Track: Entrepreneurship and Innovation

Abstract

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