, & Williams, The Craft of

Research, 2008). Customer Survey is a methodology of researching and analysing markets behaviour

for a particular product/service. Investigation and understand customer inclinations, their

characteristics, expectations, and requirements of the product or service. Customer Surveys are

qualitative and quantitative questions directed to collect feedback from the target audience, target

market or target group (Dragojlovica, Michauxb, Mouminb, Lia, & Zaman Talukderc, 2019).

Likert scales and early-stage evaluation tool. Likert scales were the chosen instrument when

evaluating values with numeric indicators. Likert scales measurements were liberally used in the

early-stage evaluation tool because of its simplicity, understandability for multiple risk calculation

for multiple projects with different project scopes and stakeholders. Likert scales application tool for

evaluating products or service user experience, a human-centred tool that measures the quality of

feedback. Likert scales utilities fuzzy terms such as attitude, perception and satisfaction with




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correlated numbers. Likert scales are used in surveys, or questioners where the respondents fill out

the questionnaire subjectively based on their unique experience. This subjective user experience is

vital in the assessment tool. The subjective data is intrinsically for the researcher. The feedback data

is imprecise and ambiguous but aids in the decision-making process (Tóth, Tamás, Dénes, &

Veronika, 2019).

Likert scales by using crisp values and measurements rates for participants to mark their subjective

experiences. The participants mark their feelings and perceptions related to specific dimensions.

Likert scales have problems when applying the tool. The reliability of Likert-type scales decreases as

the numeric responses options is reduced, the variability of the scale is also reduced when the

numeric scale increases. The researcher needs to be able to use a specific scale for precise questions.

The researcher needs to use the numeric scale rating that correlates with value defined (Tóth, Tamás,

Dénes, & Veronika, 2019). Analysis of the current market conditions is done by researching about

the challenges, identifying and quantifying data gathering methods like interviews with different

manufacturers (Wiener & Nicoleit, 2019). An online survey is a good implementation tool for

developers to be aware of the importance of guidelines without policy set in place (Sousa, Maia,

Rocha, & Viana, 2020). By reviewing the research texts, we can identify the actual influences that

emerged from the research question during the research process, the researcher organized existing

studies into a context for contribution (Sandberg & Alvesson, 2011). A questionnaire shows

developers need to review the code snippet issued and reported. Documenting the implementation

problem or exception design and in the semi-structured interview (Sousa, Maia, Rocha, & Viana,

2020). Concept of collaborative research is the idea refers to the idea that combining research aims,

tasks contribute and practices. Concept of collaborative concerns, how to handle practical and issues

in managing change (Ellström, 2008).

This use of interviews and analysis software, the mixture of deductive and inductive codes, this

enabled the extraction of data segments coded with multiple relevant codes used as the material for

knowledge building (Cass, 2018). Quality Function Deployment (QFD) is a set of process tools used

in defining the customer requirements and convert them into detailed engineering specifications. The

process tool plans to develop the products that fulfil the requirements (Goetz, Schleich, & Wartzack,

2019). Questions on Customer Surveys with clients is derived from the Market Analysis data. A

survey is then developed based on the analysis researched, theories are built and concepts are

questioned (Merriam & Tisdell, 2016). Morden design practice is influenced by the shifting

landscape of human-centred design processes (Elizabeth Sanders, 2008). This cross Analysis of

Market Trends and Customer Surveys would allow the researcher to identify projects that the target

market needs and identifies gaps in the market (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007). The final evaluation research process were

data/statistical analysis, model data, evaluate a model, identify statistical errors and open survey

responses (Xiaoxia A. Newton, 2019). These data gathering methods are jointly analysis with

researcher and participants, dialogue analysis seminars, participatory experience and self-evaluation

(Svensson, Ellström, & Brulin, 2007). Co-designing needs creative individuals in a team, members

are researchers, designers, clients and users who contribute qualitative and quantitative experiences

(Elizabeth Sanders, 2008).

Customer Survey

Lean Principles Project Measurement Tools

(Lean Principles Reserached)




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Mixture of all the tools.

More closed quantitative questions and a few

qualitative questions because of participates

concentration.

Face to face interviews, Written questions,

Online Questionnaire (Netigate), Qualitative

questions, Quantitative questions,

Dichotomous questions, Directed questions,

Indirect questions, Open questions, Closed

questions, Semantic differential scales, Likert

and Semantic Differential Scales.

Table 5. Customer Survey and Lean Principles (Mugisha, 2020).

III. Octagon Analysis

Evaluating a project needs many measurable because they are many aspects of a project, the lean

approach was appalled to this step. Only the aspects of a project where researched into, eight subject

areas were explored. The subject areas of dissecting a project where the Complexity Of The Product,

Timescale, Total Cost, Sustainability, Implementation, Marketability, Digitalization and Distribution

Logistics. Evaluate and interpret the data in establishing the quality, effectiveness, and impact of the

research hub and individual research projects (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd,

2019). Octagon Analysis is the second evaluation stage, the researcher sends out questioners to many

clients with different ages and gender. This data would systematic reviewed, coding and decode the

Feedback based on the Market Trends Analysis (Merriam & Tisdell, 2016).

The researchers develop research questions from existing concepts, using prior data as a foundation,

building contribution to the scientific field on the shoulders of previous concepts (Sandberg &

Alvesson, 2011). Co-creation involves interviews with stakeholders and the development team to

gain insights, avoid pitfalls and strengthen collaboration while documenting the evaluation process

(Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019). This is a long process because qualitative

and quantitative questions are in the questionnaire. This stage should prove what projects customers

in a particular market are interested in (Booth, Colomb, & Williams, The Craft of Research, 2008).

Setting parameters and criteria for creativity is in the context of a specific domain. Problem-solving

process and scientific theories aim to increase our perception of complex problems, phenomena and

uncertain condition (Ven, Engaged Scholarship A Guide for Organizational and Social Research,

2007). Performing diversity convergent, divergent methods in an open complexity and cohesion

discussions and. Sustainable leadership performs restraint and renewal of an organisations resources.

Cultivate talent, maintain the legacy of the organisation and contribute to the organisation's history

(Fonsén & Soukainen, 2019). Highlighting the most popular ideas the customers would like to see,

and the Octagon Analysis would identify the feasibility of all ideas generated in the Market Trends

Analysis (Booth, Colomb, & Williams, The Craft of Research, 2008). Diagnosis and cataloguing

data is done by theory building, research design, data studies, and problem-solving (Ven, Engaged

Scholarship A Guide for Organizational and Social Research, 2007). Performing diversity

convergent, divergent methods in an open complexity and cohesion discussions and. Sustainable

leadership performs restraint and renewal of an organisations resources. Cultivate talent, maintain the

legacy of the organisation and contribute to the organisation's history (Fonsén & Soukainen, 2019).

Utilization focus, evaluating the teams need in identify the end-users, ensuring the evaluations and

activities focused on the collection of actionable data. The project leaders assess the process

evaluation of the team (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019).




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Octagon Analysis

Lean Principles Used Project Measurement Tools


Complexity of Product, Timescale, Total

Cost, Sustainability, Implementation,

Marketability, Digitalization and Distribution

Logistics.

Timeline, Goals, Budget, Social, Cultural,

Ethical, Environmental, Educational, Risk

Management, Quality, Project Scope,

Benefits, Complexity of Product,

Technology, Ecology, Schedule, Distribution

Logistics, Marketability, Development

Procedures, Supply Chain, Design Process,

Project Managerial Methodology,

Technology, Skilled Labour, Workflow,

Resource Management, Strategy, Business

Alignment, Project Prioritization and Total

Cost.

Table 6. Octagon Analysis and Lean Principles (Mugisha, 2020).

IV. Projects Clustering

The inspiration of Projects Clustering was from ‘Portfolio Analysis‘, systematized organisation of

multiple pre-projects and planning which concept projects are going to be developed. Portfolio

Analysis, Collection of different kind of projects of the company, these projects could be categories

as pre-projects, on-going and post-project. In the Portfolio Analysis develops can evaluate the

potential success or success of a project and perform an elimination process, keeping successful

projects and removing unsuccessful ones (Merriam & Tisdell, 2016). It is possible to see multiple

pre-projects based and the researcher can arrange the projects based on any of the eight elements of

the octagon analysis (Complexity Of The Product, Timescale, Total Cost, Sustainability,

Implementation, Marketability, Digitalization And Distribution Logistics). Projects can be arranged

from difficult to easily implement concept projects (Sparbanksstiftelsen Rekarne, 2020). The pre-

project database helps in the decision-making process, increasing the ability to compete. Pre-project

that attract potential customers. Pre-project improve on organisation sustainability image. Pre-project

develop sustainable technologies. Pre-project develop sustainable methodologies. Pre-project

develop sustainable environmental awareness. Pre-project develop sustainable socio-economic

involvement with the organisation and citizens. Pre-project that build value. Pre-project that increase

market share. Pre-project that achieve performance targets and organisation goals. Pre-project that

create innovation.Pre-project that improve on current goods or services. Pre-project that promote a

healthy work environment. Pre-project that retrain employees. Pre-project that enter niche markets.

Pre-project that are disruptive and lead the market. Pre-project that improve organisations in-house

IT service. Pre-project that improve organisations administration. The organisation has access to pre-

project Database. The organisation can choose what pre-project has been developed. The




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organisation can see what pre-projects need to be developed (Sparbanksstiftelsen Rekarne, 2020).

The knowledge created during the design process of the early-stage evaluation tool creates a database

of research areas, qualitative and quantitative data for project development (Merriam & Tisdell,

2016).

Projects Clustering

Lean Principles Portfolio Management Tool


Organising Pre-Projects

Grouping Pre-Projects

Portfolio management, Organisation strategic

alignment, Professional management, Risk

minimization, Portfolio optimization,

Portfolio Saturation, process, Performance

management, Process Improvement, Process

Execution, Process compliance, Client

objectives, Board members objectives,

Execution management, Strategic

management, Operational management,

Organising projects and grouping projects.

Table 7. Projects Clustering and Lean Principles (Mugisha, 2020).

Early-Stage Evaluation Tool Visualisation

Using illustrates in developing new approaches by presenting examples of change within the projects

(Svensson, Ellström, & Brulin, 2007). Re-Thinking Science tried to fill some of the cracks and

argument in The New Production of Knowledge (Nowotny, Scott, & Gibbons, 2003). Visual

information describes the properties of objects, shape, form, colour, shape, material, and texture

(Suha & Cho, 2020). Drafted using Autodesk software showing the four stages of the Early-Stage

Evaluation Process, from a pre-project stage to a project plan stage. Meta-model data for evaluation

tools can be illustrated as in graphic visualization. The exhaustive sampling method, result in

numerous documented data points, resulting in a high-quality visualisation. The visualization

showing the highly detailed distribution of rejected and accepted points. The visualization shows the

types of different method used, different colours to show rejected, accepted and points

(Kucherenkoa, Giamalakis, Shaha, & García-Muñoz, 2019).




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Fig 3. Early-Stage Evaluation Tool Visualisation (Mugisha, 2020).




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Early-Stage Evaluation Tool and Sparbanken Rekarne

In this master‘s thesis validation of the early-stage evaluation tool is performed, this co-developing

and co-editing of the tool using interactive research customise the tool for Sparbanken Rekarne

project portfolio and uses-cases. Validating the early-stage evaluation tool for Sparbanken Rekarne,

this was an on-going evaluation, as knowledge building happens using academic literature was used

in theory building and implemented in the assorted configuration of the evaluation tool. Validation

from the tool came from using the business case to test the evaluation tool, Market Analysis and

Customer Survey were completed during the master‘s thesis timeline. Octagon Analysis and

Portfolio Clustering is not validated from using the business case due to the time limitation of the

coronavirus (COVID-19) global epidemic (Government Offices of Sweden, 2020).

I. Market Trends Analysis

To carry out an effective Market Trends Analysis, one needs to know an expert in the field of

research, this can save time and effort in collecting data about an industry. A lean perspective on

using market research tools was applied, focusing only on the critical tool, these tools were discussed

and narrowing down to a few critical tools. The tools used were domestic market size, market growth

rate, domestic and international customers, customer statistics and demographics, competitors

product or service, markets barriers, market volatility, industry life cycles, product life cycles and

target market (Merriam & Tisdell, 2016). For this Sparbanken Rekarne business case I interviewed

Stefan Öhman. We discussed market trends in the financial space and identified key topics need to

carry out critical market research. The critical market research focused only on particular elements of

the market. The three areas were ‗Block-chain technologies, Sveriges Riksbank and Payment

Services Directive 2 (PSD2)‘. After I read about Sveriges Riksbank (Sweden Central Bank), I

noticed they are the entity that governs innovation in the banking sector of Sweden. The payment

industry is going through a renaissance because the industry is going digital. The knowledge creation

about PSD2 leads me to connect topics like ‗Single Euro Payments Area‘ (SEPA), ‗Instant

Payments‘ and ‗Virtual Accounts‘. The Market Trends Analysis is based on the business case, the

financial industry. The areas of knowledge creation were Block-chain, Sveriges Riksbank, Payment

Services Directive 2 (PSD2), Instant Payments Single Euro Payments Area (SEPA)and Virtual

Accounts (Sparbanksstiftelsen Rekarne, 2020).

Early-stage Evaluation Visulisation (Market Trends Analysis).

Market Trends Data will enter the top then a questioner developed by the research team will derive

questions based on the market trend analysis. This Customer Survey would be directed to customers

of the bank, asking them a mixture of questions that question the day to day running of the bank,

future technologies that could be implemented in the bank as well as in the own words what

improvements would like in the bank services.




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Fig 4. Early-Stage Evaluation Tool Visualisation (Market Trends Analysis) (Mugisha, 2020).

Competitor Analysis.of Projectmanager

An organisation Projectmanager has an online evaluation tool called ‘the project charter‘. The project

charter is the pre-evaluation of a project pitch to the investors, core or primary stakeholders. A

detailed plan mentioning staff tasks in the project. Project Manager's Pre-project evaluation is a tool

that determines the effectiveness of the project before any investment. When using project charter a

web-based template needs to be filed, all phases and scope of the project needs to be defined. The

developer needs to identify project objectives, deliverables, resource, financial and quality plans. The

project charter shows why a project plan is important and how those objectives will be addressed.

The project charter initiating a project, outline reasons and projected returns on investment. The

project charter includes the project structure and how it intends to meet the goals, phases and stages




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in the project. In my opinion, this evaluation tool is more like a project plan there is an assumption

that the developer already has this information (Projectmanager, 2020).

The project charter highlights the vision, objectives, scope and deliverables of the project. The

documented needs to address all stakeholders responsibilities in the project, from the core to the

primary stakeholder. The developer needs to explain the design process strategy of taking on the

project, what resources needs for specific tasks, quality of the product or service and the financial

expectations of the project. The project charter template is a document that follows the creation of

the project, the document can be present to investors or stakeholder in an organization. In the project

charter, the business case and feasibility study once approved the developer is ready to begin the

project (Projectmanager, 2020). The project charter defines boundaries for the project, a detail

projects scope that accounts expected deliverables of the project. In the project charter documenting

the project team, planning, executing, tracking and reporting of the project. The project charter

documents in details the roles of stakeholders and responsibilities of the project team. The project

proposal identifies risk areas and how to maintain or fix opportunity in the project plan. The steps in

The project charter are Executive Summary, Project Definition, Project Organization, Project Plan,

Project Considerations and Appendix (Projectmanager, 2020).

Executive Summary

Is were the developer summaries the various sections, outlining expected outcome and table of

contents. The document covers the definition of an organization, the plan, risks, issues, assumptions

and addresses constraints (Projectmanager, 2020).

Project Definition

Project Definition is were the developer state that purpose, the vision of the project, key objectives

are and how the developer is going to achieve goals. Defining the scope of the work, how to achieve

deliverables and describing the vision of the project. Each objective in the project needs to state in

detail were the project need to go to achieve goals. Goals with specific measurable, achievable,

realistic and timelines. Defined objectives and sub-objectives need to be defined, include business

objectives, business-specific and technology-specific technology objectives. A detailed project

scope, design processes, challenges, locations, impacted and what could affect the project

(Projectmanager, 2020).

Project Organization

Is the stage of describing the deliverables, who and how of the project, describing the target

customers, target groups and the deliverables and matching the requirements of the customers.

Explaining stakeholders roles and a list of invested individuals of the project, their key interest and

inputs. Information about the organization and the project, the executives, legislative bodies and

regulatory bodies. All stakeholders roles in the project and how they relate with the organisation, the

various team members needed to take on the project. The information about the organisation

structure, form the board members to core, primary stakeholders, the review group, upper and middle

managers, responsibilities, team member and team leader of the project. Information about members

in the organisation, resource name, assignment status and assignment date. Clear documentation of

responsibilities, performance criteria and skilled stakeholders required. Preferably an organization




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flow chart showcasing and connecting stakeholders key roles and the connection of the project


Project Plan

The project plan is a detailed description of phases listed in chronological order, The overall design

strategy of the project, a plan with scheduled tasks like the Gantt chart. At this stage a summarize the

plan, outlining the sequence of each phase mentioned, a collection of tasks to achieve the desired

outcome. Defining the milestones and the course of the project‘s lifecycle, marking key points in a

project when a phase is completed. In the Project plan or Gantt chart, explaining the impact of

defined tasks and how non-delivery will affect the next stages. A summary of the duration and effort

for each project team member in the project plan, members role, a clear start and end dates. Break

down in category the cost and the value of each task. A brief financial statement, refecting the costs

in the plan of the stages in the project. Then a quality plan to listing the process change management,

risk management and issue management (Projectmanager, 2020).

Project Considerations

For your investors in the project, concerning the risks of the project. Describe any form of risk that

might come in the project. Risks should be categorised in likelihood probabilities, from high,

medium or low. Stating the risk impact it will have and the mitigating actions that need to be done to

resolve all risks. Addressing any issues, listed by priority, issues, probability and risk affecting the

project. Describing what actions to take in resolving bottlenecks or list the constraints


Appendix

The last step is attaching all supporting documentation, this stage verifies the information been stated

earlier is valid. The documentation is inspected by a representative in assessing the pre-project


The Project Charter (Evaluation Tool Review)

Projectmanager ‘The Project Charter‘ is a pre-project tool but it does not address many I faced with

the Hexagon Analysis. There is no market research, more emphasis on project details, stakeholder

needed, overall complexity, finance and risk management. The tool seems to lean more to a project

plan because there is no information gathering stage, no evaluation process in the tool or project

measurements. The tool is useful once the developer has already collected the data needed. This tool

is the project plan and the tool I've developed in this thesis is an early-stage evaluation tool used in

gathering data and providing vital information in developing concept projects that showcase risks

and overall complexity of the project. The evaluation tool is the precursor to the project plan. The

evaluation tool could be used first then the ‘The Project Charter‘ (Projectmanager, 2020).




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Sparbanken Rekarne

Sweden‘s first savings bank was founded in 1820 in Gothenburg, founded by a German merchant,

Eduard Ludendorff as a business venture. Savings bank became popular, and entrepreneurs in

Eskilstuna decided to create a regional. Eskilstuna Stads & Fristads Sparbank was founded in 1827.

Eskilstuna's wealthy residents where the firs to signed up undertook to create a base plate for the

savings bank. The venue was City Hall for a statutory meeting on 10 July 1827 (Sparbanksstiftelsen

Rekarne, 2020). As time passed and many mergers and acquisitions were later called Sparbanken

Rekarne in 2009. Sparbanken Rekarne has positions its self as a positive force in society, a bank that

protects the heritage, countryside and cultural references. Sparbanken Rekarne has activities that are

non-profit with a very strong social pathos, funding countryside project and supporting weak

community (Sparbanksstiftelsen Rekarne, 2020). Sparbanken Rekarne AB is a 50% owned by

Sparbanksstiftelsen Rekarne and 50% is owned by Swedbank. Sparbanksstiftelsen foundation

manages capital from Rekarne Sparbank, which consists partly of 50% shares in Sparbanken

Rekarne AB and shares in Swedbank. The core values are to promote savings in Eskilstuna and

Strängnäs municipality, re-paying returns that the savings bank capital has provided. The Board of

Directors is a group of people in charge of the foundation's assets and statutes of the organisation.

The members are Kerstin Ehn the President, Mattias Nathansson the Vice Chairman, Ida Gäfvertthe

Commissioner, Helena Hallgarn the Commissioner, Håkan Johansson the Commissioner, Göran

Pettersson the Commissioner, Helen Wretling the Commissioner and Christina Wetterberg the

Executive officer (Sparbanksstiftelsen Rekarne, 2020).

Sparbanken Rekarne has about 100 employees and est. 100 000 customers, they also have 50%

market share of the customer in Eskilstuna. The registered customers are companies and individuals,

registered businesses are about 5 000 and 80/90% are private individuals. These individuals‘

professions are a wide range from the service industry to the farming industries. Sparbanken Rekarne

is a saving institution but they offer similar services to financial institutions, services like pensions,

mortgages, risk management advisory, loans and provide credit for companies (Sparbanksstiftelsen

Rekarne, 2020). The Swedish banking sector has one of the strictest legislation with numerous laws

to also follow, these rules impede innovation and the development of innovative concepts in the

banking sector. The bank has also developed software it licences to other banking institutions in its

innovation strategy. The software it licences keeps previous and new legislation, rules and standards

in the banking sector (Sparbanksstiftelsen Rekarne, 2020).

Savings Bank Foundation Rekarne

Sparbanksstiftelsen works with Sparbanken Rekarne, to implement a positive force in Eskilstuna and

Strängnäs municipalities. The aim is to be a positive force Eskilstuna‘s society, that is why they take

an active part in funding local business, agro-business and cultural heritage (Sparbanksstiftelsen

Rekarne, 2020). Sparbanken Rekarne AB is half-owner of Sparbanksstiftelsen Rekarne but they both

work in regional specific projects and promote the savings culture, Sparbanker and Föreningsbanker

are connected fundamentally to Sparbanken Rekarne. Sparbanken Rekarne promotes savings in

Eskilstuna and Strängnäs municipalities. Sparbanken Rekarne provides grants in specific projects

that deal with business, research, education, sports and culture within the municipal boundaries.

From 1996 to 2020 they have distributed over SEK 280 million, showing a positive force in

Eskilstuna and Strängnäs municipalities (Sparbanksstiftelsen Rekarne, 2020).




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Appropriations Granted

Applying for grants is the main revenue stream for the Sparbanken Rekarne, these grants are

evaluated though the Sparbanken Rekarne staff and applicants have to fill in forms in detail. The

evaluation process can take some time but the existing customer‘s evaluation process is faster due to

a level of trust in the business relations. When both parties agree on the amount, payment plan and

the terms of conditions, the revenue is put in an account with Sparbanken Rekarne where the

business or individual can access. If the individual does not have an account with the bank, an

account is open for the agreed grant. Sparbanken Rekarne can monitor the account behaviour,

transactions and payments for the loan (Sparbanksstiftelsen Rekarne, 2020).

Apply For Grants

This is targeted to business owners, project managers, private person, individual team or groups

requesting capital investment. When applying for grants you have to fill in an application form. The

form online is a downloadable PDF asking for personal information about the business. The form is

detailed the business owner or project manager has to fill in information like company name, project

owner's name, telephone number and email address. Next is the project description, the name of the

project purpose and project time, goals, a detailed project plan. The project plan should consist of the

organisation's previous financial recorders, payment instruction and a detailed budget for the project.

A complete financial plan with specific amounts for the project purpose, categorised in the name and

amount, the amount should factoring VAT (Sparbanksstiftelsen Rekarne, 2020).

Social Responsibility

Sparbanken Rekarne characterizes as a savings bank with the great social responsibility for the

countryside. What Sparbanken Rekarne does with its profits separates itself with other banks in the

region. Social responsibility is Sparbanken Rekarne core business and part the historical basic ideas

of the organisation. Sending a positive social inclusion of actives that range from sports, charities,

schools, universities, hospitals and festivals in Eskilstuna and Strängnäs municipalities

(Sparbanksstiftelsen Rekarne, 2020).Social sciences have historically criticised traditional research

models while promoting interactive research as the use case (Ellström, 2008). The corporate social

responsibility has been going since 1996, the foundation has generated over SEK 280 million on

local development. Sparbanken Rekarne is investing in Eskilstuna, Strängnäs and Mariefred because

of the rich diverse sports and cultural heritage. Sparbanken Rekarne also has launched crowd-

funding platforms for entrepreneurs and local organisations. This constant innovation gives

Sparbanken Rekarne the title as the largest private and corporate customer‘s bank in Eskilstuna,

Strängnäs and Mariefred. To meet all customer needs Sparbanken Rekarne offers services form its

lawyers and insurance specialists. Small to Medium Enterprises (SME) benefit greatly from the

additional services. All services are available in all of their branches, in Eskilstuna, Strängnäs and

Mariefred. Telephone bank is available 24/7 and cash bank deposit available in Eskilstuna


The main focus is providing financial services for the municipalities, individuals and companies in

the Eskilstuna, Strängnäs and Mariefred reign. Sparbanken Rekarne takes on the financial

responsibilities for various social activities. Such as teaching children a saving culture and good

spending habits. Providing customer activities, in 2019 a partnership with Parken Zoo and

Sparbanken Rekarne. Combining Zoo attractions and activities for the whole family with season




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discounted tickets to customers. Activities like ‗Picnic in the Park‘ in 2018 Sparbanken Rekarne was

the primary sponsor of Eskilstuna's music festival. Social responsibility with AFC Heroes Eskilstuna

local soccer team, sponsoring young soccer enthusiast training with AFC players and the children

visit different areas of the municipality. Sparbanken Rekarne social responsibilities do not stop at the

youth. They also initiated ‗The Clown Club‘, activities for children's clinic‘s, and visits to care

elderly from Tunagården and Marielund (Sparbanksstiftelsen Rekarne, 2020). The ‗All On Snow‘ is

an invent where Sparbanken Rekarne supports Tunafors Ski and Vilsta ski stations in making sure

the attractions have snow and other services. In 2019 ‗Cup of Cups‘ is a sponsorship agreement with

Sparbanken Rekarne and the local clubs. Eskilstuna Gymnastikförening and Sparbanken Rekarne

make sure the association cultivates the best gymnastics squad with male and female artists.

‗Eskilstuna Blacksmiths‘ is a collaboration of Eskilstuna Smederna, Rinmangymnasiet's school and

Sparbanken Rekarne. Where teaching and granting the opportunity to form individuals to participate

in the range of sports regardless of individuals conditions. ‗Eskilstuna Stadsmission‘ is a sponsorship

between Sparbanken Rekarne and Food Team, providing summer activities for children in

economically disadvantaged families during the summer (Sparbanksstiftelsen Rekarne, 2020).

‗Eskilstuna United DFF‘ is a social work organization in partnership with Sparbanken Rekarne uses

football as a social tool for integration. Sparbanken Rekarne is the main sponsor for ‗Eskilstuna

Simklubb‘ swimming club activities. ‗Rich Mathematics‘ is Sweden's first research-based, the

project is a joint venture of the Sparbanken Rekarne, Mälardalen University and Eskilstuna

municipality. Sparbanken Rekarne has a sponsorship agreement with Sebastian Larsson Football

Academy and local soccer clubs. ‗Lifeboat‘ is a project of Sparbanken Rekarne and Sea Rescue

Society in Strängnäs where they bought a new rescue boat for Lake Mälaren. ‗Strängnäs IBK‘ is a

collaboration of Sparbanken Rekarne and Strängnäs IBK, they take night walks in Strängnäs that

promote security within the society. ‗Warm on the Heart‘ is a crowd-funding service, enabling local

projects in Eskilstuna and Strängnäs municipalities in developing concepts into real-world use


Sveriges Riksbank

Sveriges Riksbank is one of the world‘s oldest bank, holds a close relationship with the Swedish

Parliament, internationally the European Union and International Monetary (Hanusch & Biermann,

2019). Riksbank is the central bank of Sweden since Sweden is increasingly becoming one of the

first cashless society they have been developing a Central Bank Digital Currency (CBDC) called "E-

krona". Traditional cash has been seen as a store of value rather than a means of commercial

exchange, the evolution of cash in Sweden is the digital currency the E-krona (Riksbank, 2020). In

the past, Sveriges Riksbank general council were members of the Swedish Parliament and which is

present today. Sveriges Riksbank provides safeguard financial stability to local and international

organisations (Hanusch & Biermann, 2019). In my opinion, new legislation for economic zones

would have to ban the use of stable coins (Not backed by Central Banks) because these technologies

occupy the same market and could pose a treat to the economic security of the economic zone.

