BIECON has form part of many project teams evaluating options for future business operations conducting in feasibility studies.
Feasibility studies investigate the scale of feasibility to which a project can or will be implemented. These studies are conducted to evaluate whether the resources and equipment will fit the purpose or practice in a business model or part thereof.
Technical feasibilities evaluate future infrastructure and equipment capability. The assessment is based on an outline design of system requirements in terms of input, processes, output, fields, programs, and procedures. This can be quantified in terms of machine or process capability, trends, frequency of updating, etc. in order to estimate whether the new system will perform adequately or not. This means that feasibility is the study of the based plan in outline.
Simulation modelling is often used to do these evaluations, evaluating the system capacity and capability under a set of pre-selected assumptions. These assumptions are then often challenged to show practicality and feasibility.
Economical feasibilities calculate financial terms of envisaged capital expenditure, such as payback periods, IRR and NPV. Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a candidate system and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. A business must accurately weigh the cost versus benefits before taking an action.
Comparison of various process types and/or equipment types are conducted with relation to technical feasibility for final selection of the project resources.