Business Case Title - Finger Vein

Recognition System
Security system
Department Title
[This should be the publication title for the initiative,
if it were to be funded in the budget process.]
 Contents

Executive summary..............................................................................................1
1. Part 1 Problem..........................................................................................2
1.1 Background......................................................................................................................2
1.2 Definition of the problem.................................................................................................2
1.3 Evidence of the problem..................................................................................................2
1.4 Timing considerations......................................................................................................3
1.5 Consideration of the broader context..............................................................................4
2. Part 2 Benefits...........................................................................................5
2.1 Benefits to be delivered...................................................................................................5
2.2 Importance of the benefits to Government.....................................................................5
2.3 Evidence of benefit delivery.............................................................................................5
2.4 Interdependencies...........................................................................................................5
3. Part 3 Strategic response..........................................................................7
3.1 Method and criteria.........................................................................................................7
3.2 Strategic options analysis.................................................................................................8
3.3 Recommended strategic option.....................................................................................11
4. Part 4 Project options analysis................................................................12
4.1 Project options considered............................................................................................12
4.2 Stakeholder identification and consultation..................................................................13
4.3 Social impacts.................................................................................................................13
4.4 Environmental impacts..................................................................................................13
4.5 Economic impacts..........................................................................................................13
4.6 Overall evaluation of socio-economic and environmental impacts................................13
4.7 Financial analysis............................................................................................................14
4.8 Risk comparison.............................................................................................................14
4.9 Integrated analysis and options ranking.........................................................................15
5. Part 5: Deliverability of recommended solution.....................................17
5.1 Details of recommended solution..................................................................................17
5.2 Commercial and financial...............................................................................................18
5.3 Management..................................................................................................................19
5.4 Delivery21
6. Reference List.........................................................................................24
7. Bibliography............................................................................................25
Appendix A: Benefit Management Plan.............................................................26
Appendix B: Financial data presentation............................................................27
Appendix C: Sign-off checklist............................................................................30
Executive summary

This report critically identifies a contemporary issue/problem that needs to be solved for technical
innovation. The problem/ issue chosen is finger vein recognition system. The main benefit or the
significance of the solution is to assist the military and banking organisations to use technology for
securing access and confidentiality of resources from external unwanted intrusions. The report
highlights multiple strategic interventions for Finnex Corp. (hypothetical organisation that will build
the proposed solution) and organises the information on the basis of ranking. Based on the ranking,
strategic options are evaluated and appropriate course of action have been prioritised. The solution
to finger vein recognition is based on the fact that finger vein patterns are unique and cannot be
easily replicated. As a result, the proposed solution is highly secured, fast and reliable. The proposed
solution will detect finger vein patterns of individuals using CMOS sensors and infrared rays to
capture finger vein image and compare it to the stored information in the server. Empirical evidences
reveal that finger vein recognition system has the potential to cross $24 billion by the end of 2020.
However, there are many competitors in the international markets including Japan and European
Union. The system will replace the existing process of management of critical resources by highly
effective and cost efficient solution. The entire base cost estimate for the project is approximately
$505.8 million and the minimum start-up fund required in the first year is $60 million. The
management will raise capital from multiple sources to diversify alternative options and minimise
risk. The net present value of the project is $2,805 million for five year period.

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Security system 3
1. Part 1 Problem

1.1 Background
In the recent times, biometric authentication and fingerprint, finger vein authentication technology,
etc. are being commonly used in different fields. This technology has witnessed great demand from
the banking and financial institutions (Pato and Millett, 2010).
The main vision/ objective of Finnex Corp. is to become a the pioneering biometric authentication
technology firms within the next 5 years by specialising in Finger Vein Recognition System and serving
esteemed clients in banking and military organisations.
The main problem of this technology is to build a system that will tract, recognise and memorise the
pattern of vein inside the finger of individuals. The technology uses lightweight and compact sensing
system. The use of infrared illumination emitted from LED which will be pointed into the finger and
the image of the veins inside the finger can be captured using the CMOS (or complementary metal-
oxide semiconductor) sensor. The main rationale for implementing this technology is that it is highly
effective and involves comparatively low cost for manufacturing compared to CCD (or charge-coupled
device) sensors (ViRDI, 2016).
There is immense opportunity to exploit this technology in the public and private sector where
biometric authentication and technology of pattern recognition is playing a critical role in security and
management of critical resources. This technology will basically help the government, financial
institutions and banks to discretely identify important personnel in classified areas. The technology
will help to minimise security breaches by limiting access only to authorised individuals (Bharadwaj,
Vatsa and Singh, 2014).

