A feasibility study is a preliminary study undertaken to determine and document an invention or concept's, design, production manufacturing and patent viability. It is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It, for example, can decide whether an order processing can be carried out by a new system more efficiently than the previous one.  The results of a feasibility study are used to make decisions as to rather to proceed with the project, or shelf it.   If it indeed leads to a viable, patentable product invention and the venture being approved, it will - before the real work of the proposed business starts - to be used to ascertain the likelihood of the project's success.  A limited feasibility review or full study could be used to test a new product idea or concept of a working system, which could be used because:

• The current system may no longer carry its purpose,
• Technological advancement may have rendered the current system obsolete,
• The business is expanding, allowing it to cope with extra work load,
• Customers are complaining about the speed and quality of work the business provides,
• Competitors are now winning a big enough market share due to an effective integration of a computerized system.

     Within a business feasibility analysis, there are areas of that should be reviewed, or at least considered when considering a new product venture including those of; a Needs Analysis, Economics, Technical, Schedule, Organizational, Cultural, and Legal and finally a Design – Engineering Materials/Processes Analysis.  The latter is the a powerful tool for business and product managers to define the feasibility, scope of the project and estimated production development costs. The extent of the study can be a limited to general 2-3 page review or a 15 - 20 page study with drawings with an in depth evaluation of the options, considerations, advantages and disadvantages of a particular development path.  A feasibility review or study should examine main areas:

• part / design - materials and process selection options
• select primary manufacturing - tooling configurations
• tooling and piece price costs and considerations
• market development issues
• technical and organizational - resource requirements
• financial requirements

     The formal or full Feasibility Study, if determined appropriate assists in defining critical paths that are derived from one or more production design approaches or development actions that need to be implemented.   Each phase or milestone of the project is concluded with a meeting and or video/phone conference with the decision team to confirm development progress and approve that phase of work.  In a formal services agreement associated deliverables, costs and timelines are broken out for decision-maker purposes. 

See ME - Manufacturing - Production Feasibility Study