Overview
Topic status: We're looking for students to study this topic.
Traditional cost-benefit analysis provides management with an ability to plan ahead of time and to make informed strategic and operational decisions based on cost. However, the value of this cost analysis could be limited if accurate cost figures about business activities are not readily available to a business. By the time detailed reporting and auditing have been carried out on business activities, it is often too late to make any cost saving adjustment necessary for that period. Hence, the ability to monitor the overall cost of business activities closely and to make necessary changes to these activities quickly is highly desirable for any manager.
Gartner surveys over the past five years have shown business process management to be the number one concern of senior executives. In a BPM project, real benefits are typically realised by taking the business process models produced and using these as the blueprint for subsequent automation. A so-called workflow, an executable process model, contains descriptions of what tasks need to be performed, when they need to be performed, by whom they need to be performed, and what information they need and what information they produce. Workflow systems also provide the ability to monitor processes and examine various properties of these processes. However, workflow systems are typically neither cost-aware nor is the execution of a workflow model cost-driven. The ability to understand the true origins of costs involved in business operations, and to be informed about this on a real-time basis, would allow organisations to increase its profitability and to recognise early on the need for reorganisation of its practices.
Aims: We propose a novel holistic approach in managing the cost of business operations in a timely and context-aware manner. The availability of a cost-aware process management system which provides detailed, real-time cost information together with sophisticated prediction capabilities will not only allow organisations to make informed operational and strategic decisions but also allow it to incrementally improve their situation over time. This will enable businesses to make operational and strategic decisions with confidence based on accurate and timely cost information about its operations. This honours project forms a part of a larger research initiative on Cost-Aware Business Process Management and this project will focus on bringing together insights from business and workflow communities to enable cost-driven process execution decision making within a workflow environment.
Approaches: The project will deliver a range of techniques, tools and practices for recognising, predicting and managing costs in executable business processes. The student will have an opportunity to apply his/her technical skills in the areas of Java programming and web applications development (JSP, XML). Prior knowledge of the following topics is desirable but not necessary: business process management, workflow systems and accounting principles.
References:
- Study level
- Honours
- Supervisors
- QUT
- Organisational unit
Science and Engineering Faculty
- Research area
- Contact
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Please contact the supervisor.
Dr Moe Wynn
