Misplaced Pages

#151848

42-426: A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service , accounting statements, details of the operations and management , marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project implementation. A feasibility study evaluates

84-400: A model , model variant , or model number (often abbreviated as MN , M/N or model no. , and sometimes as M- or Mk ). For example, Dyson Ltd , a manufacturer of appliances (mainly vacuum cleaners), requires customers to identify their model in the support section of the website. Brand and model can be used together to identify products in the market. The model number is not necessarily

126-427: A "Classification of Products by Activity" among other product classifications. The United Nations also classifies products for international economic activity reporting. The Aspinwall Classification System classifies and rates products based on five variables: The National Institute of Governmental Purchasing (NIGP) developed a commodity and services classification system for use by state and local governments,

168-408: A Sears item number and a manufacturer's model number. Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure. A product line is "a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through

210-409: A given project. It also takes into consideration its four Ps, its risks and POVs, and its constraints (calendar, costs, and norms of quality). The goal is to determine whether the project should go ahead, be redesigned, or else abandoned altogether. The five frames of analysis are: The four Ps are traditionally defined as Plan, Processes, People, and Power. The risks are considered to be external to

252-578: A more circular economy . Product information management (PIM) is the process of managing all the information required to market and sell products through distribution channels . This product data is created by an internal organization to support a multichannel marketing strategy. A central hub of product data can be used to distribute information to sales channels such as e-commerce websites, print catalogues, marketplaces such as Amazon and Google Shopping , social media platforms like Instagram and electronic data feeds to trading partners. Moreover,

294-518: A new project, financial viability can be judged on the following parameters: The financial viability of a project should provide the following information: In 1983 the first generation of the Computer Model for Feasibility Analysis and Reporting (COMFAR), a computation tool for financial analysis of investments, was released. Since then, this United Nations Industrial Development Organization (UNIDO) software has been developed to also support

336-472: A predecessor activity For example, on a project to construct a new office building, the landscaping could be scheduled to start prior to the scheduled punch list completion. This would be shown as a finish-to-start with two-week lead". If you are building a building, you can't paint the walls before installing the water pipes into the walls. Activity A and Activity B are said to have a Maximal-Type Relationship, if Activity B can start after Activity A, but with

378-446: A project should run or not. This assessment is based on an outline design of system requirements, to determine whether the company has the technical expertise to handle completion of the project. When writing a feasibility report, the following should be taken to consideration: At this level, the concern is whether the proposal is both technically and legally feasible (assuming moderate cost). The technical feasibility assessment

420-535: A retail location where it is purchased by consumers. In the EU, under the renewed Sustainable Product Policy Initiative , the inclusion of a Digital Product Passport has been proposed. A material passport is a document consisting of all the materials that are included in a product or construction. It consists of a set of data describing defined characteristics of materials in products, useful for recovery, recycling , re-use and various evaluations. They may contribute to

462-683: A specific unit of a product is often (and in some contexts must be) identified by a serial number , which is necessary to distinguish products with the same product definition. In the case of automotive products, it is called the vehicle identification number (VIN), an internationally standardised format. Product information, beyond currency price information, can include: Many of these types of product information are regulated to some degree, such as to some degree prohibiting false or misleading product information or requiring sellers or manufacturers to specify various information such as ingredients of food-, pharmaceutical- and hygiene-products. There also

SECTION 10

#1732779503152

504-424: A successor activity will be delayed with respect to a predecessor activity". For example: When building two walls from a novel design, one might start the second wall 2 days after the first so that the second team can learn from the first. This is an example of a lag in a Start-Start relationship. In accordance to PMBOK a lead is "the amount of time whereby a successor activity can be advanced with respect to

546-409: A variety of assumptions concerning inflation, currency revaluation and price escalations. Market research studies is one of the most important sections of the feasibility study as it examines the marketability of the product or service and convinces readers that there is a potential market for the product or service. If a significant market for the product or services cannot be established, then there

588-400: Is standardization . Marketing to entice the shopper is often prioritized over accurate, high-quality or extensive and relevant information. Product information is often a key element in the buyer decision process . Relevant factors include trust in the accuracy of the information and social normative pressure. Easily accessible and up-to-date medicinal product information can contribute to

630-473: Is a critical aspect of systems engineering that must be integral to the early design phases. A time feasibility study will take into account the period in which the project is going to take up to its completion. A project will fail if it takes too long to be completed before it is useful. Typically this means estimating how long the system will take to develop, and if it can be completed in a given time period using some methods like payback period. Time feasibility

