SADRŽAJ STUDIJE IZVODLJIVOSTI I ANALIZE TROŠKOVA I KORISTI

Transcription

1 SADRŽAJ STUDIJE IZVODLJIVOSTI I ANALIZE TROŠKOVA I KORISTI Za programsko razdoblje pri izradi Studije izvodljivosti/predizvodljivosti s analizom troškova i koristi potrebno je uzeti u obzir Smjernice za izradu analize troškova i koristi (dalje: Smjernice) koje je izradila Europska komisija, a nalaze se na linku: Studiju izvodljivosti izrađuje neovisna konzultantska kuća koja ne smije imati nikakve koristi od projekta. Studiju predizvodljivosti izrađuje neovisna konzultantska kuća ili sama institucija /organizacija ako ima sposobnosti (mogućnosti) za to. Razlika između studije predizvodljivosti i studije izvodljivosti je u tome što za studiju predizvodljivosti nije potrebno izraditi Socijalno-ekonomsku analizu troškova i koristi (CBA), a za studiju izvodljivosti to je potrebno te je studija izvodljivosti detaljnije opisana nego studija predizvodljivosti. U Smjernicama, koje se nalaze na priloženome linku, CBA se objašnjava po točkom 2.8. Economic analysis i pod točkom 7.8. za područje Istraživanja, razvoja i inovacija. OBRAZAC ZA IZRADU STUDIJE IZVODLJIVOSTI ZA ZNANSTVENU INFRASTRUKTURU OD JASPERS STRUČNJAKA Studija se izrađuje na hrvatskome jeziku. JASPERS STANDARD FRAMEWORK TEMPLATE FOR A FEASIBILITY STUDY FOR RDI INFRASTRUCTURE JASPERS has prepared an indicative Framework Template for a Feasibility Study, which can be used as reference. This document complements JASPERS Working Paper Project Preparation and CBA of RDI Infrastructure Projects. The scope of the Template is to provide a common basis to structure and develop Feasibility Studies in a way to fulfil all the requirements (including the CBA and environmental impact assessment analysis) adopted by the EC for major Research, Development and Innovation (RDI) infrastructural projects in order to apply effectively for EU grant financing, and to give a comprehensive view to beneficiaries of the main issues and concerns that the Feasibility Study should address in order to give decision makers sound justification of the project s feasibility and sustainability. The JASPERS Template is not to be treated as an obligatory manual for beneficiaries. It may be used as a check list to ensure that all relevant aspects for the design and completion of the RDIRDI infrastructure have been taken into account. While all sections and sub-sections may be applicable, some might require more detailed attention than others depending on the particular features of the project. The beneficiary will have to judge on a case by case the use of the Template to serve their analytical purpose of providing detailed information on the key aspects of the RDI infrastructure. 1

2 CONTENTS 1. EXECUTIVE SUMMARY OF THE STUDY Summary of the proposal Area of specialisation and alignment with national smart specialisation strategy Location Brief Description of the Project, its research aims, and the steps to commercial/socioeconomic gains Management Structure Total Value INTRODUCTION The title and description of the project Brief Description of the content of the Feasibility Study The applicant and co-operating entities Authors of the Feasibility Study Scope of Feasibility Studies and relations to other relevant linked activities Critical Methodological assumptions A summary of the proposed outcomes ANALYSIS OF THE SOCIO-ECONOMIC CONTEXT Location of the Project Geographic aspects Demographics Socio-Economic Background Local, regional and national socio-economic characteristics relevant to the Project Sources of financing and their budget coverage THE LOGIC OF THE INTERVENTION Status of the Research Base Infrastructure benchmarking at national and International level Research performance Track record and evidence of critical mass Research management The RDI Strategy The Research Strategy and its main targeted domains Research applications Routes to Market Research results dissemination Project Objectives Proposed RDI objectives of the project Expected Project impacts in terms of indicators The project in terms of the national and EU/regional Objectives Proposed RDI Objectives of the Project in relation to sector policies and the OP Smart Specialisation Strategy

