Australian Mining Industry Strategy Samples †MyAssignmenthelp.com

Question: Discuss about the Australian Mining Industry Strategy. Answer: Introduction In Australian mining industry, the scenario turned out to be about those minerals in different site increased mining of materials over the decade. Australia is the fifth largest copper contributor while it covers 6% worldwide copper resource. Aim of the report is to extend the business model canvas and value proposition with stating Minimal Viable Product (MVP) and product roadmap for potential investors. The outcomes from MVP and product roadmap are expected as this report can estimate greater success from systematic implementation of feasibility study, viability analysis, model canvas, and roadmap (Barfield 2015). To analyze success from technology utilization, cost-benefit analysis is considered as a tool for developing Minimal Viable Product. Strategies and detailed discussion: Short-term and Long-term Short-term Strategy Short-term strategy is recognized to be a planned yet controlled way to introduce two emerging technologies as Virtual Reality (VR) and Augmented Reality (AR). In mining industry, it is expected to be quite difficult to incorporate two technologies in the first place. Therefore, short-term strategy initiates with planned way to incorporate VR into business model (Dudin et al. 2015). Once, the VR technology is implemented; after some testing; the AR technology will be implemented if incorporation of VR is successful. Therefore, short-term strategy is aimed to identify system flaws and identify mitigation plans; before implementing the selected emerging technology. Mission, Goals, and Objectives for Short-term Strategy Primary mission of the short-term strategy is to launch Minimal Viable Product (MVP) and find out appropriate process to validate the MVP. Now, the goals from this strategy stated as following: Conduct RD (research and development) over mining with utilizing virtual reality and augmented reality Analyse minefields and provide risk-free site and protection from disasters at minefields for worker safety Based on MVP launch and MVP validation; stated goals are justified over short-term strategy essence. The objectives are stated as underneath: To utilize VR and AR as part of sustainable development and material quality growth To provide better environment for workers reducing loss of resource during work Use Case for Validation of Short-term Strategy Following use case is designed for providing validation rules, techniques and overall assessment process for short-term strategy. The validation outcomes are essential for including in MVP product roadmap. The designed use case is shown as underneath: Figure 1: Short-term Strategy Use Case Diagram (Source: Created by author) Cost-Benefit Analysis for Short-term Strategy Costs and expenses are considered in CBA along with short-term analysis so that appropriate budget can be estimated. Associated benefits and return costs are estimated in the analysis so that administration can understand the CBA outcomes easily. Changes Resource Wages and Cost 2017 2018 2019 2020 2021 Management of Project Project Manager $15,000.00 $0.00 $0.00 $0.00 $0.00 Virtual Reality development VR Developer $12,500.00 $10,000.00 $10,000.00 $10,000.00 $10,000.00 Augmented Reality development AR Developer $13,000.00 $10,000.00 $10,000.00 $10,000.00 $10,000.00 Mineral Quality Testing Quality Engineer $10,000.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 Safety Checkup costs Safety Engineer $25,000.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 Integration of both technologies Developers $15,000.00 $5,000.00 $5,000.00 $5,000.00 $5,000.00 Total Cost $90,500.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 Quality Minerals $35,000.00 $36,400.00 $37,856.00 $39,370.24 $40,945.05 Safe Work process $45,000.00 $46,350.00 $47,740.50 $49,172.72 $50,647.90 Benefits Gained -$10,500.00 $42,750.00 $45,596.50 $48,542.96 $51,592.95 Table 2: Cost-Benefit Analysis for Short-term strategy (Source: Created by author) Long-term Strategy Long-term strategy is recognized as another appropriate planned way to incorporate two emerging technologies in mining industry. In this existing industry, two technologies cannot be implemented at the same time; as the productivity, worker performance could be decreased, and cost can be increased (Gavish et al. 2015). Therefore, the long-term strategy is prepared for recognizing the beneficial features of the MVP. The implementation plan should take appropriate amount of time before the implementation takes place. Long-term strategy is essential for approving the important part of plan that is incorporation of VR and AR into mining