1.2 Definition of the problem

In the contemporary era, science and technology is progressing so rapidly that traditional
administration and management systems have become highly susceptible to security breaches and
unwanted access. In the past, government and banking sector maintained highly classified records in
hand-typed registers and logbooks. With the passage of time, such trends were replaced by secured
password encrypted protection aided by computers. However, the administrative authorities realised
that even the most secured system is exposed to external threats like hacking and other forms of
security breaches. One highly recommended solution to this problem is the use of biometric
technology security system which substantially assists to protect the institution from fraudulent
activities like identity theft. The main problem is to assist the military and banking organisations to
obtain a highly secured technology which will protect critical data from unwanted intrusion.

1.3 Evidence of the problem

Demand forecast – According to Markets and Markets (2016), the biometric technologies like finger
vein recognition system will be over $24 billion by 2020. Some of the sectors where its
implementation will be highly in demand include Defence & Government Military, Banking &
Financial institutions, Healthcare, Travel & Immigration, Consumer Electronics and General Security.
Some of the technologies which will steer the market demand are face recognition, finger vein
recognition system, fingerprint recognition, voice recognition, iris recognition and palm recognition.

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 Table 1: Revenue forecasting, market share and growth of Biometric technology in past 10 years

(Source: Banerjee, 2015)

Some of the most renowned biometric authentication security system providers in the world are
Japan’s NEC Corporation and Fujitsu Ltd., Thales SA and Safran SA of France, Cross Match
Technologies, Fulcrum Biometrics and 3M Cogent Inc. from USA, Suprema Inc. from South Korea, and
Secunet Security Networks AG from Germany (Markets and Markets, 2016).
The key performance indicators of the finger vein recognition system are:
• Accuracy
• Cost of production
• Level of security offered
• Long term stability (Solon, 2015).
Over the years, biometric authentication system expanded at compounded annual growth rate over
15 percent and the trend is expected to continue in near future. The market of biometric
authentication is highly fragmented into the following geographies:
• Europe (UK, Germany, Italy and France)
• North America (Canada, USA and Mexico) – About 35% market share at the end of 2014 and
expected to grow at 17.5 percent
• APAC (South Korea, Japan, India and China) – Expected to grow at almost 19 percent in the
next five years

1.4 Timing considerations

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 Table 2: Timing consideration

1.5 Consideration of the broader context

As discussed earlier, biometric authentication like finger vein recognition system has opportunities
outside Finnex Corp. due to presence of multiple competitors working in same domain. There is a
chance for wider sectoral approach through horizontal integration between identical companies in
response to intense competition.

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2. Part 2 Benefits

2.1 Benefits to be delivered

 The finger vein recognition system cannot be stolen due to high level of security authentication
 The technology is very fast, easy to use and reliable
 It is cost effective and uses unique physical traits of individuals
 Forgotten passwords or lost IDs will not be an issue
 Reduces password management cost and thereby increases ROI (return on investment)
 The veins inside the finger are non-traceable and not accessible to naked eye and therefore it is more
secured than general fingerprint scanning. This makes this technology highly secured, reliable and
almost impossible to manipulate (Acharya and Kasprzycki, 2010).

