Technical feasibility study. The feasibility study is a systematic, systematic analytical plan that individuals follow in order to be able to obtain positive results for the project or reach expected results in the project in the future. It also determines the extent of the project’s success, whether commercial or investment in actual application on the ground, as well as to study and determine the percentage of Profits expected to be obtained from the implementation of this project.
Technical Feasibility Study
The technical feasibility study is one of the most important types of feasibility studies that must be carried out. It is also the main reference for the rest of the feasibility studies, as it is relied upon and referenced to take a lot of information, and important results related to the crucial project decisions.
Based on the importance of this study, sufficient time and the appropriate financial budget are allocated to it, in order to distinguish and succeed in the results of this study. We can say that the technical feasibility study is concerned with all the technical tracks and aspects related to the project.
Usually, in this study, the size of the products, the project and the technical specifications of the product to be presented to the target market are determined. Technical tables related to production are also prepared, and through the technical study, the technical efficiency and accuracy of the project is calculated and whether it is feasible or not.
How to make a technical study for a project
You may be wondering now, dear reader, about how to do a technical study for a project, but on condition that it be successful in order to achieve the success you are looking for and want to achieve in your project.
The technical feasibility study consists of several stages or steps that must be implemented with care and caution to ensure the success of the project with the actual steps, in addition to ensuring that time and effort are not wasted in the wrong way.
And before we touch on, dear project owner, to know how to make a technical feasibility, and to know the most important steps that you must implement to achieve the best possible profit rate.
You can complete the feasibility study on your own without hiring anyone, but you must have enough information about this area in order to avoid any unexpected loss.
Or you can hire one of the experts and specialists in the field of feasibility studies, and the distinguished technology company is the best one to help you in carrying out this task, because it has a professional team with long experience working in this field.
As it is a technical company team that studies all aspects related to the project, whether it is the requirements and special tools for the implementation of the project, and studies the financial matters in a good way, which will be needed in order to appear to the light.
Technical Feasibility Study Steps
If you want to implement a technical feasibility study for your project on your own, you must know the most important technical feasibility steps in the following lines, so let’s start:
First, determine the size of the project and its production capacity:
This step helps the project owner to be effective and efficient in how to optimally use all project resources.
The business owner can also measure the production capacity of the project through the estimated number of units that can be produced in a specified period of time and at a limited cost.
Second, determine the production method and the necessary technical means and equipment:
It must rely on the available technical and technological methods and their efficiency in achieving the desired project objectives and producing the best possible products.
The necessary technical means and equipment must be specified in terms of quantity and quality of devices and machines required for the project.
Third, determine the human resources needed to start the project:
This stage must be precisely defined in terms of technical, specialized and administrative works, maintenance work, security services, cleaning and maintenance.
Fourth: Estimating the project’s start-up costs:
It includes surveying, buildings, machinery, necessary equipment, licenses, wages and consultancy.
V. Final design and project site determination:
Through this step, the necessary requirements for the project are determined from human or material resources, etc., and the site is determined according to the nature of the project, and the characteristics of the site and the facilities necessary to achieve the needs of consumers are studied.
Sixth: Estimating project costs:
At this stage, costs must be determined based on the information analyzed in the market study and technical study. The costs are:
Capital costs as (land, equipment, and capital needed to operate).
Emergency reserve expenses and other costs spent on the project before its implementation, such as (establishment expenses, designs, etc.).
The importance of a technical feasibility study
There are many advantages and benefits that can be obtained when carrying out a technical feasibility study, the most important of which are the following;
Determining the appropriate project size as well as choosing the appropriate geographical location and location for this project.
Organizational, accurate and comprehensive schedules are made based on the technical study, in addition to identifying all the needs necessary to start implementing the commercial or investment project.
Based on the technical feasibility that is being done, the appropriate production system is selected.
Determining the amount of capital costs that must be available to start the project, and accordingly the results of this study must be accurate and accurate, if there is any defect or error that will result in large material losses.