Current stable coins are regulated, monitored and managed by organisations with an organisation's

strategic goals which could pose a conflict of interest for the general public use-cases.

Paul Romer and William Nordhaus share the 2018 Economic Sciences by Sveriges Riksbank. Paul

Romer research focuses on the demand for public intervention will be beneficial in creating

technological. Nordhaus research focuses on the significant costs of addressing global climate and

temperature change (Fremstad, Petach, & Tavani, 2019). Implementing Inflation Targeting (IFT) is

based on forecasts as the intermediate target of monetary policy that evolves with time. It is very

difficult to evaluate the effectiveness of MPC‘s, the impact and involvement of IFT in the economy




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(Szyszko & Rutkowska, 2019). Cash and sales circulation has drastically decreased, across the

country the private sector increasingly prefer card payment than cash payments. Technological

change, consumer behaviour and legislation circumstances and most importantly Swedish consumer

are confident and trust in being early adopters of technology (Riksbank, 2020). Multi Option

Payment System (MOP) is the different types of transaction methods through mobile, cash, internet

banking, debit or credit card payment and cheque (Obaid, Bayram, & Saleh, 2019). Total addressable

market (TAM) framework develops the technology that provides services that make NFC payment

possible, the wireless connection is from a bank account to another bank account (Putra, Fifilia, &

Juwitasary, 2018). Initially, the development of Industry 4.0 technologies would take years, human

resources, high risk and capital resources to develop (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Macroeconomic forecasts are based on economic climate, rates and assumptions which keep

changing with time. The central banks need to adjust the MPC following the economy (Szyszko &

Rutkowska, 2019). Sveriges Riksbank central bank would have to develop the technology,

legislation and framework for how the E-krona would be implemented from Commercial banks and

central banks. The E-krona would have to be a digital standardized unit of account and means of

exchange, accepted across the commercial banks. The E-krona would need to be counterfeit free and

in my opinion, it would use some kind of block-chain technology, similar to that used in crypto-

currency (Riksbank, 2020). Sveriges Riksbank credibility lies in its ability to implementation of IFT

tools especially in stronger disinflation and higher inflation volatility (Szyszko, 2017).

Sveriges Riksbank also carries out high interdependences of inflation expectations and inflation

forecasts on its citizens. Sveriges Riksbank uses IFT, implementation and verification, these tools

include the importance of inflation forecasts, the decision of the Monetary Policy Committee (MPC),

inflation forecast results, decision timing and decision justification (Szyszko, 2017). When trading

traditional stokes, bonds or crypto-currencies, they are particular terminologies for how markets

behave, the main terms are Bullish or bearish. Bullish is a term for the market who believes the value

is going up and bearish believed the market is going down (Gurdgiev & O‘Loughlin, 2020). The

comparative analysis of previous records helps in plotting a forecast, including all operations in

inflation and targeting framework. Sveriges Riksbank is one of the most experienced tackling

inflation they use comparative analysis, Implementing Inflation Targeting (IFT) and forecasting

inflation (Szyszko, 2017).

European Central Bank (ECB) launched Target Instant Payment Settlement (TIPS) this infrastructure

service facilitate in real-time monetary transactions goods and service in the European Economic

Zone. From a central bank perspective, mobile payment system improves the circulation of money in

the country. The Eurosystem single currency makes cross border transactions real-time and across all

platforms. The ECB promotes third-party developers to develop fintech services that integrate their

TIPS payment solutions (Obaid, Bayram, & Saleh, 2019). Inflation forecast can help Sveriges

Riksbank to create tools of managing expectations and develop a modern monetary policy. Sveriges

Riksbank continuously searches for tools that enhance their opportunity to influence and focuses on

inflation expectations (Szyszko, 2017). Sveriges Riksbank publishes their macroeconomic forecasts,

these data are used to create the Monetary Policy Committee (MPC). The macroeconomic forecasts

help other central banks and reduce transmission lags to other institutions and counties (Szyszko &

Rutkowska, 2019). Paul Romer and William Nordhaus share the 2018 Economic Sciences by

Sveriges Riksbank. Paul Romer research focuses on the demand for public intervention will be

beneficial in creating technological. Nordhaus research focuses on the significant costs of addressing

global climate and temperature change (Fremstad, Petach, & Tavani, 2019). Sveriges Riksbank

presents a detailed description of the macroeconomic forecasts and discloses the decision-making

process to the public. Sveriges Riksbank constantly has a forward-looking mind-set, the evidence is

in modern monetary theory. Which states the expectations of economic agents are the driving factor

in the transmission and mechanism of IFT (Szyszko & Rutkowska, 2019). E-krona uses block-chain




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technology is a digital ledger where digital currency, smart contracts, crypto-currency, goods or

services can be tracked with a high level of proficiency and security. Currently, there are no

decisions agreed on issuing an e-krona for commercial use (Riksbank, 2020).

Sveriges Riksbank has joined the European Central Bank (ECB) Real-Time Settlement Platform

called Target Instant Payment Settlement (TIPS). The Electronic payments mean the Krona can now

use the platform for instant payments in parallel to the Euro, this grants Sweden access into the

Eurosystem. Target Instant Payment Settlement (TIPS) is an economic market infrastructure service

for the Eurozone Eurosystem, the Swedish Krona would use this instant payment service, called

‘RIX-INST‘. The European Central Bank (ECB) agreed for the Eurosystem because this increases

the potential market and strengthen the Eurozone. Target Instant Payment Settlement (TIPS) was

originally designated for countries in the European Union (EU) that used Euro. Target Instant

Payment Settlement (TIPS was also designed to receive other fiat currencies, so the European Union

(EU) member states can be integrated into the Eurosystem framework. Sweden advanced economies

and monetary policies allow a smooth integration of instant payments, with a daily average of 1.5

million instant payments per day. The real-time settlement platform is a pivotal contribution to

Europe, the increasing demand for faster, cheaper and convenient payment services and high

security (Magnates, 2020).

Block-chain technology is gaining popularity in all economic sectors, relating to block-chain and

smart ledgers. Block-chain technology is becoming popular because of uses cases like

cryptocurrencies, Bitcoin for example (Tanwar, Parekha, & Evans, 2019). Financial Technology also

known as fintech is designed to analyse market behaviour and to develop technology to be used in

financial practices and the finance sector. The financial sector services use platforms like Internet

banking, mobile banking, ATM, cash deposit machines, instant payment services, online trading in

stock markets, online funds transfers and wealth management. Fintech is creating new digital

financial tools with artificial intelligence, digitalisation, E-wallets, peer to peer lending, block-chain

technology is various Fintech products and services being developed (J.Katyayani &

Ch.Varalakshmi, 2019). In block-chain once a transaction is committed on a Block-chain , in order to

make any change one would have to change every transaction in the block from the beginning of the

system, this also requires users in the decentralised community to agree with it and an extreme

amounts of computing power (Tanwar, Parekha, & Evans, 2019). Analysing Finance 1.0 and 2.0

securities prices can be done using three core frameworks which are the Efficient Markets

Hypothesis (EMH), Fractal Markets Hypothesis (FMH) and Adaptive Markets Hypothesis (AMH).

Efficient Markets Hypothesis (EMH) refers to the theory in the financial economics that mentions

asset prices reflect information available. Fractal Markets Hypothesis (FMH) is a dictates that

financial market tool, especially for the stock market by creating and following cyclical and

repeatable patterns. Adaptive Markets Hypothesis (AMH) is merging economic theories based on

efficient market theories (Gurdgiev & O‘Loughlin, 2020).

Block-Chain

Fintech trends are looking into the user making a transaction with their mobiles and without the need

for a SIM card. Is the development of digital currency or current crypto-currency being the solution

(Obaid, Bayram, & Saleh, 2019)? The rise of cryptocurrency tokens as a new asset class has shaken

the global financial market. Cryptocurrencies openly and publicly tradable on crypto-exchanges,

central banks and European Central Bank ECB classify them as a new asset class. The ability to

make cross-border payments without government intervention affects all central banks in every

country. How do central bank‘s draft legislation on a decentralised asset class (Nadler & Guo,

2019)?




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Block-chain mining is when users allow computers in a network to perform a transaction on the

network. Miners are users connected to a network, these transactions are in blocks of nonce values to

achieve hash values in the network. This miner in the networks need high computation speed to

achieve and obtain the reward is given to miners after performing a transaction (Tanwar, Parekha, &

Evans, 2019). Crypto-currencies acts as a means of exchange and a store of value can be used to

purchase goods or services like fiat currencies. Crypto-currencies generally do not offer cash flow,

the underlying valuations depend on investment returns from the capital gains alone. Crypto-

currencies do not produce Crypto-currencies, profits are only obtained from one's investment

strategy (Gurdgiev & O‘Loughlin, 2020). Formless channels like the internet, with no governance of

any organization yet users, perform contemporary social transactions (Jasanoff, 2004). The underline

technology in Block-chain characteristics are Distributed ledger, Consensus mechanism, Provenance,

Immutability, Finality and Smart contract (Tanwar, Parekha, & Evans, 2019). Scarcity or increased

use cases or investors not selling increase value and the market becomes Bullish. Fear, volatility,

instability and uncertainty impacting the market, the value drops making it bearish (Gurdgiev &

O‘Loughlin, 2020).

Distributed ledger refers to the transactions being joined to the distributed system network and the

ledger is available to users on the network (Tanwar, Parekha, & Evans, 2019). Block-chain

technology uses a distributed decentralised network, containing transactions that are only updated or

added through the creation of new hash values. This makes the transactions secure because the

previous transactions cannot be modified. Each transaction is connected to the previous one, these

transactions, a bunch of transaction are grouped together in blocks and a bunch of blocks that are

connected is called a chain, hence the name ‗Block-chain ‘ (Tanwar, Parekha, & Evans, 2019).

Bitcoin protocol launched on January 9, 2009, and block-chain technology underlying all

cryptocurrencies. Bitcoin remains the dominant cryptocurrency to date, in 2010 was USD$ 0.003 as

of 1st May 2020 1 Bitcoin equals USD$ 8 835.41 (Gurdgiev & O‘Loughlin, 2020). Bitcoin was the

first cryptocurrency using block-chain technologies because crypto-currency is volatile forecasting

methods like Vector Autoregressive (VAR) analysis has been proven Bitcoin transaction show

temporarily in higher returns. Traditional pricing financial models do not work on crypto-currency

asset class because the most crypto value is based on the demand and supply of the crypto-currency.

Bitcoin value rises when they are high demand and drops when the market is saturated (Nadler &

Guo, 2019).

Block-chain technology comprises various techniques and services, called Consensus Protocol, Hash

Cryptography, Immutable Ledger, Distributed P2P Networking, and mining (Tanwar, Parekha, &

Evans, 2019). Added robust block-chain technologies provide access, trust and security also promote

third parties development services to work in synchronization (Mistry, Tanwar, Tyagi, & Kumar,

2019). Block-chain is a database that can be stored and shared in a distributed ledger, this ledger is

trusted, unchallengeable and removing intermediaries. This database does not require centralized

storage and is transparent and decentralised (Tanwar, Parekha, & Evans, 2019). Crypto-currency

investment does not follow the financial fundamentals, extreme volatility and big investors can alter

the valuation depending on their investment strategy (Gurdgiev & O‘Loughlin, 2020). The internet

grants millions of people information in diverse ways and a sense of belonging to social units such as

the family, community, organisation, region or nation (Jasanoff, 2004). A distributed P2P network is

when all transactions in the Block-chain is broadcast to users on the network, update and verify the

network database (Tanwar, Parekha, & Evans, 2019). Security in the block-chain is the use of smart

contracts in the Block-chain , information transactions are exchanged autonomously. Inter-device

communication is possible with a high level of security (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Participants in crypto markets are pricing in risk factors determined by Bitcoin If the value of Bitcoin

rises other altcoins do the same (Nadler & Guo, 2019). Reliability in the block-chain is how




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integration is enabled, user‘s verification, authentication of a transaction with high levels of

accountability (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Immutable ledger, this is what makes block-chain great. All transactions are recorded in a block-

chain network, the ledger can be shared but it is impossible to modify or tamper with the transactions

because every transaction has a piece of a previous transaction and so on. Immutability refers to the

transaction records on the network, they cannot be modified or tampered providing a level of trust

and security (Tanwar, Parekha, & Evans, 2019). Secure code deployment is the immutable ledger,

transactions are stored as nods and can be traced in the history or update. Provided a secure

framework for the update of IoT devices (Mistry, Tanwar, Tyagi, & Kumar, 2019). Block-chain

technology is transparency and is easy to accesses a ledger-based transaction over networks. Block-

chain networks connect multiple computers forming multiple nodes for the network, making the

network extremely fast and powerful (Tanwar, Parekha, & Evans, 2019).

The integration of block-chain technology builds trust, reduce overall cost, accelerate transactions of

data and supply chain management efficiency. Build Trust, the use of a ledger in block-chain

technologies builds trust between users and devices, reducing risk, collision and tampering. Reduce

Cost and the removal of overheads while the increased speed of transferring value or information.

Accelerate transactions refers to the speed of transfer times of value or information from days to

make a Telegraphic Transfer (TT) with high fees, to near-instantaneous with virtually no fees

(Mistry, Tanwar, Tyagi, & Kumar, 2019). The core Block-chain based framework is called hyper

ledger fabric, and its sandbox (testing environment), called hyper ledger composer. They are used to

test and develop smart contracts algorithms to execute actions on pre-existing electronic systems

(Tanwar, Parekha, & Evans, 2019). The consensus protocol is when particular users in the block-

chain network have individual access rights, the ability to grant transactions that are updated in the

system (Tanwar, Parekha, & Evans, 2019). Autonomy is terminology in Block-chain , where devices

can interact with each other without any input of a user. Smart contracts can be programmed to work

automatically in the block-chain and IoT-based industrial applications (Mistry, Tanwar, Tyagi, &

Kumar, 2019). Hash cryptography refers to when a block-chain uses Hashs for adding transactions.

Theses Hash algorithms features are one-way cryptography, deterministic, faster computation,

avalanche effect and must withstand collisions (Tanwar, Parekha, & Evans, 2019).

Identity or universal is a term used in the block-chain where devices on the block-chain have

identification, authentication and authorization. The Identity of a device can be traced to location and

information about the device as well. Moreover, it can also provide a trusted means for

authentication and authorization of IoT devices (Mistry, Tanwar, Tyagi, & Kumar, 2019). The

consensus mechanism is verified transactions on the network, users review the transaction on the

network and agree on the validity of the transactions. Provenance refers to the completion of the

block in the network or asset‘s history available on the network (Tanwar, Parekha, & Evans, 2019).

The potential use for the case of smart contract in block-chain technology is a disruptive technology,

all sectors primary, secondary and tertiary industry can develop countless uses cases. All aspects of

the industry from raw material, research and development, automation production and distribution of

a good or service (Tanwar, Parekha, & Evans, 2019). Internet Of Things (IoT) is the development of

centralized database systems connected online devices, client-server connected to cloud servers,

providing a network that is strong, reliable for different devices to communicate with seamlessly on

the Internet (Mistry, Tanwar, Tyagi, & Kumar, 2019). A smart contract, this is when block-chain

use-case becomes apparent. Codes are created on the network, the computers and nodes execute

actions on a triggered event. The codes are automatically implemented very fast and with block-

chain data verification (Tanwar, Parekha, & Evans, 2019).

The computer reshapes society by yet lacks the understanding of intersections like science and

knowledge with politics and culture (Jasanoff, 2004). IoT shares and communicates information




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between different devices, devices would need WIFI embedded sensors and sufficient network

coverage. To create this infrastructure massive robust IoT protocols, data transmission and

processing power at various stages have to be developed (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Smart contract in the Healthcare 4.0 era, healthcare providers have access to smart technologies

improved record management, tracking, decision-making process and utilization of insurance

agencies using block-chain technologies (Tanwar, Parekha, & Evans, 2019). The block-chain

network clinical data information about the patient IDs will not contain personal information and

transactions will be used in the immutable ledger. The block-chain technologies can be designed to

integrate Electronic Health Record (EHR) sharing system, configurations for the block transaction.

The network can share symmetric keys and private keys enabling HER systems to distribute

transaction in the block-chain network. The Block-chain -based sharing algorithms with EHR system

will have access to create a medical record, access to a clinician, access to the lab records, revoke

access, access to the lab database and inventory (Tanwar, Parekha, & Evans, 2019).

Apply Healthcare 4.0 in the healthcare industry can be done in stages. The first stage, connection

block-chain to all clinical data like Patient ID‘s and records stored in the existing health IT systems.

The block-chain system using smart contract will use the clinical data in the transactions of the

network. Healthcare 4.0 and the use case of a smart contract led to improved management tasks like

medical records, insurance billing, enabling permanent access to a secure database and providing a

distributed database of transactions (Tanwar, Parekha, & Evans, 2019). Business process

management (BPM) systems it is the driving engine for Industry 4.0 to digitize, automate business

processes and increase efficiency, effectiveness and profits. A use case would be to implement

automation in BPM systems using block-chain systems (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Healthcare 4.0 use of block-chain infrastructure would provide a digital database that increases

access to patient medical records, device tracking, prescription databases, clinician, lab database,

administration systems and hospital assets. Ability to access to patients medical histories instantly is

essential, correctly prescribe medication with the advent of block-chain technologies in the

healthcare services framework (Tanwar, Parekha, & Evans, 2019). Internet Of Things (IoT) is the

development of centralized database systems connected online devices, client-server connected to

cloud servers, providing a network that is strong, reliable for different devices to communicate with

seamlessly on the Internet. IoT shares and communicates information between different devices,

devices would need WIFI embedded sensors and sufficient network coverage. To create this

infrastructure massive robust IoT protocols, data transmission and processing power at various stages

have to be developed (Mistry, Tanwar, Tyagi, & Kumar, 2019). The next wave in digitalization

would be introducing block-chain computer technologies in the design process of digital services

(Tanwar, Parekha, & Evans, 2019).

Sparbanken Rekarne Mobile Application, Instant Payments, PSD2, SEPA, Virtual Account

Decentralized applications (DApps) are applications that do not need a central server to work, are

available online which two types of technologies needed IoT and block-chain (Mistry, Tanwar,

Tyagi, & Kumar, 2019). Swedbank offers a mobile application that increases features as mobiles

become ever powerful. NFC offers contactless payments with one‘s mobile. The new feature like

biometrics certification for login the application and confirming payments with a fingerprint or face

ID. A widget on the home screen of a mobile showing one‘s account balance without logging in

(Putra, Fifilia, & Juwitasary, 2018). 5G high-speed connectivity on IoT devices using block-chain

applications possess challenges, Device to device communication, scalability, interoperability is not

in development (Mistry, Tanwar, Tyagi, & Kumar, 2019). Offers users a mobile application for their




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bank services, developing the software is capital intensive, so they used their strategic partner

Swedbank (Sparbanksstiftelsen Rekarne, 2020). Near-field communication (NFC) is a technology of

connecting devices wireless but within a short distance (4 cm), the technology was developed to

facilitate instant payment. Typical payments with a credit or debit of a good or service can be made

with mobile with an NFC chip (Putra, Fifilia, & Juwitasary, 2018). Block-chain -based industrial

applications like 5G-enabled IoT use case industry for application are in development in Smart City,

Smart Home, Healthcare 4.0, Industry 4.0, Fintech, Agriculture, Autonomous vehicles and Supply

chain management (Mistry, Tanwar, Tyagi, & Kumar, 2019). Mobile Payment System (MOPS) co-

developed with financial institutes and mobile companies enabled the provision of automated

payments without the need to handle cash, bank cards or other payment methods. Limitations are

new updates to the system often need customers to replace the SIM card or handsets (Obaid, Bayram,

& Saleh, 2019).

The banking application grants the user access to accounts and cards pay and transfer keeps track of

expenses, loan, save and place money in funds, pension, purchase mobile credit, messages, Help and

contact (Sparbanksstiftelsen Rekarne, 2020). Phone manufacturers like Apple, Google, and Samsung

invested in developing mobile payments services, entering into the fintech services. The

diversification of goods and services resulted in products like Google Wallet, Apple Pay, and

Samsung Pay (Obaid, Bayram, & Saleh, 2019). The mobile bank application interface is logically

layout, simple, practical and functional, using the corporate colours (Sparbanksstiftelsen Rekarne,

2020). Banks have developed a mobile application that connects one's bank account offering a digital

wallet (Putra, Fifilia, & Juwitasary, 2018). Bank security is provided by login into account with

BankID. BankID is an electronic identification offered to people living in Sweden, this digital

solution acts as a proof of identity (Sparbanksstiftelsen Rekarne, 2020). Point-Of-Sale (POS) is a

modern cash register for business, with the adoption of the Pin Pad system mobile and cards

payments are instant and reliable (Obaid, Bayram, & Saleh, 2019). Allowing users services offered

by the country, benefits like social services provided by government authorities (Sparbanksstiftelsen

Rekarne, 2020). Fifth Generation Wireless Technology (5G) enabled mobiles connected to the

Internet Of Things (IoT) with the framework system of block-chain technology is a technology that

would allow us to enter the age of information. Block-chain technology is entering different

industries, sectors like industrial automation, smart city, Smart Home, Healthcare 4.0, Smart

Agriculture, Financial technology, Autonomous vehicles and Supply chain management (Mistry,

Tanwar, Tyagi, & Kumar, 2019).

Microfinancing is the services of targeting individuals or businesses who lack access to conventional

banking services. Fintech mobile services can open a digital bank account connected to a phone

number provides low-income individuals access to some financial services. This disruptive payments

service is popular in third world economies systems that would make such services accessible to a

large consumer‘s base. Users have to open accounts in a bank institution connect the account via a

mobile application to conduct Real-Time Person-to-Person (RT P2P) transactions. Bank accounts are

dependent on one‘s telephone number, customers have to operate accounts that are different from

ones managed by their banks, replenish the account is done either by cash deposits or credit cards. In

Kenya, Vodafone network developed M-PESA a mobile phone-based financial transfer tool (Obaid,

Bayram, & Saleh, 2019).

Constant innovation is the driving force that develops new service for the users, services like the

personalization of bank card, connect bank card to the mobile device, scan invoices, track finances,

manage savings and keep track of subscriptions connected to the bank account (Sparbanksstiftelsen

Rekarne, 2020). All financial institutions have a revenue-sharing agreement with mobile payment

companies, from every cash transaction made on mobile phones a percentage of the profit is given to

the mobile payment companies. Since they develop the hardware for these services to be used,




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profits are used to maintain the mobile payments infrastructure (Obaid, Bayram, & Saleh, 2019).

NFC not only brings payment integration seamless, opening the doors for mobile applications

developers in the financial industry (Putra, Fifilia, & Juwitasary, 2018). Instant Payments was

industrialized by the European Banking Authority (EBA) implements and delegates regulatory

complex standards for the organisations in the European Economic Zone (Bank, 2020).

NFC mobile payment systems offer a higher level of security and protect sensitive data and for

cryptographic processing, the payment systems permit money to be sent digitally from the payer‘s

bank to the payee‘s bank (Putra, Fifilia, & Juwitasary, 2018). Instant payment makes cross-border

payments immediate and with most stores offering NFC in-store payments at retail outlets, the

transaction is fast and safe (Putra, Fifilia, & Juwitasary, 2018). Fintech services include P2P, C2B,

and B2B transactions, microfinance services, and mobile banking. Consumer-to-business (C2B) is a

business model when consumers a product or service form businesses. Peer-to-peer (P2P) digital

assets or workloads are shared via a computer network. The distributed application is divided among

peers. Popular in the decentralised crypto-currency industry. Business-to-business (B2B) is a

situation where one business customer is another business, the commercial transaction is done

between them (Obaid, Bayram, & Saleh, 2019). Managing information between regulatory

authorities and provide services of payment institutions like PSD2 and Instant Payments (Bank,

2020). NFC technologies and Instant payment create additional opportunities for organisations,

developers and entrepreneur‘s new business perspectives, mobile technical hurdles and new services

can be developed in this place (Putra, Fifilia, & Juwitasary, 2018). Instant Payment is a progression

from electronic payment, electronic payment can take as long as a business day to complete. Instant

payment solutions were available in the European Economic Zone in November 2017 (Bank, 2020).

The rapid adoption of mobile phones using microfinancing financial services is revolutionized the

financial sector and consumer adoption is high because of the level of trust, user-friendliness,

security, perceived usefulness, cost, and mobility (Obaid, Bayram, & Saleh, 2019).

Instant Payments would make it possible for money to be transferred within seconds 365 days a year

(Bank, 2020). The rapid adoption of mobile phones using microfinancing financial services is

revolutionized the financial sector and consumer adoption is high because of the level of trust, user-

friendliness, security, perceived usefulness, cost, and mobility (Obaid, Bayram, & Saleh, 2019).

Instant Payments, the user can send and receive electronic payments in euro anytime and anywhere,

making payments via mobile phone (Bank, 2020). In e-commerce benefits the most, instant

payments remove risks of payment by synchronised payment and the order purchase. In business-to-

business, instant payments speeds up cash flow, manage funds and reduce late payments (Bank,

2020). To make this a reality, EBA agreed on a common set of rules, regulations and standardised

features for instant payments, called the SEPA (Bank, 2020). The Monetary Policy Committee

(MPC) publishes the macroeconomic forecasts, once the central banks use the forecasts to implement

Inflation Forecast Targeting (IFT). Publishing macroeconomic forecasts is the best way to manage

forward-looking monetary policy (Szyszko & Rutkowska, 2019). PSD2 officially called ‗Directive

(EU) 2015/2366 (Payment Service Directive 2 — PSD 2)‘. Payment Services Directive 2 (PSD2) are

laws and regulation passed by the European Parliament, applied on the 12 January 2016 and

incorporate it into European Union law on the 13 January 2018 (Commission, Payment services

(PSD 2) - Directive (EU) 2015/2366, 2020). Fintech main challenge after passing government

regulation is market adoption and market penetration of these services. Smartphone technologies also

limit the innovation process, service can only be developed on the hardware available to the

population (Obaid, Bayram, & Saleh, 2019).

Single Euro Payments Area (SEPA) make it possible for users to make euro payments to anyone in

Europe, the transaction could be direct debit, debit card or bank transfer (Bank, 2020). Single Euro

Payments Area (SEPA) is a platform agreement for cashless euro payments by credit transfer, direct




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debit anywhere in the European Union Zone (Commission, Single Euro Payments Area (SEPA),

2020). PSD2 is an electronic service enabling cash to be deposited, withdrawn, transfers of funds,

direct debits, credit transfers and card payments to an account. PSD2 is a further development of

PSD1 with a greater integrated internal market for electronic payments within the European Union

(Commission, Payment services (PSD 2) - Directive (EU) 2015/2366, 2020). Communication

network directly connects banks to customer‘s mobiles, achieving a high level of security without

sacrificing to quality and efficiency of banking services (Obaid, Bayram, & Saleh, 2019). PSD2

offers comprehensive rules as payment services, services like international payments, an efficient,

secure and legal platform for the Single Euro Payments Area (SEPA) (Commission, Payment

services (PSD 2) - Directive (EU) 2015/2366, 2020). Central banks implement inflation targeting

base on their macroeconomic forecasts, the forecast makes monetary policies are aimed to be future-

proof and creates a positive outlook for the future (Szyszko & Rutkowska, 2019). SEPA was

introduced for credit and direct debits implemented in 2014 for the European Economic Zone and

2016 in non-euro SEPA countries (Commission, Single Euro Payments Area (SEPA), 2020). SEPA

integration has contributed to the efficiency, competitiveness and cash flow of European economies.

Eradicating cross-border payments, harmonising and creating a standardization agreement

(Commission, Single Euro Payments Area (SEPA), 2020).