2.2 Importance of the benefits to Government

The government all over the world will benefit by deploying and using the finger vein recognition
system and studies conducted by Acharya and Kasprzycki (2010) reveals the following key benefits to
the government:
• Electronic passports
• National identity card for citizens
• Real-time identification system
• Security of highly classified data
• Verified and secured authentication system to control access to military equipments

2.3 Evidence of benefit delivery

There are evidences that finger vein recognition system is capable of delivering desired benefits to
government and non-government sectors. One of the key performance indicators is the ROI and the
following table illustrates the benefits with evidence:
Table 3: How Finger Vein Recognition system can improve ROI

(Source: Banerjee, 2015)

The above table indicates that this technology would not only lower payroll cost but it will also
reduce administration cost and precision of security.

2.4 Interdependencies

The following interdependencies are pertinent to the finger vein recognition system:

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• Distinctiveness –It is impossible for two persons to have similar vein pattern and hence
human interdependence provides high level of reliability.
• Human interaction – The system cannot be forcibly penetrated without proper
authentication.
• Circumvention – The technology has very low circumvention because underlying
characteristics cannot be copied.

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3. Part 3 Strategic response

3.1 Method and criteria

Every strategic intervention mentioned in this section has specific aims that will assist Finnex Corp. to
improve strategic competitiveness and quality of service. The methodology and criteria for a range of
strategic responses are explained as follows:
Table 4: Strategic method and criteria

Strategic Method Criteria

intervention

Business To support business Ability to introduce

competitiveness growth through low innovation
cost services

Employability Acquiring highly skilled Providing equal

workforce by opportunity of
overcoming cultural employment
barriers

Infrastructure Economise on available To address the issue of

resources and support conservation of non-
conservation of green renewable resources
environment

Innovation Promoting product Promotion of business

through research and through environment
innovation friendly products and
technology transfer

Efficient This can be achieved by The main criteria for

resource preserving and efficient resource
allocation protecting the allocation is by
environment by promoting green
promoting resource growth and
efficiency environmental
management
initiatives in private
and government
sector

Smart This type of technology The criteria is to

technology reduces carbon alleviate robustness of
emission and wastage security process
of energy in the
production process

Highly secured Finger vein recognition The criteria is to

interface system will mainly use capture the images of
CMOS sensors and finger veins with pre-
infrared rays acknowledged

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 Strategic Method Criteria
intervention

template and validate

authentication

High accuracy The system will be Proper imaging of

highly accurate finger vein through
because of unique infrared scanners and
finger vein patterns CMOS sensors

Continuous Organisations seek Knowledge about

review and up- value for money and internal business
gradation hence Finnex Corp. will process, customer
have to conduct requirements and
market research activities of rival
activities on continuous organisations.
basis to determine the
current market position
and gaps in expected
desired outputs

3.2 Strategic options analysis

3.2.1 Strategic interventions
Table 5: Strategic interventions
Strategic Interventions
Intervention 1 – Business competitiveness
Intervention 2 – Employability
Intervention 3 – Infrastructure
Intervention 4 – Innovation
Intervention 5 – Efficiency in resource utilisation
Intervention 6 – Smart technology
Intervention 7 – Highly secured interface
Intervention 8 – Limited data duplicity
Intervention 9 – Accuracy rate is very high
Intervention 10 – Virtually no chance of protocol breach

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3.2.2 Ranking of strategic options

Table 6: Ranking of strategic options

Strategic options

Option 1 Option 2 Option 3 Option Optio Option

4 n5 6

Business Infrastructu Innovati Efficient Securi Review

competitivene re on asset ty and up
Benefits ss allocati gradati
on on

Percentage of full benefit to be delivered 65% 59% 72% 78% 75% 81%

Bene Societal 15 15% 13.5% 16.5% 18.0% 17.3% 18.8%

fit 1 benefit %

Bene Economic 30 30% 27.0% 33.0% 36.0% 34.5% 37.5%

fit 2 benefit %

Bene Environment 20 20% 18.0% 22.0% 24.0% 23.0% 25.0%

fit 3 al benefit %

Cost

Estimated capital investment cost (Range) $455 mil - $500 mil - $550 mil $600 $650 $700
$556 mil $615 mil - $675 mil - mil - mil -
mil $750 $800 $850
mil mil mil

