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Wool Stocktake : AWI Annual Report 2013-14
AWI has a research, development and marketing (RD&M) investment portfolio that appropriately considers a balance between short-term and long-term, low-risk and high-risk, strategic and adaptive research needs, and includes consideration of regional variations across the industry. The following diagrams are indicative of the focus between risk and timing of benefits from AWI's RD&M investments. The AWI investment portfolio is weighted towards low- and medium-risk programs. On-farm R&D strategies include much higher risk programs. Some marketing investments that are moving into the retail engagement phase are also viewed as higher risk. Low-risk investments are focused around delivery of established marketing programs. The AWI portfolio is structured to deliver the majority of its benefits to Australian woolgrowers in the short to medium term. On-farm and Off-farm extension programs represent the majority of short-term benefits. Long-term benefits are generated from investments in Strategy 3 (Production Systems and Eco-Credentials) and Strategy 7 (Category Management). The AWI Framework for Monitoring and Evaluation, first developed in 2011, defines the evaluation logic and operational processes, and is publicly available through the AWI website. Our process is based on the principle of continuous improvement and refinement, as the evaluation framework and the tools and processes within adapt to the evolving needs of AWI and the greater industry we serve. The core components of the Framework are the conduct of: AWI performance against the Strategic Plan Evaluation of investment proposals ( ex ante' evaluation) Evaluation of completed programs of investment ( ex post' evaluation) Reviews of active projects and programs. Specific tools have been developed to assist with the evaluation processes, and some of these are noted in the Framework document. Completed external reviews of AWI investment programs are made available through the AWI website, and include evaluations of investments in on--farm and off--farm research and development portfolios, and marketing programs. Operational implementation of the evaluation process promotes a culture of robust, collaborative review and improvement within AWI, and provides findings which can be used to refine decision--making processes at all levels within AWI, and thereby empower AWI staff. Value summaries are prepared for all programs included under the Strategic Plan. The summaries articulate the key performance indicators and enable investment performance against set targets to be determined. AWI continues to maintain a strong focus on accountability and on its internal control environment. It engages the services of the following leading professional services firms: is engaged annually to conduct the external audit and report to shareholders. , and provide specific advice on taxation and other related matters pertaining to AWI and The Woolmark Company, as required. GOOD BUSINESS
AWI Annual Report 2014-15
AWI Annual Report 2012-13