industrial works. Mission, Goals and Objectives for Long-term strategy The mission for long-term strategy is to iterate the product (MVP) with additional features so that viable business model can be presented. The goals are formulated from the strategy are mentioned as following: Provide continuous innovation into practice of mining industry Integrate VR and AR with mining industry so that working process in mining industry can be a part of sustainable processes From the stated goals, the objectives are identified that should be met after the long-term strategy implementation. The objectives are listed as following: To incorporate continuous innovation To plan according to sustainable goals Use Case for Long-term strategy Designed use case for long-term strategy is useful for determining the long-term project goals and incorporable features into the system. The use case diagram is shown as following: Figure 2: Long-term Strategy Use Case Diagram (Source: Created by author) Cost-Benefit Analysis for Long-term Strategy CBA for long-term strategy is important for identifying the cost and expenses along with yearly returns so that project benefits can be realized. The CBA is prepared with including all costs and estimating all benefits from the strategy implementation. However, short-term and long-term strategy implementation cost-benefit analysis differs from each other as long-term strategy does not require maintenance cost; as final implementation is performed in first year. Changes Resource Wages and Cost 2017 2018 2019 2020 2021 Management of Project Project Manager $15,000.00 $0.00 $0.00 $0.00 $0.00 Virtual Reality development VR Developer $12,500.00 $0.00 $0.00 $0.00 $0.00 Augmented Reality development AR Developer $13,000.00 $0.00 $0.00 $0.00 $0.00 Mineral Quality Testing Quality Engineer $10,000.00 $0.00 $0.00 $0.00 $0.00 Safety Checkup costs Safety Engineer $25,000.00 $0.00 $0.00 $0.00 $0.00 Integration of both technologies Developers $15,000.00 $0.00 $0.00 $0.00 $0.00 Total Cost $90,500.00 $0.00 $0.00 $0.00 $0.00 Quality Minerals $35,000.00 $36,400.00 $37,856.00 $39,370.24 $40,945.05 Safe Work process $45,000.00 $46,350.00 $47,740.50 $49,172.72 $50,647.90 Benefits Gained -$10,500.00 $82,750.00 $85,596.50 $88,542.96 $91,592.95 Table 4: Cost-Benefit Analysis for Long-term strategy (Source: Created by author) Product roadmap and minimal viable product Product roadmap is prepared considering business model canvas into work process in following diagram. Figure 3: Product Roadmap design (Source: Created by author) Designed roadmap includes major stages that are important for developing RD mineral quality checking application and safety checkups portal design. RD application will be powered by VR engine so that quality checking can be performed in virtual reality (Joyce and Paquin 2016). Safety checkups can be performed in augmented reality for setting high standard for safe and risk-free environment development. Product roadmap stated that roadmap decides about main stages that should be implemented. The minimal viable product should be online portal in the work process (Muhtaroglu et al. 2013). In this MVP, the application should be developed with AR and detailed safety analysis process. The VR should be developed for mobile application so that quality checking can be accomplished easily. The AR development can increase the productivity rate of workers. Integrations of Virtual Reality and Augmented Reality Virtual reality is quite efficient for quality analysis of the mining minerals from scientist end. The scientists have to either get to the minefield or site for performing research on particular mineral. Once, the research is conducted; there are often chances of disasters due to unstable mineral compounds, poisonous smells, and others (Ong and Nee 2013). Therefore, from virtual reality perspective, the research and development (RD) department can improve their work process with checking quality and present the outcomes to the mining authority. Furthermore, safety consideration is another priority for developers and workers. To certain cases, the natural disasters can cause resource loss, loss of expenditure, and loss of time (Wu et al. 2013). Safety consideration for workers is most important as AR can help in considering the portal based safety ensuring. Based on portal design and features, the emerging technologies are effective to input safety constraints, certain parameters, an d can provide detailed outcomes with safety recommendations. In mining industry, the VR and AR utilization can be identified as part of continuous innovation and development. Short-term strategy is recognized to be a planned yet controlled way to introduce two emerging