Time

(Range) 1 to 3 3 to 5 2 to 4 1 to 2 1 to 3 1 to 5

Risks

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Risk 1 - Operational risk $ $ $ $ $ $
329 325 438 525 554 434

Risk 2 - Financial risk $ $ $ $ $ $

30 55 85 73 75 64

Ranking

1–6 1 2 4 5 6 3

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3.3 Recommended strategic option

Based on the ranking and strategic intervention analysis conducted in the previous section, it can be
said that Finnex Corp. should prioritise tactical intervention based on ranking. This implies that review
of existing strategies and continuous up-gradation of technologies should be given high priority. This
should be followed by strategies to increase efficient asset allocation and development of robust
security system.

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4. Part 4 Project options analysis

4.1 Project options considered

There are two different scopes for finger vein response system – application scope and functional
scope. The former accurately identifies the subject and the later allows Finnex Corp. to add extra
features to existing functionality.
The main assets involved are authentication devices and central server. The devices will include
CMOS sensor and infrared scanner that will capture finger vein images and the server will store the
information related to users.
One market-based solution for the problem is to match the inputs of the system on real-time basis
and storing the information regarding finger vein in encrypted formats.
There is potential to generate revenues from third party agents like outsourcing agents who will
market Finnex Corp.’s product in emerging markets.
Table 7: Strategic constraints and opportunities

Strategic option Constraint Opportunity

Business Limited resources Innovative

competitiveness production process

Employability Difficult to attract Offering attractive

talented remuneration
professionals from packages
rival firms

Infrastructure Limited financial Raise funds from

resources investors and bank
loans

Innovation Trademarks and More research and

copyrights of development
existing business

Efficient resource Managerial Hiring experienced

allocation expertise and management
support of professionals
stakeholders

Smart technology NA Investment in

research and
development

Highly secured NA To attract

interface investment in
government,
military and banking
customer

High accuracy NA Improving credibility

Continuous review NA Improving

and up-gradation operational

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 Strategic option Constraint Opportunity

efficiency

4.2 Stakeholder identification and consultation

Table 8: Stakeholder identification and consultation

4.3 Social impacts

The social impact of finger vein recognition system describes how the system is perceived by various
users of community. The technical and engineering aspects assist users to protect critical information
from external threats.

4.4 Environmental impacts

The environmental impact of Finnex Corp.’s is very limited because the organisation will utilise
servers, data networking and communicating devices, mobility devices and finger vein scanning
device.

4.5 Economic impacts

The economic impact of installing finger vein recognition system is that the users will be able to
improve their ROI and reduce operational expenses of maintaining security system. The military
organisations will be able to take advantage of this technology by reducing cost of logistics and cost
of office administration.

4.6 Overall evaluation of socio-economic and environmental impacts

4.6.1 Cost benefit analysis (economic evaluation)
The government and military will be main beneficiary of using this system for validating and
identifying the intended person to access confidential resources. Similarly, the Law Enforcement
Department can control access of prisoners and identify criminals with high accuracy using this
technology. The military can verify and secure authentication of highly classified information and
restrict physical access to equipments and documents. The social and economic impacts are positive
and hence, it creates opportunity for Finnex Corp. to market the system by leveraging on factors like
value-addition, increased productivity and community participation.

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4.7 Financial analysis
Table 9: Detailed financial analysis
Project option Project Project option 3: Project option 4: Project
1: Do Nothing option 2: option
5:
Analysis Period (years) $ $ $ $ $
5 5 5 5 5
Capital Costs ($m) $ $ $ $ $
450 495 405 540 360
Output Costs ($m) $ $ $ $ $
506 556 455 607 405
Cost-Benefit Analysis (of monetary costs and benefits discounted at the appropriate Discount Rate)

