Feasibility Studies
Feasibility Studies: An Overview
- Feasibility Studies are in-depth investigations into the practicality of a proposed project or system, often used in the initial stages of a design process.
Components of a Feasibility Study
- A feasibility study typically assesses: market feasibility, technical feasibility, financial feasibility, and organisational feasibility.
- Market Feasibility explores the potential market for a product and investigates factors such as competitor analysis, market size, trends and customer needs.
- Technical Feasibility analyses whether a design or idea can be realised with currently available technology and if it meets regulatory requirements.
- Financial Feasibility involves costing the project to see if it is economically viable. This includes factors such as cost of materials, labour costs, and projected revenue.
- Organisational Feasibility evaluates whether a project aligns with the strategic goals of the organisation or individual.
Importance of Feasibility Studies
- Feasibility studies are crucial because they evaluate potential success and risks before major resources (both time and money) are committed to a project.
- They provide crucial information to stakeholders or decision makers to support informed decisions about whether to proceed with a project.
- They can prevent costly mistakes and identify adjustments that need to be made to a design or plan.
Application in Design and Technology
- In Design and Technology, feasibility studies can be used to evaluate the likelihood of a product design being successful in the real world.
- Designers use feasibility studies to review whether their ideas are practical and viable within the constraints of cost, time, technology, and regulatory requirements.
- If the study identifies a product as not feasible, a designer may need to revise the design or consider a new approach.
Remember, a well-executed feasibility study is a valuable tool in guiding decision-making in the design process. It helps identify both the advantages and limitations of a proposed project before significant resources are committed.