What Is Engineering Feasibility?
You may or may not have a specific technical solution in mind, but you know the result – having a solution that works is cost-effective and will take years as your company grows.
An Engineering Feasibility Study is an analysis that provides both the engineering consulting firm and its clients with enough information to determine whether the project is truly a viable candidate for the final engineering and product manufacturing stages.
At Denham Products, we identify all of the significant risks that your project may face, consider all viable options to achieve the project’s objectives, and consider any alternatives when it comes to the project’s scope to derive the best value solution.
Our Engineering Feasibility Studies and engineering services provide you with an evaluation of the potential success of your product and the best path for us to move forward. We consider the material acquisition, design, environmental resources, and the cost of designing your product. Our services also define your project’s requirements and costs while providing you with all the information needed to make informed decisions.
The consequences of not performing a detailed Engineering Feasibility Study are:
- Project Delays
- Heightened Cost of Design & Delivery
- Missed Opportunity Cost
From our experience, whenever the Engineering Feasibility Study is skipped, a project ultimately proves to be more expensive and time-consuming as the issues that would have been discovered in the early stages of the study are not identified, thus creating delays that increase the overall cost of the project.
How We Conduct A Engineering Feasibility Study As A Denver Engineering Consulting Firm
An Engineering Feasibility study is a study that is based on current and future technology trends, your financial constraints, and any long-term risks that could present themselves in the future. With our research, we can determine the cost of your product, the duration, and the risks associated with bringing it to market.
Our customized feasibility studies allow you to discover:
- Alternative technical options
- Duration of installation
- Environmental awareness
- Capital estimates of all options
- Operating costs, both short-term & long-term.
- Specific industry standards and local & government regulations that apply to your operation
- A reliability analysis
How Does This Translates To Your Product?
With technology advancing at such an astonishing rate, every decision surrounding your product should revolve around extending its longevity and flexibility. Essentially, it comes down to selecting the best design for your product’s needs while also meeting industry standards and still being flexible enough to meet changing business needs.
Our main objective at Denham Products is to acknowledge and mitigate the unknown factors of bringing your product to market while avoiding direct & lost-opportunity costs. This allows you to save both time and money with our engineering feasibility studies
Key Areas In Our Engineering Feasibility Studies
Our Engineering Feasibility Studies help identify whether a given project should be undertaken by minimizing risks and costs associated with various product development areas.
Technical Limitations
With a detailed examination of the technical limitations regarding your project, we analyze the technical feasibility of bringing your product to market. If it is determined that your product is technically feasible, we then compile a list of risks associated with the project’s technicalities.
Cost Analysis
The next step after determining the technical feasibility of your product is to examine the cost of bringing your product to market. Our Engineering Feasibility Studies address whether moving forward with this product is within your proposed budget and if it affects your other projects or, if applicable, company sectors. Not only does our financial analysis include a current project budget, but we also consider all possibilities of overruns.
Available Resources
One of the most important steps is determining what is available on hand and deciding on whether they’re sufficient and appropriate to sustain the project to its completion. Resources are a broad term encompassing both physical and software resources needed to bring this product to market.
Time
The next part of our feasibility study is to determine the time required for the project and whether you can undertake it for its entire duration.
Choose Denham Products, we’re excited to work with you!
At Denham Products, we are working to become a platform where innovators can launch their products fast and affordably. If you have an idea, our goal is to bring it to life. So feel free to reach out.