Present Value of Benefits $ $ $ $ $

($m) 7,864 8,651 7,078 9,437 6,291
Present Value of Costs $ $ $ $ $
($m) 2,299 2,529 2,069 2,759 1,839
Benefit Cost Ratio $ $ $ $ $
3.42 4 3 4 3
Net Present Value ($m) $ $ $ $ $
5,565 6,122 5,009 6,678 4,452
Other important considerations (see the examples provided)
Intangible costs / benefits $ $ $ $ $
(e.g. small, med., large) 2,359.30 2,595 2,123 2,831 1,887
Distributional impacts $ $ $ $ $
(e.g. small, med., large) 459.82 506 414 552 368
…
Preferred option

4.8 Risk comparison

Table 10: Identification of key elements of risk
Element Estimate
Base cost estimate 505.8
Base risk allocation 468
Project cost estimate 973.8
Contingency 468
Project budget 562

Table 11: Determination of base-risk allocation and contingency

BASE RISK ALLOCATION AND CONTINGENCY
6 Base Risk Allocation
6.1 Escalation (period between 234
BCE and
construction)
6.2 Project Risk 78
A
6.3 Project Risk 78
B etc
Sub total 390

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 7 Contingency
7.1 78
Subtotal 468
TOTAL OF PROJECT RISKS 468

4.9 Integrated analysis and options ranking

This section summarises the extent of risk, cost and benefits that has been quantified in the
preceding sections.
Table 12: Options ranking using integrated analysis
1 2 3 4 5
2012-13 2013-14 2014-15 2015-16 2016-17 Ongoin
g
$m $m $m $m $m $m
Revenue initiative 1 301 628 895 1465 2188 3119
Revenue initiative 2 331.1 690.8 984.5 1611.5 2406.8 3430.9
Less revenue already in 18 30 48 60 78 46.8
budget/forward
estimates
Net revenue impact 614.1 1288.8 1831.5 3016.5 4516.8 6503.1
Present value $ $ $ $ $ $
558 1,065 1,376 2,060 2,805 6,503

From the above table it is clear that the net present value of the project is positive and the total cost
operations are $505.8 million. The total cost of risk for the project is $468 million.

4.9.1 Testing the robustness of the options analysis

The following table conducts scenario analysis and reveals the net present value of the project under
different scenarios:
Table 13: Scenario analysis
Project option 1: Project Project option 3: Project option 4: Project
Do Nothing option 2: option
5:
Analysis Period (years) $ $ $ $ $
5 5 5 5 5
Capital Costs ($m) $ $ $ $ $
450 495 405 540 360
Output Costs ($m) $ $ $ $ $
506 556 455 607 405
Cost-Benefit Analysis (of monetary costs and benefits discounted at the appropriate Discount Rate)

Present Value of Benefits $ $ $ $ $

($m) 7,864 8,651 7,078 9,437 6,291
Present Value of Costs ($m) $ $ $ $ $
2,299 2,529 2,069 2,759 1,839
Benefit Cost Ratio $ $ $ $ $
3.42 4 3 4 3
Net Present Value ($m) $ $ $ $ $
5,565 6,122 5,009 6,678 4,452

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Other important considerations (see the examples provided)
Intangible costs / benefits $ $ $ $ $
(e.g. small, med., large) 2,359.30 2,595 2,123 2,831 1,887
Distributional impacts $ $ $ $ $
(e.g. small, med., large) 459.82 506 414 552 368

From the above table it can be said that Project option 4 should be selected because it yields highest
NPV of $6,678 million.

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5. Part 5: Deliverability of recommended solution

5.1 Details of recommended solution

The finger vein recognition system solution will help the military and banking organisations to identify
an individual by using his/ her vein pattern in finger. The technology will use the infrared lights to
detect unique vein pattern that will be stored when the deoxyhaemoglobin in the blood absorbs
infrared rays. The vein pattern will be stored in form of series of dark patterns as shown below:
Figure 1: Finger vein image

(Source: Mofira, 2016)

The image of the finger vein will be converted into data patterns and stored in the predefined
template stored in the biometric authentication data. When the user places his/ her finger in front of
the CMOS sensor, the finger vein image is imprisoned by the system.
Figure 2: Method for scanning finger vein image

(Source: Mofira, 2016)

The information flow from the sensors to the authenticating device is shown below:

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 Figure 3: Proposed solution

(Source: Mofira, 2016)

The actual data of the finger vein stored in the server is compared to the current finger vein imprints
and authentication process is then validated (Hitachi, 2009; Mofira, 2016).