European Banking Authority (EBA) is the key develops of the PSD2, they ensure the accessibility of

the central register of authorised payment institutions for the European Union (Commission,

Payment services (PSD 2) - Directive (EU) 2015/2366, 2020). Commercial banks are delivering

services like digital banking services are available to the customers 24hours 7days a week, this

technology is called fintech services. So the time saving, less time taking and 24*7avalibality of the

fintech services positively influencing the customer perceived opinion towards the adoption of fin

technology (J.Katyayani & Ch.Varalakshmi, 2019). The European Central Bank (ECB) and the

European Commission created the legal framework for SEPA on the Cross-border payments

regulation, Payment Services Directive (PSD2) and the Interchange Fee Regulation (Commission,

Single Euro Payments Area (SEPA), 2020). SEPA was designed to be a payments industry with

validation of national governments, European Commission, Euro economic system and regional

authorities (Commission, Single Euro Payments Area (SEPA), 2020).PSD2 is a secure e-payment

system that is scalable and expands the financial service ecosystem of the European Union and

European Economic Area (Commission, Payment services (PSD 2) - Directive (EU) 2015/2366,

2020).

As SEPA non-cash euro payments introduced the euro as the single currency for the European Zone,

consists of 36 European countries, including countries which are not part of the European Union

(Commission, Single Euro Payments Area (SEPA), 2020). Improve the existing EU rules for

electronic payments, providing the legal framework for innovation on the internet and mobile

payments. Settings rules that ensure equal terms, greater efficiency, harmonised payments, more

transparency of payment services, strengthening consumer confidence and trust (Commission,

Payment services (PSD 2) - Directive (EU) 2015/2366, 2020).

Decentralization and Scalability refer to the shift from centralized to decentralized can networks, this

eliminates any single points of failure and prevents oligarchy of resources (Mistry, Tanwar, Tyagi, &

Kumar, 2019). PSD2 grants the private sector room for creating innovative payment services in

the European Economic Area. PSD2 covers payment service, strong demands for authentications and

opens central and commercial banks data to 3rd

parties (private sector). Value-chain data accessible

like Account Servicing Payment Service Provider (ASPSP), Payment Initiation Service Provider

(PISP), Account Information Service Provider (AISP) and Access to Accounts (XS2A)

(Commission, Payment services (PSD 2) - Directive (EU) 2015/2366, 2020). Block-chain

technologies will revolutionize and integration IoT network protocols, increasing trust reliability and




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traceability between device sharing platforms. Where sensitive information is being exchanged from

multiple devices connected to the IoT. To make this a reality we need to identify the key challenges,

Decentralization and Scalability, Identity, Autonomy, Security and Reliability (Mistry, Tanwar,

Tyagi, & Kumar, 2019). Other factors of fintech services are Perceived expenditure is the level, Ease

Of Time, Perceived Level Of Risk, Service quality, Frequent Usage Of Automated Tools, Socio-

Cultural Factors, Perceived Trust and Perceived Usability And Convenience To Use. Perceived

expenditure is the level of which a user assumed a cost of operating a technology tool. Ease Of Time

refers to the level at which less time will be taken to perform an activity by utilising the system.

Perceived Level Of Risk is the negative influence the user's experiences when adoption of fintech

(Financial technologies). Service quality denotes the user-perceived superior quality experiences

when using a fintech service. Frequent Usage Of Automated Tools measures the level of the

frequency the user experience using a particular tool. Socio-Cultural Factors, how society perceives a

fintech service based on cultural factors of the users. Perceived trust means what level of confidence

users have when using a specific system. Perceived Usability And Convenience To Use how a user

can belief a specific system can enhance the individual‘s performance (J.Katyayani &

Ch.Varalakshmi, 2019).

Virtual Account is a modern service offered by banks, it‘s a cost-effective solution in automating

income and outgoing transactions within a centralised business account. Streamline the business cash

management bottlenecks regardless of the size of the organisation (Cashfac, 2020). Virtual Account

Management (VAM) are platforms for businesses to manage their cash flows using virtual cash. This

allows the users to carry out operations professionally, providing a single viewpoint of their cash

flows. Management liquidity, payments and receivables, virtual cash inflows and outflows and client

money management. Increasing transparency, control and usability while reducing costs and manual

processes (Cashfac, 2020). Fintech possesses as disruptive technology the adoption of digital

innovation, governmental regulations are in place to promote transparency and industry competition

(Obaid, Bayram, & Saleh, 2019). This service is attached to a bank account and reflects all payment

settings, manage the durations, amounts, dates of all payments based on business needs. The user can

organise, manage and customise multiple virtual accounts attached to a centralised organisation‘s

account. Creating virtual accounts gives the user the flexibility of managing revenue streams in a

centralised platform. Makes it possible for organisations to segregate, identify funds, resource

allocation in a proficient way of cash management (Cashfac, 2020).

II. Customer Survey

This Customer Survey based on the Market Trends Analysis and the co-development with Stefan and

his team, the survey helps reduce risk by showing us the target market knowledge about financial

trends and what services they are satisfied with and unsatisfied (Sparbanksstiftelsen Rekarne, 2020).

The main purpose of a Customer Survey is to gather data about specific market behaviour and

business manager can build platforms to gain critical information about their consumer's patterns.

This customer‘s data is an evaluation tool to aid the decision-making process of a project to be

developed, the data can prove if the market is ready for the good or service (Merriam & Tisdell,

2016). Division of Labour is when the researchers divide the workload between researchers and

practitioners in the research process. The separation of efforts in yet keeping values intact, to be

critical, development of new theories and knowledge production. Importance of active management

support and employee participation is important for the successful establishment of interactive

research projects (Ellström, 2008). Leadership evaluation core themes, which are the leadership of

the organisation, human resource management, structure of the organisation, knowledge in

leadership, knowledge management and work well-being and leadership of self (Fonsén &




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Soukainen, 2019). The design and content of the Customer Survey were based on interactive

research topics. Taking these topics and gathering data and refining the data. Using lean principals in

all aspects of the early-evaluation tool. The lean adoption for the Customer Survey was developing a

few open questions, closed questions with scales (Sparbanksstiftelsen Rekarne, 2020). The

researchers need to emphasize clear the division of labour, set parameters based on practitioners

based on different interests, responsibilities and proficiencies (Ellström, 2008). Customer Survey is a

good barometer in determining the tractability of a project being developed. Understand customer

inclination in purchasing particular goods and services, projects can be developed to satisfy their

needs and desires (Merriam & Tisdell, 2016). In interactive researcher approach is towards a co-

operative learning process, researcher and the participants develop ideas during the research process

(Svensson, Ellström, & Brulin, 2007). A Customer Survey shows the researcher what customers will

spend on certain goods, the amount, the use case, features, upcoming features and thoughts about

competitor‘s products (Ven, Engaged Scholarship A Guide for Organizational and Social Research,

2007) .What methods would need to research and developed when gathering data of the target

group? Qualitative and quantitative data from the target groups need to be conducted. But what

methods and techniques to increase interest from these target groups (Jessica Hagen-Zanker, 2013)?

Is pinnacle for any form of data recording, for the questions that are being developed have a

connection with market trend research (Booth, Colomb, & Williams, The Craft of Research, 2008).

Risk management is an evaluation tool used for decision-makers to understand the scope of the risk

the project would undertake. Risk assessment incubuses documents evaluate, application of

resources, financial variables in the project and financial overheads. Prioritization of calculated risks,

minimize problems based on data, monitor stages in the project, controlling probability and impact of

desired outcomes (Ardian & Kumral, 2019). Goods and services can be enhancing, identifying what

the consumer would want for a product, these changes can be added during a mid-cycle refresh

(Merriam & Tisdell, 2016). The questions are simplified questions of complex information from the

finds from meetings with Stefan, systematic literature review and qualitative data collected. The

questioner being developed would be sent directly to customers mobiles. Sparbanken Rekarne uses

Swedbank mobile application and the questioner would be sent a wide range of customer with

different ages and genders (Sparbanksstiftelsen Rekarne, 2020). Emphasize the importance of a clear

division of labour, practitioners based on their different interests, responsibilities and competencies

(Ellström, 2008).

Timely feedback, addresses communications gaps, on-going documentation, sharing quarterly

reports and updating project progress (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019). The

questioner is a collaboration with Stefan, based on the ‗Market Trends Analysis‘. The questions

would be targeted to different kinds of customers, once the questioner has been drafted in Swedish,

the questioner can be sent to individual‘s customers via mobile (Sparbanksstiftelsen Rekarne, 2020).

A Customer Survey improving and, analyse customer satisfaction levels, perception of the good,

perception of the market and a clientele database can be used for future products or monitoring

customer behaviours in time (Booth, Colomb, & Williams, The Craft of Research, 2008). Performing

diversity convergent, divergent methods in an open complexity and cohesion discussions and.

Sustainable leadership performs restraint and renewal of an organisations resources. Cultivate talent,

maintain the legacy of the organisation and contribute to the organisation's history (Fonsén &

Soukainen, 2019). The questions would be open questions about the bank's website, levels of

satisfaction, usability and functionality (Sparbanksstiftelsen Rekarne, 2020). What future service

they would like to be available to them? Question about applying for grants and the clarity of the

information provided? Questions about offering the website and documentation in different

languages. The differences from researchers and practitioners may roots in cultural, language,

tradition, religion and education respectively (Ellström, 2008). Lastly, questions directed to

immigrates and second-generation Swedes. Using a satisfaction scale is a measurable tool would




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allow the researcher to take qualitative data and decode the findings faster and more accurate

(Sparbanksstiftelsen Rekarne, 2020). Make knowledgeable business decisions needs to defend by

qualitative and quantitative data, data gathered, Customer Surveys, evaluating surveys and building

instrumental theories about the market (Booth, Colomb, & Williams, The Craft of Research, 2008).

Performing simulation for risk assessment is vital because uncertainties cannot be fully eradicated

(Ardian & Kumral, 2019). The questions might insight the customers in believing they are

developing this technology (Sparbanksstiftelsen Rekarne, 2020). This market knowledge greatly

reduces any risks involved in making significant business decisions (Merriam & Tisdell, 2016).

Early-stage Evaluation Visulisation (Customer Survey).

The answers from the survey are then used to identify a common thread, the majority of agreeing to a

problem would signify a concept project. A concept project that could be developed, this is an

innovation, from market trends to concept project with customer feedback.

Fig 5. Early-Stage Evaluation Tool Visualisation (Customer Survey) (Mugisha, 2020).

Survey Scales

Interactive research was implemented in drafting the survey, a mixture of directed open and closed

questions, doing this because the financial world is complex, simplifying the questions so

participants with different walks of life can contribute to the survey. The type of questions in the




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customer survey is a mixture of Likert Scales/ Semantic differential scales, Dichotomous and

Qualitative Open Questions. The questioner begins with easy filed semantic differential scales/

Likert Scales questions, incrementally increasing complexity only in the subject matter. Then

Dichotomous closed questions these questions are all quantitative questions and easier for the

researcher to develop consensus understandings. Last questions are open questions, this allows

participants to truly express themselves and their experiences with the organisation. This might be

difficult for the researcher to decode but it is vital information to develop substantial results for this

stage of the early-stage evaluation tool. More scales questions were used in the customer survey to

be lean in the coding process. This increases efficiency for the decoding process, providing a lean

questioner for both researcher and participant (Sparbanksstiftelsen Rekarne, 2020).

Likert and Semantic Differential Scales

Semantic differential scales very similar to Likert scales, they both use bipolar expressions and a

scale connecting both feelings. These questions can be designed to analysed can generate ordinal,

ratio, correlation, dispersion, mean, the spearman's role and trends of the organisation. The

questioner can also be decoded into the cross-tabulation analysis, a test of independence, regression

or ordinal regression (Merriam & Tisdell, 2016). A Likert scales survey usual attributes including

information about the organisations and projects feasibility, accessibility, tangibles and sustainability

(Tóth, Jónás, & Dénes, 2019). Semantic differential scales measure results, easier decoding process

that digests quantitative data about satisfied to dissatisfied about a product or service. Semantic

differential scales are a great source of insight into measuring the attitudes of customers, but many

variables can play a quixotic comparison (Merriam & Tisdell, 2016). When measuring

professionalism in the workspace, the Likert scales measure competences, skills, interpersonal

relationships, leadership management, processes, outcomes, work characteristics and relationship

with core, primary and secondary stakeholders (Tóth, Jónás, & Dénes, 2019). Developing Semantic

differential scales and questions commonly involved in researcher involvement with participants. It

is most scales and numeric rating approach in survey research and important terms is often used

interchangeable data (Merriam & Tisdell, 2016). Likert scales evaluation‘s, measure performance in

specific attributes, representing crisp value from 0-9 (1 – 8 for the early-stage evaluation tool). The

flexible fuzzy numeric measurements for the survey are; 1 – Extremely easy, 2 – Easy, 3 – Feasible,

4 – Manageable, 5 – Challenging, 6 – Difficult, 7 – Extremely Difficult and 8 – Virtually Impossible

(Sparbanksstiftelsen Rekarne, 2020). The flexible fuzzy number-based evaluation carries all the

information needed for the scale based evaluation (Tóth, Jónás, & Dénes, 2019). Likert scales

and Semantic differential scales are an accessible way to crunch quantitative data, into visualization

like excel documents, pie charts, graphs that illustrate advice for the making decision (Merriam &

Tisdell, 2016). Likert scale based evaluations purpose is to assess specific product or service

attributes more reliably, a tool measure quantitative data. Likert scale evaluation inherent

uncertainty, subjectivity and vagueness when evaluating data. Participants subjectiveness is needed

to express their judgement and opinions (Tóth, Jónás, & Dénes, 2019). Semantic differential scales

values are generally satisfied and dissatisfied opposites because all participants experiences can not

be put into two forms of expression (Ven, Engaged Scholarship A Guide for Organizational and

Social Research, 2007).

Decision-makers using Likert scale evaluation aim to facilitate effective and develop efficient

strategies related to the development of a product or service quality. Measured qualitative data that is

used to bring clarity and improvements by identifying which project‘s features require more

consideration or development (Madhavan Devadas, 2019). Semantic differential scales use a numeric

variable that defines a qualitative experience in a quantitative format (Merriam & Tisdell, 2016).




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Likert scale based evaluations involve stakeholders in the role of evaluators, using only crisp

numeric values that present their perceptions related to specific project‘s attributes (Tóth, Jónás, &

Dénes, 2019). Semantic differential scales are directed specific questions so the participant

understands the questions and mark in the number that correlates to the individual‘s

experience (Merriam & Tisdell, 2016). Likert scale fuzzy rating scale can model the imprecision of

participants collective thinking, vital in the decision-making process. The rating evaluations tool

continuously formalise a mathematical precise. This function is the basses in developing the

mathematical computations with them. Likert scales can be used to evaluate an organisations

strategy, organisations business relationship, project‘s, measure internal or external relationship,

attributes about a project or either being an internal or an external customer (Tóth, Jónás, & Dénes,

2019). Semantic differential scales adopts indexes that measure different types of variables of

experience for internal use, project, product or service. These variables need to be defined and clear

so there is no interference with variables that are directly-measured (Merriam & Tisdell, 2016).

Dichotomous

Dichotomous questions are usually closed questions, leaving generally two opposite replies or

answers. These bipolar answers are tools used by researchers in analysing participants reaction to a

closed question or statement. Researchers use these easy question structure to not overwell the

participant's concentration. Dichotomous two-point scale presents options generally opposite each

other. Participants response in using the scale have to choose and conclude their opinions, not

allowing the participant to be neutral to the question. The dichotomous measurement scale gathers

quantitative answer are usually Yes or No or True or ―False‖ about questions concerning an

organisation. For the survey, 3 point scales were used, Yes, Maybe and No, more numeric ratings

gave more accurate data for the researcher to conclude. This qualitative data easily identifies areas of

a pre-project that participants have knowledge about or experiences of a product or service (Merriam

& Tisdell, 2016).

Qualitative Open Questions

Qualitative open questions usually start with when, who, what or how? Forces the participant to

think and write down in their own words their experiences or feeling about a service. Open

questions at the end allow participants to create a substantive subjective opinion. Participants can

provide information to the reacher at great length and substance for the researcher. Question

structure, organisation and provocation are very important when drafting a blend of quantitative and

qualitative questions that relate to the market research and systematic literature review

(Sparbanksstiftelsen Rekarne, 2020). Open questions challenge the customer, makes them pay

attention, changes the mindset of the customer. Placing these open questions at the end was my

approach, the participant had gone though the questioner and if he or she needed questions any of the

information above it would be possible. The participant has the opportunity to voice a positive or

negative in the services provided by Sparbanken Rekarnes services. The participant could also

suggest new services that could lead to a concept project for the early-stage evaluation tool





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Participants and Customer Survey

Customer Journey Map is a tool of documenting that layers down each step a customer takes when

using products or services. This documents interaction of the customer and representatives, face to

face or online. A Customer Journey Map helps facilitate a dialogue between organizations

stakeholder and end-user. This open dialogue solidifies and strengthens Customer Resource

Management (CRM). The Journey Map can identify gaps in the customer's experience that can lead

to developing concept projects (Booth, Colomb, & Williams, The Craft of Research, 2008). When

the coronavirus (COVID-19) restrictions came into effect of the whole country it was impossible in

making face-face interviews when drafting a Customer Journey Map or Customer Persona

(Government Offices of Sweden, 2020).

Participants selected for the survey where existing customers at Sparbanken Rekarne. Initially

developing the survey for a focus group of about 20 participants but discussions with Stefan I soon

realized in order to get roughly 20 results from a survey we need to cast a bigger net. Stefan has

worked with questioners at Sparbanken Rekarne for many years (benefits of interactive research) so I

agreed with the new direction. Stefan team created an online survey in order to reach the larger

diverse customers. By using Sparbanken Rekarne Customer Resource Management (CRM) software.

1 000 participants were chosen with different ages and 50% split with genders. Increasing the

participants to reach out to fill in the questioner, knowing more than 50% would probably not be

interested in filling in the online survey. But because of the coronavirus (COVID-19) epidemic, the

questioner could not be sent on time (Government Offices of Sweden, 2020). Stefan, team members

and I spent roughly 3 weeks in refining the questions because the questions where sensitive and

could be misinterpreted for actual projects. We went back and forth in selecting questions for the

Customer Survey. Initially having 21 questions then reducing them to 15 questions, the survey was

to be sent to 1 000 individuals, ranging from different ages and genders. The gender was designated

50/50, and ages ranged from 20 – 60 years old. The survey software used to develop the survey for

online use is called is Netgate (Netigate, 2020). The questions I generated based on the Market

Trends Analysis (Sparbanksstiftelsen Rekarne, 2020). The participation design process begins from

idea generation, the moment of decision then people can become co-designers (Sanders & Stappers,

2008).

Because of the coronavirus (COVID-19) epidemic, they were many delays in releasing the

questioner to the 1000 participants (Government Offices of Sweden, 2020). The fixable timetable

could not be applied, the questioner was already a month and a half late and further delays would

affect all stage of the development of the early-stage evaluation tool. Erik, Stefan and I agreed

validating the tool would not be possible. Interactive research and systematic literature review would

the tools set in developing the evaluation tool. The results would be used to develop a concept

project and customer‘s feedback would be used in arranging concept protest from favourite to least

favourable for the development team. Applying Agile interactive reseach management ‗The show

must go on‘, development of the evaluation tool would take centre stage (Merriam & Tisdell, 2016).

The results were finally received on the 2020.06.01, the survey was posted online from 2020.04.28 –

2020.05.19 and 42 participants filled in the customer survey powered by Netigate (out 1000

participants) (Netigate, 2020). 14 questions were finalised (Convenience Sampling) presented with a

mixture of closed questions and few open questions in the survey. The participant's answers are

anonymous and will be used as a basis for suggestions on how Sparbanken Rekarne can be better in

the future (Sparbanksstiftelsen Rekarne, 2020). The questionnaire below has the questions and table

results from the 42 anonymous participants.




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How satisfied are you overall with Sparbanken Rekarne?

How satisfied are you with Sparbanken Rekarne's personal service? (If you have not visited any of

Sparbanken Rekarne's offices, choose the Don't Know option).

0

2 2

0

2

4 3

12

4

13

1. Not

Happy

2 3 4 5 6 7 8 9 10. Very

Happy

8

0 0

2

0

2

0

5

10

6

9

Do not

know

1. Not

Happy

2 3 4 5 6 7 8 9 10. Very

Happy




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What do you think of Sparbanken Rekarnes website? (If you have not visited Sparbanken Rekarne's

website, choose the Don't know option).

What do you think of Sparbanken Rekarnes mobile app? (If you have not used Sparbanken Rekarnes

mobile app, select the Don't know option).

4

1

0 0

4

3

4

5

6

5

10

0

2

4

6

8

10

12

Do not

know

1. Not

Happy

2 3 4 5 6 7 8 9 10. Very

Happy

10

1

0 0 0 0

4

2

6

8

11

0

2

4

6

8

10

12

Do not

know

1. Not

Happy

2 3 4 5 6 7 8 9 10. Very

Happy




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In the questions below, answer Yes or No. If you do not know or do not want to answer, do not know

/ do not want to answer.

Would you mind if Sparbanken Rekarne markets itself in languages other than Swedish?

Have you heard of the term blockchain technology?

Do you think Sparbanken Rekarne should develop blockchain technology for internal banking use?

0

32

10

0

5

10

15

20

25

30

35

Yes Don't know / Don't want to

answer

No

7

30

5

0

5

10

15

20

25

30

35


answer

No

4

0

36

0

5

10

15

20

25

30

35

40


answer

No




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Have you heard of crypto-currency?

Do you think Sparbanken Rekarne should develop an e-wallet for cryptocurrency that customers can

use?

Have you heard of E-krona?

34

3 3

0

5

10

15

20

25

30

35

40


answer

No

9

15 16

0

2

4

6

8

10

12

14

16

18


answer

No

10

26

4

0

5

10

15

20

25

30


answer

No




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Sparbanken Rekarne sponsors several activities in Eskilstuna and Strängnäs and has announced this

in daily newspapers. Have you seen or heard of any of Sparbankens Rekarnes ads or sponsored

activities?

Have you seen ads from Sparbanken Rekarne in social media?

Have you seen ads or sponsorship from Sparbanken Rekarne in connection with sporting events or

other social events?

19

17

3

0

2

4

6

8

10

12

14

16

18

20


answer

Nej

14

18

6

0

2

4

6

8

10

12

14

16

18

20


answer

No

20

13

5

0

5

10

15

20

25


answer

No




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Answer the question with your own words.

What current services do you think Sparbanken Rekarne should improve or develop?

Grouping to Sports

Activities

(Interview Transcript)

Grouping to Application

Development


Grouping To Website

Development


Grouping to Service


Not Useful Ideas


Sponsor Lindén hockey

The mobile app

Hmmm not on anything. Well in the app you can

see autogiro as well

That you risk being

logged out if you are inactive for five minutes.

Simpler Savings Accounts with good

payout

Internet service works

poorly, slowly and has

malfunctions (bugs)

Personal service

Development of Cryptocurrency

Self-service business works poorly with

personal service as it used to

Paying invoices and setting up recipients is

complicated. Feels

awkward. Likewise that ends amount on Swish.

Do not know

Do not know

Do not know

Do not know

Do not know

Do not know

Do not know.

?

Nothing.

is satisfied as it is

I am satisfied

In what context? Do not know

Interest rebate

Answer the question

with your own words.

Will not come up with

anything

What services do you want Sparbanken Rekarne to offer you as a customer in the future?

Grouping to Service


Not Useful Ideas


Cryptocurrency trading

Notice of how my money is doing

Free bank cards and free exchange rates

Better mortgage rates and more telephone contacts with service

Wider product selection on alternative placements

Borrow offer if you for example bill build that they titrate on it o offer to

tex. Now you can raise the loan

Cash handling

Do not know

Do not know

-

.

Do not know

Cash

Like today

No

Same as now

Future great services




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I miss no service at this time

Are happy as it is!

Oh yeah no idea

I am satisfied with the range that is available.

Beyond what i have today? - do not know

Customer Survey Empirical Results

The first twelve questions were closed and analysing quantitative answered was focusing on the

mean (average) results to develop theories into concept projects. Getting customer feedback when

developing concept ideas is very important in the decision-making process.There is a general

majority satisfaction for Sparbanken Rekarne as a whole and high satisfaction with the bank services.

Majority of customers are pleased with Sparbanken Rekarnes website and mobile application user

experience. For Sparbanken Rekarne to use other languages other than Swedish, the majority were in

the middle. The majority of the participants have not heard of blockchain and don't want the bank to

develop block-chain for internal use. But the majority has heard of crypto-currency. A lack of

understanding of crypto-currency, the underlining technology of crypto-currency is block-chain

technology. The participants do not want Sparbanken Rekarne to develop an e-wallet for the

customers. The majority of customers are not aware of Sweden Central bank developing the E-Krona

which is set to be Sweden digital currency in the future. Sparbanken Rekarne makes daily

newspapers announcements and the majority of the customers have seen the announcements yet in

social media the majority was in the middle. The majority have seen advertisements of Sparbanken

Rekarne in connection to sporting and social events (Sparbanksstiftelsen Rekarne, 2020).

The last two questions where open qualitative. Firstly the survey results were translated from

Swedish to English using Google Translator (Google LLC, 2020). The key is to be subjective and to

not tamper with participants answers in the Interview Transcript. The qualitative data analysis is

primarily inductive and comparative when reviewing qualitative research. Getting customer

involvement is extremely important, this is commonly used in ‗Customer Journey Mapps‘ where the

customer decides which projects are developed. This early-stage evaluation tool takes into account

the option for customers to voice their opinions if the development team identifies many customers

request a service to be developed or improved this could potentially become a concept pre-

project. The coding technique was to see if they are any ideas to develop concept projects since most

customers are not specialist in the Fintech space most of the ideas to be developed into concept

projects wherefrom the ‗Market Trend Analysis. The process of Mining Data was done using the

inductive and comparative methodology (Merriam & Tisdell, 2016). Grouping ideas into; Sports

Activities, Application Development, Website Development, Service and Not Useful Ideas.

Questionnaire Results into Concept Project

The development team would then analyze the data and decide which ideas from the customer

survey would be developed into concept projects. For example;

1. Develop Social media ads for Sparbanken Rekarne.

2. Redesign Sparbanken Rekarnes website.

3. Sparbanken Rekarne should develop block-chain technology for internal banking use.




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III. Octagon Analysis

Hexagon Analysis was co-developed by Arthur Tumushime and Annika Thunberg in the course

‗INO402 INL2.1 Creative Process In Action‘ in 2019. Annika Thunberg as a business owner had

insight into the decision-making process of an organisation. The Octagon Analysis was based on a

Hexagonal Analysis workshop during the course. The Hexagon Analysis is an evaluation tool to be

used by the development team, upper management or decision-makers. We modified it based on

what we understood are the key pillars of a project. Later noticing the evaluation properties of this

tool, I decided to use this as a base in developing for the early-stage evaluation tool (Mugisha &

Thunberg, 2019).

As mention earlier in the master‘s thesis, Hexagon Analysis had pitfalls and shortcomings, mainly

information coming on was insufficient and tool relied too much on researcher first-hand knowledge.

The tool was decided to look at critical aspects of a project and not the total design process of a good

or service being developed and the total risks that can occur in a project. The tool was a light early-

stage evaluation tool that needed to be developed for any real-world use case (Mugisha & Thunberg,

2019). Human development of science and technology are fundamentally human achievements

(Jasanoff, 2004). Implementing risk assessments require quantifying correlations between uncertain

variables like interest rates and loan rate (Ardian & Kumral, 2019). When performing the Octagon

Analysis, the development needs to form a workshop setting, this environment would promote open

discussions of placing numeric values on the measurements. The Octagon Analysis measures

concept projects, that where identified form the ‘ Customer Survey‘.Octagon Analysis is based on

the Hexagon Analysis innovative tool that validating the feasibility of a project, early in the

development stage. The tool gives a glimpse in the projects practicality, future use, implementation

difficulties for the market. Octagon Analysis gives an insight even into the anticipation of a

successes project early in the inspiration phase, before time, manpower and capital investment.