3 4.5.3 Links with European research roadmap and other relevant research programmes Relations with other EU horizontal policies (e.g. equal opportunity, sustainable development, energy efficiency) ANALYSIS OF DEMAND Macro-economic analysis of project region and sector Academic users (by relevant discipline) Industrial users (by relevant sector) Facility/infrastructure gap analysis Demand for project outputs Evidence for expected financial revenues and other financing sources Marketing Strategy TECHNICAL ANALYSIS Option Analysis or Description of Significant Technological Alternatives Do Nothing or do minium option (BAU) Do Something option/s Option assessment The Technical Description of the investment Methodological approach to identifying technical requirements Buildings Choice of equipment Choice of ITC services Choice of laboratories Choice of Site and its Characteristics Climatic Conditions Site or Territory Government Regulations Policies of the Local Authorities Description of the Pre-chosen Site (details in the Appendix) Location and building permit requirements and status Infrastructural characteristics of site and requirements Road and Transport Communications Water and Electricity Provisioning Waste Disposal Energy Requirements Environmental Impact Assessment Analysis of relevant EU and member state environmental legislation Analysis of environmental analysis requirement (environmental screening) Summary and conclusions on the environmental assessment Environmental approvals and permitting THE PLAN FOR IMPLEMENTATION OF THE PROJECT Project Implementation task force Staff Hiring Personnel Hiring and Training Time-Table for implementing the project

4 7.3.1 Building Planning and Contract Scheduling Procurement Plan Timing for construction of any related infrastructure outside project scope Definition of Information System Negotiations for the Purchase of Know-how and Machinery Financing Negotiations Acquisition of Land and Licences Consultancy Agreements THE PLAN FOR OPERATION OF THE PROJECT Governance and Management Structure Organisational Structure Research management Experience and provisions for managing multidisciplinary research Governance board Scientific and technical advisory body Human Resources List of Personnel and Salary Parameters Timetable for recruitment Personnel Hiring and Training Consultancy Agreements Staff evolution, career development and mobility INSTITUTIONAL AND LEGAL ANALYSIS The legal status of applicants and other participating in the project Overview of legal statutes of the Beneficiary and relevant consortium arrangements Staff recruitment Experience of the applicants and participants in the implementation of infrastructure projects Analysis of state aid aspects Intellectual Property Policy Any other legal risks / legal approvals pending FINANCIAL ANALYSIS Financial Analysis of the Project Time Horizon and Financial Discount Rate Cost Estimation Method Financial cash flows Investment Costs Operating Revenue and Costs Sources of Financing/Co-financing Analysis of financial return on investment Calculation of the EU grant amount Analysis of financial return on national capital Financial sustainability analysis SOCIO-ECONOMIC COST-BENEFIT ANALYSIS Methodology and assumptions Conversion of investment costs into economic costs

5 10.3 Identification and evaluation of economic costs and benefits from RDI Economic Rate of Return and Net Present Value Non-quantifiable economic benefits and costs RISK ASSESSMENT Sensitivity Analysis Qualitative Risk Analysis EXECUTIVE SUMMARY OF THE STUDY This section should clearly present a short summary of the project and its beneficiaries. It is suggested that the executive summary of the FS is no longer than 8000 characters Summary of the proposal Area of specialisation and alignment with national smart specialisation strategy Summarise which academic disciplines and industrial sectors the project will operate in and how it is aligned with the national smart specialisation strategy Location Brief Description of the Project, its research aims, and the steps to commercial/socio-economic gains Describe the project, the objectives of the research, and how the results will be disseminated to achieve a commercial/socio-economic impact Management Structure Briefly summarise the structure of the management responsible for the operation of the infrastructure Total Value 2. INTRODUCTION 2.1 The title and description of the project Clearly present the official background of the project and a description of its main elements, including the vision/mission statement and a concise summary of what the project is and why the facilities, equipment, and/or services are required describing the purpose of the project, its location, and the size of the investment required Brief Description of the content of the Feasibility Study The applicant and co-operating entities Name and legal set-up of RDI institutes/partners applying for the EU grant and a description of the decision making authorities Authors of the Feasibility Study 5

