A feasibility study by Engineers Core is a technical study in which our team of multidisciplinary experts determines the possibility of your product development process. Price range, time frame estimate, and resources needed for the process are some of the information given in the final feasibility report.
Determine the cost, duration and risk
Ensuring Your Solution Is Feasible and Viable
Implementation of a feasibility study is the key step to further development of the product. A feasibility study evaluates and analyzes the potential of a certain investment, whether or not it should be done, and why. Engineers Core offers you a deep and detailed technical feasibility study as a part of the product development process, conducted by a team of multidisciplinary professionals.
Research
Data and experience-driven decisions
The main part of research is searching for already existing competition products with the same or similar purpose. Comparing your new product with the already existing ones will give us a better vision of the price range, functionality, performance, standard components, and the whole product in general.
Conceptual Solution
Based on the fundamental brief from the previous phase, the conceptual solution includes creating sketches of components, in order to simply visualize each smaller part of the whole product. Depending on how complex the product is, we make sketches and schemes of components, subcomponents, and elements in 3D software. Making 3D models of the components helps us in later phases of product development and manufacturing and it gives us a better visualization of the product.
Time Frame Estimate
Time frame estimate is another important asset of product feasibility. In a feasibility study, according to all information given, budget and resources, we determine a time frame estimate of the whole product development process. We make a certain time range for finishing each phase of the process and determining when the product will be ready for the manufacturing of its final prototype.
What is Product Planning?
Product Planning is a long and detailed process that begins with the initial idea of the product and ends with launching it on the market. It includes all details about the product development process, steps, and actions, tasks, decisions, and tools needed to successfully develop a product.
Product Roadmap
Having a product roadmap will help both you and us have a clear vision of how the product development process will unroll. The roadmap is created based on our short and long-term goals for the product and it includes timeline, goals, directions, guidelines, priorities, resources, and progress of the project.
Product Feasibility Study
The Engineers Core feasibility study includes information about the main components needed to create a product, solutions for possible problems, price range, time range, already existing competition, 3D sketches, and schemes. A final Gantt chart is created in order to let the client know the full product development process, how long it will take, and how much it will cost. At the end of a feasibility study, our team will create a document including all the information gathered from a previously conducted study and present it to the client.
FAQ
What is the feasibility of a product?
The feasibility of a product is an analysis that determines whether the production of a new product is possible, viable, and profitable in the estimated time.
What are the four types of feasibility?
- technical feasibility
- economic feasibility
- operational feasibility
- schedule feasibility
What is the purpose of feasibility?
The purpose of conducting a feasibility study and determining a product’s feasibility is product planning and making profitable investments.
What is a product or service feasibility?
Product or service feasibility is determined through a feasibility study and it includes overall information about developing a new product, theoretical possibilities, and probabilities of the investment.
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