672-527: Is a measure of how reasonable the project timetable is. Given our technical expertise, are the project deadlines reasonable? Some projects are initiated with specific deadlines. It is necessary to determine whether the deadlines are mandatory or desirable. Describe how much time is available to build the new system, when it can be built, whether it interferes with normal business operations, type and amount of resources required, dependencies , and developmental procedures with company revenue prospectus. In case of

714-534: Is an actual physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing. An intangible product is a product that can only be perceived indirectly such as an insurance policy. These services can be broadly classified under intangible products, which can be durable or nondurable . In its online product catalog, retailer Sears, Roebuck and Company divides its products into "departments", then presents products to potential shoppers according to (1) function or (2) brand. Each product has

756-451: Is focused on gaining an understanding of the present technical resources of the organization and their applicability to the expected needs of the proposed system. It is an evaluation of the hardware and software and how it meets the need of the proposed system The selection among a number of methods to produce the same commodity should be undertaken first. Factors that make one method being preferred to other method in agricultural projects are

798-459: Is necessarily to overlap activities; an option may be selected to use start-to-start (SS), finish-to-finish (FF) or start-to-finish (SF) relationships....Whenever possible, the FS logical relationship should be used. If other types of relationships are used, they shall be used sparingly and with full understanding of how the relationships have been implemented in the scheduling software being used. Ideally,

840-436: Is no project. Typically, market studies will assess the potential sales of the product, absorption and market capture rates and the project's timing. The feasibility study outputs the feasibility study report , a report detailing the evaluation criteria, the study findings, and the recommendations. Product (business) In marketing , a product is an object, or system, or service made available for consumer use as of

882-501: Is not used, because resource levelling can delay a successor activity (an activity, which shall be finished just-in-time) in such a way, that it will finish later than the start of its logical predecessor activity, thus not fulfilling the just-in-time requirement. There are three kinds of dependencies with respect to the reason for the existence of dependency: Early critical path -derived schedules often reflected only on causal (logical) or discretionary (preferential) dependencies because

SECTION 20

#1732779503152

924-746: The NIGP Code . The NIGP Code is used by 33 states within the United States as well as thousands of cities, counties and political subdivisions. The NIGP Code is a hierarchical schema consisting of a 3 digit class, 5 digit class-item, 7 digit class-item-group, and an 11 digit class-item-group-detail. Applications of the NIGP Code include vendor registration, inventory item identification, contract item management, spend analysis, and strategic sourcing. A manufacturer usually provides an identifier for each particular design of product they make, known as

966-463: The health literacy . Online shopping is usually more informationally rich than shopping at physical stores traveled to and usually has higher comparability and customizability. Production information-related developments can be useful for enabling, facilitating, or shifting towards sustainable consumption and support more sustainable products . Environmental life-cycle assessment (LCA) has been widely used for to assess environmental impacts across

1008-548: The insurance industry, product lines are indicated by the type of risk coverage, such as auto insurance , commercial insurance and life insurance . Various classification systems for products have been developed for economic statistical purposes. The NAFTA signatories are working on a system that classifies products called NAPCS as a companion to the North American Industry Classification System (NAICS). The European Union uses

1050-417: The project deliverables that make up or contribute to delivering the objectives of the project. A related concept is that of a sub-product, a secondary but useful result of a production process. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability . A product can be classified as tangible or intangible . A tangible product

1092-507: The assumption was that resources would be available or could be made available. Since at least the mid-1980s, competent project managers and schedulers have recognized that schedules must be based on resource availability. The critical chain method necessitates taking into account resource constraint-derived dependencies as well. Dependencies can be modified by leads, and lags. Both leads and lags can be applied to all 4 types of dependencies. PMBOK defines lag as "the amount of time whereby

1134-423: The consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer . In retailing , products are often referred to as merchandise , and in manufacturing , products are bought as raw materials and then sold as finished goods . A service is also regarded as a type of product. In project management , products are the formal definition of

1176-416: The early stages of the design if desired operational behaviours are to be realised. A system design and development requires appropriate and timely application of engineering and management efforts to meet the previously mentioned parameters. A system may serve its intended purpose most effectively when its technical and operating characteristics are engineered into the design. Therefore, operational feasibility

1218-442: The economic appraisal of projects. The COMFAR III Expert is intended as an aid in the analysis of investment projects. The main module of the program accepts financial and economic data, produces financial and economic statements and graphical displays and calculates measures of performance. Supplementary modules assist in the analytical process. Cost-benefit and value-added methods of economic analysis developed by UNIDO are included in

