Feasibility Studies in the Product Development Process

Abstract

The term “feasibility study” is often used in context of product development processes. Feasibility studies focus on five subjects: technical, economic, legal, operational and scheduling feasibility studies. The best known field is the economic one. While in economy science there is a standard-proceeding of a “feasibility study”, in a technical context the term is used in different ways as shown by various research work. Thus, this paper aims to point out the relation of technical feasibility studies (TFS) and product development in context of the integrated product de- velopment model (iPeM).The analysis of role and proceeding of feasibility study bases on three aspects: literature research and definition of terms, analyses of selected documented examples of technical feasibility studies resulting in a classification in iPeM and the matching of the classifications concerning the role of technical feasibility study in product development.The results of research give a closer look at the various definitions and descriptions of the term. Thereby, the research focusses on the economic just as the technical feasibility. Whereas DIN69901-2 defines a standard for the evaluation of feasibility in context of project management, no consistent definition for technical feasibility studies is found. Thus, a consistent understanding of the aims of a technical feasibility study is compiled. In addition, examples of technical feasibility studies in product development processes will be analyzed regarding in which steps evaluations of technical feasibility are be done. Result of the classification of the identified activities of the examples to activities of product development and problem solving, is a graphical representation in iPeM. The third aspect is the matching of the iPeM-classifications. Using the gained understanding of “technical feasibility study” it is possible to conclude at which specific points in product development feasibility stud- ies are done. These aspects concerning the role and aims of technical feasibility studies are underlying for further works.