technologies as Virtual Reality (VR) and Augmented Reality (AR). In mining industry, it is expected to be quite difficult to incorporate two technologies in the first place (Kilara and Rhyne 2014). Therefore, short-term strategy initiates with planned way to incorporate VR into business model. Once, the VR technology is implemented; after some testing; the AR technology will be implemented if incorporation of VR is successful. Therefore, short-term strategy is aimed to identify system flaws and identify mitigation plans; before implementing the selected emerging technology (Ivanova 2014; Fleming and Measham 2015). Long-term strategy is recognized as another appropriate planned way to incorporate two emerging technologies in mining industry. In this existing industry, two technol ogies cannot be implemented at the same time; as the productivity, worker performance could be decreased, and cost can be increased (Earnshaw 2014). Therefore, the long-term strategy is prepared for recognizing the beneficial features of the MVP. The implementation plan should take appropriate amount of time before the implementation takes place. Long-term strategy is essential for approving the important part of plan that is incorporation of VR and AR into mining industrial works. Conclusion and Recommendations From above mentioned analysis, detailed discussion with use case and product roadmap design; it can be concluded that this start-up organization in mining industry can achieve more benefits from long-term strategy. The business product roadmap is prepared considering the working process for application development and online portal can be developed. The VR and AR implementation can improve the working process of mining industry along with appropriate level of developments. The VR and AR implementation can reduce the resource loss and certain issues such as low-quality minerals. However, as per bigger benefits estimation, long-term strategy is best fit. However, the recommendations are included in this report as following. For these recommendations, current customer requirements are more important than administrator design. The recommendations are: Mining industry can improve productivity along with better quality when AR can be implemented. Start-up organizations should utilize augmented reality in order to reduce risks and issues in some certain activities. The company profit structure should be modified as per gained benefits from the study. The safety environment should be provided to workers of the mining site. The organization can happen to offer continuous development and sustainable development of the project. Bibliography Barfield, W. ed., 2015.Fundamentals of wearable computers and augmented reality. CRC Press. Biocca, F. and Levy, M.R. eds., 2013.Communication in the age of virtual reality. Routledge. Dudin, M.N., Kucuri, G.N., Fedorova, I.J.E., Dzusova, S.S. and Namitulina, A.Z., 2015. The innovative business model canvas in the system of effective budgeting. Earnshaw, R.A. ed., 2014.Virtual reality systems. Academic press. Evans, H 2016, Experience Architecture: Testing the limits of Design Thinking, [Web], FromHereOn, USA, https://www.fromhereon.com/resources/experience-architecture-whitepaper. Fleming, D.A. and Measham, T.G., 2015. Local economic impacts of an unconventional energy boom: the coal seam gas industry in Australia.Australian Journal of Agricultural and Resource Economics,59(1), pp.78-94. Gavish, N., Gutirrez, T., Webel, S., Rodrguez, J., Peveri, M., Bockholt, U. and Tecchia, F., 2015. Evaluating virtual reality and augmented reality training for industrial maintenance and assembly tasks.Interactive Learning Environments,23(6), pp.778-798. Ivanova, G., 2014. The mining industry in Queensland, Australia: Some regional development issues.Resources Policy,39, pp.101-114. Joyce, A. and Paquin, R.L., 2016. The triple layered business model canvas: A tool to design more sustainable business models.Journal of Cleaner Production,135, pp.1474-1486. Kilara, T. and Rhyne, E., 2014. Customer-Centricity for Financial Inclusion. Muhtaroglu, F.C.P., Demir, S., Obali, M. and Girgin, C., 2013, October. Business model canvas perspective on big data applications. InBig Data, 2013 IEEE International Conference on(pp. 32-37). IEEE. O'Faircheallaigh, C., 2013. Community development agreements in the mining industry: an emerging global phenomenon.Community Development,44(2), pp.222-238. Ong, S.K. and Nee, A.Y.C., 2013.Virtual and augmented reality applications in manufacturing. Springer Science Business Media. Wu, H.K., Lee, S.W.Y., Chang, H.Y. and Liang, J.C., 2013. Current status, opportunities and challenges of augmented reality in education.Computers Education,62, pp.41-49