Octagon Analysis uses measurable in eight core pillars, these pillars validate the feasibility of any

type of project based on the organisation resources (Mugisha & Thunberg, 2019). The Octagon

Analysis brings clarity in aspects about a project, mitigating risks and provides data in creating a

design process, strategic development, resource allocation and Key Performance Indicator (KPI) for

the project in the project plan phase (Merriam & Tisdell, 2016). In interaction research, the learning

process with stakeholders, the defining and the instrument changes in the research process using

databases and involvement of stakeholders (Svensson, Ellström, & Brulin, 2007). The evaluating the

tool gives insight about different aspects of the project and areas of the project that need more time,

capital or manpower. Octagon Analysis measures the difficulty of execution of a major aspect of a

project depending on the organisation's constraints. For example evaluation criteria and tools of

Generalized Linear Regression (GLS) are variables of Industrial value-added, Market share, Ratio of

gross capital formation, Ratio of labour utilized in value-added production, Ratio of Foreign direct

investment inflow, value-added exports and Value-added Imports Consumer Price index (Imran,

HuSen, Muhammad Kaleem3, Din, & Sobia, 2020). Interactive research focuses on the acquisition of

practical research rather than theoretical knowledge (Svensson, Ellström, & Brulin, 2007). Ideally,

the individuals using the Octagon Analysis would be members of specific or high knowledge about a

department, using their previous skills, knowledge, experiences with the organisation to determine

the most credible measurement of eight categories.

For Sparbanken Rekarne it is rare they produce projects from inception. The parent organisation

Swedbank usually creates products or services then Sparbanken Rekarne customises the projects for

the customer base (Sparbanksstiftelsen Rekarne, 2020). When developing a project, the complexity

of the product needs is understood, then understanding the time scale of the project. Defining how

much the project will cost or setting budgets, the design process is done with sustainability in all

processes. Drafting the means of implementation is the next step, defining the steps taken to reach




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the desired outcomes. Next is Marketability, understanding the hurdles need to launch the product or

service, developing advertisements for the product to reach customers interests. Digitalization,

depending on the product or service, this is part of the complexity of the product or service, with

block-chain technology being implemented in Finance 2.0 and Industry 4.0, what technologies are

being implemented for the project? Lastly, is distribution and logistics, how is the product or service

going to physically get to your customers? Is there a middleman, a warehouse company between the

organisation and the direct consumer? Or is it online and service can be sent directly to the consumer

(Merriam & Tisdell, 2016)?

Octagon Analysis and Likert Scales Values

The Likert scales values, rating‘s and metrics were co-developed with Stefan Öhman, examples

where used in the scale that reflect the organisation's ability to manage projects based on previous

and ongoing projects at Sparbanken Rekarne (Sparbanksstiftelsen Rekarne, 2020). Likert scales

evaluation‘s, measure performance in specific attributes, representing crisp values from 1 – 8 for the

early-stage evaluation tool. The flexible fuzzy numeric measurements of difficulty or probability of

achieving an aspect of the concept project. The universal numeric values are; 1 – Extremely easy, 2 –

Easy, 3 – Feasible, 4 – Manageable, 5 – Challenging, 6 – Difficult, 7 – Extremely Difficult and 8 –

Virtually Impossible. The eight steps need to appraise concept projects to be carried out in a linear

sequential order, which are;

1. Complexity of Project

2. Sustainability

3. Implementation

4. Marketability

5. Digitalization

6. Distribution Logistics

7. Timescale

8. Total Cost (Mugisha, 2020).

Octagon Analysis Evaluation Tool Visualisation

The inspiration to visualise the ‘Octagon Analysis‘ came to form the previous ‘Hexagon Analysis‘

(Mugisha & Thunberg, 2019). A simple visualisation showcase all information, numeric quantitative

data concerning other aspects of the project.Tweaks of increasing the seven metrics to eight as well

as changing the values and scales metrics. Another inspiration for developing the charts came from ‘

Recovered plastic and demolition waste blends as railway capping materials‘ (Arul Arulrajaha,

2020). The ability to visualise complex data like varying amounts of pressure in numeric quantitative

data was inspirational (Arulrajaha, Naeinia, Mohammadiniaa, Horpibulsukb, & Leong, 2020). In the

visualization, they are two examples of pre-projects with different measurements. The disruptive pre-

project has an overall high in complexity compared to the incremental pre-project. The disruptive

project channel is channel 8 because the channel is classified according to the highest value. In the

incremental pre-project, the channel is 2 for stage 4 of the early-stage evaluation tool (Mugisha,

Octagon Analysis Evaluation Tool Visualisation, 2020).




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Fig 6. Octagon Analysis Evaluation Tool Visualisation (Mugisha, Octagon Analysis Evaluation Tool Visualisation,

2020).

Early-stage Evaluation Visulisation (Octagon Analysis).

The next step is using the Octagon Analysis to investigate the feasibility and complexity of these

multiple concept projects. The research has to ability to evaluate the complexity of each project in

detail. Identifying any underlining possible problem areas and issues surrounding the development of

a project.




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Fig 7. Early-Stage Evaluation Tool Visualisation (Octagon Analysis) (Mugisha, 2020).

Complexity of Project

At the beginning of the product development process, robust design activities can be adopted in the

design process as long as it meets the requirements (Goetz, Schleich, & Wartzack, 2019). The

conglomerate assembly line processes have, design verification tests, of specific parts tested

according to set guidelines, this ensures design qualification (Lia, Lockettb, & Lawson, 2020).

Product development focuses on reduced time for development, integrating the value chain,

reduction of complexity and digital transformation (Wiener & Nicoleit, 2019). The ever-tightening of

requirements and increased Complexity of Projects development leads developers to use newer

methods and technology. The design focus to be robust, last long and more straightforward in the

final product (Goetz, Schleich, & Wartzack, 2019). The assembly line process in complex products

takes planning connects throughout the manufacturing process, translating product design

information in multiple assembly integration sequences (Lia, Lockettb, & Lawson, 2020). Every

industry has regulations for the manufacture, these regulations increase requirements of the product

but also insure a market is present (Kucherenkoa, Giamalakis, Shaha, & García-Muñoz,

2019). System interdependencies can be concluded in two areas, physical and functional

interdependence. Physical integration is the most commonly developed characteristic in major

systems assembly. Functional integration mentioned is the different power sources and information

flows between complex product systems (Lia, Lockettb, & Lawson, 2020). Complexities of system

processes of large quantity, connect physical components and from the functional interdependencies




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between systems (Lia, Lockettb, & Lawson, 2020). Product developing recommendations for actions

to approach an acknowledged challenge, contexts need to be addressed and the potentials for

manufacturers (Wiener & Nicoleit, 2019).

High-level complex products lead to the further development of complexity and difficulty in product

design and manufacturing (Lia, Lockettb, & Lawson, 2020). Classifying design approaches allows

the development team to consider other variations during the product development process (Goetz,

Schleich, & Wartzack, 2019). In complex production large numbers of engineering designs can

contrast in results, this low-efficiency manufacturing process of large projects at the final assembly

stage needs further development (Lia, Lockettb, & Lawson, 2020). The robust design process is also

implemented in developing a robust product design. Robust theories and methods are integrated into

the early stages of the product development process (Goetz, Schleich, & Wartzack, 2019). Design

activities of complex systems make the assembly process difficult, the planning challenging and

integration has increased (Lia, Lockettb, & Lawson, 2020). These megatrends drive innovation,

increasing performance, efficiency, decreasing technicality, financial risks, increasing the system

value of wind power, shortening the time to market, reducing environmental and societal impacts

(Wiener & Nicoleit, 2019). When integrating Systems Engineering (SE) implementation framework,

Requirement, Functional, Logical and Physical (RFLP) and Computer Aid Design (CAD) and assists

development managers in product complexities (Lia, Lockettb, & Lawson, 2020). Primary

stakeholder involvement in project evaluations face difficulties identifying goals, cross disciplines. A

wide range of stakeholders with different focuses, and sometimes contradicting needs (Mitchella,

Israelb, Diehlc, & Galindo-Gonzalezd, 2019). Assembly line tests at certain stages in the overall

integration process reduce risks and faults by checking and verify the installation quality. The system

integration process is the interactive process of installations and tests procedures (Lia, Lockettb, &

Lawson, 2020).

Understanding the manufactures restraints like regulations and logistical pressures, allows the

organisation to develop a complex product that is profitable and meets customers‘ demands (Wiener

& Nicoleit, 2019). The development approach of considering variations in the early phases leads to

using the right technologies and methods in the design process (Goetz, Schleich, & Wartzack, 2019).

Sympathetic users and the contexts of users, the exploration, use of technologic like new materials

and evidence technologies (Sanders & Stappers, 2008). Relationship between the installation of

framework systems involves test in assembly and integration is linked in having cross-functioned

assembly functions (Lia, Lockettb, & Lawson, 2020). Modern product development focuses on

delivering the integration of the value chain and digital transformation (Wiener & Nicoleit, 2019).

Managing the tolerances in the design process is the major challenge in the early stages (Goetz,

Schleich, & Wartzack, 2019). Complexity when developing the product or service during

development, did the developers need to research new methods, techniques and technology in

developing the product (Merriam & Tisdell, 2016)? The product structure of a complex system

represented hierarchically, Complex structures like aircraft manufacturing need extensive systems.

Uses top-level hierarchy of most structure, vehicle system, avionic system and mission system (Lia,

Lockettb, & Lawson, 2020). The lack of concrete process tools means the integration of robust

design aspects into the product development process would not work (Goetz, Schleich, & Wartzack,

2019). Innovations like reducing time for development leads towards a reduction of the product life

cycle. The period in which a newer product generation can be developed and sold can be shortened

(Wiener & Nicoleit, 2019).

In a complex manufacturing special assembly system, cross-functions are emerging innovations that

merging the assembly line, installation, testing methods for physical and functional integration (Lia,

Lockettb, & Lawson, 2020). Knowledge production characteristics are a simplified argument

approach, knowledge generation within the context of the application, the major difference of




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process of application ‗pure science‘ and generated in theoretical/experimental environments

‗transferred‘ and knowledge is subsequently ‗managed‘ (Nowotny, Scott, & Gibbons, 2003). The

development towards a shorter product development increases competition and reduce all production

costs. This trend towards a reduction of the product life cycle allows the manufacturers to release

new products faster (Wiener & Nicoleit, 2019). But also to consider what was the ethics in the

development of the product? Was the work environment for the developed from all stakeholders

meet? Is the work environment hostile or too competitive? Did the stakeholders feel a sense of

inclusiveness in the organisation despite the gender or culture (Merriam & Tisdell, 2016)? Aircraft

systems integration in assembly line has complex designs and parts that becoming more integrated

with advanced functionalities results in rapid developing of technologies. Leads to an increase in

aircraft systems, functions and interconnectedness design (Lia, Lockettb, & Lawson, 2020).

Assembly Sequence Planning (ASP) is the sequencing or precedence requirements in processes that

certain completed assembly tasks must precede other tasks. Product and Assembly Tree (PAT)

management tool to supports sequencing, architecture analysis and the integration of both systems

(Lia, Lockettb, & Lawson, 2020). The challenge to reduce development times applies to all stages in

the design process and development, to produce new goods and services (Wiener & Nicoleit,

2019). Manufacture and commercialize of goods and services have agencies that determine the

ability for suppliers to ensure safety and efficacy of materials (Kucherenkoa, Giamalakis, Shaha, &

García-Muñoz, 2019). The lack of concrete process tools means the integration of robust design

aspects into the product development process would not work (Goetz, Schleich, & Wartzack, 2019).

The product development time for a project that concerns offshore platforms takes long resources

therefore the importance is to reduce the overall cost (Wiener & Nicoleit, 2019). Tripartite

Guidelines on product development are a set of regulatory filing document, stating early ideas,

identification and communication of the project (Kucherenkoa, Giamalakis, Shaha, & García-Muñoz,

2019).

Reduction in the complexity of the product is done by standardization and individualization

possibilities in the product architecture of the design process (Wiener & Nicoleit, 2019).

Requirement, Functional, Logical and Physical (RFLP) requirements engineering, traceability,

Functional design, Logical design and Physical design development (Lia, Lockettb, & Lawson,

2020). Critical Quality Attributes (CQA) is the expected probability for a product, stating the

specifications and general information (Kucherenkoa, Giamalakis, Shaha, & García-Muñoz,

2019). The leverage in product development is the access by developers, specialists researching into

intellectual property and the development of a common basis of trust of the project (Wiener &

Nicoleit, 2019). Methods in the manufacturing process identify operational areas that comply with

defined constraints, using optimization techniques, explicit sampling of knowledge space

(Kucherenkoa, Giamalakis, Shaha, & García-Muñoz, 2019). Environmental Control System (ECS) in

the context of aircraft are technical components that facilitate air supply, thermal control and cabin

pressurization for the crew and passengers. Factory Functional Test (FFT) is used to ensure accuracy

within the system installation and functionalities (Lia, Lockettb, & Lawson, 2020).

Involvement of the developer team, planners and direct customers adds value creation to the

manufacturers (Wiener & Nicoleit, 2019). They are mathematical formulation to measure the

problems in product complexity. The method requires running time models, testing cases, probability

mapping, costs, these costs are very high (Kucherenkoa, Giamalakis, Shaha, & García-Muñoz,

2019). Product development includes design process evaluations, steps, activities, tasks

classification, conceptual design, preliminary design and detailed design (Goetz, Schleich, &

Wartzack, 2019). Society of Automotive Engineers (SAE) set requirements and creates test activities

that shape the aircraft system development process (Lia, Lockettb, & Lawson, 2020). Developers

then try to reduce the different models and variants for individual requirements as low as possible. ,




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The manufacturer upward pressure to meet the emerging product diversity with standards (Wiener &

Nicoleit, 2019). The focus of reducing the Complexity of Projects and shortening product

development and lifecycles, these are stringent quality management strategies (Goetz, Schleich, &

Wartzack, 2019). Design process ‗V‘ model is a conglomerate design process, the top-down

requirement decomposition and deployment activities, the bottom-up evidence qualification activities

towards their left counterparts at each aircraft, systems and subsystem at the equipment level (Lia,

Lockettb, & Lawson, 2020). Total Quality Management (TQM) consists of efforts of making a

permanent work climate where employees continuously innovate, increasing their abilities in

providing quality products and services to customers (Goetz, Schleich, & Wartzack, 2019).

Modularization approaches also reduce product complexity, further reduce components¸ value chain

difficulty and create the optimal production process (Wiener & Nicoleit, 2019). Six Sigma is a

method of providing organizations innovations that improve the capability of their business design

processes. Innovations that increase performance, decrease cost, delays, process issues. Focusing on

expanding profits, employee morale, and quality of projects (Goetz, Schleich, & Wartzack, 2019).

Digital transformation is the task of identifying the current challenge with different potentials,

reducing distinction in short, medium and long-term (Wiener & Nicoleit, 2019). Quality-driven

product development emphasizes robust design processes, tools, methods in the entire product

development process (Goetz, Schleich, & Wartzack, 2019). Digital transformation requires cautious

consideration in advance, requires a broad spectrum of technologies, capital, expertise‘s, reliable

partners and time (Wiener & Nicoleit, 2019). Combining close linked concepts and parameters in the

design process, improves the development activities, robust design paradigm and timing of robust

design activities. Design changes in the early stages have high costs, inefficiency in the processes

that significantly contribute to the commercial development of products (Goetz, Schleich, &

Wartzack, 2019).

The Complexity of Projection of an aircraft‘s internal functions is functional models, simple

interactions of function hierarchy, Mechanical interaction flow, Power interaction flow and Function

hierarchy (Lia, Lockettb, & Lawson, 2020). Establishing multi-companies in reducing product

development complexity needs networks to share big data. Communication during product

development should continuously, optimized by emerging compatibility of various tools,

methodologies and automation that corresponds in the design processes (Wiener & Nicoleit,

2019). Mechanical interaction flow apparatus is complex, the components are: store fuel, provide

engine feed pressure, feed tank fuel to the engine, and transfer fuel is arranged in a one-by-one serial

sequence. Power interaction flow is the electrical power from the external function distributes

electrical power. The aircraft‘s structural sections that link the engine feed, pressure feed fuel tank to

the engine and the wing section. Function hierarchy is the internal functions, the computing

mechanisms that manage fuel storage, providing engine feed pressure, feed tank fuel to engine and

transfer fuel (Lia, Lockettb, & Lawson, 2020). Reduction in the complexity of the product is done by

standardization and individualization possibilities in the product architecture of the design process

(Wiener & Nicoleit, 2019). Data management requires definition at the beginning of product

development, setting the function-oriented tolerances, data models that break down the functional

requirements, specific design parameters, extension of top-down structures of relevant characteristics

that allow the mapping of interactions (Goetz, Schleich, & Wartzack, 2019). Process scale-up aims to

produce larger quantities of good with equivalent productivity, meeting the product requirements and

high quality (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020).

Did stakeholders have a positive work environment and where their contributions meet? Did the

stakeholders meet their responsibilities and goals for the complex project? Are there language

barriers when dealing with international al strategic partners? Where the conflicting moral decisions

made in the development process of the good or service (Merriam & Tisdell, 2016)? Data




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management links functional requirements and the final product design, comprising of relevant

concept information. Data management has an administrative process, includes acquiring, validating,

storing, protecting, processing required data, accessibility, reliability and reduced time to access data

(Goetz, Schleich, & Wartzack, 2019). Reduction of production complexity is necessary to adapt

product and services into new regional market requirements. This increases the complexity of the

product because the product needs to comply with different markets (Wiener & Nicoleit,

2019). Data management approaches for the consideration of variations in the product development

process manage the development of robust products, numerous tools and methodologies (Goetz,

Schleich, & Wartzack, 2019). Interaction design offers service transformation, traditional and

emerging design. Transformation design is one of the emergent design disciplines but combines

participatory practices with user-centred methodology. The traditional design focuses on base visual

communication, volume, space, texture, colour, material, interior space design, product design,

information design and architecture planning. The emerging design focuses on the experience, the

design emotion, interacting, sustainability, serving and design for transforming (Sanders & Stappers,

2008). Data management administrates Big Data for organizations and enterprises, helping in the

hypothesis business decisions and gain deep insights into customer behaviour, trends and

opportunities for creating unexpected customer experiences (Goetz, Schleich, & Wartzack, 2019).

Establishing multi-companies in reducing product development complexity needs networks to share

big data. Communication during product development should continuously, optimized by emerging

compatibility of various tools, methodologies and automation that corresponds in the design

processes (Wiener & Nicoleit, 2019).

The structural bridge transforms the requirements from physical product data and fulfils the

integration for a real or virtual product. Computer Aid Design (CAD) models produce designs with

real-world use-cases, making the integration sequence feasible. Integrated CATIA V6 and CAD

connect the virtual model information into an assembly sequence process. Concurrent engineering

advantages of using integrated CATIA V6 CAD are the integrating of the design, assembly

information, life-cycle phases in an early development phase (Lia, Lockettb, & Lawson, 2020).

Functional Key Characteristics (FKC) requirements are information on the product specification and

the function structure. The integrated method provides information about identifying relevant

functions and the associated. Functional Key Characteristics (FKC) requirements are the fictional

structure, relevant characteristics, selection of principle solutions, the structure of product concept

and preliminary design, testing tolerances, final product design (Goetz, Schleich, & Wartzack, 2019).

An appealing aspect of co-production is that it does not presuppose any a priori separations of the

world before, yet the world based on human imagination and labour. Society as we now know is no

less constructed by nature since it is the duality of one single stabilization. Science and technology

studies prove the insights into the co-production of natural and social order (Jasanoff, 2004).

Complexity Of Project Likert Scale

The complexity of the product or service is determined by the core and primary stakeholders, they

need to understand what skill and technology they need to develop the product, with a scale of 1 – 8.

Level 1, the difficulty of a project could just be copying the existing project‘s strategy, methodology

and theories. These projects are called ‘white label projects‘, these projects are discounted and any

organisation can use the project at a cost. All the work has already been done but an interested

organisation needs to pay and most often rebrands it to the organisations brand strategy.

Level 4, the difficulty for ‘Complexity Of Project‘ would be working on existing projects.

Sparbanken Rekarne budget strategy is to refine existing projects. Redeveloping ongoing projects for




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evaluation purposes that generate new insights. Re-developing previous project, the team already has

the skill and technical know-how with no interruptions and a few challenges. Most projects in

Sparbanken Rekarne are projects that are ongoing or seasonal (Sparbanksstiftelsen Rekarne, 2020).

General Data Protection Regulation (GDPR) are new data protection and privacy laws for the

European Union and the European Economic Area, also called ‘The General Data Protection

Regulation 2016/679‘ (Intersoft Consulting Services, 2020). Sparbanken Rekarne needs to comply

and revisiting previous projects and making sure they comply with the new General Data Protection

Regulation (GDPR). New data protection laws, giving users control of their data. These new laws

make Customer Resource Management (CRM) more difficult, data bout customers privacy.

Organisations need to prove consent with all customers when uses the individual‘s account data.

They are potential penalties for uses customer‘s information without consent are massive.

Level 8, the difficulty for Sparbanken Rekarne would be working on a new project other

organisations. It is difficult creating new projects because of the massive legislation for fintech

services. Sparbanken Rekarne would have to create multiple new permits and contracts for both

organisations. Another difficulty would be developing the right communications strategy,

methodologies and technologies for all stakeholders involved (Sparbanksstiftelsen Rekarne, 2020).

Sustainability

Sustainability in an organisation concerns inclination change of consumer behaviour (ethical

consumer), responsible for the organisation on society, profits and its environment (Canavari &

Coderoni, 2020). Sustainability in projects can be achieved by evaluating the feasibility of using

recycled materials in the manufacturing process (Hossineya, Sepuria, Mohana, R, Govindarajua, &

Chynea, 2019). An organisation that takes the necessary sustainable approach to its managing or

production generally have higher costs. This effort is demanded by the consumer and the good or

service with CF labels encourages Willingness To Pay (WTP) (Canavari & Coderoni, 2020).

Consumption of energy in the manufacturing process should be designed to increase productivity,

performance in implementing economies of scale (Rakicka-Pustułka, Mironczuk, Celinska, Białas, &

Rymowicz, 2020).

Levelized Cost of Electricity (LCoE) is when competitive pressure decreases and total cost increases

on all participants in the industry (Wiener & Nicoleit, 2019). Sustainable materials are becoming an

important initiative to develop safe and sustainable infrastructure, reduces the strain in supply chain

and consolidates manufacturing materials (Hossineya, Sepuria, Mohana, R, Govindarajua, &

Chynea, 2019). Carbon Footprint (CF) sustainable labels are designed to convey to the consumer

methods the organisation took in implementing sustainability technologies. This tools supporting

consumer change consumption patterns and increases awareness (Canavari & Coderoni, 2020).

Improving the efficiency and sustainability of water treatment technologies is crucial, reducing

energy consumption and environmental pollution is the sustainability goal (Signorato, Morciano,

Bergamasco, Fasano, & Asinari, 2020). Carbon Footprint (CF) labels in practice indicate the

quantity of Carbon Dioxide Equivalent (CO2e) in grams that are emitted into the atmosphere. The

labels indicate the total carbon dioxide emissions throughout the life cycle of a product or service.

The total carbon dioxide emissions comprise of production, transport, transformation, distribution

and purchase (Canavari & Coderoni, 2020).

Sustainable business development could be described as a business decision-making philosophy,

focus on human-centred, economic, and environmental factors (Kealy, 2019). A techno-economic

analysis advanced on emission reduction is in the petrochemical sector. These emission reductions

comprise of long industrial chain, several sub-industries. They divided into petroleum, natural gas




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exploitation, petroleum refining, chemical raw materials and product manufacturing (Li, Wang, Xie,

& Zhu, 2020). New consumer shifting towards industries that practice more sustainable technologies

and methodologies. Organisations that create a virtuous cycle between producers and consumers

enabled by eco-friendly labelling (Canavari & Coderoni, 2020). Demand for sustainable construction

materials has increased, the recycled material can be used to facilities pavements for pedestrians and

non-motorized vehicle for sustainable cities (Hossineya, Sepuria, Mohana, R, Govindarajua, &

Chynea, 2019). Providing clean water to remote parts of the world, required a simple low-cost

distillation device with low-grade thermal power (Signorato, Morciano, Bergamasco, Fasano, &

Asinari, 2020). The extra costs an organisation odes when adding more sustainable value to its good

or service comprises not only production but also transport cost, information about the manufacturer,

recyclable materials sourced, transformation, distribution, use and disposal, reducing Greenhouse

Gas (GHG) and reduction on environment indicator of the total amount of CO2 (Canavari &

Coderoni, 2020). Energy Performance Contracting (EPC) is a machine tool for organising energy

efficiency and financial cost (Cass, 2018). Energy can be provided by renewable energy sources like

wind or solar energy to drive multiple distillation processes, the by-product is no loss to the

environment. When analysing energy management theoretical evaluation models must be verified

like energetic analysis and thermodynamic frameworks (Signorato, Morciano, Bergamasco, Fasano,

& Asinari, 2020). Sustainable and cost focus in the petroleum sector, waste-heat recovery

technologies is over-bottom pressure recovery advancement (Li, Wang, Xie, & Zhu, 2020).

Sustainable labels try to show to consumers the overall impact in standardised measurements of

carbon dioxide emissions (Canavari & Coderoni, 2020). Renewable energy as if wind farms,

developers and planners place pressure to the manufacturer by with the lowest LCoE (Wiener &

Nicoleit, 2019). Exergy Analysis is a framework where the maximum amount of valuable work that

can be obtained from a reversible procedure. Through a given system that reaches symmetry with a

specifically-defined environment. Exergy Analysis framework starts from an initial state, exergy

equation for an open system that can be developed (Signorato, Morciano, Bergamasco, Fasano, &

Asinari, 2020). Sustainable technologies and cost focus exploration into new materials technology,

that could increase the radiation intensity, reduce the thermal conductivity and regulate heat

generation (Li, Wang, Xie, & Zhu, 2020). Sustainable products are those products whose

characteristics with eco-labelling, production systems, environmental performance and sustainable

labels. This information encourages the customer to pay more for a good or service the Willingness

To Pay (WTP) (Canavari & Coderoni, 2020). The solar distillation device is a schematics and

passive multi-effect membrane distillation device. The distillation device depends on numerous

distillation stages using an evaporator and hydrophobic membrane. Discharges freshwater through a

protruding strip from the porous wick (Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020).

Improving the performance distillation device reduces the efficient exploitation of low-temperature

thermal energy to drive several distillation processes. Providing equitable access to clean water is

essential to overcome social and economic inequalities. Improving the performance distillation

device reduces the efficient exploitation of low-temperature thermal energy to drive several

distillation processes. Providing equitable access to clean water is essential to overcome social and

economic inequalities (Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020). Marketability

and sustainability in the energy sector aim towards emission reductions in response to climate change

(Cass, 2018). Passive energy driven by renewable solar thermal energy has advantages, inexpensive

materials and easily maintainable components. Harnessing solar thermal energy passive desalination

technologies, this technology provides water to the disadvantage of using renewable sustainable

technologies (Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020). Sustainable is being an

awareness of the social, economic and environmental impact of the product or service the

organisation is developing. Aligning the consumers environmentally conscious and desires in the

business model allows the organisation to advances co-operate image (Merriam & Tisdell, 2016).




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Sustainable technologies and cost focus process optimization technology, optimized processes can

increase efficiency, energy recovery and energy conversion (Li, Wang, Xie, & Zhu, 2020). The

concept of sustainability has deeply evolved from the primer environmentalist approach and now it

comprises, in its most widespread use, three different aspects: the economic, the environmental and

the social one (Canavari & Coderoni, 2020). Glycerol in the petroleum industry is generated from

biodiesel, thereby making it a sustainable renewable. Clean-burning fuel which can be used for

manufacturing or industrial purposes. In the fermentation process the fast adaptation of yeast and the

innovative fermenter designs. The fermentation time needs to be shortened to reduce the production

cost of the final product (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020).