6 The authors of the feasibility study should be detailed, including a description of the project preparation team responsible for the project Scope of Feasibility Studies and relations to other relevant linked activities If the project is linked to any other projects or is part of a long-term or wider development plan, these plans should be summarised here Critical Methodological assumptions The structure/methodology of the Feasibility Study should be briefly discussed, including any benchmarking and or methodological assumptions. Description of cost estimation methodology should be provided. 2.2 A summary of the proposed outcomes This section should clearly describe the RDI that will take place at the proposed infrastructure and what benefits it will bring. 3. ANALYSIS OF THE SOCIO-ECONOMIC CONTEXT 3.1 Location of the Project A description of the location of the project (province, district, address) should be included, explaining the strategic advantages of the chosen location Geographic aspects Describe the relevant geographical aspects of the chosen location Demographics A description of the relevant demographic trends, including: migration, birth/death rates, age profile etc. Explain whether these trends will provide a conducive environment for the successful operation of the infrastructure and the detail the positive effect of this project on these trends. 3.2 Socio-Economic Background This section should clearly demonstrate understanding of the positioning of the RDI in the wider socioeconomic world Local, regional and national socio-economic characteristics relevant to the Project A description of characteristics such as GDP, income, education, and employment trends should be provided. Explain whether these trends will provide a friendly environment for the successful operation of the infrastructure and the detail the positive effect of this project on these trends Sources of financing and their budget coverage Describe the national sources of funding for public RDI and the current trends in funding 6

7 4. THE LOGIC OF THE INTERVENTION 4.1 Status of the Research Base A description of the capacity and capability of the infrastructure in the relevant domains locally and nationally should be provided, and why the current infrastructure is insufficient to serve the research needs, compared with the expected targets Infrastructure benchmarking at national and International level Provide an analysis of comparable infrastructure available at the local, national and EU level. Who in Europe and in-country is undertaking similar activities? Please provide examples. Will they be competition or potential collaborators? If comparable infrastructure exists, explain why the proposed infrastructure is required. 4.2 Research performance Provide a description of the research performance of the beneficiary. It is suggested that a break-down of the research budget is provided showing sources of funding Track record and evidence of critical mass It is important to ascertain whether the size and quality of the current research base in the areas proposed is in line with the capacity and the outputs of the proposed infrastructure. For this reason it is suggested that for each domain, data on the universities, number of students, research projects, research budgets, publications etc. should be provided. If possible, this data should be provided over time. Example Table 1: Track record in the domain Professors Researchers PhD students Graduates Students Research projects Research budget Publications Companies in the sector in Croatia Companies in the sector in Varazdin County Companies in the sector in Varazdin Research management A description of the how the beneficiary currently manages research grants and contracts should be provided. 4.3 The RDI Strategy The Research Strategy and its main targeted domains Explanation of the research strategy of the proposed infrastructure and a description the platforms envisaged and the targeted domains. 7

