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Assessment Number 2: Report (50% of Module) Assessment Title: Develop a business plan Assessment Length: Report: 3000 Words +/- 10% and Presentation Learning Outcomes LO5: Have a knowledge and understanding of project team members, team psychology and how to motivate the team to meet the commitments of project. LO6: Manage a project taking into account how to: control Costs in projects organise Project meetings write Project a meeting report prepare Project documentation reach PAC/FAC prepare Claim management do the final project calculation LO7: Design a business plan taking into account how to set up a marketing strategy estimate manufacturing costs forecast sales Overview You'll be working in a team of 2-3 people in this assessment, to research and convey your business idea in report form of a business plan to attract potential investors. Task: There is no set format for this but it typically should: As a team, brainstorm and generate a few business areas, then evaluate and choose ONE to further development Justify its uniqueness through a preliminary patent search data and competitor analysis Determine market attractiveness e.g. market size and potential growth through identification of potential customers, market trends Determine business strategy with a clear route to commercialisation e.g. technical development, licensing of intellectual property, marketing and manufacture Identify potential risks and how they will be managed Justify expenditure for patenting, equipment and running costs Describe key operational requirements e.g. premises, IT and management systems, quality requirements Demonstrate credibility of management team Demonstrate financial rewards and loan requirements for potential investors Assessment Number 2: Report (50% of Module) Assessment Title: Develop a business plan Assessment Length: Report: 3000 Words +/- 10% and Presentation Learning Outcomes LO5: Have a knowledge and understanding of project team members, team psychology and how to motivate the team to meet the commitments of project. LO6: Manage a project taking into account how to: control Costs in projects organise Project meetings write Project a meeting report prepare Project documentation reach PAC/FAC prepare Claim management do the final project calculation LO7: Design a business plan taking into account how to set up a marketing strategy estimate manufacturing costs forecast sales Overview You'll be working in a team of 2-3 people in this assessment, to research and convey your business idea in report form of a business plan to attract potential investors. Task: There is no set format for this but it typically should: As a team, brainstorm and generate a few business areas, then evaluate and choose ONE to further development Justify its uniqueness through a preliminary patent search data and competitor analysis Determine market attractiveness e.g. market size and potential growth through identification of potential customers, market trends Determine business strategy with a clear route to commercialisation e.g. technical development, licensing of intellectual property, marketing and manufacture Identify potential risks and how they will be managed Justify expenditure for patenting, equipment and running costs Describe key operational requirements e.g. premises, IT and management systems, quality requirements Demonstrate credibility of management team Demonstrate financial rewards and loan requirements for potential investors