How do you conduct a feasibility study for an engineering design project?

1 Define the problem and the objectives

The first step of a feasibility study is to clearly define the problem that your design project aims to solve, and the objectives that you want to achieve. You should also specify the scope, boundaries, and assumptions of your project, as well as the criteria for success and failure. This step will help you focus your research and analysis on the most relevant and important aspects of your design.

2 Conduct a market and user research

The second step of a feasibility study is to conduct a market and user research, to understand the needs, preferences, and expectations of your potential customers and stakeholders. You should also analyze the existing solutions and competitors in the market, and identify the gaps and opportunities for your design. This step will help you validate the demand and viability of your design, as well as the unique value proposition and differentiation that you can offer.

3 Evaluate the technical feasibility

The third step of a feasibility study is to evaluate the technical feasibility of your design, which means assessing the availability, suitability, and reliability of the technologies, materials, processes, and methods that you will use to implement your design. You should also consider the technical risks, challenges, and limitations that you might encounter, and how you can mitigate or overcome them. This step will help you determine the feasibility and quality of your design, as well as the required resources and skills.

4 Estimate the economic feasibility

The fourth step of a feasibility study is to estimate the economic feasibility of your design, which means calculating the costs and benefits of your design, and comparing them with the alternatives. You should also consider the financial risks, uncertainties, and assumptions that might affect your calculations, and how you can account for them. This step will help you determine the profitability and sustainability of your design, as well as the optimal pricing and financing strategies.

5 Assess the social and environmental feasibility

The fifth step of a feasibility study is to assess the social and environmental feasibility of your design, which means evaluating the impacts and implications of your design on the society and the environment. You should also consider the ethical, legal, regulatory, and cultural aspects of your design, and how you can comply with them. This step will help you determine the acceptability and responsibility of your design, as well as the potential opportunities and challenges for social and environmental innovation.

6 Present and review the results

The sixth and final step of a feasibility study is to present and review the results of your research and analysis, and draw conclusions and recommendations for your design project. You should also document your findings, assumptions, methods, and sources in a clear and concise report, and share it with your team, clients, and stakeholders. This step will help you communicate and justify your design decisions, as well as solicit feedback and suggestions for improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?