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FeasibilityStudies (A feasibility study assesses whether a proposed…
FeasibilityStudies
A feasibility study assesses whether a proposed product, system or process has any potential
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Spreadsheets are used to compare potential costs to the proposed retail price and predicted sales to estimate profits and the return on investment
Costs explicitly linked to making a product are called direct costs whereas indirect costs are those needed for the day to day running of a business
Testing feasibility
Testing with prototypes
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Scale models can be shown to stakeholders, potential customers and manufacturers to get feedback on the design
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Virtual testing
Advances in CAD/CAM allow simulations to be run to test the viability of a design in different conditions
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Thermodynamics, airflow and computational fluid dynamics (CFD) can be tested to assess product limitations
Virtual tests give detailed and precise quantitative data which is ideal for use in feasibility studies
Time is money
The longer it takes to manufacture a unit, the higher the cost of each product will be
This is why lean manufacturing aims for the most efficient use of time, labour and resources as possible
Production and logistics
A feasibility study should analyse how the design, manufacture and distribution of the product should be managed
This includes identifying the appropriate locations, processes and the scale of production
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Legal factors
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A feasibility study should ensure that relevant quality and safety standards for a product can be observed
Environmental and social standards must be met e.g. sourcing/disposal of materials, workers’ pay and conditions
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Risk and success
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Opportunities and threats are less predictable – while companies might have some influence, they do not have full control over these factors
Testing the market
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This can indicate how popular a product might be, the price people are willing to pay and highlight the best and worst design features
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