Renewable Energies Law set in 2017 in Germany has driven the market into a cost-based

competition between the numerous manufacturers. Cost-based competition is facing declining

because of market volume and saturation. Market conditions and reaction affect direct customers and

manufacturers (Wiener & Nicoleit, 2019). In Waste To Energy (WTE) the heating value of solid fuel

is very important, the goals are to have smooth plant operations are fewer fluctuations in the power

generated and a well-maintained energy plant equipment (Kabugoa, Jämsä-Jounelaa, Schiemann, &

Binder, 2019). All renewable technologies focus on reducing energy consumption, minimizing

effects on the environment, carbon emissions and carbon footprint of desalination and renewable

energy systems (Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020). Recycled Asphalt

Pavement (RAP) is a construction material that aggregates in alkali-activated concrete paver blocks

(Hossineya, Sepuria, Mohana, R, Govindarajua, & Chynea, 2019). Levelized Cost of Electricity

(LCoE) is when competitive pressure decreases and total cost increases on all participants in the

industry (Wiener & Nicoleit, 2019). Lower energy consumption in the manufacturing process

reduces the cost of the entire technology, scale-up production and scale-up is a fundamental factor of

process development (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020).

In techno-economic analysis products and services need a detailed framework of cost-effectiveness

and sensitivity in the production process (Rakicka-Pustułka, Mironczuk, Celinska, Białas, &

Rymowicz, 2020). Block-chain will make its greatest impact on Industry 4.0, making sustainable

manufacturing of full automation of industrial and business processes a reality (Mistry, Tanwar,

Tyagi, & Kumar, 2019). Sustainable technologies and cost focus circulate of the water system,

improve energy-saving technology (Li, Wang, Xie, & Zhu, 2020). Also reduce energy, overall cost,

manpower, waste and risk during the product life cycle. Social participation of the organisation

improves relation with the citizens and stakeholders (Merriam & Tisdell, 2016). Sustainable

technologies and cost focus intelligent system improve the methodologies of scheduling optimization

technology (Li, Wang, Xie, & Zhu, 2020).

Sustainable construction materials are the alternative to build future urban spaces (Hossineya,

Sepuria, Mohana, R, Govindarajua, & Chynea, 2019). The sustainable economic contribution of an

organisation by participating in charitable events, especially sports, this contribution from the

organisation brings trust within the community. The organisation need to be aware of the

environmental impact, using or developing renewable materials, energy, technology, theories and

management methodologies (Kealy, 2019). Sustainable manufacturing also looks into technology to

reduce production waste, additive manufacturing methods Using digital designs and manufacturing

3D printing parts, reduces engineering costs, production times, labour. Additive manufacturing

allows developers to produce components that are lighter, durable, stronger, durable and complex

geometry (Fonsén & Soukainen, 2019). Sustainable technologies and cost focus new equipment can

improve the efficiency of heat transfer. The combustion can be regulated to the load of the

equipment devices (Li, Wang, Xie, & Zhu, 2020). Understanding thermodynamic performance and

sustainability of systems and processes is the key to developing a solar distillation device. Multi-

stage distillation device, that is powered by solar energy and operates autonomously and without

moving part or electromechanical auxiliary system for passive desalination (Signorato, Morciano,




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Bergamasco, Fasano, & Asinari, 2020). Lead users are individuals who explore innovative ways to

get things done, willing to test new methods and share approaches that work (Sanders & Stappers,

2008).

New Zealand planed an ambitious effort to plant one billion trees before 2028 as part of the Paris

Agreement targets for 2030 and 2050. In trying to set sustainable goals two distinct spatial modelling

frameworks are developed, Logistic Regressions and Artificial Neural Networks (ANN). The main

drivers of deforestation gain are erosion potential, distance from exotic forests, woody grasslands,

grassland productivity and slope (West, Mongea, Dowlinga, Wakelina, Richard T. Yaoa, & Payna,

2020). In a solar tdistillation the first evaporation stage absorbs solar thermal energy, the distillation

process in the sequential evaporators is powered. The enthalpy of condensation releases water from

the condenser above. The last-stage condenser discharges the enthalpy water of condensation

through a heat sink. The solar energy is converted to thermal energy, this generates a high

temperature that evaporators and condensers (Fresh drinkable water). This is the driving force of the

whole distillation process (Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020). CO² data

models used in sustainable technologies and cost focus needs to be collected is Conserved Supply

Curve (CSC). The statistics data and accounting, impacts of CO² price, CO² emissions reduction cost

curve, CO² emissions reduction potential estimation (Li, Wang, Xie, & Zhu, 2020). Spatial logistic

regressions and an artificial neural network (ANN) are models developed in deciding on where to

plant the trees. The influences of spatially-explicit factors on afforestation are identified areas

currently unplanted. Classifying locations across the country with suitable conditions for the

establishment of new forests (West, Mongea, Dowlinga, Wakelina, Richard T. Yaoa, & Payna,

2020). Increasing forestry activities can offset greenhouse gas emissions to an estimate of 30% of the

annual emissions of the country. Forestry of a country has a database called Land Use and Carbon

Analysis System (LUCAS). This forestry information‘s data is about the environment, logistic

regressions, temperature, erosion potential, variables correlated with land-use change and

constructed, resolution maps and weather patterns (West, Mongea, Dowlinga, Wakelina, Richard T.

Yaoa, & Payna, 2020). Forestry modelling frameworks are used to examine the impact of spatially-

explicit drivers of afforestation, logistic regressions or binomial generalized linear models. Receiver

Operating Characteristics (ROC) curve is a graph that connections the logistic regression framework

to the evaluate of the Area Under the Curve (AUC) (West, Mongea, Dowlinga, Wakelina, Richard T.

Yaoa, & Payna, 2020).

Recycling of Recycled Asphalt Pavement (RAP) has provided to be beneficial from both an

economic and environmental perspective of the paving industry. Recycled Asphalt Pavement (RAP)

is used in recyclable construction materials, milled from existing deteriorated bituminous pavement

structure (Hossineya, Sepuria, Mohana, R, Govindarajua, & Chynea, 2019). United Nations (UN)

Conference on the Human Environment acknowledged Sustainable development (SD) as one of their

priorities (Kealy, 2019). The study of Autonomous Intelligent Robot Agen (AIRA), shows a

manufacturing use case, how an economy would benefit from an autonomous manufacturing robot,

data from this interaction benefits human-agent and agent-agent (Mistry, Tanwar, Tyagi, & Kumar,

2019). Control Volumes (CV) is used for the exergy analysis model, this measures the passive

distillation process. Liquid Gap Membrane Distillation (LGMD) this system is driven by a solar heat

source. Direct Contact Membrane Distillation (DCMD) is a unit powered by a generic non-solar heat

source, these configurations distil both the original water and the improved version in multiple stages

(Signorato, Morciano, Bergamasco, Fasano, & Asinari, 2020). Renewable energy sources like wind

and hydroelectric generators clean energy cost and reduce CO2 emissions (Kealy, 2019). Sustainable

leadership looks into the unsustainable change and practice of work. Monitoring stress, exhaustion,

restricted innovation and lethargic attitude. Sustainable leadership focuses on seven ethical principles

of sustainability, the depth, Learning and Integrity of individuals involved. The duration of

Endurance and Succession of participants. The breadth ability for participates to understand the




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distribution and not a delegation of tasks. For participates to understand others and ourselves diverse

complexity and cohesion. For participants to be resourcefulness in showing restraint and renewal

with tasks given. Sustainable leadership looks into the conservation methods, the historic and legacy

of traditional theories and contemporary innovation (Fonsén & Soukainen, 2019).

Power Quality validates the quantity of kWh electrical energy in units produced also examines the

quality of the power produced (Kealy, 2019). These tasks are labour inductive, a good waste

management skill and multiple waste managing options have to be considered and developed

(Hossineya, Sepuria, Mohana, R, Govindarajua, & Chynea, 2019). Managing waste as a source for

recycled materials has become the alternative use-case of the present time. Effective utilizing waste

material can generate building or manufacturing material for different sectors of society (Hossineya,

Sepuria, Mohana, R, Govindarajua, & Chynea, 2019). Recovered Plastic (RP) this rubbish is

collected, mixed into various types of waste plastics then demolished, the process is called recycled

concrete aggregates (RCA). Data were collected utilizing recycled materials including construction

and demolition (Cand D) materials, stress natural resources, breakage, geotechnical characteristics,

compressibility and sustainable eliminates the need for quarries and reduce environmental impact.

Another benefit is energy can be extracted from the recycling process, the by-product is building

material as retaining walls and geo-synthetic reinforced structures (Arulrajaha, Naeinia,

Mohammadiniaa, Horpibulsukb, & Leong, 2020). Raw materials used for the production of

AARCPB (recycle brick) construction material included Fly Ash (FLA), Ground Granulated Blast

Furnace Slag (GGBS), Natural Coarse Aggregate (NCA), Natural Fine Aggregate (NFA), Coarse

Recycled Asphalt Aggregate (CRAA) and Fine Recycled Asphalt Aggregate (FRAA). These

materials are mixed because they have properties used for the preparation of the recycle material.

When developing the AARCPB recycle brick one need to consider the chemical composition of raw

materials, properties of natural, recycled aggregates, slump and unit weight, water absorption,

compressive strength, abrasion resistance and cost of materials. AARCPB (recycle brick) has been

proven to create environmental benefits by reducing dependence on cement and depletion in

quarries. From an environmental perspective reduced disturbance of wildlife habitats, natural

ecosystem and noise pollution due to blasting operations (Hossineya, Sepuria, Mohana, R,

Govindarajua, & Chynea, 2019). Sustainable leadership, the ability of a leader to learning and

integrate innovation, affecting decision machines and idea generation. The ability for leaders to

engage team members, exercise endurance in achieving success or creating succession in the

organisation. The distribution of roles and tasks, assigning responsibility and accountability yet also

being the judge of the results (Fonsén & Soukainen, 2019).

Sustainability Likert Scale

In the financial industry, they are many different regulations and make innovation difficult to

implement. It's not always the case Sparbanken Rekarne organisation goals align with the United

Nations Agenda 2030. Since new project development is not possible (Sparbanksstiftelsen Rekarne,

2020).

Level 1, difficulty relates to sustainable projects, instead of printing a document and requesting a

‘wet signature‘. Sending documents online and members mobile BankID signature

(Sparbanksstiftelsen Rekarne, 2020). BankID Sweden citizen identification solution that allows

individuals to approve of transactions or to prove identity. It is a digital authenticate for banks and

governments agencies to identify an individual online or for online payments or mobile payments.

This electronic identification is a digital proof connecting citizens to organizations (Finansiell ID-

Teknik BID AB, 2020).




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Level 4, difficulty in sustainable projects relates to re-building office branches. Applying new

building techniques, renewable materials and low energy consuming technologies. Projects like

Valvet coworking and co-creation centrally in Eskilstuna, the use of natural light and robust

materials is a sustainable approach they used in the design (Valvet, 2020).

Level 8, difficulty Sparbanken Rekarne approach would be developing technique and technologies

for bank clients to generate a digital solution for mobile banking, like BankID signature version

(Finansiell ID-Teknik BID AB, 2020). If Sparbanken Rekarne developed sustainable projects like

Environmental, Social and Governance (ESG) and sustainable development. Environmental, Social

and Governance (ESG) integration is a sophisticated strategy when investors think of nonfinancial

risk factors in the investment process of a project. These sustainable projects help improve the

environment and quality of society. Environmental, Social and Governance (ESG) projects have high

risk and need increasingly demand and attention of core and primary stakeholders involvement. To

implement Environmental, Social and Governance (ESG), it would have to be the central business

strategy, being exposed to lots of risks, faces brand and reputational damage and consumer backlash

for instances of human rights violations in its supply chain and investors need to have acted in the

best long-term interests of the organisation (UNEP Finance Initiative, 2016). A sustainable project

that focuses on Principles For Responsible Investment (PRI) are sustainable globals in the financial

system, this generates long-term value creation for investors and benefits the environment and

society simultaneously. The PRI projects work to achieve a sustainable global financial system,

collaboration with multiple partners encouraged to adopt principles and collaboration

implementation (UNEP Finance Initiative, 2016).

Implementation

Understanding the complexity of the project is different to implement the desired outcome. These are

a series of stages in developing the complexity to project/ they may include many stakeholders,

additive manufacturing, methodologies, manpower and new technology required (Merriam &

Tisdell, 2016). Implemented robust design and tolerances can occur at different stages of the product

development process (Goetz, Schleich, & Wartzack, 2019).

The cost pressure will continue in the medium-term product cycle because of global market

conditions of LCoE. Decreasing product development times are because of the shorter product life

cycle (Wiener & Nicoleit, 2019). Standardization generates rules promise energy efficiency,

sustainability and instead of delivering a form of marketability that relies on over-specification

(Cass, 2018). Implementation identified potentials in digital transformation is in securing long-term

competitiveness (Wiener & Nicoleit, 2019). Implementing computing technology should be

established to increase the ability of parallel computing networks and statistical analysis of modern

accounting data (Ting & Liu, 2020). Evaluation measurable was spatial ability measuring materials

and time spent on the experiment. The evaluation categories were constructed definitions, measuring

materials, input type, number of questions and time spent. Numeric dominations represented on a

scale in relation to others, from the highest possible score, mean and standard deviation. Standard

deviation is a statistical analysis that measures the amount of variation or dispersion in a set of

values. Evaluation subjects were grouped into 2D exploration, 3D exploration, 3D spatial richness,

appropriateness, materiality and colour. The tool measures the positive link between spatial

visualization, mental rotation, and creativity of spatial design (Cho & Young, 2020). Implementation

identified potentials in digital transformation is in securing long-term competitiveness (Wiener &

Nicoleit, 2019).




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Implementation of database analysis needs an open-access design of intelligent accounting data

analysis can be done by using an industrial cloud computing platform. Open Access Design provides

user access to big data remotely. Combined cloud computing technology and modern accounting

data analysis platform reduces the fuzzy confusion of data. The industrial cloud computing platform

shows the intelligent data analysis process and algorithm implementation. Cloud computing

implementation process of Open Access Design provides access to modern accounting

database. Implementation of Open Access Design needs Intelligent data analysis processing platform

that consists of an algorithm. These simulation results test the performance, efficiency,

accuracy, modern accounting data and speed of algorithms implementation of cloud computing and

statistical analysis.To improve Open Access Design processes of accounting for data analysis and

statistics. Industrial cloud computing technologies, methodologies and algorithm are need

constructing modern accounting data analysis platform. The time series model of the simulation

reviles the modern accounting data analysis is constructed, using block bit sequence and analytical

methodologies. The simulation results of the Open Access Design shows the intelligent data analysis

platform, the statistical analysis ability of accounting and the parallel computing efficiency higher

(Ting & Liu, 2020).

Open Access Design time series model investigation the modern accounting data analysis by using

the block bit sequence analysis method. The association rules are characterised by the quantity

account for the big data extraction. Open Access Design simulation results show intelligent data

analysis designed platforms make the implementation of statistical analysis ability faster and more

proficient (Ting & Liu, 2020). The validity of the measurement scale measured the interrater

reliability and intraclass correlation coefficient. Results from the evaluation suggested that particular

spatial strategies with individuals at different occupations levels stated spatial ability enhance their

spatial creativity (Cho & Young, 2020). Value and the process of value creation are changing from

product centred or firm-centric to user-centred and personalized experiences for the consumer

(Sanders & Stappers, 2008). Cloud computing implementation needs a big database reservoir in

providing qualitative and quantitative data. This big data steers business direction, customer

evaluation, the predictive effect for the future development of enterprises and other decisions (Ting

& Liu, 2020). Developmental purpose, evaluating the team's involvement in the translation and grant

proposal into a real-world. Creating a work plan that allows evolving leadership and flexibility of

concepts created (Mitchella, Israelb, Diehlc, & Galindo-Gonzalezd, 2019). To solve the problem of

implementing the statistical analysis of modern accounting data in big data. Constructing a modern

accounting data analysis platform based on cloud computing technology is the industry trend, this

improves the ability of parallel computing, accessibility of data and statistical analysis of accounting

data (Ting & Liu, 2020). Evaluation tools to bring clarification and reduce the fuzzy relationship

between spatial ability, design performance and creativity (Cho & Young, 2020). Implementing

Exception Handling (EH) is the process of responding to a situation, during the computation,

exceptions of anomalous or exceptional conditions requiring special processing. This special

requiring often disrupt the normal flow of program execution. Implementing Exception Handling

(EH) findings suggest the absence of explicit policies impacts negatively on the developers. The

perception and implementation of Exception Handling (EH) need policies in place for developers to

follow verification processes (Sousa, Maia, Rocha, & Viana, 2020).

The quality of Exception Handling (EH) code in software projects is directly affected. The absence,

lack of awareness, negligence of an explicit exception handling policy and guidelines. By observing

developers with low skills regarding Exception Handling (EH), They tend to have low knowledge

regarding the design and implementation of exception handling in the system. Lead developers tend

to develop system and on their own, they design and implement the Exception handling (EH) coding

without super version, guidelines or policies. The team‘s skills, knowledge, and perception about the

Exception handling (EH) reflect on the design process and product of design, implementation,




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importance, institution and in the project itself. Failures in the project are caused by empty handlers,

wrong actions in generic handlers, developers with comments suggesting the need for further

implementation and correction. A web-based system is a management system implemented in JEE

(Java Enterprise Edition) using a set of frameworks. The organisation Exception Handling (EH)

document including a broad scope of the institution resource management, stakeholders in the

organisation and academic data administration. This documentation manual provides information

about the organisation‘s, hierarchy of custom system exceptions, the use utility methods, the

notification to the development team, the final user, user exceptional and handle exceptions at the

business layer (Sousa, Maia, Rocha, & Viana, 2020).

A possible cause of adopting the documentation manual of practices, is the implementation of

specialised handlers, signalling of specific exceptions and the contributions of adequate development

of error recovery activity. Developers need to know what actions to implement in the documentation

manual. Information like implementation practices that make it difficult to understand the code and

(without specific handling actions) nested treatments. In large IT projects, they are many concerned

with finishing the code to be executed. Therefore implementation tasks and activities are mandatory

by the developers without thinking about the ideal recovery actions, rules and policies. Another issue

is the process that drives the code, the importing and exporting of data during the implementation of

new modules. During IT projects that are being edited in real-time, experts continually contribute

negatively to the workflow scenario. Their superior novices skills make them take short cuts and do

not adopt practices and tools. Policies and support need to be in place to better the development and

maintenance process of projects. A set of policies can be implemented to set quality control

measures, ensuring the finished service is suitable for direct customers (Sousa, Maia, Rocha, &

Viana, 2020)

These Quantum Neural Networks (QNN) make efficient use of an algorithm, they provide both

classical and efficient quantum implementations of data. Most of these quantum networks

perceptrons can implement any quantum channel and any input qudits. The output of a Quantum

Neural Networks (QNN) highlights structural specifications of information propagates from input to

output, this implements a quantum feed-forward neural network (Kerstin Beer, 2020). Quantum

Neural Networks (QNN) implementation extraordinary reduces the price, complexity and the need

for multiple evaluations of the network. When scaling up the performance, the trade-off is lots of

heat and noise. The terminology is called Noisy Intermediate-Scale Quantum (NISQ). NISQ

architectures are when the superconducting of qubit devices are produced faster and more rapid. The

Quantum Neural Networks (QNN) architecture enables a reduction in the number of coherent qubits

that are required to store the intermediate states. Quasi Maximum Likelihood (QML) is a complex

algorithm and when applied on a Quantum Neural Networks (QNN) it performs an array of

capabilities. Abilities like, learning from data, sequencing composite estimates and statistical

modelling (Beer, Bondarenko, Farrelly, Osborne, Robert Salzmann, & Wolf, 2020). The formation

of assembly integration sequence is arranging pre-developed components installation and test each

part of the assembly process. These activities are part of the complex systems integration and the

verification process is the main assembly process systems (Lia, Lockettb, & Lawson, 2020).

Implementation of this change needs a platform system like component standardization, resulting in

high quality within the product portfolio and economies of scale in production (Wiener & Nicoleit,

2019). Constitutive co-production is the mechanism by which massive hybrid networks constitute

their cognitive and material actualities into seemingly autonomous worlds of nature and culture

(Jasanoff, 2004).




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Implementation Likert Scale

Level 1, implementation difficulty for Sparbanken Rekarne are projects have to need a small team to

implement. Similar to the prototype early-stage evaluation tool‘s second stage, releasing the

customer's questioner. A small team was needed in the development of the customer survey (will be

launched when the COVID-19 security levels reduce) (Government Offices of Sweden, 2020).

Level 4, implementation difficulty for Sparbanken Rekarne are projects that need more stakeholders

in the development of the project. Projects with a wider scope like developing a new IT

infrastructure for Internal use-case. These projects with larger scopes increase the difficulty of

implementing all desired goals in the project. The more moving parts, individuals, technologies

increase the difficulty of implementation of desired outcomes. Projects that need co-development

with all 59 saving branches makes implementation difficult as well as internal politics


Level 8, implementation difficulty for Sparbanken Rekarne would be in developing a completely

new mobile banking solution, instead of using Swedbank application for there customers.

Developing a stand-alone mobile banking solution for Sparbanken Rekarne customers is a goal but

extremely difficult. The required high skill level, core and primary stakeholders involvement,

specific skill or software needs in the development, refining, testing, capital and time resources need

are beyond the scope for Sparbanken Rekarne. Highly convoluted and countless stages of

development, testing, servitization, passing legislation, permits and licences. Develop strategic

partners that permit mobile payments and cross border payments with users and user verification for

all customers (Sparbanksstiftelsen Rekarne, 2020).

Marketability

Marketability is concepts that determine whether a product in the region is able to be sold, the tools

are advertising, promotion, trend analysis data, deep analytics, integration, customer analysis,

competition analysis pricing and quality analysis (Merriam & Tisdell, 2016). Marketability expires

on themes, like an exploration of the main features of speculative product development and finish

through adherence to market standards. Marketability analysis speculative design for unknown

potential users, This speculative nature studies the developments of market standards and important

means of substituting for known user needs (Cass, 2018). Marketability refers to the difficulty of

marking sure your product gains the attention of your direct consumer. The time, effort and

campaign strategy used to make your product stand out in the market. Marketability is important for

a product in a saturated market, how early adopters react to your product, the product being reviewed

by specialists and how your target consumer responds to the product. Marketability there is an

importance of supply management and marketing activities, this tool allows the definition of the

product and access directly to the customer (Priatmoko, 2018). In speculative modes of development,

decoding data become particularly powerful in producing homogeneous designs stressing

marketability, flexibility, performance and quality. These characterize together are desirable for the

development of sustainable goals setting (Cass, 2018). Other economic evaluations parameters

measure the market share of the economy, industrial value-added, production of productivity, value-

added deflated by consumer price index and growth of labour productivity: value-added sector

(Imran, HuSen, Muhammad Kaleem3, Din, & Sobia, 2020). Due to the marketability rapid changes

in the development of a community-based tourism area (Priatmoko, 2018). Market trend analysis

allows comparison and interpretation in product development protection the participants of the

statements and opinions (Wiener & Nicoleit, 2019). Total Addressable Market (TAM) or the

available market, reference the revenue prospect available for a good or service in a particular




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market. TAM aids prioritization for business opportunities by using metrics to determine the

underlying potential of a pre-project opportunity (Putra, Fifilia, & Juwitasary, 2018).

First world economies face global warming as the by-product of technological advancements.

Marketing strategy of sustainable goals provides new insight into why emission reductions.

Interviews and qualitative and quantitative data illustrates how to market standards, substitute for

user needs and ratchet up the provision of building services to maximize marketability competitively.

Marketability and sustainability are becoming intertwined, the UK‘s Climate Change Act‘s 2008

commitment to reduce greenhouse gas (GHG) emissions by at least 80% from a 1990 baseline by

2050. This direction is ambitious to generate new technologies will market the sustainable attributes

to the consumer. British Council for Offices (BCO) have set guidance energy waste or Energy

Performance Certificates (EPC) and unsustainability and carbon emissions Building Research

Establishment Environmental Assessment Method (BREEAM). These standards rules force

companies and organisations to comply with delivering low-energy office buildings (Cass, 2018).

To present an apparent satisfaction of sustainability, quality, regulation and standards using Energy

performance contracting (EPC), Building Research Establishment Environmental Assessment

Method (BREEAM) and British Council for Offices (BCO) (Cass, 2018). Directing marketing

communicates a message that highlights the appropriate and emphasizes the benefits of a product for

the target market, this data is critical for the success of marketing efforts (Priatmoko, 2018). Market

analytics functions as pricing signals that make smooth the operation an incentivized market for

‗green buildings‘. These green buildings attract the consumer in the promise of saving the

environment (Cass, 2018). Market volatility consists of very low turnover yield and comparatively

high costs (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020). The various

standards specification utilizes strategically by a constellation of stakeholders into producing goods

and services that are flexible, low-energy consumption that one might hope that they would deliver

(Cass, 2018). Organisation tries to implement new technologies to stay competitive and relevant in

the market, technologies like improved network system services and indicators in identifying

challenges for product development (Wiener & Nicoleit, 2019). The marketing analysis on green

buildings focuses on technical features, lighting, energy consumption, water consumption, and

practicality of the building (Cass, 2018). There are many issues associated with the product and

marketing use is a matter of major concern, marketing methods need to be customised depending on

the product, the scale, the market and the customer (Priatmoko, 2018).

Expertise in marketability have strategies that build knowledge of how to match inputs, parameters

and models to fulfil a marketable building‘s. The marketability of a particular market has demands

pressures imposed, like volatility, market frameworks, unique and distinctive attributes about the

product (Cass, 2018). As mentioned early a lean design approach in developing all aspects of the

early-stage evaluation tool, including marketability, focusing on specific marketing strategies and

market research tools (Booth, Colomb, & Williams, The Craft of Research, 2008). Market analysis

has shown to reflect on processes of advertising and the exploitation of potential secondary

stakeholders speculative market. To reconcile the underlying pursuit of increased profit (Cass, 2018).

Directing marketing communication messages to the consumer, it highlights the appropriate benefits

of the product. Addressing the appropriate target market may be ultimately critical for a fruitful of

marketing efforts (Priatmoko, 2018). Marketability aims to investigate consumer behaviour, patterns

and acceptability of goods or services using survey and sensory evaluation (Duah, Essuman,

Olympio, Akwetey, Gyimah, & Yeboah, 2018). Market strategic action achieves both standards

compliance and ‗the wow factor‘, the two key ingredients of marketability and the most important

calculation of real value (Cass, 2018). Marketing is a social and managerial process that focuses on

individuals and groups in obtain desires, what they need and want. Marketability creates interest and

awareness of a product, this creating and exchanging of products gives value reciprocity with others




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(Priatmoko, 2018). Marketing strategies are developed by evaluating the effect of the competitors

offer, pricing, location, marketability and consumer acceptability (Duah, Essuman, Olympio,

Akwetey, Gyimah, & Yeboah, 2018). Marketability of a product is driven by market priorities,

provision for marketability, market saturation, anticipating of services and potential consumers

(Cass, 2018). In exchange, the interrelationships become a common reference, characteristics like the

price, quality and value. Marketing strategy is a fundamental statement, giving digestible information

about a product. The results of a good marketing strategy are achieved in terms of demand for a

product in the specified target market (Priatmoko, 2018). The sustainable guidelines explicitly

contain the feasibility and flexibility of how to make building adjustments to diverse tenants. The

speculative model of development eliminates all possibility and instead forces market pressures for

flexibility and marketability (Cass, 2018).

Price of good or services is the key factor that influences most consumers‘ product choices.