5.2 Commercial and financial

5.2.1 Procurement
The necessary raw materials necessary to manufacture the proposed solution, finger vein recognition
system, will procure raw materials through request for proposal (or RFP). The suggested course of
action is outlined below:
• Undertaking expression of interest (or EOI) for short listing the RFP process
• Engaging designing experts who have demonstrated exceptional skills in technology design
• Establishing high quality criteria and clear design that includes peer review
• Ensuring that the statement of design remains part of the assessment
• Including high quality architectural, engineering and tendering documents (Office of The
Victorian Government Architect, 2013).

5.2.2 Risk assessment and management

Table 14: Risk management and assessment

Risk Management strategy

[Operational 1. Task segregation (To prevent any individual to take

risk] advantage of numerous practices)
2. Restraining business process complexities (reducing
unnecessary complexities)
3. Monitoring (Well-designed performance indicators that
are critical to success of business) (Barakat, 2014).

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 Risk Management strategy

[Financial 1. Planning for potential risk and insuring specific risks

risk] 2. Focusing on improving cash flows
3. Control debt (both short term and long term) (Gettler,
2016).

5.2.3 Funding sources

Table 15: Identification of important sources of funds

5.3 Management
Table 16: Management of HVHR projects

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5.3.1 Governance
5.3.2 Stakeholder engagement and communications plan
Figure 4: 5.3.2 Stakeholder engagement and communications plan

(Source: Thoreau, 2016)

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5.3.3 Project management strategy
Figure 5: Proposed project management strategy

(Source: Cape, 2014)

5.4 Delivery
5.4.1 Change management
Figure 6: Change management strategy

(Source: Kulkarni, 2015)

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5.4.2 Timelines and milestones
Figure 7: Project timelines and milestones

5.4.3 Performance measures

Table 17: Key performance measures
Output name:
Performance Measures Unit of Change in target if proposal is endorsed
measure 2012-13 2013-14 2014-15 2015-16 2016-17
Quantity Number Military organisations and banking customers
of
systems
sold to
client
Quality Accuracy Quality of processing information can also be measured at
of image a later stage
Timeliness

5.4.4 Readiness and next steps

Table 18: Transition plan

5.4.5 Signoff
Signoffs are required by:
 Primary author
 Gateway’s Project Profile Model (PPM) will be included to update proposal risks.

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  The senior responsible owner (or Chief Financial Officer) and the department’s Secretary
In establishing the project budget estimate the SRO should sign off on:
 The statements of the service benefits and project scope – Finnex Corp.’s Finger Vein Recognition
System is system-intrusive implying our services can seamlessly integrate into existing business
platforms of the corporate and public sector clients.
 The adequacy of the project budget - The estimation of base cost, risk assessment, base risk
allocation and contingency plans are based on the assumption that the forecasted demand for
finger vein biometric system will fluctuate between -10% to 10% range. However, due to
economic uncertainty, the variations could be larger.
 Additional sign offs:
– The base cost estimator is expected to be $505.8 million
– The agency and its adviser estimates that base risk allocation and contingency will amount to
$468 million.

