Unit 12 Flashcards
What might a feasibility study contain?
Competitors
Sustainability
Product analysis
Target Market
What is a feasibility study for?
Flag up problems before fully committing to a project.
What problems could emerge from doing a feasibility study?
technical
economic
market
legal
productions
Why is quantitative data used wherever possible in a feasibility study?
Easier to assess objectively
risks can be measured and compared easily
helps put a stronger case to potential investors
What are direct costs?
costs explicitly linked to making a product
What are indirect costs?
costs that are needed for the day to day running of a business?
What are examples of indirect costs
rent
machinery
building insurance
office supplies
energy bills
salaries of admin staff
What are examples of direct cost?
Labour costs
materials required for product
costs of tooling and dies
What are the benefits of a fast production
less money spent of wages rent and energy
What should a feasibility study look at?
profile of target market
existing or similar products
What is the best advertising strategy
current and emerging demands
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threat
Written reports
Mostly text contains charts/graphs.
Used for feasibility studies,business plans and lifecycle analyses.
Prose gives the author a chance to write persuasively
Tables
Not visually interested, make it easy to input and reference data
Used for dense data
What is examples of testing feasibility
Prototype testing
Virtual testing
Graphs
Clear,compact way to compare and display quantitative data.ideal for showing growth or decline
Can compare how crucial factors such as time and money relate to products and manufacturing
Oblique projection
simpler technique
and useful in the
early stages of
design
What is an example of prototype testing?
Full size prototype can help assess ergonomic feasibility
Isometric projection
enables designers
to draw an object
in three
dimensions which
aids visualisation
Orthographic
typically include three 2D
views – the plan, front
and side elevations
Cross sectional
Datum points set points on a drawing
from which several dimensions are taken
What is an example of virtual testing?
CAD/CAM
CFD
Exploded
Standard conventions are
used in these drawings
to show dimensions and
structural details clearly
with minimal text
Sectional drawings
These truncate an object at a
given point to show internal
features that are otherwise
hidden from view
Exploded view
exploded drawing shows how
component parts of a product are
assembled
Components are aligned so its easy to
show where each part fits together
What is a corporate identity
the way an organisation presents itself
How can a corporate identity present itself?
logos and branding
packaging and uniforms
business practices
corporate social identity
What is consumer identity?
the key characteristics used to describe a target market
What information does packaging carry?
product spec
safety and quality
promotions
use by/sell by date
disposal/ recycling instructions
How to workout total production costs?
direct material costs + Direct labor costs + direct manufacturing costs
How to workout the cost price of one unit
Total production cost / number of products
What does a feasibility study assess?
Whether a proposed product, system, or process has potential.
What are the key questions addressed in a feasibility study?
Is it possible? Is it viable? Is it cost effective? Is it safe?
What is one benefit of conducting a feasibility study?
It can flag up problems before fully committing to a project.
What factors do feasibility studies evaluate?
- Technical
- Economic
- Market
- Legal
- Production
What does the technical factor in a feasibility study focus on?
What resources and technologies are required?
What economic aspects does a feasibility study consider?
What costs will be incurred? Will it be profitable?
What market-related questions are addressed in feasibility studies?
What is the demand? Who are the competitors?
Which legal aspects are evaluated in a feasibility study?
Which laws and regulations apply?
What does the production factor in a feasibility study involve?
Management of manufacture and labour.
Why should the results of feasibility tests be quantitative?
- Easier to assess objectively
- Risks can be measured and compared more easily
- Helps put a stronger case to potential investors
What must all projects/products be to attract investors and operate sustainably?
Financially viable.
What tool is used to compare potential costs to the proposed retail price?
Spreadsheets.
What do spreadsheets estimate?
Profits and the return on investment.
What are direct costs?
Costs explicitly linked to making a product.
What are indirect costs?
Costs needed for the day-to-day running of a business.
Sort the following costs into direct and indirect costs: Rent, Depreciation of machinery, Cost of tooling and dies, Materials required for product, Buildings insurance, Energy bills, Salaries of administrative staff, Office supplies, Labour costs of making the product.
Direct costs: Cost of tooling and dies, Materials required for product, Labour costs of making the product.
Indirect costs: Rent, Depreciation of machinery, Buildings insurance, Energy bills, Salaries of administrative staff, Office supplies.
What are direct costs?