Marketability is mainly decisively measured by the satisfactory levels of the consumer. The

customers experience with the good or service, quality, value, gratification levels, does it fulfil

requirements, total cost and reflections of the average consumer are the most important attribute

(Duah, Essuman, Olympio, Akwetey, Gyimah, & Yeboah, 2018). Marketing strategies in tourism

need to pay attention to elements of attractions, amenities, accessibility, market segmentation, targets

and positioning. Organisations that implement marketing also use targeted media and integrate their

marketing communications, sending messages that are consistent with each target customer

(Priatmoko, 2018). The guidance in a marketing strategy is the collection of data that claims that

these calculative stakeholders have valuation have swayed and the expectations of the most

demanding market have begun to be applied (Cass, 2018). A profound product or service has to have

a great marketing strategy that investigates, availability, consumer acceptability, awareness, the

demand, trends, consumer behaviour, market share and market volatility (Duah, Essuman, Olympio,

Akwetey, Gyimah, & Yeboah, 2018). Marketing developer team need to create a feeling of

‗something for nothing‘ by maximizing standardizing processes and promoting competitive

marketability (Cass, 2018).

Organisations that offering the right promotional incentives, marketing strategies, sales increase is

generated by repeat buying behaviours to their offerings. The role of social media in marketing is a

powerful tool, connecting directly to the customer on various platforms increases information

transfer to each customer (Priatmoko, 2018). Developing a specific analysis of marketing a

sustainable requirement process needs operation, specifications, realistic targets and a speculative

development market could be generalizable (Cass, 2018). Marketing strategies include interviewing

at some stage, questions about supplying, demand, price and sale in influencing marketability of a

product (Duah, Essuman, Olympio, Akwetey, Gyimah, & Yeboah, 2018). The rationales and effects

of the using market-based instruments focus analyses quality specifications and requirements of the

‗standards ‗intended to make the houses greener (Cass, 2018). Good marketing contains various

concepts and combines activities, these activities create conditions on how a thing can be sold and

targeted. In deploying a marketing strategy that has a dynamic situation and long-term (multi-year)

project condition, deep analysis of the market needs to plan for each sequential year (Priatmoko,

2018). Marketability of perishables products needs to making sure livestock or vegetation are well

fed and watered to avoid any incidents that might reduce market value. Marketing Analytical tools

measure Markets/Salespoint, sold per marketable week and niche market data (Duah, Essuman,

Olympio, Akwetey, Gyimah, & Yeboah, 2018). Marketing strategies contain measurable that track

and monitor, the easy of the use-case, market pressures, consistent tools and reduces the subjectivity

in assessing and evaluating marketability and sustainability technologies (Priatmoko, 2018).

Marketing analytics reported that a shift in consumer preference, this shift has increased the demand

for local and unimproved livestock. During marketing anonymised, interviews data are the




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theoretical knowledge is built on. The data appears in parentheses in interviews are thematically

coding by researchers using NVivo qualitative analysis software (Cass, 2018).

During the marketing analysis key themes emerged, the processes through which compliance with

standards was achieved. The means of which the standards themselves function in the market, with

implications for energy demand (Cass, 2018). The new SWOT method based on marketability,

sustainability and participatory. SWOT (Strength, Weakness, Opportunities and Threat) is a research

methodology of strategic management. SWOT analysis is based on the logic to maximize strength

and opportunities while minimizing weaknesses and threats. SWOT used in Community-Based

Tourism (CBT) destinations project analyses the marketability, sustainability, participatory and

disaster mitigation for the development (Priatmoko, 2018). The four variables (Marketability,

Sustainability, Participatory, and Disaster Mitigation) needs to be made a tool that can help the local

governments and local communities to provide the most appropriate direction of tourism

development (Priatmoko, 2018). The use of NVivo software in the performance analytics

refinements are interpretive mode of analysis. The only possible familiarity with the dataset is the

selected themes for analysis proceedings, which are the basis on discussions with the whole

marketing research team (Cass, 2018). Thus, a need exists to maintain and improve local livestock to

meet higher demand. The marketing strategy should also focus on the potential of the indigenous

breeds. Marketing analytics strongly recommended conscious efforts in establishing and entering

niche markets and further commercialize of livestock nationally (Duah, Essuman, Olympio,

Akwetey, Gyimah, & Yeboah, 2018). Building Research Establishment Environmental Assessment

Method (BREEAM) is a credits-based certification scheme for sustainability rather than energy

performance. The by-product is sustainability method like ‗Energy‘ in which buildings can score

assessment credits. Building Research Establishment Environmental Assessment Method

(BREEAM) in the central market position is an indicator of sustainability. This does not mean that

the certification guarantees energy performance. Analyses how to implement multi-criteria

sustainability assessments that have been found not to guarantee energy performance (Cass, 2018).

Marketability Likert Scale

Level 1, Marketability difficulty for Sparbanken Rekarne are projects like lunch events at Valvet or

events in hotels were investors with capital to diversify meet up and network with venture capitalists

and build business relationships.

Level 4, Marketability difficulty for Sparbanken Rekarne would be to organise webinars, attracting a

diverse investor, a member at Sparbanken Rekarne and people with accounts at the bank. Making

sure schedules do not conflict, participants have the right software and hardware to attend the

meeting.

Level 8, Marketability difficulty for Sparbanken Rekarne is to launch a new product to new

customers. Developing a new effective marketing strategy of a new project with a new consumer,

creating awareness and desire your project. This is a nearly impossible task because efforts would

need to be divided and synchronised. Resources, efforts, research and development need to be spent

in reach the target consumer, who is unaware of your product or service (Sparbanksstiftelsen

Rekarne, 2020).




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Digitalization

The 21st century is the digital era, where digitalization technologies allow organisations to easily

communicate, share in-depth information and knowledge through ever-evolving digital technologies

and tools (Kamalaldina, Lindea, Sjödina, & Parida, 2020). European Union (EU) increased concern

about the use of the socioeconomic potential of Information And Communications Technology (ICT)

on the European Economic Zone. How these technologies fuel economic growth and how to develop

devise set of comprehensive national policies to protect cultivate digitalisation use cases (Varró,

2019). European Union member countries have integrated digitalization, managing big data with

numerous dynamics indicators forming indexes and sub-indexes of cyber-physical and cybernetics

(Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). Digitalization is viewed as a source of

future competitiveness in developed economies, its potential to unlocking new value creation and

revenue-generation opportunities is unprecedented (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

European Union (EU) concerns have arisen with regards to the ‗profound potential impacts of

digitalisation, will it foster further spatial concentration in Europe? Or will digitalisation promote

dispersal and poly-centricity economies or a mixture of both? European Union (EU) policies have

demonstrated insights that provided the framework of digitalisation, practical and spatial-political in

the workings. Digitalisation implementation in the context of a country has many challenges.

Minoring the extent of spatial dimension, the underline potential impact and the declared spatial

development at different scales (Varró, 2019). The profit from digitalization, providers opportunities

for all stakeholders, especially customers. Customers who have moved away from a transactional

product-centric model to relational service-oriented engagement with additional services

(Kamalaldina, Lindea, Sjödina, & Parida, 2020).

Digitalization is technologies driven and notably in industrial automation in primary and secondary

manufacturing systems (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder, 2019). The European

Union (EU) has developed the Digital Single Market as a key priority for boosting the economy

(Varró, 2019). European Union (EU) Digital policies are scalar-institutional power relations shaping

the practices of digitalisation. These policies help to critically evaluate digitalisation agendas. These

policies seek to create circumstances for new practices and spatialities (Varró, 2019). Information

and Communication Technologies (ICT) is a branch of Digitalization. ICT increasingly transforms

economic activities and social interactions, placing digitalisation centre stage in policymaking in

countries for this stimulate economic growth (Varró, 2019). The European Union (EU)

competitiveness is oriented to develop different approaches that focus on the efficient use of funding,

productively, intersected with the pragmatism and the centralizing tendencies of the nation-state

(Varró, 2019). Cooperative digitalization centre usually has multiple organisation partners in some

cases direct competition, they invested time and resources and cooperated in expanding their know-

how of business processes. The co-operative digitalization centre share sensitive co-operate

information to get to know how their process works, identify knowledge gaps and areas to develop.

Digitalization experts are assigned to handle and manage big data, to clean and verify data in the

expectation of drawing some valuable market insights from the data. Co-operative digitalization

centre tries to enhance transparency in knowledge-sharing, the core feature of digitalization as an

enabler of servitization with organisations. Digitalization in manufacturing is the ability to collect

operational data in real-time of physical assets when monitoring performance (Kamalaldina, Lindea,

Sjödina, & Parida, 2020).

Digitization is developing various processes, evaluation and calculation tools. Using new

technologies like automation in manufacturing and maintenance in the design process (Wiener &

Nicoleit, 2019). Primary stakeholder in organisations uses leveraging of digitalization technologies

to drive continuous improvement. Digitalization framework recommends complementary

digitalization capabilities is the main catalyst for initiating servitization in organisation relationship,




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preserving and maintaining a relationship over time. Failing to adapt to digitalization and

servitization guaranties market share would drop over time, reduced profits, the relevance of product

or service in the market, customers feedback and product awareness. In digitalization identifies the

relationship components of provider and end customer, the importance of digital servitization,

complementary digitalization capabilities and relation-specific digital assets. Digitalization for

organisations enabled knowledge-sharing routines and partnership governance (Kamalaldina, Lindea,

Sjödina, & Parida, 2020). Data analytics platform Industrial Internet of Things (IIoT) platforms is

Machine learning in artificial intelligence (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder, 2019).

Digitalisation implicate is understood using ‗spaces and places‘ and of how these should be

developed (Varró, 2019). Implementing digitalization is difficult for industries, it‘s a costly practice-

changing an organisations business model, digitalization implementation can bridge the gap with

leading in industries and competitors (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019).

Integrating new product data requirements, function, physical design, system components are

integrated methods, installation guidelines and test processes (Lia, Lockettb, & Lawson,

2020). Information and Communication Technologies (ICT) promotes the extensive adoption of

digital technologies to address numerous social, economic, environmental and policy challenges

(Varró, 2019). Servitization in digitalization is the creation of a digital service of offering different

digital products, provider-customer relationships engaged with a digital platform (Kamalaldina,

Lindea, Sjödina, & Parida, 2020). Digitalization improves efficiency in the development process,

management, productivity and provides communication channels directly to customers (Tolkachev,

Bykov, Morkovkin, Borisov, & Gavrilin, 2019). Data management is the link between the design

process and the approaches for consideration of variation. Data management parallels the

fundamental different concepts, taking into account variations throughout the transformation

requirements to the final product design (Goetz, Schleich, & Wartzack, 2019).

Servitization refers to the digitalization of services in all industries using their products to sell a

good, the outcome is a service attached to the good. Online and manufacturing businesses uses

servitization in connecting directly to consumers (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

Cyberspace is the digital world of networks, a world of electronic information, data that connects big

databases of digitalisation, from socioeconomics, fintech, industry 4.0 and health care 4.0 (Varró,

2019). Developing a generalized digitalization index of manufacturing enterprises to assess the

digitalization level of the manufacturing industry 4.0 of the national economy as a multifaceted

complex socio-economic system (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). The

next-generation advanced in Industry 4.0 is additive manufacturing and automation, this will give a

business advantage in the competition of scale (Mistry, Tanwar, Tyagi, & Kumar, 2019).

Servitization in digitalization offers the customer the capabilities of interacting with digital asses,

relation-specific digital assets and digitally-enabled knowledge-sharing routines (Kamalaldina,

Lindea, Sjödina, & Parida, 2020). Using Industrial Internet Of Things (IIoT) technologies, the

sustainable approach of waste collection to Waste To Energy Plant (WTE) plants. In this sustainable

project the process of converting solid waste fuel, then fed into the Outotec Advanced Staged

Gasifier, were it is ignited to produce heat. This heat generated is used in steam production that

propels electric power generators (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder, 2019). Data

models are used to guarantee traceability and consistency in the product development process

(Goetz, Schleich, & Wartzack, 2019).

Digitalization comprises of current online trends and areas of digital transformation of the primary,

secondary and tertiary manufacturing (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019).

Servitization in digitalization offers a partnership in governance, this enables providers and

customers to profit from digital servitization (Kamalaldina, Lindea, Sjödina, & Parida, 2020). Digital

transformation is an inevitable technology, its legitimates has become a necessity of governments




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programme, institutions, organisations and individuals (Varró, 2019). The Foucauldian perspective is

useful in highlighting that knowledge of digitalisation, the power relations and policies appear to be

simple but are extremely technical (Varró, 2019). Digitalization has an emerging organisation

servitization, especially organisation that offer services of a business to business and business to

consumer servitization operations (Kamalaldina, Lindea, Sjödina, & Parida, 2020). CATIA V6 is a

complex digitalization tool for manufacturing CAD integrated software platform, used to implement

RFLP (Requirement, Functional, Logical and Physical) models. Linking product requirements to

functional models, logical models and lastly 3D assembly models (Lia, Lockettb, & Lawson, 2020).

When developing digitalization, the socio-economic system needs to identify specific features of

domestic and international experiences of neo-industrial development (Tolkachev, Bykov,

Morkovkin, Borisov, & Gavrilin, 2019). Organisations need to realize the progress and issues when

implementing servitization in the digitalization industry (Kamalaldina, Lindea, Sjödina, & Parida,

2020). Digital start-up is unproblematic because not all start-ups provide digital services. Digital

start-up is linked to digitalisation but generally overlook the importance in the development of the

digital services hence, the strategy proposes to omit the ‗digital‘ adjective altogether (Varró, 2019).

The Fourth Industrial Revolution or industry 4.0 is the process combining info-communication, new

manufacturing technologies, IT network technologies and modern business processes that can be

implemented to any organisation (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). The

implementation of decentralized systems adds proficiency and secure between the autonomous

algorithms in a multi-layered system (Mistry, Tanwar, Tyagi, & Kumar, 2019). Manufacturing

organisations that providers and adopt a digital servitization strategy, differentiate themselves from

competitors, servitization increases market size. Servitization offers manufacturing organisations a

strategic advantage, in being present when the customer is choosing a product or service online

(Kamalaldina, Lindea, Sjödina, & Parida, 2020). Manufacturing organisations that try to close the

gap, having asses to the direct customer, they need to undergo servitization, the transition from being

a product provider to a solutions provider (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

Nationwide digitalisation programme is a programme that prevents a longer-term imbalance of the

digital economy, then with the actual spatial development implications of digitalisation (Varró,

2019). The usage of digital technologies is necessary in servitization, these tool empowers various

types of innovations and uses cases for the customer (Kamalaldina, Lindea, Sjödina, & Parida,

2020). The consensus mechanism is verified transactions on the network, users review the

transaction on the network and agree on the validity of the transactions. Provenance refers to the

completion of the block in the network or asset‘s history available on the network (Tanwar, Parekha,

& Evans, 2019). Servitization owes to the evolution of smart and connected products. organisations

offering servitization needs a combination of digital and hardware assists, software, sensors, data

storage, and reliable connectivity (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

Digitalization provides new distribution channels, selling physical products online or digital

products. Digital products or services are produced online or in a virtual environment. Digitalization

is the transition of distributed product creation models and services organisations are seeing growth

(Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). Servitization will transform

manufacturing organisations, digitalization creates both opportunities in current and niche markets,

connectivity, hardware, software challenges for organisations (Kamalaldina, Lindea, Sjödina, &

Parida, 2020). Digitalisation and spatial development can be disrupted by policies and regulations

that surround digitalisation re-produce patterns of socio-spatial inequality (Varró, 2019).

Digitalization new technologies, Industry 4.0 and Industrial Internet of Things (IIoT) technologies

are quickly fuelling big data and software solutions (Kabugoa, Jämsä-Jounelaa, Schiemann, &

Binder, 2019). One of the biggest issues in servitization transformation is the quality of interaction

between provider and customer, how to offer a digital solution for the different customers that need

to be customized and comprehensive in the solutions that offer real value (Kamalaldina, Lindea,




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Sjödina, & Parida, 2020). Industry 4.0 supply chain management would revolutionize the overall

framework network of the organizations, resources management, all stages of production and product

or service life cycle. The Block-chain database can allow the monitor, track and manage data from

the delivery of raw materials, finances, logistics need for your supplier, advance automation of

manufacturer process and down to the delivery to the end-user (Mistry, Tanwar, Tyagi, & Kumar,

2019). Successful organizations analysis competitiveness and ignore post-industrial methodology

that underestimates the role of digital transformation in economies (Tolkachev, Bykov, Morkovkin,

Borisov, & Gavrilin, 2019). Digital servitization contracts for end customers should not replicate

traditional cost-control contracts, the servitization costs need to take into account the collection of

dyadic data, both customer and provider views and the evolution of the relationship (Kamalaldina,

Lindea, Sjödina, & Parida, 2020). Improve the efficiency of the Stochastic Grid Bundling Method

(SGBM) algorithm is done by increasing the load on the Graphics Processing Unit (GPU). Python is

a dominating programming language in data science, effective techniques, computation performance

and s technique has been adopted in many industries (Ki Wai Chau & Oosterlee, 2020). The modern

statistical base is being applied in tools to measure digitalization processes in industrial production,

this empirical data becomes the vector and driver of the entire digital economy (Tolkachev, Bykov,

Morkovkin, Borisov, & Gavrilin, 2019).

Servitization enabling co-production and co-creation interaction gain a deeper understanding of the

interactive relationships relevant to the digital servitization context (Kamalaldina, Lindea, Sjödina, &

Parida, 2020). The amalgamation of state-of-the-art industrial automation systems coupled with

Industrial Internet Of Things (IIoT) is expected to usher in higher levels of automation in all

industrial manufacturing sectors (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder, 2019). In

digitalization the growth rate of gross value added in the industry is measured annually, in national

currency and at current prices. Countries primary and secondary manufacturing industry including

machinery, equipment Information, Communication including telecommunications Information

Technology and Services (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). The practices

of digitalisation and spatial impact are related, the aim of both is to develop spatial influence and

increase governance at different levels use cases (Varró, 2019). The digitalization competitive

industry accelerates the potential for new value-creation and revenue-generation opportunities

(Kamalaldina, Lindea, Sjödina, & Parida, 2020). Digitalisation is one of the key driving forces of

competitiveness, growth and welfare in a service-driven economy/ first-world economies (Varró,

2019). Expanding export of services, focusing on integration and outsourcing industrial and other

sectors of the economy. Outsourcing relies on the development of the Internet of things and industry

4.0 technologies. This digitalization of the manufacturing sectors is in line with the neo-industrial

development model of the past (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019).

Digitalization and servitization transform the interaction of provider and customer relationships. The

key challenge for the organisation is not pursuing digital servitization, adapting to market pressures

and revise existing product-centric relationships (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

The industrial applicability of Industry 4.0 platforms in real-world use-cases is in the development of

soft sensors to use sustainable projects like Waste To Energy (WTE) plant. The application of

industry 4.0 technologies in waste management projects focuses on the development strategy on

efficient waste collection systems (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder,

2019). Developed countries are also developing towards digitalization principles of the "Industry

4.0" concept, moving towards neo-industrial by which is cyber-physical digitalization of

manufacturing industries (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019).

Digital services use case needs empirical data that demonstrated a strong interconnection between

digitalization and servitization (Kamalaldina, Lindea, Sjödina, & Parida, 2020). Industry 4.0

platforms emphasize the use of Machine Learning (ML) methods that manage and administrate big-

data tools and industrial internet cloud computing platforms. Industry 4.0 using these tools develop




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robust data-driven soft sensors amid other data-driven models (Kabugoa, Jämsä-Jounelaa,

Schiemann, & Binder, 2019). In assessing the digitalization level of the manufacturing industry

developing countries needs to implement a comprehensive infrastructure network of digitalization of

manufacturing enterprises. Focusing on the sub-indices, the index of development of cyber physical

systems and the index of the transformation of the organisation and governmental bodies business

model (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). Digitalization is both a driver

and an enabler of servitization for the organisation need to stay competitive (Kamalaldina, Lindea,

Sjödina, & Parida, 2020). Digitalisation agendas of evolution and implementation aim is to shed

light on the power relations that shape the practices of Information and Communication

Technologies (ICT) and the production of spatial knowledge in the digital world (Varró, 2019).

Digital platforms develop databases that need a co-operative digitalization centre. This digitalization

centre manages Big Data that ins continuously accumulating data from all machines for condition-

based maintenance and optimization. New managerial methodologies and technologies can increase

the effectiveness of managing big data accessibility and storage abilities (Kamalaldina, Lindea,

Sjödina, & Parida, 2020).

Industry 4.0 benefits industrial data analytics also developing a unique platform based on the modern

Industrial Internet Of Things (IIoT) software tools and Machine Learning (ML) algorithms for

industrial and manufacturing use cases in monitoring processes (Kabugoa, Jämsä-Jounelaa,

Schiemann, & Binder, 2019). Neo-industrialization development of information technologies is

reconfiguring production chains, based on the integration BigData, Block-chain technologies and

self-learning neural networks (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). Digital

transformation evolves the customer's value proposition, altering the organisation‘s methodologies,

design and creation process. Since value creation is the core focus that drives profits, digitalization

principally involves the provision of services (Kamalaldina, Lindea, Sjödina, & Parida, 2020).

Digitalisation has an analytical dimension of the politics of scale is meant the acknowledgement of

power-laden scalar-institutional dimension that introduces new technologies to evolve (Varró, 2019).

Industry 4.0 is an area of increased efficiency and big data management, transformation, analytics,

information coding and decoding (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder, 2019). These

new information technologies are processing technologies for raw materials and semi-finished digital

products (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019).

Organisations need to constantly develop servitization, embark on new efficient digital

transformation technology that allows them to take full advantage of digitalization and servitization.

Business opportunities and market limitation are resolved by expanding servitization, increase

synchronize digitalization, connectivity and data analytics is manufacturing organisations is a

universal collective goal (Kamalaldina, Lindea, Sjödina, & Parida, 2020). The digitalization

transformation model of the business model incorporates indicators in the production, managerial

methods and auxiliary business processes of the enterprise. Indicators also include information

communication technologies used to communicate with customers, strategic partners, suppliers as

well as creating a media image of the company (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin,

2019). Organisations usually partner with IT firms in developing digital hardware and software

infrastructure (Kamalaldina, Lindea, Sjödina, & Parida, 2020). Evaluation tool CRIX index is a

crypto-currency IndeX that benchmarks other crypto-currency in the market. Giving an insight into

the crypto-currency, past movement and market trends. In make pricing equations they perform

estimating risk premia, factoring loadings using a two-stage estimation approach (Nadler & Guo,

2019). Industry 4.0 is information and communication amalgamation of technologies in business.

Industry 4.0 needs constructing of and development of Index a Cyber-Physical System (CPS). A set

of indicators that most accurately reflect the possibilities of using digital technologies to transform

the manufacturing process in manufacturing industries (Tolkachev, Bykov, Morkovkin, Borisov, &

Gavrilin, 2019).




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This dynamic partnership shares costs and liabilities in pursuit to create and capture value over time.

The partnership is done to capitalize on emerging digitalization opportunities which are mutually

beneficial ‗Win-Win‘ (Kamalaldina, Lindea, Sjödina, & Parida, 2020). Digitalization transformation

of a business model consists of the businesses website for communication, ordering and searching

for products or services. Enterprises applying Customer Relationship Management (CRM) tools.

Organisations exchanging electronic information with stakeholder, suppliers and customers.

Organisations receiving orders on computer networks and placing orders using computer internal

networks systems. Enterprises adopting cloud services for Customer Relationship Management

(CRM) systems and businesses have a presence on social media (Tolkachev, Bykov, Morkovkin,

Borisov, & Gavrilin, 2019). Highlight digitalization capabilities providers and organisations must co-

develop to interact and co-create value with their customers (Kamalaldina, Lindea, Sjödina, &

Parida, 2020). Digitalisation second analytical dimension of practices highlights the material

dimension and how digitalisation implies the re-production (Varró, 2019). They are several benefits

offered of new digitalization technologies, enhanced infrastructure harnesses big-data, Machine

Learning (ML) that develop artificial intelligence in automation and cloud computing software tools

in advanced big data analytics platforms (Kabugoa, Jämsä-Jounelaa, Schiemann, & Binder,

2019). Artificial intelligence can be achieved through Machine Learning (ML) and the process of

learning will make future factories fully autonomous. Machine Learning (ML) methods need to large

knowledge pool, big-data processing tools and cloud computing technologies in data analytics

processes. Machine Learning (ML) can be applied to sustainable projects, the data-driven models can

be used to monitor the Waste To Energy (WTE) plant (Kabugoa, Jämsä-Jounelaa, Schiemann, &

Binder, 2019).

Digitalization database consists of intelligence capability, connect capability and analytic capability

(Kamalaldina, Lindea, Sjödina, & Parida, 2020). Digitalization is the development of industry 4.0,

Block-chain technology distributed ledger, smart contracts and algorithms should be developed for

the specific industry then the previous systems have to be streamlined, removed redundancies

(Mistry, Tanwar, Tyagi, & Kumar, 2019). Block-chain technologies are part of digitalization new

information technologies that give organisations or institutions the next level of security,

accountability, and trackability of finance 2.0, data or digital services (Tolkachev, Bykov,

Morkovkin, Borisov, & Gavrilin, 2019). Knowledge-sharing is common in the digitalization

industry, routines, data patterns, interactions between companies and the specialized knowledge

transfer (Kamalaldina, Lindea, Sjödina, & Parida, 2020). What are the available identifying and

classifying components of the research problem? How do the elements of the research problem grow

into sub-categories of problems? What are the alternative solutions for the problem shown in this

particular scenario? Why are obvious solutions not being implemented on the problem? How should

solutions be modified or adapted to solve the research problem? In what contexts or contingencies

does the solution benefit the research problem (Ven, Engaged Scholarship A Guide for

Organizational and Social Research, 2007)? Knowledge-sharing in digitalization includes

recombined, co-creating, co-producing, co-developing and design processes to facilitate knowledge

exchange between partners (Kamalaldina, Lindea, Sjödina, & Parida, 2020). Digitalization evolution

will build on new technologies that will usher in the Digital age (Tolkachev, Bykov, Morkovkin,

Borisov, & Gavrilin, 2019).

Digital transformation needs transaction-specific, the location of successful digital production stages

close to one another, tailored capital investments for customized machinery (hardware and software).

The know-how is the skilled, qualified stakeholders that can be garnered from long-term

relationships and staff dedicated in these relationships (Kamalaldina, Lindea, Sjödina, & Parida,

2020). Industry 4.0 aims to combine IoT, Block-chain and Cyber-Physical Systems (CPS) will create




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disruptive transformational solutions on existing industrial systems (Mistry, Tanwar, Tyagi, &

Kumar, 2019). Cybernetic in digitalization technologies aim to achieve effectiveness and are reached

the limits of effective profitability. In the services sector in first world countries, Information

Technology is still the leading growth industries (Tolkachev, Bykov, Morkovkin, Borisov, &

Gavrilin, 2019). Digitalization implementation provides the organisation relation-specific digital

assets, digitally-enabled knowledge-sharing routines and partnership governance of target markets.

Organisations would enter into a revised partnering business relationship, this relationship has

potential advantages like digitalization technologies, technical knowhow, digital software‘s, data

analytics and customer operational knowledge. Digitalization capabilities present connect directly

the provider and customer, the full potential of the partnership is investing in relation-specific digital

assets that can build a digital database for launching future servitization use cases. Cooperative

digitalization centre massive projects need an allocation of manpower, time and capital resources set

to gain know-how and improve the business processes (Kamalaldina, Lindea, Sjödina, & Parida,

2020). A set selection of parameters and several factors that specify indicators reflecting

digitalization processes the index includes the following elements. Organisations applying broadband

internet access for at 100 Mbps+. Organisations adopting Electronic Data Interchange (EDI)

technologies. Enterprises applying automatic object identification Radio Frequency Identification

Device (RFID) technologies. Enterprises applying cloud services in the business model, including for

the operational software of its own. Enterprises adopting Enterprise Resource Planning (ERP),

Managing Big Data Enterprises, Broadband Internet, electronic data exchange, cloud services and

digital streaming (Tolkachev, Bykov, Morkovkin, Borisov, & Gavrilin, 2019). BankID is a digital

identification for all Swedish citizen, this digital solution that allows online organisation‘s, banks and

governments agencies to authenticate and verify an individual for online interactions and

transactions. This electronic identification is a digital proof of identity of the citizen making mobile

payments, organizations accessing financial service, communicating with government authorities

(Finansiell ID-Teknik BID AB, 2020).