8 4.3.2 Research applications This section should provide a description of the potential commercial applications for the proposed research area, showing why this research will be of interest to industry and the wider economy Routes to Market Clearly describe the routes to market. How will the project disseminate its research results and have an impact? It is suggested that this section is used to describe the technology and knowledge transfer and research management expertise of the beneficiary. If these activities are to increase, describe the strategy e.g. will more administrative staff be hired? Research results dissemination For the majority of RDI projects, the generation of revenues and economic benefits in the financial and economic analysis will be closely tied to the commercialisation and dissemination of research results. In order to understand whether the predicted stream of outputs and revenues are realistic, it is often useful to understand the past performance on the beneficiary in this area. As such, it is suggest that the beneficiary provides a summary of their performance in dissemination and commercialization of research results. Example Table 2: Track record in technology transfer TT staff Academic disclosures Open projects Patents filed Licence deals Consultancy deals Spinouts Annual T/O Source of data Project Objectives Proposed RDI objectives of the project Provide an explanation of the RDI objectives of the infrastructure and the proposed research platforms. What are the goals and objectives or the research in terms of impact? Expected Project impacts in terms of indicators The CBA will quantify the economic benefits created by the project outputs such as those detailed in the example table below. It is suggested that these are also detailed here. Example Table 3: Main RDI Outputs Creation of research base No. of research jobs created X X X Education Outputs No. of Masters graduates No. of Graduates, PhD No. of peer-reviewed articles published Research Outputs 8

9 No. of research contracts No. of Spinouts No of national patents granted No. of Licence deals Source of data 4.5 The project in terms of the national and EU/regional Objectives Detail how the project will help to fulfil the broader EU and national policy objectives Proposed RDI Objectives of the Project in relation to sector policies and the OP Smart Specialisation Strategy Provide details of projects consistency with the national smart specialisation strategy Links with European research roadmap and other relevant research programmes e.g. horizon 2020, what else? Relations with other EU horizontal policies (e.g. equal opportunity, sustainable development, energy efficiency) 5. ANALYSIS OF DEMAND 5.1 Macro-economic analysis of project region and sector Evidence to show that the show that the macro and socio economic conditions of the country and the region will provide a conducive environment for the successful operation, and long term sustainability of the RDI investment. The analysis should include data such as macroeconomic projections (GDP etc., share of research expenditures as % of GDP, inflation), household income projections, demographic projections, and growth trends etc. 5.2 Demand for infrastructure: Analysis of target groups of users A description of the target group of users should be provided. Typically the target group will consist of some mix of students, researchers, non-commercial and commercial research institutions and industry. The analysis should include information on the size of the respective target groups at the local, national, and, where appropriate, the EU level, showing that a critical mass of users exists. Provide evidence of demand for the infrastructure itself i.e. that once constructed it will be consistently used, and show how research budgets will be maintained and increased. Information such as the following may be useful to consider: Trends and prospects in the research domain Evidence of dialogue with the research community in the definition of the facilities Letters of intent, partnership agreements, or MoUs from research institutions Academic users (by relevant discipline) 9

10 5.2.2 Industrial users (by relevant sector) Example Table 4: Main Academic Users Researchers in 1 st field of expertise Local level X X X National level EU level Researchers in 2 nd field of expertise Local level National level EU level Source of data Facility/infrastructure gap analysis Do similar facilities exist at local, national and European level? What are there utilisation rates? Are the facilities oversubscribed? Is there competition or synergies between the facilities? 5.3 Demand for project outputs Provide evidence demand for the output (research, graduates, technologies, etc.) of the infrastructure. Information such as the following may be useful to consider: Relevant businesses located locally and nationally Letters of intent Evidence of dialogue with industry in the definition of the facilities Evidence of contract research and licensing potential Evidence for expected financial revenues and other financing sources The revenues that can be expected from the sale of outputs (e.g. revenues from tuition fees, licensing, rental space etc.) are quantified. Also, the assumption for the expected other cash in-flows during the operational period of the project (i.e. financing sources, such as national and international (competitive) research grants) is provided. Evidence needs to be presented and can be based on track records of participating researchers/research institutions as well as relevant benchmarks. 5.4 Marketing Strategy Describe competitive advantages and how these can be marketed to ensure sustainable robust growth, and how research budgets will be maintained and increased. 6. TECHNICAL ANALYSIS 10

