The Model for calculating the return on investment (ROI) of worked-based learning and apprenticeship reflects the perspective of the consortium project - “Return on Investment of Work Based Learning and Apprenticeships”, coordinated by Slovakia, with partners from Portugal, Greece, Bulgaria, Cyprus, Italy, United Kingdom and Spain. For more information about the partners in the project, read here.
The “RoI of WBL and apprenticeships” is based on the traditional model of calculating ROI, taking into consideration the costs and benefits of the SMEs regarding their investments in WBL and the apprenticeship courses.
The list/menu of key “costs” and “benefits” proposed by the model are based on national research reports, developed for partners' countries (such as Slovakia, Portugal, Greece, Bulgaria, Italy and Spain), highlighted the SMEs' needs and their national apprenticeship system.
What is ROI?
ROI is the calculation that compares the value of outcomes (changes as a result of an activity) to the value of the resources needed to create them.
Presented as a ratio, the value of outcomes is divided by the value of resources required to create them. The results of the calculation demonstrate the efficiency of an investment or activity. This can support the decision-making process by highlighting if an investment provides a positive return, and if there is more than one option, it can help decide which option provides the greatest return.
The return on investment formula is:
ROI = Value of outcomes / Value of investment
In the above formula, "Value of outcomes” refers to the aggregated value of all of the included outcomes of investing in WBL.
As well as presenting results as ROI, the net present value of money can also be used to support the decision-making process. This is calculated by subtracting the value of the investment from the value of the outcomes.
The net present value formula is:
Net present value = Value of outcomes – Value of investment
The project aims at developing a new methodology and framework with a model of digital competence for the Security of the Internet of Things (IoT) ecosystem including security and privacy to face the challenges that cybersecurity put in place.
No one doubts that the Internet of Things (IoT) represents a massive opportunity for businesses and consumers. Most organizations are only just starting to scratch the surface of what they can achieve with IoT solutions. On the other hand, security is what really needs to be designed from the very beginning of developing IoT services and products.
The growing threat of cyberattacks has made governments and companies more aware of the need to defend the computerized control systems of utilities and other critical infrastructure.
The project is targeting VET providers and trainers in the ICT field, software engineers and programmers who want and need to update their competences, skills, and knowledge in cyber security of the ecosystem of IoT. And, ICT entrepreneurs who have, want, and/or would like to start a business in the IoT field.
Partners in the project are:
- University of Library Studies and Information Technologies (ULSIT), Bulgaria
- Knowledge, Innovation and Strategies Management Club, Bulgaria
- IDEC: Aintek symvouloi epicheiriseon ypsilis technologias ekpaidefsi anonymi etaireia, Greece
- The University of Deusto, Spain
- Dlearn: European Digital Learning Network, Italy
- GAIA: Asociacion de industrias de conocimiento y technologia, Spain
IoT security nuggets: 2018-1-BG01-KA202-047919 is an Erasmus + project.
For more information about the project, read here.
Blog post by our team, innovation contributors, VIP members, blog guests, etc.
Funding For Innovation
Future Of Work
Internet Of Things
Work Based Learning
The Knowledge, Innovation and Strategies Management Club is a non-profit organisation set up in Sofia, Bulgaria in 2012 to foster knowledge and innovation management across South East Europe. KISMC is supporting the development of the innovation ecosystem in the region by bridging the gap between education, research and business.
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