Digitalization Likert Scale

Level 1, the difficulty for Sparbanken Rekarne in digitalization would be adding new information on

the website. Newsletters, RSS feeds and relevant information for users are posted on the website

regularly.

Level 4, the difficulty for digitalization would be tracking customer‘s internet usage of Sparbanken

Rekarne customers using the website. This requires large cloud computing data storage and a

framework to handle, process and manage the large amounts of data for research and development.

Level 8, the difficulty is developing video chat with mobile bank ID login for account users. Similar

to Mastercard‘s standalone digital ID verification and bypassing the use of BankID.This application

developed by the bank allows users to integrate online payments, hotel check-in and signing

important contracts (Mastercard, 2020). Level 8 digitalization could also be the implementation of

block-chain technology in the design process for internal administrative bank usage. Knowing the

digitalization and expectations of the project helps the team to identify and procure stakeholders

needed when the project gets the green light. (Sparbanksstiftelsen Rekarne, 2020).




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Distribution Logistics

Logistics is the process of planning and executing the efficient transportation and storage of goods

from the point of origin to the point of consumption. The goal of logistics is to meet customer

requirements in a timely, cost-effective manner (Merriam & Tisdell, 2016). Managing logistics needs

dynamic and reactive optimization of physical and financial flows in the supply chain (Brahmia,

Hadj-Alouanea, & Sboui, 2019). Specialist in the value chain integrates agile approaches in all stages

of the product development process to reduce product complexity (Wiener & Nicoleit, 2019).

Increased logistics efficiency faces countless problems of joint planning of physical and financial

flows. The main focus of logistics efficiency is the integration of supply chain contracts, supply

chain tactical planning of uncertain and disrupted financial environments (Brahmia, Hadj-Alouanea,

& Sboui, 2019). Managing demand-side helps climate change, these sustainable consumption

patterns are becoming driving engine tools to curb agricultural Greenhouse Gas (GHG) emissions

(Canavari & Coderoni, 2020). Logistics efficiency needs to take into account budgetary and

contractual constraints with all stakeholders in the supply chain (Brahmia, Hadj-Alouanea, & Sboui,

2019). Ideas exclusively to the idea‘s creator and to involve appropriate competence centres or

technology experts both internal and external (Wiener & Nicoleit, 2019). In order to minimize

logistics disturbances due to existing uncertainties, an effective planning model that is developed and

implemented on a rolling horizon basis (Brahmia, Hadj-Alouanea, & Sboui, 2019). Increasing

integration with suppliers and partners optimize cross-project and cross-company cooperation,

building trust and partners value (Wiener & Nicoleit, 2019).

Logistics efficiency integrates supply chain contracts and supplies chain tactical planning, reducing

delays, risk uncertain in the transportation of goods and services. In most cases the transportation

inter-firm collaboration can offer insurance of goods being transported, this increases confidence in

the business to the business relationship (Brahmia, Hadj-Alouanea, & Sboui, 2019). This improves

integration of value partners in product development, development, reduces complexity, increases

transparency and promotes further collaboration of projects (Wiener & Nicoleit, 2019). Logistics

efficiency analyses and attempt to improve the benefits incurred by the inter-firm collaboration in

terms of operational performance and Working Capital (WC) of the supply chain (Brahmia, Hadj-

Alouanea, & Sboui, 2019). Continuous communication integrates value partners and suppliers into

an internal planning process. This is additional cost-based advantages and necessary to develop a

long-term or multi-platform strategy (Wiener & Nicoleit, 2019). Supply Chain Management (SCM)

will fully eliminate redundancies in previous systems like Logistic mismanagement, Lack of

visibility and assets, Improper handling of data, Inefficient handling of the stack and Ineffective risk

management. SCM has greater access with increased efficiency, transparency, enhanced traceability,

track all transactions that occur throughout the supply chain in real-time. This unprecedented access

can improve the complete production methods, quality control, tracking of any defects, performance

tracking in the supply chain (Mistry, Tanwar, Tyagi, & Kumar, 2019). A big part of logistics

efficiency is supply chain management, logistics management is the allocates of effective

methodologies of costs and time (Brahmia, Hadj-Alouanea, & Sboui, 2019). Integration of the value

chain adds to the value creation of partners into the product development process. This challenge of

integration of the value chain is the pressure to innovate and the faster development of new products

(Wiener & Nicoleit, 2019).

Block-chain technology can be used to create decentralised traceability for the complete process of

Supply Chain Management (SCM). Block-chain technology can provide nearly instantaneous,

efficient, secure and traceability of raw material, components or products from primary, secondary

and tertiary industries (Tanwar, Parekha, & Evans, 2019). To shorten lead times and offering credit




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extensions in the range of months, reducing transportation processes time and offering credit

extensions greatly increases the efficiency of products. The credit extensions are set because most

organisations practice lean manufacturing measures and do not have ready liquid capital for inter-

firm collaborations (Brahmia, Hadj-Alouanea, & Sboui, 2019). Economic benefits of concentrated

products generate economic advantages for industries aligned to the distribution, storage and

transportation of goods, especially in long-distance transportation sectors (Liua, Papageorgiou, &

Shah, 2019). Logistics planning involves the siting of liquidation volatility, capacity adjustments,

sales markets, supplier selection, supply chain operations and management (Brahmia, Hadj-

Alouanea, & Sboui, 2019). Economic benefits for the logistical industry is the result of new product

formulations, new methodologies, processes and product design technology optimise the design of a

low-cost supply chain (Liua, Papageorgiou, & Shah, 2019). A mixed-integer linear model evaluating

logistical improvements are programs that integrating logistics and financial supply chain planning

(Brahmia, Hadj-Alouanea, & Sboui, 2019). Mixed-integer linear programming techniques in the

supply chain networks is an optimisation-based framework, this determines the optimal locations and

capacities of plants, warehouses, distribution centres and manufacturing production facilities (Liua,

Papageorgiou, & Shah, 2019).

Logistics management areas are in shortening operating cycle time, reduced time lag among

disbursement and receipts of money decreases the financing pressures. Logistics management also

focuses on reducing lead times on releasing the locked up capital in the operating cycle (Brahmia,

Hadj-Alouanea, & Sboui, 2019). The formula refines the supply chain networks and different

product formulations are needed for the different variables of the supply chain, merging traditional

formulations and new formulations via concentration (Liua, Papageorgiou, & Shah, 2019). Logistics

contracts that incorporate flexibility mechanism aid in reducing insufficiency between supply and

demand, thus increasing the supply chain overall achievements (Brahmia, Hadj-Alouanea, & Sboui,

2019). Mixed-integer linear programming framework also manages the distribution planning

decisions, unit total cost, raw material, packaging, organising, product conversion, inventory,

transportation and depreciation costs (Liua, Papageorgiou, & Shah, 2019). Morden quantity

flexibility develops contracts the supply chain with a periodic update of demand forecast information

using a rolling horizon planning (Brahmia, Hadj-Alouanea, & Sboui, 2019). Mixed-integer linear

programming improves in the supply chain networks to achieve optimum efficiency of optimal

locations, logistics, capacities of plants, warehouses and distribution networks (Liua, Papageorgiou,

& Shah, 2019). Supply chain parameters models evaluate the reactivity through simulation. Testing

optimal quantities based on the updates of demand forecasts, constant flexibility limits, second of

decreasing flexibility limits and effects of flexibility on customer satisfaction (Brahmia, Hadj-

Alouanea, & Sboui, 2019). Supply chain network is greatly dependent on production and distribution

specification and configurations designed. The network needs to develop a sustainable location of the

manufacturing plants, warehouses and distribution centres, concerning customers and

transportation links (Liua, Papageorgiou, & Shah, 2019).

Supply chain management need to constantly develop a new model that incorporates new

technologies and methodologies. Supply chain management needs to consider lead time constraints,

decision-making process, time-limited business activities and the effects of working capital

requirements (Brahmia, Hadj-Alouanea, & Sboui, 2019). Supply chain network needs to factor in

transportation links, including highways, trains, airports and shipping ports. When developing the

Supply chain network, the optimal distribution links, locations, capacities of production and storage

facilities (Liua, Papageorgiou, & Shah, 2019). Supply chain management administers the

relationship of the supplier‘s capabilities of reaction to market pressures. Supply chain management

also focuses on the payment schedule, taking into account penalties due to delays (Brahmia, Hadj-

Alouanea, & Sboui, 2019). Supply chain management administers the suppliers contracts between

the producer and the supplier, the document states the demand terms for example frozen, flexible




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storage for transportation needs and the possible degree of flexibility (Brahmia, Hadj-Alouanea, &

Sboui, 2019). Supply chain network needs to consider bills of materials in logical constraints of

complex products that need to be assembled. The strategic production-distribution model is

developed to facilitate the design of the supply chain network (Liua, Papageorgiou, & Shah, 2019).

Supply chain management formulae combine cash flow management model and the design process

planning during the tactical planning process. Supply chain management formula also takes into

account budgetary constraints and demand uncertainties (Brahmia, Hadj-Alouanea, & Sboui, 2019).

Supply chain network needs to factor in any financial issues, including import duties, plant utilisation

and exchange rates in the logistics. Supply chain network modelled is the managing of the

uncertainty of demands, supplies, processing, transportation and shortage (Liua, Papageorgiou, &

Shah, 2019).

The established supply chain tactical planning model includes Inventory, backorder, purchase and

extra-hours costs over time. Unsatisfied orders from the carrier, damaged goods and delays in

delivery need to implement penalties in terms of cost (Brahmia, Hadj-Alouanea, & Sboui, 2019).

Supply chain network also needs to manage the uncertainty of demands capacity, expansion costs in

the proposed multi-objective to optimize the model. Supply chain network performance metrics

revolve around the management of, total cost, responsiveness, custom service level and the

optimization of strategic capacity expansion decisions (Liua, Papageorgiou, & Shah, 2019). The

organisations that have contracts with fixed payments, the customer would have to agree to possible

delays. The organisation can renegotiate to a payment date of its suppliers without exceeding a

maximum deadline (Brahmia, Hadj-Alouanea, & Sboui, 2019). When factoring inventory, the supply

chain network needs to calculate the sale and leaseback method in the optimisation of the supply

chain networks design. The hierarchical solution is used in the production, distribution and capacity

planning of agrochemical of the supply chain networks to maximise profit distribution (Liua,

Papageorgiou, & Shah, 2019).

The organisation usually opt for factoring services, these are the selling of accounts receivable to a

factor, usually a bank or credit institution or fiat currency. The logistic organisations that have

improved its day-to-day cash flow, can access short-term debt, or open line of credit in order to cover

short-term cash shortfalls (Brahmia, Hadj-Alouanea, & Sboui, 2019). Supply chain networks

optimisation-based decision framework is the flexible production process and distribution

configurations for different product formulations in the networks. A tailored computationally

efficient hierarchical solution approach is the difference between production and distribution

frameworks of the supply chain networks (Liua, Papageorgiou, & Shah, 2019). The logistic

organisations can use this loan up to a maximum allowable debt but these are usually made to pay for

unforeseen transportation liabilities. The planning horizon is the time duration of the Supply Chain

Planning model of an organisation. The long-term assets like transportation equipment and long-term

liabilities of the organisation will not vary during the planning horizon (Brahmia, Hadj-Alouanea, &

Sboui, 2019). The hierarchical solution is based on both traditional and new product formulations.

New product formulations for the supply chain networks are processes and product technology that

develop sustainable low-cost materials and remove concentration in the supply chain. This

sustainable process creates intermediate concentrated products and the final products are produced

close to the intended market (Liua, Papageorgiou, & Shah, 2019). The costs of the supply chain

increase as the complexity of length of tasks and frozen horizon (time duration) increases. The

customer-supplier relationship shows the relevance of consideration of how the supplier's reactivity

supply chain optimization. This optimization changes the degrees of flexibility for suppliers and

produces and improves the logistic processes (Brahmia, Hadj-Alouanea, & Sboui, 2019). Production

and distribution structures develop regional supply chain network links, these structures developed

are based on specific metrics, the distribution routes are traditional, local and concentrated route.

Production and distribution structures are designed around the potential production and the




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distribution structures depending on the aforementioned product formulations (Liua, Papageorgiou,

& Shah, 2019).

The impact of supplier flexibility on cash-distressed organisations consistence‘s of industrial

practices and the demand horizon that plans each composed. The delay of the supply chain or

horizon increases cost, inefficiency and confidence. The increased advancements of the logistic

management of the supply chain reduce the operating cycles, the time lag between disbursements

and receipts of money (Brahmia, Hadj-Alouanea, & Sboui, 2019). These production and distribution

structures theories are developed from the traditional, local and concentrated routes. Traditional

Routes are products that are directly produced from raw materials at existing conventional plants,

produced outside the region before shipping directly to the customer (Liua, Papageorgiou, & Shah,

2019). Rolling Horizon Flexibility (RHF) monitor and share information about future uncertain

scenarios. Information like the increase or decrease demand between the original manufacturer and a

subcontractor on the operational performance (Brahmia, Hadj-Alouanea, & Sboui, 2019).

Local Routes are products which are produced from raw materials directly at potential conventional

plants in the same region then shipped directly to the customer. Concentrated Routes are

concentrated products which are produced at existing conventional plants then shipped to potential

regionals. The finishing plants convert the products into the final products. The final products are

then transported to the warehouses or directly to the customer. The whole planning horizon of the

supply chain networks is divided into several periods with equal lengths. In the supply chain

networks, each city in a region can host facility of each type of activities in the planning horizon. The

planning horizon takes into account the material losses in the during of production that intermediate

concentrated products. The final products are not considered in all production routes. In the planning

horizon, the managing of production rate, the setup time of each product constant is factored in

regardless of where and when the production takes place. In the planning horizon, a product is

produced in a period, it is only processed once in a specific period to minimise the setup time of

other products (Liua, Papageorgiou, & Shah, 2019). Quantity Flexibility (QF) are contracts and

methodology for coordinating materials and information flows, these transfer of information filters

into the supply chains operating under rolling-horizon planning. In logistic supplier, organisations

use flexibility in its supply chain, this increased elasticity in the timing and payments and Quantity

Flexibility (QF) contracts (Brahmia, Hadj-Alouanea, & Sboui, 2019). Safety stock in the planning

horizon is administrating each facility that is documented and determines the demands of each city

where it is stored is located. When all demands in the region are satisfied based on the planning

horizon, a distribution model is developed with lead times between two facilities, expressed in the

number of periods and ones which are considered. All facilities in the supply chain network have

numerous evaluation and mathematical formulation. These supply chain network mathematical

models determine the optimal locations and sizes of the plants, warehouses, and Direct consumer.

This ensures maximum returns of large investments (Liua, Papageorgiou, & Shah, 2019). Mixed

Integer Linear Program (MILP) model is a tool for calculating multi-products supply chain

schedules. The tool integrates a scheduling/planning model with a cash flow optimization for the

organisations business model. These tools aid Inter-firms logistical in integer supply chain

constraints into the business model. These Inter-firms Mixed Integer Linear Program (MILP)

formulas are deterministic, mixed-integer linear programming model into the supply chain. These

supply chain formulas take into account process operations and budgetary constraints. Mixed Integer

Linear Program (MILP) focuses on optimizing the financial statement of the supply chain.

Evaluating supply chain framework model that incorporates financial statement and analysis

modelling through financial ratios. Mixed Integer Linear Program (MILP) model aim is to determine

annual pay-outs to investors while integrating supply chain planning and financial planning

(Brahmia, Hadj-Alouanea, & Sboui, 2019).




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The supply chain network mathematical formulas considered the production constraints, raw material

constraints, final product inventory constraints, concentrated product inventory constraints, sales

constraints, capacity constraints, facility number constraints, cost constraints, objective function,

capacity constraint, mass balance constraints, logical constraints and logical constraints. In the

supply chain network, the cost constraints are the total cost includes raw material cost, conversion

cost, packaging cost, inventory cost, transportation cost and depreciation cost. The supply chain

network has numerous evaluation, the notation is a formula that has metrics like indices, sets,

parameters, continuous variables, in calculating the optimum location of facilities. Hierarchical

solution develops orders to overcome the high computational expense. An efficient hierarchical

solution aggregates a static model that solves the optimal locations of facilities and their

transportation links. A supply chain network aggregated model, factors in all intermediate

concentrated products are aggregated and all final products. The aggregated model supply chain

model calculates total production, flow, consumption of all intermediate concentrated products, total

production costs and flows of all final products (Liua, Papageorgiou, & Shah, 2019).

Distribution Logistics Likert Scale

Level 1, logistic difficulty for Sparbanken Rekarne would project that involve internal administration

processes within the organisation, managing the big data. Accessing data from the intranet of

Sparbanken Rekarne requires administration access and few stakeholders are needed to manage this

data.

Level 4, logistic difficulty are restructuring or relocating Sparbanken Rekarne branches. This

involves moving equipment, networks and frameworks then installing them back into the new

location.

Level 8, logistic difficulty could be Working with large organisations like estate agencies and

business in managing the finances of the construction requirements. This requires lots of

transparency and communications with multiple stakeholders at different levels of the construction

process.

Level 8 projects with complex and long supply chain models and would need many stakeholder

involvements (Sparbanksstiftelsen Rekarne, 2020).

Timescale

Time set in a project document or early discussions about the time needed in achieving the desired

outcomes. The time needs to achieve all the set design process, developing, testing, prototyping

testing, manufacturing and distributing (Booth, Colomb, & Williams, The Craft of Research, 2008).

Time is very important in maintaining tasks in project plans, timekeeping is essential and I will

explore the technologies used in maintaining timezones necessary for global timekeeping.

Deterministic and stochastic components are modelled with equations of atomic clocks. These time

deviation, frequency deviation, frequency drift can be estimated synchronously and used for short-

term prediction of time (Sun, Huang, Shuaihe Gao, Guo, & Yang, 2020). Joint Timekeeping

Framework (JTF), the system of timekeeping that keeps the atomic clocks in ground operation

control systems that are joined by satellite clocks. Inter-Satellite Link Time (ISLT) are timescale

algorithm that function as timescale algorithm to form synthetic timescale, stable frequencies are

done by using satellite clocks and ISL measurements. Inter-Satellite Link Time (ISLT) forms

synthetic clocks by utilizing the frequencies of stability and the ensemble of satellite clocks. Inter-

Satellite Link Time (ISLT) uses timescale has an equation in formulating models, joint timekeeping

is when clocks ensemble maintains and is synchronized to a uniform time reference (Sun, Huang,




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Shuaihe Gao, Guo, & Yang, 2020). Timescale system depends on a range and positions based on

time transfer, timekeeping ability, navigation of design process and ability to keep track of timing

services (Sun, Huang, Shuaihe Gao, Guo, & Yang, 2020). Developing model internal variability

sampling in different platforms is easier by using machine-dependent processes (Guarino, Sime,

Schroeder, Lister, & Hatcher, 2020).

Inter-Satellite Link Time (ISLT) is joint timekeeping methods, using satellite constellation systems

with inter-satellite links creating a synthetic timescale. Kalman filtering algorithms is widely used in

timescale algorithms. Coordinated Universal Time (UTC) is time systems that steer a local

realization of synthetic timescale. These Satellite Systems synchronize with ground facility clocks, in

determining the spaceborne clocks on board of the navigation satellites are synchronized to their

respective system times. The timekeeping performance is limited by the frequency stability and

predictability of the clock of the ground facility and satellite systems (Sun, Huang, Shuaihe Gao,

Guo, & Yang, 2020). The local time of each zone on the global is based on synchronizing and

maintained spaceborne clocks and it is synchronized to the GNSS system time by two-way satellite

time and frequency transfer (TWSTFT) or by multi-satellite precise orbit determination (MPOD)

(Sun, Huang, Shuaihe Gao, Guo, & Yang, 2020). Machine dependence on simulation

analysis, timescale, illustrative of the problem and easily testable via a simple model and quantify its

impact is discussed by scientists (Guarino, Sime, Schroeder, Lister, & Hatcher, 2020). Timekeeping

performances depend on the stability of frequencies and predictability (Sun, Huang, Shuaihe Gao,

Guo, & Yang, 2020).

Timescale in addition to software and hardware specifications influence numerical reproducibility

and emerge more complex codes. The joint timekeeping framework is based on the average

timescale algorithm and the optimal weights of the minimize the increment of Satellite Systems

(Sun, Huang, Shuaihe Gao, Guo, & Yang, 2020). Machine dependence on simulation measure

weather and climate models over a specific timescale. These weather simulation processors

decompositions communicate software of specific time scales (Guarino, Sime, Schroeder, Lister, &

Hatcher, 2020). Multi-Satellite Precise Orbit Determination (MPOD) refers to the use of joint

timekeeping evaluation of satellite systems. Global navigation satellite systems ranging and

positioning based on time transfer, these time transfer define time zones used in countries (Sun,

Huang, Shuaihe Gao, Guo, & Yang, 2020). Using the timeline in a project, setting key dates,

scheduled in the project plan can be solidified, using Gantt chart for example. Gantt chart is a type of

bar chart that visualises a project schedule in time, visualises tasks in categories and subcategories,

showing stakeholders involved with a particular task or stage in the project. The chart also shows

documentation of the completion of a specific task, the impacted of delivery or non-delivery.

Knowing the complexity of the concept project using the early-stage evaluation tool is extremely

useful when creating a project plan for a complex project that has multiple stakeholders involvement,

manufacturing process, categories and subcategories of the development of the project (mass

production or service) (Booth, Colomb, & Williams, The Craft of Research, 2008). The early-stage

valuation tool helps refine and speed up the ability to draft an effective resource plan for the project.

Knowing the expected duration of the concept project, milestones can be drafted and broken down

into phases, stages-gates depending on the project managerial method used. Key dates can be set,

knowing the overall expected duration of the concept project. The concept projects us the database

for the project plan, deciding on stakeholders percentage of effort, equipment technologies,

software‘s, start and end dates (Merriam & Tisdell, 2016).

Timescale Likert Scale

Timescale is the amount of time in the development and implementation of a complete project, the

time needed for your product or service to be developed for the market.




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Level 1, the duration for Sparbanken Rekarne projects usually a couple of months, most projects are

seasonally lasting a quarter (3months).

Level 4, project‘s duration is 1 year, this is considered a medium span for a project for Sparbanken

Rekarne. Requiring stakeholder involvement with clients or within the organisation.

Level 8, Sparbanken Rekarne projects maximum duration is 3 years, also refers to a project with

many moving parts, countless problems, many stakeholders. The project is subjected to delays,

validation issues, testing issues, recall issues in achieving all desired goals of the project. Years have

been set aside for the development of the product or service, the project plan also has catered for the

unforeseen delays in the proposed schedule, means the project would take many years to develop to

reach the consumer because of the capital, manpower and technology investment needed


Total Cost

All consumption cost of the project should include total investment includes material costs, labour,

taxation, consumption of materials used in the manufacturing process, transportation, overheads,

storage, maintenance and retooling in the manufacturing process (Li, Wang, Xie, & Zhu, 2020).

Evaluate the economic influence of the project, a cost- consequence analysis can be is jointly

conducted, showing the effects from a societal perspective (Dragojlovica, Michauxb, Mouminb, Lia,

& Zaman Talukderc, 2019). The petroleum refining sector is energy-intensive, identifying the target

industries for CO² emissions control is a step in curbing total cost and CO² reduction (Li, Wang, Xie,

& Zhu, 2020). Utilization of resources of an organisation should be managed, from human capital to

organisation assets, temporary investments, equipment, accounts receivable, inventory, prepaid

expenses, long-term investments (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz,

2020). The techno-economic analysis provided detailed cost-effectiveness and sensitivity to the

production process (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020). The

nutritional deficiency, in this case, is micronutrient supplementation or fortification, cost-efficient

and effective evaluation tool (Dragojlovica, Michauxb, Mouminb, Lia, & Zaman Talukderc,

2019). Reducing CO² emissions in energy-intensive sectors is inevitable and the need for industrial

in developing sustainable solutions (Li, Wang, Xie, & Zhu, 2020). The techno-economic analysis

measures the cost-effectiveness and sensitivity analyses assess the process in scalability,

productivity, production process and potential for commercialization. The techno-economic analysis

industrial process of scale-up, requires preservation of specific conditions, synthesis on the

commercial scale and the process order to assess the process scalability (Rakicka-Pustułka,

Mironczuk, Celinska, Białas, & Rymowicz, 2020). Cost-Benefit Analysis (CBA) is the systematic

approach in calculating the positives and failures of using alternatives options. Using data-driven

results in achieving benefits while preserving savings (Booth, Colomb, & Williams, The Craft of

Research, 2008). Expenditure needs to be managed in the production process, using technology to

use fewer resources in developing a superior product (Rakicka-Pustułka, Mironczuk, Celinska,

Białas, & Rymowicz, 2020). The petroleum sector has already implemented a considerable amount

of energy savings with the use of technological advancements, resulting in emissions reduction

actions that aid sustainable direction (Li, Wang, Xie, & Zhu, 2020). Techno-economic analysis

forecasting can be showing the great industrial potential of the process, these technologies can

reduce the current unit cost raw material source and increase productivity in the manufacturing

process (Rakicka-Pustułka, Mironczuk, Celinska, Białas, & Rymowicz, 2020). Correlating the

differences between prices vs. costs, prices vs. discount rates, and exchange rates vs. operating costs

(Ardian & Kumral, 2019). Evaluate the economic influence of the project, a cost- consequence




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analysis can be is jointly conducted, showing the effects from a societal perspective (Dragojlovica,

Michauxb, Mouminb, Lia, & Zaman Talukderc, 2019).

Capital Asset Pricing Model (CAPM) is an evaluation model that describes the relationship between

the return on investment and expected return. Calculating risks and variables associated with

different probabilities. Risk factors explain the behaviour of Market Return (MR) usually include

economic variables such as volatility and illiquidity risk (Nadler & Guo, 2019). The Computable

General Equilibrium (CGE) is a method applied in the research of emissions reduction costs. This

has a top-down method at the macro level, which is used in marginal emissions reduction and cost

estimation for the country. From a micro-level, this research into emissions reduction costs can be

considered in capital stock turnover, technology stock, energy intensities, fuel and production mixes.

The abatement measures done by countries will not be enough to meet the ambitious emissions

reduction targets envisaged for the year 2050 (Li, Wang, Xie, & Zhu, 2020). The goal of the

Stochastic Grid Bundling Method (SGBM) model is to compare the price of a financial portfolio

without counterparty risk. Analysing the difference between two prices is also called the total value

adjustment. The Valuation Adjustment (XVA) model from a bank‘s perspective calculates risk

management, SGBM-XVA demonstrator measure the financial background of the different terms

involved. Calculating the drift price rates, standard deviation of the financial assets and parameters

forming a symmetric non-negative correlation (Ki Wai Chau & Oosterlee, 2020). The overall cost of

production, areas are Training costs, Input costs, Material costs, Software costs, machinery costs,

Start-up costs, Tooling costs, Labour costs, Training costs, Running costs, On-going cost and

Overheads costs. Total Cost should also factor in Digitalization, Implementation / Creation and

Marketability cost (Merriam & Tisdell, 2016).

Technology-based bottom-up methods adoption has projected emission abatement possibility in

petroleum sectors, cement, primary and secondary manufacturing, iron and steel sectors.