11 6.1 Option Analysis or Description of Significant Technological Alternatives The basic approach of any investment appraisal aims to compare the situations with and without the project Do Nothing or do minium option (BAU) To select the best option, it is helpful to describe a baseline scenario. This will usually be a forecast of the future without the project, i.e. the business as usual (BAU) forecast Do Something option/s A description of the options assessed during the configuration of the project. Typical aspects considered during the option of analysis of RDI projects include the type of equipment, the architectural design, the spatial organisation of the project activities in old, refurbished or newly built buildings, and the scope of intervention, the institutional set-up to name a few. Only those options should be considered that allow achieving the project objectives. The list of do-something options should be exhaustive and contain to some extent technical details and cost estimates. The different options as well as the criteria used to compare the options and select the proposed option should be described in detail Option assessment Detail the results of the options assessment and how the options were assessed 6.3 The Technical Description of the investment Methodological approach to identifying technical requirements Describe the approach used to choosing the projects technical requirements. If a peer-review process was undertaken, please describe Buildings Choice of equipment Choice of ITC services Choice of laboratories 6.4 Choice of Site and its Characteristics Explain why the site has been selected in terms of infrastructure endowment and attractiveness as a place to work, and drawing attention to competitive advantage of the chosen site Climatic Conditions Site or Territory Government Regulations Policies of the Local Authorities Description of the Pre-chosen Site (details in the Appendix) Location and building permit requirements and status 11

12 6.5 Infrastructural characteristics of site and requirements Road and Transport Communications Water and Electricity Provisioning Waste Disposal Energy Requirements Are the buildings energy-efficient? What will be the expected energy consumptions and costs? 6.6 Environmental Impact Assessment This section should provide an in-depth analysis on whether depending on the laboratories and buildings, which will be constructed, a full Environmental impact assessment is required or not Analysis of relevant EU and member state environmental legislation Due consideration should be paid to all relevant environmental legislation affecting RDI infrastructure. This is listed below. EU EIA Directive 85/337/EEC, amended by Directives 97/11/EC and 2003/35/EC Hazardous Waste Directive 91/689/EEC, as amended by Directive 94/31/EC Urban Wastewater Directive (in particular Annex III) 91/271/EEC For Health and Safety, there are several Directive that are applicable, see the attached link: Another Directive that might be useful, for medical research and installations is the following Directive 2001/20/EC related to the implementation of good clinical practice in the conduct of clinical trials on medicinal products for human use Analysis of environmental analysis requirement (environmental screening) Summary and conclusions on the environmental assessment Environmental approvals and permitting 7. THE PLAN FOR IMPLEMENTATION OF THE PROJECT In this chapter all aspects of implementation should be taken in duly consideration, with a critical assessment of the management process, procurement aspects and contingencies. Provide mechanisms for project management, and how management of the parent body will ensure that working arrangements are sufficient to ensure that the project is delivered on time to suitable costs and quality Project Implementation task force The project implementation management group should be responsible for all phases of implementation, including the procurement strategy, should be described. This should include an organisation chart that identifies the various participants, their interfaces and reporting relationships, and theirs roles and responsibilities and the place of the task force in the organisational structure of main beneficiary/consortium. Detail who is ultimately responsible at construction/ procurement and during operation phases. The following positions are seen as crucial to the success of the projects implementation: 12