Labour costs of making the product, materials required for the product, and cost of tooling and dies.
What are indirect costs?
Rent, salaries of administrative staff, energy bills, office supplies, depreciation of machinery, and buildings insurance.
What does ‘Time is money’ imply in manufacturing?
The longer it takes to manufacture a unit, the higher the cost of each product will be.
What is the goal of lean manufacturing?
Lean manufacturing aims for the most efficient use of time, labour, and resources as possible.
How does faster production affect costs?
The faster a product can be made, the less money will be spent on wages, rent, energy, etc.
What does ‘Time is money’ imply in manufacturing?
The longer it takes to manufacture a unit, the higher the cost of each product will be.
What is the goal of lean manufacturing?
Lean manufacturing aims for the most efficient use of time, labour, and resources as possible.
How does faster production affect costs?
The faster a product can be made, the less money will be spent on wages, rent, energy, etc.
What should a feasibility study look at?
A feasibility study should look at the proposed market.
What should be profiled in a feasibility study?
Profile the target market, their needs, spending habits, etc.
What should be researched in a feasibility study?
Research existing or similar products — what’s the USP?
What advertising strategy should be assessed?
What is the best advertising and marketing strategy?
What demands should be studied?
Study current and emerging demands.
What sales figures should be estimated?
Estimate sales figures and how the product will be sold.
What should a feasibility study analyze in production and logistics?
It should analyze how the design, manufacture, and distribution of the product should be managed.
What factors should be identified in a feasibility study?
This includes identifying the appropriate locations, processes, and the scale of production.
What experience and skills should be established in a feasibility study?
Establish the experience and skills required from staff.
What additional aspect could a feasibility study indicate?
It could indicate how best to structure the company.
How do legal factors affect product feasibility?
Laws and regulations affect product feasibility by ensuring that relevant quality and safety standards can be observed.
What environmental and social standards must be met?
Environmental and social standards must be met, such as sourcing/disposal of materials and workers’ pay and conditions.
What may need protection in a feasibility study?
The intellectual property for the product may need protection.
What should be considered regarding government policies?
Changes to government policies and legislation should be considered.
What is analyzed throughout the feasibility study?
The potential risks and chances of success of a product are analyzed throughout.
What is a common evaluative tool used in feasibility studies?
A SWOT analysis is a common evaluative tool.
What do strengths and weaknesses represent in a SWOT analysis?
Strengths and weaknesses are something the company might have control over.
What do opportunities and threats represent in a SWOT analysis?
Opportunities and threats are less predictable; while companies might have some influence, they do not have full control over these factors.
What are the strengths of the product?
Makes use of recently developed existing technology, use of lightweight materials in automotive design, low road tax costs due to current legislation, increasing demand for the product, and being more environmentally friendly than conventional cars.
What opportunities does the product have?
Reduce pollution, particularly in cities, reduce consumption of fossil fuels, stricter legislation on conventional vehicles (e.g., low emission zones), and interest from a celebrity for endorsement.
What are the weaknesses of the product?
Lack of expertise in the existing design team, need for retooling for manufacture, extensive investment in new technology, rapid technological development leading to potential obsolescence, and high retail price compared to conventional cars.
What threats does the product face?
Lack of infrastructure for recharging, road safety concerns due to quiet cars, competition from similar ideas, new trade laws causing delays in parts supply.
What actions can be taken to reduce risks and increase chances of success?
Consider addressing weaknesses and threats identified in a feasibility study through strategic planning and collaboration.
What is the purpose of prototype testing?
Prototype testing helps assess the viability of a product by producing physical models.
How can scale models be utilized?
Scale models can be shown to stakeholders, potential customers, and manufacturers to gather feedback on the design.
What is the benefit of full-size prototypes?
Full-size prototypes help assess ergonomic feasibility.
How are prototypes and drawings used in market research?
They are used to get feedback from focus groups, indicating product popularity, acceptable pricing, and design features.
What role does virtual reality play in market tests?
Virtual reality is increasingly used in market tests to evaluate product designs.
What advantages do prototypes provide in feasibility testing?
Prototypes make it easier to test the feasibility of a product across various designs.
What advancements allow for virtual testing?
Advances in CAD/CAM enable simulations to test design viability under different conditions.
What can be assessed through virtual testing?
The performance of various materials and structures can be assessed quickly.