Technology-based bottom-up methods estimated energy efficiency improvement, CO² emission

reduction potentials and emissions reduction (Li, Wang, Xie, & Zhu, 2020). Reduces complex

financial risk management problems with Stochastic Grid Bundling Method (SGBM) algorithm is a

financial framework for applications and computational efficiency. Stochastic Grid Bundling Method

(SGBM) algorithm solve high-dimensional Backward Stochastic Differential Equations (BSDE) with

the performance of GPU computing (Ki Wai Chau & Oosterlee, 2020). Logarithmic Mean Divisia

Index (LMDI) is a method used to decompose the CO² emissions changes into five driving

civilization metric. The LMDI determinants are urbanization level, motorization level, mode

structure, energy intensity and energy mix. Logarithmic Mean Divisia Index (LMDI) is used

extensively in the petroleum sector, data is used in emerging sustainable focused energy-saving

technology and methodologies (Li, Wang, Xie, & Zhu, 2020). These tools measure inflation,

highlight mismanagement at every stage of life, citizens standards of living, regional competition,

corruption levels, and crime rates. This data is used for countries central banks to make polices

(Imran, HuSen, Muhammad Kaleem3, Din, & Sobia, 2020). In the oil production sector Technology-

based, bottom-up methods show the opportunity to reduce 10–50 gigatonnes of CO² by 2050. A

techno-economic analysis quantifies the counties CO² emission reduction potential and costs by

using different types of carbon capture technologies (Li, Wang, Xie, & Zhu, 2020). Valuation

Adjustment (XVA) is a derivative pricing instrument used by banks, the tool Is a collection of

different numbers to aid a validation process. In this study, it was based on the stochastic grid

bundling method Stochastic Grid Bundling Method (SGBM). Performing this computer calculation

they needed the use of high computing power. Graphics Processing Unit (GPU) computing power

was used to improve the scalability (Ki Wai Chau & Oosterlee, 2020). In a financial market, where

banks are buying and selling derivatives to a counterparty, either banks or counterparty may default

before expiry. Because of this, variation margins has to be posted as collateral which will be used to

settle the account if one party defaults on any payments. In a financial market, the funding rate for




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every financial product may differ, the deposit rate is the risk-free account and the funding rate

through bonds (Ki Wai Chau & Oosterlee, 2020).

GPUs have placed a major development in scientific computing, GPU provides a high potential for

visualizing complex information and computational speed. CUDA Python packages need to

incorporate GPU programming Valuation Adjustment (XVA), these automatic memory transfer and

scalability concerning the dimensionality, they underlying the stock price processes. CUDA Python

coding programming tool transfers the combination of fast development time and high efficiency

when using high-performance GPU. Monte Carlo-based algorithm is an extensive class of

computational algorithms that rely on repeating random sampling and obtaining numerous numerical

results (Ki Wai Chau & Oosterlee, 2020). In any industry commodity prices and interest rates are the

essential components in the tertiary industry, and methodologies and formulas have been created in

classifying the correlation between them (Ardian & Kumral, 2019). Backward Stochastic Differential

Equations (BSDE) is a software that calculate the mathematical finance and stochastic control cost of

a project. Backward Stochastic Differential Equations (BSDE) is software that calculates the

mathematical finance and stochastic control cost of a project. Backward Stochastic Differential

Equations (BSDE) also analyse financial risk management, they demonstrate practical opportunities.

Forward-Backward Stochastic Differential Equation (FBSDE) is a powerful modelling tool that (uses

standard Brownian motion) used in various areas of stochastic control and mathematical finance

models (Ki Wai Chau & Oosterlee, 2020). CUDA Python programming languages used in solving

XVA pricing problems, they use Stochastic Grid Bundling Method (SGBM) algorithm and Graphics

Processing Unit (GPU) computing hardware. CUDA Python is a practical programming language

made of the scripting of syntax and grammar. This is very useful for the financial 1.0 and 2.0

industry. Valuation Adjustment (XVA) are used in stock exchanges and central banks where

practitioners need to constantly monitor and adapt their models to the changing financial markets.

They need an interface that can compute processes in real-time. Visualising the changing valuation

of stocks, bonds, derivatives, commodity, bonds, indices, Exchange Traded Fund (ETF) and

currencies (Ki Wai Chau & Oosterlee, 2020).

Total Cost Likert Likert Scale

The measurable scale is form 1 – 8, knowing an estimated total cost helps the team to procure

allocation of funds needed when the project gets the green light. Level 1, the total cost for

Sparbanken Rekarne small projects are under 50 000SEK. These projects under 50 000SEK

represent a relatively low cost in some cases cost team members time and efforts.

Level 4, the total cost for Sparbanken Rekarne projects are 500 000SEK, these projects usually need

skilled labour and can take to a year for completion. It is involvement from primary stakeholders.

Level 8, the total cost for Sparbanken Rekarne projects are 10 000 000 000SEK, these projects

usually need involvement and contributions from the core and primary stakeholders representing a

high cost concerning the organisations budget (Sparbanksstiftelsen Rekarne, 2020).




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IV. Projects Clustering

The inspiration of Projects Clustering was from ‘Portfolio Analysis‘, systematized organisation of

multiple pre-projects and planning which concept projects are going to be developed. Portfolio

Analysis, Collection of different kind of projects of the company, these projects could be categories

as pre-projects, on-going and post-project. In the Portfolio Analysis develops can evaluate the

potential success or success of a project and perform an elimination process, keeping successful

projects and removing unsuccessful ones (Merriam & Tisdell, 2016). It is possible to see multiple

pre-projects based and the researcher can arrange the projects based on any of the eight elements of

the octagon analysis (Complexity Of The Product, Timescale, Total Cost, Sustainability,

Implementation, Marketability, Digitalization And Distribution Logistics). Projects can be arranged

from difficult to easily implement concept projects (Sparbanksstiftelsen Rekarne, 2020).

Strategic business units (SBU) is a strategic researcher use in maximising profit, the profit-centred

strategy focuses on profitable products or services that an organisation offers to the market. The

strategy develops a marketing plan, analysis of competition, marketing advertisements and

campaigns to make profitable products or services more successful (Ven, Engaged Scholarship A

Guide for Organizational and Social Research, 2007). The researcher can align the key businesses

with the concept products or services, this is can be an important business strategy in customizing

concept projects for real-world use –cases. Identified and evaluated the concept. Projects can be

evaluated and ones that alight with the organisation's strategy can be further developed into the

project plan stage (Sparbanksstiftelsen Rekarne, 2020). Projects Clustering is the fourth evaluation

stage, project plans can be developed after this stage, this early-stage evaluation tool (Merriam &

Tisdell, 2016).

Organising Pre-Projects

Strategic business units (SBU) can be applied at this stage, strategies that depending on the

organisation's strategy particular projects can be developed. Gain advantage of the market space. Pre-

project can be arranged on the product life cycle. Pre-project that create superior value. The pre-

project database helps in the decision-making process, increasing the ability to compete. Pre-project

that attract potential customers. Pre-project improve on organisation sustainability image. Pre-project

develop sustainable technologies. Pre-project develop sustainable methodologies. Pre-project

develop sustainable environmental awareness. Pre-project develop sustainable socio-economic

involvement with the organisation and citizens. Pre-project that build value. Pre-project that increase

market share. Pre-project that achieve performance targets and organisation goals. Pre-project that

create innovation.Pre-project that improve on current goods or services. Pre-project that promote a

healthy work environment. Pre-project that retrain employees. Pre-project that enter niche markets.

Pre-project that are disruptive and lead the market. Pre-project that improve organisations in-house

IT service. Pre-project that improve organisations administration. The organisation has access to pre-

project Database. The organisation can choose what pre-project has been developed. The

organisation can see what pre-projects need to be developed (Sparbanksstiftelsen Rekarne, 2020).

The knowledge created during the design process of the early-stage evaluation tool creates a database

of research areas, qualitative and quantitative data for project development (Merriam & Tisdell,

2016).

This evaluation stage groups projects according to the size of the project (manpower, time and

money) resources (Booth, Colomb, & Williams, The Craft of Research, 2008). With multiple




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projects being developed, from pre-projects, on-going and post-project a project database is

necessary for reducing complexities and increasing clarity in the organization. Creating an organised

database for projects in different stages of development, for this tool it would have to be a pre-project

Database (Dragojlovica, Michauxb, Mouminb, Lia, & Zaman Talukderc, 2019). The pre-project

database grants easy access and the ability to identify projects into project plans This pre-project

database can distinguish different pre-projects and highlight projects that could be developed based

on the organisation's goals (Imran, HuSen, Muhammad Kaleem3, Din, & Sobia, 2020). Build a meta-

models database reduced parameter domain using data points, computing probability map reduces

the set parameter domain by using the full model (Kucherenkoa, Giamalakis, Shaha, & García-

Muñoz, 2019). The database acquiesces a fast way to analyse at multiple pre-project in a portfolio,

grouping them according to overall complexity (budgets, time, manpower and capital resources).

Multiple pre-project databases can be created and accessible online (using clouded computing),

knowing that the pre-projects have gone through the octagon analysis (Dragojlovica, Michauxb,

Mouminb, Lia, & Zaman Talukderc, 2019). Showcasing all risks and addressing potential

bottlenecks in pre-projects. When the database is online, the organisation can choose from an array

of validated pre-projects based on organisation focus, sustainable goals, Key Performance Indicator

(KPI) (Merriam & Tisdell, 2016).

There is a need to generate discussions of the role of research, science and technology play in society

(Jasanoff, 2004). Build a meta-models database reduced parameter domain using data points,

computing probability map reduces the set parameter domain by using the full model (Kucherenkoa,

Giamalakis, Shaha, & García-Muñoz, 2019). Multiple projects are grouped based on the complexity

of achieving the desired outcome (Mugisha, 2020). The by-product of research is understood that the

production of order in nature and society has to be discussed. The term co-production reflects this,

the desire to avoid social and techno-scientific determinism (Jasanoff, 2004). The project can be

grouped according to its disruptive innovation needed a lot of resources or a continuously improving

innovation method being fewer resources (Booth, Colomb, & Williams, The Craft of Research,

2008).

Grouping Pre-Projects

At this last stage, the organising concept pre-project according to the organisation‘s needs, resources,

goals and growth strategy. Supports in choosing evaluated pre-projects, this stage provides a

visualization of complex projects that range in different fields and scopes. The data over time can be

categorised and stored as a database. Reflection and edited of the pre-projects data can be done,

selecting projects and organising them based on current or on-going projects. The database

systemization provides the researcher to analysis pre-projects potential market impact. The

researcher can analysis pre-projects potential growth in a specific target market. Analysis of pre-

projects potential market share using current volatility data and the database permits (Imran, HuSen,

Muhammad Kaleem3, Din, & Sobia, 2020). The HadGEM3-GC3.1 is a global is a quantitative and

qualitative database that includes atmosphere land-ocean ice model that comprises the Unified Model

(UM) atmosphere, model.HadGEM3-GC3.1 is a climate model that measures forcing, sensitivity,

and feedback metrics. These climate simulations document constant-forcing and climate simulations

(Guarino, Sime, Schroeder, Lister, & Hatcher, 2020). Scientific research knowledge or ‗peers‘ is no

longer a reliable identified, because codified disciplines from which ‗peers‘ can be drawn (Nowotny,

Scott, & Gibbons, 2003). Approved pre-projects can be placed into business calendars for project

plan development because the resources can be managed in advanced. The pre-project can be

organising based on complexity as in the visualization of the early-stage evaluation tool. Grouping

Octagon Analysis pre-projects based on the overall highest or lowest denomination in the eight




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subfields. Pre-projects can be arranged of difficulty in either Complexity of Project, Digitalization

Implementation, Distribution Logistics, Implementation/ Creation, Marketability Penetration,

Timescale, Total Cost and Sustainable Manufacturing (Dragojlovica, Michauxb, Mouminb, Lia, &

Zaman Talukderc, 2019).

Making reports and sharing the evaluation findings from key stakeholders (Mitchella, Israelb,

Diehlc, & Galindo-Gonzalezd, 2019). The inspiration of this last stage came from an orthodox

inspiration. Children Cylinder Sockets is a simple child‘s game for placing building block shapes

into the right corresponding hole, sometimes the shapes are colour coded to help with the decoding

process. Projects Clustering in away is placing Octagon Analysis pre-projects into the corresponding

octagon size (Imran, HuSen, Muhammad Kaleem3, Din, & Sobia, 2020). Projects would be

categorised and grouped into eight classification sizes, these classification sizes group multiple

projects according to difficulty. The sizes and shape of a project of the Octagon vary from smallest to

biggest. Depending on the project evaluation size, the project would enter the Octagon channels

(Dragojlovica, Michauxb, Mouminb, Lia, & Zaman Talukderc, 2019). All projects can enter one of

the eight Octagon channels this lets the development team the overall complexity of projects, the

smaller the Octagon channel the easier the project. The bigger the Octagon channel the more

intensive on manpower, time and capital resource allocation for project success.

Eight Grouping Channels

Projects can be grouped according to the Octagon Analysis the 8 aspects are; Complexity of Project,

Digitalization Implementation, Distribution Logistics, Implementation / Creation, Marketability

Penetration, Timescale, Total Cost and Sustainable Manufacturing (Sparbanksstiftelsen Rekarne,

2020). An integral part of every risk management is analysing the Market Return (MR). An

international broad-based index such as the S&P500, NYSE, AMEX, or NASDAQ includes a

robustness real-time check-in our analysis (Nadler & Guo, 2019). Evaluation tool used was the

Consensual Assessment Technique (CAT), this tool measures the domain-specific creativity and is a

technique used for assessing creativity and aspects of production. Depending on the subjective

judgments of individuals which the products were made (Cho & Young, 2020). Since organisations

usually have multiple on-going projects simultaneously with different complexity levels. This stage

groups projects according to the difficulty of resources allocation. Data from the ‗Octagon Analysis‘

codes project feasibility and desired by the customers (Merriam & Tisdell, 2016).

The pre-projects need to be grouped according to overall difficulty, the scores of the Based Likert

Scales Values results of the eight measurements of the octagon analysis. Every pre-project attributes

are measured by the development team, they convert and divergent on the numeric values of every

pre-project. Calculating each project‘s Complexity of Project, Sustainability, Implementation,

Marketability, Digitalization, Distribution Logistics, Timescale and Total Cost (then grouping

different pre-project‘s). They would be multiple Pre-projects that would need to be categories for

organisation portfolio management. The eight groups are a continuation theme of the tool, eight

grouping channels group pre-projects according to the overall difficulty of a project. Each channel

represents pre-project‘s scope, the overall complexity of the octagon analysis. The eight grouping

channels for the pre-projects to enter are; Channel 1 – Extremely easy, Channel 2 – Easy, Channel 3

– Feasible, Channel 4 – Manageable, Channel 5 – Challenging, Channel 6 – Difficult, Channel 7 –

Extremely Difficult and Channel 8 – Virtually Impossible (Tóth, Jónás, & Dénes, 2019).

Channel 1, these extremely easy pre-projects need the lest amount of time, effort and involvement of

stakeholders, these projects cost can be covered by the organisation as a day to day running cost of




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the organisation. Having the short channel correlate to the least amount of time of performing the

pre-projects.

Channel 2, pre-project‘s are considered as easy by the organisation. Small teams are needed in

developing these pre-projects. Needing little to few resources from the organisation to develop and

execute each project.

Channel 3, pre-project‘s are expressed as feasible by the organisation development team. A team

needs to be created for these pre-projects. A small budget needs to be drafted to allocate time,

manpower and capital for these pre-projects.

Channel 4, pre-project‘s are manageable according to the organisation development team. These

projects are within budget and the team for development is relatively small. The time to develop

these pre-projects is manageable and does not affect the day to day running of the organisation

‘minding the store‘.

Channel 5, pre-project‘s in the channel are challenging, needing stakeholders involvement, resources

and some involvement with strategic partners in carrying out these pre-projects. The channel has the

‘mean‘ length, meaning pre-project in this grouping.

Channel 6, are difficult pre-project‘s based on an organisation development team. High capital,

manpower and time resources allocation for these projects. For these pre-projects, the organisation

can finance these projects and stay within the organisation's capabilities. These pre-projects need

high involvement of core, primary stakeholder and a large team need for these pre-projects.

Channel 7, these pre-project‘s are extremely difficult and need strategic partners involvement, with

multiple stakeholders and complex communication channels, contracts, permits and legislation to

work around. Core and primary stakeholders need to be in sync when developing these pre-projects.

Projects in the grouping need approval from parent organisations, strategic investors and board

member of the organisation to develop these pre-projects. These pre-project‘s budget is the most

capital allocation for this project, in some cases, the organisation can involve strategic partners in

sharing the costs.

Channel 8, pre-project‘s in this channel are virtually impossible for the Sparbanken Rekarne to

perform alone. These pre-project‘s are out of scope for the organisation's strategic development.

Having the longest channel correlate to the longest amount of time of executing the pre-projects

(Tóth, Jónás, & Dénes, 2019).

Early-stage Evaluation Visulisation (Projects Clustering)

The evaluated concept projects need to be organised, catalogued in a manner to accommodate the

research team. The research would be able to separate disruptive technologies which are generally

expensive and time-consuming too less capital intensive concept projects. As mentioned early in the

‗Eight Grouping Channels‘ there are eight channels in the evaluation model. The channels vary in

size because the channels are based on the overall complexity of a pre-project. The easier the pre-

project the smaller octagon results are, the more disruptive and complex the project is the bigger the

octagon results are. Pre-project are organised based on overall complexity and the organisation can

choose pre-projects based on this.




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Fig 8. Early-Stage Evaluation Tool Visualisation (Projects Clustering) (Mugisha, 2020).




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CHAPTER 5

Reflection

The definition of ‗Validation‘ is are the actions or steps of gathering qualitative and quantitative

evidence the proves a theory, development, findings or methodology. This process or exercise of

‗Validation‘ demonstrating the reader what the lead research did to justify results or development. In

some validation methods testing development to prove it works or to see if it's possible to recreate

similar results like in quality research (Merriam & Tisdell, 2016). Using this theoretical approach

developing the evaluation tool and generating results is proof that it worked. This theoretical

approach showed off its abilities when I needed to redirect the data gathering techniques. Because I

was able to still generate qualitative and quantitative data from the involvement of primary

stakeholders and secondary stakeholders was only possible by using Agile principles. Agile

principles where applied by waiting for some stages to be developed while developing other stages in

the evaluation tool. This is how I was able to include empirical data as well instead of solely relying

on academic literature. Generating empirical data from the Customer Survey is validation that the

Agile principles worked (Ven, Engaged Scholarship A Guide for Organizational and Social

Research, 2007).

In this master‘s thesis, the validation was from the Agile principals used, interactive research in

gathering data, validation from development and validation from the systematic literature review.

Validation from research quality, since most of the literature is used in Chapter 3 and 4, the Quality

of the research is used to define each stage and sub-stages using current prevalent modern

knowledge. Using modern literature ensure the early-stage evaluation tool is current and will not be

obsolete anytime soon. Evidence of validation from ‗Agile Principales‘ was the ability to maintain a

constant pace of development of the early-stage evaluation tool. Other project management methods

would have generated either little or sub-standard empirical data amounts and therefor lower

legitimacy. When working with institutions like Sparbanken Rekarne that have a lot of legislation in

place gathering credible data can only be done using their timelines. Deciding to develop the

evaluation tool while waiting for empirical data to be developed was evidence that Agile principals

worked, granted some delays in the data but credible data none the less. Satisfying Sparbanken

Rekarne development, Mälardalen University with the contribution of to innovation and design,

using their database and customers involvement from Sparbanken Rekarne was the primary goal.

Validation from Interactive Research

Validation from the early-stage evaluation tool also came from the process of performing interactive

research. The face to face, online and telephone meetings vas a form of endorsement. Divergent and

convergent conversations are proof of generating value for Sparbanken Rekarne. Validation from

developing and setting the framework for the early-stage evaluation stages. Confirmation can come

from different sources, from stakeholders developing the tool from Stefan Öhman (Sparbanken

Rekarne), Erik Lindhult (Mälardalen University) and Björn Fagerström (Mälardalen University) who

specialises in pre-project productions and development of projects from pre-post stages.

Validation from Development

Validation is also seeing the developing of the Hexagon Analysis to the Early-stage evaluation tool,

thoughout the master‘s thesis the Hexagon Analysis as a starting point lead to an evaluaiton tool with




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four cooperative and homogeneous stages in its application. Validation also came from systematic

literature review and different website content, using cross-referencing of data, I was able to fact

check on important data, find research gaps and using key elements in the development of the

prototype evaluation tool (University M. , 2020). Confirmation that interactive research in generating

qualitative and quantitative data of different forms of evaluation tools and specifically pre-project

evaluation tools. The proof is the hybridisation of the main inspiration evaluation tool. The proof of

valid research is implementing findings in the prototype evaluation tool. Completing the first stage of

Market Trend Analysis is itself a form of validation, this proves the interactive research methods

used worked and generated theoretical data for the development of the business case. The interactive

research validated the need for market research, this later generated data that was used for the next

step (Svensson, Ellström, & Brulin, 2007). Confirmation also came from successfully performing the

first stage and setting the framework, questions and process in performing a customer survey. The

affirmation and usefulness of this stage are that the research findings generated questions, these

questions to be used in for the next stage. Convenient sampling is validation that the information

being developed was useful (Ven, Engaged Scholarship A Guide for Organizational and Social

Research, 2007).

Validation of usefulness in the Customer Survey was the empirical research data, including

stakeholders early in the development process ensures and guarantees proof of a market. These

online questionnaire generated insight into how customers would react to market trends and concept

projects. Recognition from customer involvement and participation is proof that this early-stage

evaluation tool is important. Validation from the development team is present from co-creating the

questions, selecting the participants, launching the questionnaire and reviewing the results. These

qualitative and quantitative results are proof that the tool begins developed works perfectly with no

major problems.The data retrieved is then passed onto the next stage, validation that this stage

worked and ideas, and questions generated concept projects. Since the Octagon Analysis was not

performed but the development because of the coronavirus (COVID-19) systematic literature review

would reinforce claims and act as validation when cross-referencing the data (Government Offices of

Sweden, 2020). The literature acted as guidelines when using the evaluation tool, concept projects

that would be measured. This stage is important because here disruptive and simple projects are

measured and distinguished. Measured concept project that would be arranged according to

organisation business strategy.

Verification of Project Clustering came from reviewing other evaluation tools and finding the gaps,

the last stage of the tool focusing on organising multiple pre-projects. Recognition came from its

usefulness of bringing clarity and order for the organisation. Validation from bringing clarity that all

organisations need when creating an annual business strategy. The gaps with current evaluation tools

are neglecting the need of organising multiple pre-projects. This missed opportunity is the

verification of the need or organising pre-projects that is also based on literature findings and

organisations needs.

Validation from Björn Fagerström (Mälardalen University)

Mr Fagerström did not like that fact that a Customer journey Map was used in creating concept

projects. He stated the ‗Customer Journey Map‘ is a relevant tool for defining user patterns and

relevant touchpoints. He also mentioned the use of the Lean principles, its one of the most essential

aspects are push or pull factors in Lean principles. The researcher should always give the aim to pull

when possible and when entering into a new market. Design thinking and/or Lean start-up is also

relevant for this for an early-stage evaluation tool. When developing an early user cases its important




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to build early prototypes/digital models for pre-evaluation. During the zoom meeting we had he

categorized the tool as an evaluation tool prototype as a ‘Pre-study‘ evaluation tool.

Endorsement from Stefan Öhman (Sparbanken Rekarne)

After sending Stefan Öhman a summary of the complete tool he wrote a short email. Stating ‘I think

the 4 steps you describe is viable, the first part where you talk about what the model can do, I think

was very good. If the model can deliver, it will be really useful’ email from Stefan Öhman. This is

positive feedback from the stakeholder potentially using the prototype evaluation tool. Found the

early-stage evaluation tool interesting, especially the Octagon Analysis (Digitalization). Few project

that needs validation process since they are a lot more ongoing projects with Sparbanken

Rekarne.Sparbankstiftelsen (parent company) is in-charge to give grants for public and Sparbanken

Rekarne for organisations. This tool is useful when measuring big projects like Grants for

organisations like MDH Eskiltuna new campus. Innovation is impossible because of legislation

documentation range from 500 – 6 000 page documents. Stefan Öhman said ‗Market Trends

Analysis, Customer Survey, Octagon Analysis and Projects Clustering are useful because they seem

to work together‘. Octagon Analysis stage is important because it can stand as a standalone

evaluation workshop. Projects Clustering stages are also a good tool to chose which pre-projects is

easier to deal with (Sparbanksstiftelsen Rekarne, 2020).

Conclusion

In the course of this master‘s thesis project, with the involvement of stakeholders, I managed to

develop a prototype early-stage evaluation tool that was based on existing pre-evaluation tools.

Because of the limitation the coronavirus (COVID-19) global pandemic I managed to validated

(based on Sparbanken Rekarne business case) two out of four stages in the prototype early-stage

evaluation tool (Government Offices of Sweden, 2020). Did I manage to answer the ‗RQ. What are

the perspectives and process of an early-stage evaluation for evaluating innovation project ideas?‘ I

think to some degree I did, with the help of stakeholders Erik Lindhult and Stefan Öhman to mention

a few. The strengths of the tool are the systematic literature review it's based on, the hybridisation of

proven and tested evaluation tool. This early-stage evaluation tools developed in this master‘s thesis

work in synergy with other stages, these intertwined stages generate cohesive data results that are

based on empirical data. Unlike most projects use multiple different evaluation tools like qualitative,

quantitative equations or algorithms. Using multiple evaluation tools can come seem scattered in

nature and some cases, the data can contradict the results. My contribution to the field of academic‘s

is in the inception of an early-stage evaluation tool for any type of organisation size. The evaluation

tool contributes to the field of pre-project managment in innvation and design. The lean principles

mean the evaluation tool can measure any type of project using the limitations of any organisation.

Most pre-project evaluation tools only measure disruptive technologies and not a spectrum of pre-

projects scopes (Disruptive and none disruptive pre-projects).

As the researcher who co-created this early-stage evaluation tool, I am a bit bias on its weakness. Not

fully testing the tool and collecting empirical data in the validation (coding and decoding) process.

Only implementing half of the tool was disappointing. Its possible the prototype tool had too many

stages or too few stages in the tool. Since the affirmation process was not completed a future study

would be to fully validate the evaluation tool. This tool needs perfect conditions to work properly.

The research team needs to have access to the end-user, the ability to have customer feedback




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(Customer Resource Management (CRM) department). The tool needs a proficient research team

that can collect data, a research team with high knowledge of the industry and previous projects of

the organisation. The research team needs to be able to hold productive workshop's with open

questions when measuring pre-project values. Specialists from different departments need to

contribute for example a team member for research and development, accounting, marketing and

logistic management contributions in the Octagon Analysis is imperative (Mugisha, 2020).

Future Development

For future development of the tool, I would have like to test the tool in the duration of the master‘s

thesis but because of the coronavirus (COVID-19) pandemic, this was not the case (Government

Offices of Sweden, 2020). I would have like to research into the use of risk calculation (Standard

Deviation and Standard Error) and equations when measuring overall risks of the pre-projects after

the ‘Octagon Analysis‘. Testing and implementing methods like the Jacobi method is an iterative

algorithm for determining the solutions of a strictly diagonally dominant system (Merriam &

Tisdell, 2016). For the distant future, Once key principles could be established entering moving

from a workshop based development tool for the development team into a software version of the

early-stage evaluation tool, the tool to measure pre-project risk based on the organisation constraints.

That complies with future Protection Regulation (GDPR) regulations (Intersoft Consulting Services,

2020).

References

Figures

Fig 1. First Systematic Search Analysis (University M. , 2020).

Fig 2. Second Systematic Search Analysis (University M. , 2020).

Fig 3. Early-Stage Evaluation Tool (Mugisha, 2020).

Fig 4. Early-Stage Evaluation Tool Visualisation (Market Trends Analysis) (Mugisha, 2020).

Fig 5. Early-Stage Evaluation Tool Visualisation (Customer Survey) (Mugisha, 2020).

Fig 6. Octagon Analysis Evaluation Tool Visualisation () (Mugisha, 2020).

Fig 7. Early-Stage Evaluation Tool Visualisation (Octagon Analysis) (Mugisha, 2020).

Fig 8. Early-Stage Evaluation Tool Visualisation (Projects Clustering) (Mugisha, 2020).

Tables

Table 1. Evaluation Tool Systematic Search Strategy (University M. , 2020).

Table 2. Business Case Systematic Search Strategy (University M. , 2020).

Table 3. Prototype Evaluation Tool and Lean Principles (Mugisha, 2020).




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Table 4. Market Trends Analysis and Lean Principles (Mugisha, 2020).

Table 5. Customer Survey and Lean Principles (Mugisha, 2020).

Table 6. Octagon Analysis and Lean Principles (Mugisha, 2020).

Table 7. Projects Clustering and Lean Principles (Mugisha, 2020).

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