1260-435: The following: After we determine the appropriate method of production of a commodity, it is necessary to look for the optimal technique to produce this commodity. Once the method of production and its technique are determined, technical people have to determine the projects' requirements during the investment and operating periods. These include: The most important factors that determine the selection of project location are

1302-444: The following: It determines whether the proposed system conflicts with legal requirements, e.g., a data processing system must comply with the local data protection regulations and if the proposed venture is acceptable in accordance to the laws of the land. Operational feasibility is the measure of how well a proposed system solves problems and takes advantage of the opportunities identified during scope definition and how it satisfies

Feasibility study - Misplaced Pages Continue

1344-607: The life cycle of products. There are LCA datasets that assess all products in some supermarkets in a standardized way. Consumers may seek reliable information to evaluate relevant characteristics of products such as durability and reliability. Development of 'transparency by design' scenarios have been suggested to "complement the physical product with layers of digital information", improving transparency and traceability (T&T). The app CodeCheck gives some smartphone users some capability to scan products for assessed ingredients. Many labels are considered to be flawed and few have

1386-409: The program and the methods of major international development institutions are accommodated. The program is applicable for the analysis of investment in new projects and expansion or rehabilitation of existing enterprises as, e.g., in the case of reprivatisation projects. For joint ventures, the financial perspective of each partner or class of shareholder can be developed. Analysis can be performed under

1428-451: The project (e.g., weather conditions) and are divided in eight categories: (Plan) financial and organizational (e.g., government structure for a private project); (Processes) environmental and technological; (People) marketing and sociocultural; and (Power) legal and political. POVs are Points of Vulnerability: they differ from risks in the sense that they are internal to the project and can be controlled or else eliminated. The constraints are

1470-411: The project's potential for success; therefore, perceived objectivity is an important factor in the credibility of the study for potential investors and lending institutions. It must therefore be conducted with an objective, unbiased approach to provide information upon which decisions can be based. A project feasibility study is a comprehensive report that examines in detail the five frames of analysis of

1512-673: The requirements identified in the requirements analysis phase of system development. The operational feasibility assessment focuses on the degree to which the proposed development project fits in with the existing business environment and objectives about the development schedule, delivery date, corporate culture and existing business processes. To ensure success, desired operational outcomes must be imparted during design and development. These include such design-dependent parameters as reliability, maintainability, supportability, usability, producibility, disposability, sustainability, affordability, etc. These parameters are required to be considered at

1554-727: The same as the manufacturer part number (MPN). Because of the huge amount of similar products in the automotive industry , there is a special kind of defining a car with options (marks, attributes) that represent the characteristics features of the vehicle. A model of a car is defined by some basic options like body, engine, gearbox, and axles. The variants of a model (often called the trim levels ) are built by some additional options like color, seats, wheels, mirrors, other trims, entertainment and assistant systems, etc. Options, that exclude each other (pairwise) build an option family. That means that you can choose only one option for each family and you have to choose exactly one option. In addition,

1596-480: The same types of outlets, or fall within given price ranges." Many businesses offer a range of product lines which may be unique to a single organisation or may be common across the business's industry. In 2002 the US Census compiled revenue figures for the finance and insurance industry by various product lines such as "accident, health and medical insurance premiums" and "income from secured consumer loans". Within

1638-424: The sequence of all activities will be defined in such a way that the start of every activity has a logical relationship from a predecessor and the finish of every activity has a logical relationship to a successor". SF is rarely used, and should generally be avoided. Microsoft recommends to use SF dependency for just-in-time scheduling. It can be easily shown however, that this would only work if resource levelling

1680-482: The significant role that PIM plays is reducing the abandonment rate by giving better product information. Dependency (project management) There are four standard types of dependencies: Finish-to-start is considered a "natural dependency". The Practice Standard for Scheduling recommends, that "Typically, each predecessor activity would finish prior to the start of its successor activity (or activities)(known as finish-to-start (FS) relationship). Sometimes it

1722-442: The standard constraints of calendar, costs and norms of quality that can each be objectively determined and measured along the entire project lifecycle. Depending on projects, portions of the study may suffice to produce a feasibility study; smaller projects, for example, may not require an exhaustive environmental assessment. TELOS is an acronym in project management used to define five areas of feasibility that determine whether

Feasibility study - Misplaced Pages Continue

1764-411: The time to "study the true environmental impact of every purchase". Full product transparency is a concept of making the full life-cycle impacts public. An important element that is required for various product information is supply chain transparency, which relates to human rights and supply chain sustainability . Produce traceability makes it possible to track produce from its point of origin to

#151848