Framework Process

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Credit: Pixabay

A Conceptual Framework for Economic Decision Making in Advancing Manufacturing Industry Competitiveness: The Process

For more information, see NIST AMS 100-80.

Credit: NIST AMS 100-80

Process: There is some complexity in the framework due to the many inherent challenges, including data interoperability, timeliness, and applicability along with behavioral frictions and incentive misalignment. As a result, the framework is presented from different aspects, both from the process perspective and data layer perspective. Below is a description of the project process that starts with the development of proposed research followed by the execution of research and moving through to completion and post-evaluation:

• Step 1 - Change Agent Project Proposals: The process for continuous improvement starts with the development of change agents’ project proposals and incorporating those things learned from previous project. 
• Step 2 - Estimate Potential Economic Impact: This step includes predicting or estimating the potential economic impact or return. Both steps 1 and 2 utilize outside economic data that has been previously assembled. The impact prediction (i.e., hypothesis) information, including methods, is collected in a centralized location for later comparing to actual impacts and to guide future investments.
• Step 3 - Project Selection and Execution: The estimated economic impacts are used to select projects which are then executed.
• Step 4 - Estimating Actual Economic Impact: Following the completion of projects, there is an estimate made of the actual or realized impacts.
• Step 5 - Compare and Adjust: The predicted impacts are compared to the measured realized impacts to adjust the platforms for economic assessment.

This process creates a double feedback loop where feedback loop 1 applies to the prediction metrics (Note: both the predictions and prediction methodology is tracked). This feedback loop advances an organizations ability to predict and identify high impact projects. Feedback loop 2 applies to the project performance, enabling the identification of project configurations that potentially result in higher impact. Data is collected using shared tools, methods, and platforms and stored centrally. 

Framework Components, Logic, and Implementation

Credit: Pixabay The Framework	Credit: Pixabay Framework Logic	Credit: Pixabay Implementation Infrastructure
The Framework's Process	Background: Impact Forecasting	Notes and Cautions
Data Layers and Feed Back Loops	Supporting Logic and Evidence	Standards and Platforms
Metrics and Units of Observation	Economies of Scale	Modular Adoption

Credit: AMS 100-80

Collaboration is a key component to reducing change agent costs and enabling compound learning. If you are considering adopting this framework, consider reaching out to the author Douglas Thomas, Economist: douglas.thomas [at] nist.gov (douglas[dot]thomas[at]nist[dot]gov)