13 Project management director Procurement manager Chief Engineer/Lab manager Describe the background and experiences of these key staff. Crucial that these staff have the correct experience. It should be noted that the group cannot simply offload the entire management task to a contractor, as they are responsible for the overall project and have specialised knowledge that is needed for making key decisions Staff Hiring Personnel Hiring and Training 7.3 Time-Table for implementing the project It is important to define what defines completion or end result of the implementation phase. The research project is implemented or operational when the RDI infrastructure is capable to deliver its benefits. All steps necessary for the preparation, implementation and launch of the project, including all relevant tenders, should be identified and scheduled in the project time chart; Building Planning and Contract Scheduling Procurement Plan Timing for construction of any related infrastructure outside project scope Definition of Information System Negotiations for the Purchase of Know-how and Machinery Financing Negotiations Acquisition of Land and Licences Describe any completed public consultations and those that are still outstanding Consultancy Agreements 8. THE PLAN FOR OPERATION OF THE PROJECT 8.2 Governance and Management Structure The management and governance structures should be clearly defined here, detailing the separation of responsibilities between the two. The procedure for the transition from implementation to operation should also be clearly described Organisational Structure Provide organigramme. How will the Research Infrastructure be organised; How will decisions be taken? Which measurement systems are in place to appraise performance and research quality? Who allocates the budget? Who audits finances? Research management Which decision-making bodies will decide on research projects? What is the relevant experience in running a leading research infrastructure? Will a gateway system function to select, approve or decline research projects to be undertaken in the RDI infrastructure? 13

14 Experience and provisions for managing multidisciplinary research Experience has shown that bringing together many disciplines on a scientific or technical problem is generally more difficult to manage than bringing together people from a single discipline. As such the organisational designs of research centres are usually more complex and diverse than those of traditional academic departments Governance board RDI This section should provide a description of the Board, detailing the representatives, responsibilities, and its relationship to the operation of the facility Scientific and technical advisory body If applicable, this should be detailed here. 8.3 Human Resources List of Personnel and Salary Parameters Clearly describe the human resource requirements and the salary parameters. State the number of staff required for the successful implementation and operation of the facility by position e.g. Prof, group leader, technicians, administrative etc. detailing the number of additional staff required Timetable for recruitment Provide a timetable for recruitment during the implementation and operative stages of the project, detailing the transition between the phases Personnel Hiring and Training Describe the strategy for recruitment and training. If possible, indicate which staff that will be recruited from the local labour market, and those that will be recruited from elsewhere. If international recruitment is required, describe the strategy Consultancy Agreements Staff evolution, career development and mobility 8.4 INSTITUTIONAL AND LEGAL ANALYSIS The legal status of applicants and other participating in the project Please explain in detail the legal status of the applicants, the financial situation of the applicants and the governing bodies of the RDI process/objectives 14

15 8.4.2 Overview of legal statutes of the Beneficiary and relevant consortium arrangements Detail the legal status of the project once in operation will it be operated by an existing organisation, will it be a company, a not for profit company, an International Organisation, a Foundation etc.. If a consortium agreement is in place, confirm its status and compliance with legal requirements. Summarise the elements of the statute, including: The frame of the agreement The scope The governance and management Data management The resources and commitments (financial, in kind, human) The controls, repairs, and folding up when needed Staff recruitment Explain who staff will be employed by. If a consortium is in place, detail whether the collaboration is the legal employer or whether staff will be employed by the consortium members and seconded to the collaboration. If the collaboration is set up as a Limited Liability Company under national law, explain whether the employment rules will be aligned with those of the public service sector or the private sector Experience of the applicants and participants in the implementation of infrastructure projects Provide examples of the previous experience of the participants in implementing major projects over the five years before. Indicate lessons and best practices useful for the current project Analysis of state aid aspects Confirm that the project is compatible with state aid rules. Refer also to statutes of the beneficiary as appropriate, which set rules for operational activities and remuneration for the RDI activities, which should be in line with EU requirements. If the project has been notified to European Commission s DG Comp, please provide results or status of notification in detail Intellectual Property Policy Describe the prevailing IP policy. An IP policy will typically detail aspects such as: ownership of intellectual property generated by staff and students; transfer of rights between the institution and researchers; revenue sharing arrangements; arrangements for formation of spin-out companies; identifying and managing conflicts of interest; dispute resolution framework Any other legal risks / legal approvals pending Detail any legal issues that are still pending. 9. FINANCIAL ANALYSIS 9.2 Financial Analysis of the Project In the following only a structure is suggested. 15