5.4.6 Exit strategy

Figure 8: Proposed exit strategy

(Source: Rubin, 2016)

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6. Reference List

Acharya, L. and Kasprzycki, T., 2010. Biometrics and Government. [online] Available at:
<http://www.lop.parl.gc.ca/content/lop/researchpublications/06-30-e.htm#a2> [Accessed 20 September 2016]
Banerjee, S., 2015. 20 Reasons To Choose Biometrics Technology For Your Business | Advantages Of Biometrics.
[online] Available at: <http://authenticid.co/blog/2015/01/31/20-advantages-of-biometrics-technology-for-
your-business/> [Accessed 19 September 2016]
Barakat, M. N., 2014. The 7 – Step Approach To Mitigate Operational Risk Management. [online] Available at:
<http://www.care-web.co.uk/blog/7-step-approach-mitigate-operational-risk-management/> [Accessed 20
September 2016]
Bharadwaj, S., Vatsa, M. and Singh, R., 2014. Biometric quality: a review of fingerprint, iris, and face. [online]
Available at: <http://jivp.eurasipjournals.springeropen.com/articles/10.1186/1687-5281-2014-34> [Accessed
20 September 2016]
Cape, 2014. Project Management: A Brief Guide For Brand Managers. [online] Available at:
<http://www.thecmcc.com/project-management-a-guide-for-brand-managers> [Accessed 20 September 2016]
Gettler, L., 2016. 7 Ways To Reduce Your Financial Risk. [online] Available at:
<http://www.optus.com.au/business/industry-insights/small-medium-business/finance/7-ways-to-reduce-
your-financial-risk/> [Accessed 20 September 2016]
Hitachi, 2009. Finger Vein Authentication Technology. [online] Available at:
<http://www.hitachi.eu/veinid/advantageveinid.html> [Accessed 20 September 2016]
Kulkarni, V., 2015. Strategic Project Execution. [online] Available at:
<http://www.vaishali-kulkarni.com/marketing/this-is-a-test/> [Accessed 20 September 2016]
Markets and Markets, 2016. Biometric System Market worth $24,448.84 Million by 2020. [online] Available at:
<http://www.marketsandmarkets.com/PressReleases/biometric-technologies.asp> [Accessed 19 September
2016]
Mofira, 2016. Finger Vein Authentication. [online] Available at: <http://www.mofiria.com/en/about> [Accessed
20 September 2016]
Office of The Victorian Government Architect, 2013. GOVERNMENT AS ‘Smart CLIENT’. [online] Available at:
<http://www.ovga.vic.gov.au/images/Government_as_Smart_Client_Chapter_4.pdf> [Accessed 20 September
2016]
Pato, J.N. and Millett, L.I., 2010. Biometric Recognition: Challenges and Opportunities. [online] Available at:
<http://dataprivacylab.org/TIP/2011sept/Biometric.pdf> [Accessed 20 September 2016]
Piney, K., 2015. The Complete Guide to Life Cycles for Programmes and Benefits Management. [online]
Available at: <http://www.esi-intl.co.uk/blogs/pmoperspectives/index.php/benefits-management-for-
programmes-ife-cycles/> [Accessed 20 September 2016]
Rubin, M.B., 2016. Exit Strategy Planning and Execution. [online] Available at: <http://www.cfoon-
demand.com/additionalpages.php?page_id=000009> [Accessed 20 September 2016]
Solon, O., 2015. The end of passwords: biometrics are coming but do risks outweigh benefits? [online] Available
at: <https://www.theguardian.com/technology/2015/dec/08/the-end-of-passwords-biometrics-risks-benefits>
[Accessed 19 September 2016]
Thoreau, H.D., 2016. Stakeholder Engagement. [online] Available at:
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7. Bibliography

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McGraw-Hill Education.
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from financial institutions worldwide. Journal of Corporate Finance, 18(2), pp.389-411.
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Appendix A: Benefit Management Plan

Figure 9: benefit Management Planning

(Source: Piney, 2015)

KPI
Baseline Program-level deliverables
Source Original design and blueprint
Interim target To acquire military and banking clients
Reporting forum Report the progress of projects and milestones to the BOD (board of directors)
Start date 01 January 2017
Frequency 5
End date 31 December 2022
Responsibility Management
CEO – The overall execution and administration of project
CFO – Responsible for managing funds required for project
COO – Responsible for handling all technical issues

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 Appendix B: Financial data presentation

