The technical feasibility study is one of the three elements of the feasibility study, as it includes a market feasibility study, a technical feasibility study, and a financial and economic feasibility study. The focus of our discussion in this article is the second component, which is the technical feasibility study.
What is the technical feasibility study?
It is the study of the technical matters of the project, as the technical feasibility study is concerned with the technical aspects throughout the period of manufacturing the product until the product comes out with the required technical specifications, and it is also concerned with avoiding problems that may face the production process and gives an alternative in the event that these problems arise or the study solves them before entering into them. And based on that study, the product comes out efficiently according to the efficiency of the technical study established, meaning the more efficient the technical study the product is also highly efficient, so the quality of the product depends on the quality of the technical study.
Features of the technical study
It is the one that provides the owner of the project with accurate data to determine his needs from the labor market, and it also helps to determine the geographical location that benefits the project, it is the one that gives the necessary information in order to set the costs required to build the project, and the technical study is responsible for the exit of the product with high efficiency that competes with the rest of the products In the market, the responsibility for avoiding technical errors rests with that study.
The importance of the technical feasibility study
It determines the size of the production capacity of the project, through the first study, which is the market study, where the production capacity is determined according to the supply and demand of the commodity in the market and the knowledge of other competing commodities. Responsible for choosing the geographical location and technical specifications of the project, as there are several elements that must be available in the geographical location, for example it must be close to the infrastructure. Choosing the necessary devices and machines and the appropriate production equipment, which is the appropriate choice between the machines and production devices in the market, taking into account the technological development of production equipment. Providing the information needed by the production process, by which to organize the production process during the operation process. Planning, which is the process of organizing and planning the internal production stages, depending on the type of commodity and the volume of production of the commodity. It also has importance in controlling production and the quality of the commodity produced.
Economic feasibility study
The economic feasibility study is one of the three branches of the feasibility study, as any feasibility study consists of a marketing feasibility study, a technical feasibility study and an economic feasibility study, and this is our discussion in this article, the third branch, the economic feasibility study. Watch here