16 For further details and guidance on the different sections, refer to the 2008 EC CBA guidance and JASPERS Staff Working Paper on Project Preparation and CBA of RDI Infrastructure Projects. Where appropriate please make reference to national CBA guidance. Please describe the process, sources, methods and the underlying data and assumptions used to develop the estimations Time Horizon and Financial Discount Rate Cost Estimation Method Financial cash flows Investment Costs Operating Revenue and Costs Sources of Financing/Co-financing The following table provides an overview of typical cash flow items to be considered in the above sections. Table 5: Typical cash flows of RDI projects Typical items Cash Out-flows 2. Investment Costs - Planning / design fees - Land purchase - Building and construction - Plant and machinery - Contingencies - Price adjustment - Technical assistance / start-up grant - Publicity Supervision during construction 2. Operating costs - salary costs management - salary costs research team - material costs (specify) - repair and maintenance (specify) - services (specify) - travel (specify) - rent (specify) - others (specify) 3. Re-investment - building 1...n - machine 1...n - equipment 1...n - others (specify) Cash inflows 4. Operational revenues from research - contract research (specify) - selling of patents (specify) - others (specify) 5. Non-research operating revenues - renting (specify) - sale of buildings - other (specify) 6. Sources of financing - Loans (specify also interests and loan reimbursement payments) - National competitive grants - International competitive grants - Institutional funds - Specific support for sustainability of projects from OP R&DI - Subsidy for educational activity 16

17 other sources (specify) Analysis of financial return on investment Calculation of the EU grant amount Analysis of financial return on national capital Financial sustainability analysis 10 SOCIO-ECONOMIC COST-BENEFIT ANALYSIS For further details and guidance on the different sections, refer to the 2008 EC CBA guidance and the JASPERS RDI working paper and the 2006 EC CBA guidance. Where appropriate please make reference to national CBA guidance. Please describe the process, sources, methods and the underlying data and assumptions used to develop the estimations Methodology and assumptions In particular justification of assumptions as regards discount factors, reference period etc Conversion of investment costs into economic costs 10.3 Identification and evaluation of economic costs and benefits from RDI The identification of economic benefits should be directly linked to the quantifiable output indicators and project objectives. For further guidance and examples of typical economic benefits to be considered and quantified refer to the JASPERS Working Paper, section 3 and annexes 1,2 and 3. Please make sure that all (quantitative) assumptions used to quantify the economic costs and benefits are explained and justified in detail. Table 6: Example of presentation of research outputs and respective economic benefits Indicator Benefits related to the creation of research base No. of research jobs created Output - Increase in number due to project per year Unit Unit Value (EUR) Total value of economic benefit per year Education Benefits No. of Masters graduates No. of Graduates, PhD Research Benefits No. of peer-reviewed articles published No. of research contracts No. of Spinouts No of national patents granted No. of Licence deals Sources of data 10.4 Economic Rate of Return and Net Present Value 10.5 Non-quantifiable economic benefits and costs 11 RISK ASSESSMENT 17

18 For further details and guidance on the different sections, refer to the 2008 EC CBA guidance and the JASPERS RDI working paper and the 2006 EC CBA guidance). Where appropriate please make reference to national CBA guidance. Please describe the process, sources, methods and the underlying data and assumptions used to develop the estimations Sensitivity Analysis Identification of critical variables Switching values Qualitative Risk Analysis Risk matrix The following elements should be included: - List of adverse events project is exposed to - A risk matrix showing possible causes of failure, the negative effects generated on project, ranked levels of probability of occurrence, the severity of the impact and mitigation and/or prevention measures Table 7: Example of presentation of project risks and mitigation measures Description of risk and negative effects Probability* Impact* Risk management measures/actions generated on project Construction Risks Operational Risks Institutional Risks Demand Risks Risk of fulfilment of project objectives Other *Evaluation scale: low / medium / high Assessment of acceptable levels of residual risks 18