B.1 Funding history

Description of funding 2008-09 2009-10 2010-11 2011-12 2012-13
provided

$m $m $m $m $m
Start-up assets to fund 20 35 55 65 90
Start-up expenses to fund 10 15 25 35 40
30 50 80 100 130

B.2 Existing funding base

Description of funding 2012-13 2013-14 2014-15 2015-16 2016-17
provided

$m $m $m $m $m

Start-up assets to fund 45 90 135 90 90

Start-up expenses to fund 15 20 35 55 60

60 110 170 145 150

B.3 Revenues
2012-13 2013-14 2014-15 2015-16 2016-17 Ongoing
$m $m $m $m $m $m
Revenue initiative 1 301 628 895 1465 2188 3119
Revenue initiative 2 331.1 690.8 984.5 1611.5 2406.8 3430.9
Less revenue 18 30 48 60 78 46.8
already in
budget/forward
estimates
Net revenue impact 614.1 1288.8 1831.5 3016.5 4516.8 6503.1
Present value $ $ $ $ $ $
558 1,065 1,376 2,060 2,805 6,503

B.4 Budget impact

2012- 2013- 2014- 2015- 2016- TEI

13 14 15 16 17

$m $m $m $m $m $m

capital 90 90 67.5 112. 90 90

funding 5

Estimated
asset

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investment
cash flow

(Componen 36 36 27 45 36 36
t a - Used
with cards)

(Componen 27 27 20.2 33.7 27 27

t b - 5 5
Biometric
identificati
on)

(Componen 27 27 20.2 33.7 27 27

t c - 5 5
Portable
biometric
device)

Subtotal 90 90 67.5 112. 90 90

(gross asset 5
price
increase)

Funds from 0 0 0 0 0 0
other
sources
(e.g. asset
sale
proceeds,
Commonw
ealth
funding,
trust
accounts) –
please
specify

Net Impact -30 20 102. 32.5 60 545

on capital 5
appropriati
on

output
funding

Price
change
requested
for
provision
of output

(Componen 43.2 43.2 32.4 54 43.2 43.2

t x) gross
output
price

(Componen 29.7 29.7 22.2 37.1 29.7 29.7

t y) gross 75 25
output

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price

Capital 36 36 27 45 36 36
asset
charge

Depreciatio 54 54 40.5 67.5 54 54

n expense

Offset from 0 0 0 0 0 0
internal
reprioritisa
tion

Subtotal 162. 162. 122. 203. 162. 162.

(net output 9 9 175 625 9 9
price
increase)

Offset from
revenue 30.7 64.4 91.5 150. 225. 325.
1 4 8 83 84 16

Offset from
another - - - - - -
funding
source (eg.
Commonw
ealth
funding,
CSF, trust
account) -
please
specify

Net Impact
on output 132. 98.4 30.6 52.8 (62.9 (162.
appropriati 20 6 0 0 4) 26)
on

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Appendix C: Sign-off checklist

Investment title: Y/N

Agency:
Is the need clearly established (e.g. investment concept brief)?
Are the links to government policy(ies) and contributions explicit?
Is there a clear statement of the service benefits and project scope and are future
implications noted?
Are cost estimates provided for capital and operational phases?
Have cost and risk estimators signed off on the adequacy of their work?
Is the project budget including the base cost estimate, risk assessment, base risk
allocation and contingency adequate?
Do cost and benefit estimates and analyses show value for money?
Are the project deliverables clearly stated?
Is a benefit management or evaluation plan included?
Are risk management processes in place and assumptions stated?
Does the proposal assess the project schedule and readiness (including market appetite)?
Are governance structures identified?
Are stakeholder interfaces detailed?
Are regulatory requirements identified?
Is the project High Value/High Risk?
Have Gateway reviews been undertaken? Gate 1
Gate 2
This model checklist is designed for the project proponent’s endorsement.

Prepared by: ……………………………………………..…… Date: …………………

Approved by: ……………………………………………..…… Date: …………………

……………………………………………... …………………………………………………….
(name of approving officer or delegate) (title)

Secretary: ……………………………………………..…… Date: …………………

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