How to do a technical study for a project, each of us wants to own his own project through which he can earn money to help him live, if you have an idea for a specific project and you intend to implement it on the ground, but you are not sure of its success rate and sometimes you feel hesitation and fear of failure of the project, So here is the solution, and it is necessary to conduct a feasibility study for the project, whether a technical, financial or marketing feasibility study to verify its effectiveness, and in today’s article we will learn together how to conduct a technical study for a project.
How to make a technical study for a project
Let us explain to you, dear reader, what is the concept of technical study first, then dive into the conversation to know together how to conduct a technical study for a project, and what are the components and importance of a technical feasibility study for you and your project.
The technical feasibility study can be defined as the study related to all the technical aspects of the project. It includes defining the technical specifications of the product and the size of the project, and preparing the necessary labor schedules for production.
In addition to calculating the accuracy and efficiency of the technical feasibility of the project and avoiding financial, marketing or production problems and risks, and below we will begin by presenting the components, importance and stages of the technical feasibility study and all its details that you are looking for.
Components of a technical feasibility study
The technical feasibility study is the step that follows the marketing feasibility study. Its objective is to know all the components of the technical feasibility study or the technical issues related to your project, which are as follows:
First, determine the location and area of the project, where the profitability of the product or activity that you will present to the public lies in its location, and accordingly, neglecting this step means the failure of the project, and even if you commit to providing a high quality product or distinguished services, you will not get customers at all, and it must be commensurate with The service you will provide or the type of goods you will store.
Second, determining the value of the expenditures related to the resources needed to start operating the project, such as electricity, gas and water.
Third, determine the specifications and costs of the project so that they are deducted from the cost of sales after operating the project, in order to know the percentage of profit from the products or services provided by the project.
Fourth, determine the quality, size, costs and specifications of the labor required to manage the project.
Fifthly, determine the costs of equipment, equipment and special tools to start the implementation of the project, in addition to an initial assessment of the cost of the raw material that you will use in the production of your product.
Technical feasibility study of the project
A question may come to your mind (how to do a technical study for a project) and we answer you. You can carry out a feasibility study through two options:
The first option: on your own, but you must have sufficient information and experience to help you complete the feasibility study, in order to ensure the success of your project in the long and short term, and to avoid any complications that result in loss or failure during implementation.
The second option: the assistance of one of the experts specialized in working in the field of feasibility studies, in order to ensure the success of your project with the actual steps on the ground.
One of the best companies with highly qualified and experienced skilled experts in this field is the Technical Company for Administrative and Economic Consultations for major governmental and private institutions and factories.
It is characterized by a long experience in the field of implementing feasibility studies in all its forms and for various investment and service projects, because it studies the project from A to Z, as wisdom says, in order to guarantee the project owner the highest possible success and profit rate.
The technology company also provides thousands of other electronic services that may be required for any project at its inception, to achieve the widest possible spread and attract the largest possible number of audience.
Which is reflected positively on the owner of this project and achieves the profits that he wishes to reap after the completion of the implementation and operation of the project.
The importance of a technical feasibility study
The technical feasibility study in your project helps you identify all the important aspects and basics for the project, through which the appropriate size and geographical location are determined, and the best suitable and advanced production systems are selected.
In order to help you in the accurate organization from the inside of the project and identify all the needs necessary to start operating the project or the new investment idea.
On the other hand, the technical feasibility study helps you provide the necessary information and data to estimate the capital costs that must be available for the investment project.
Therefore, you must ensure that the results of this study are very accurate, as any defect or error in the results will affect the decisions related to the project’s funding sources.