Steps in a Project Feasibility Study

Project Feasibility Study pic
Project Feasibility Study
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An engineer with diverse experience in project management, Miro Medvedec most recently served in a managerial role at DME Company in Michigan. In this position, Miro Medvedec maintained responsibility for using project feasibility analyses to promote new products.

A project feasibility analysis consists of several basic steps to determine whether an idea is viable. First, project leaders must conduct a market analysis to gauge the demand for their new product and assess the competition. This analysis should include asking whether the new product is likely to satisfy enough customers to become sustainable.

Second, project leaders should look at the technical requirements of their product to see if it can meet customers’ expectations. Identifying a market need for a product does not always translate to the ability to produce it. Project leaders must consider whether they will have to rely on outside resources to finalize the product.

The third step involves exploring business models and includes scenario planning and assessment of potential profit to determine whether the initiative is worthwhile. Business leaders must consider whether their new product would require so much change that it wouldn’t make sense within their current business model.

Qualities of a Successful Project Manager

Project Manager pic
Project Manager
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After earning an MBA from Indiana Wesleyan University, Miro Medvedec went on to work for DME Company in Michigan, providing sales and project management support to new and existing customers in the Ohio area. In that position, Miro Medvedec developed an appreciation for the qualities of a good project manager.

Excellent project management consists of regularly meeting and surpassing stakeholders’ goals. To do this, a project manager must be able to spot and rectify current and future problems.

Outstanding organizational skills allow project managers to stay focused on the overall situation so they can prioritize the assignments of their subordinates. The large number of discrete tasks makes this a critical attribute. Project management is also a leadership position. Its practitioners must know how to motivate individuals who are not under their direct supervision and inspire confidence when things go wrong.

Additionally, good communication skills are vital. Project managers must effectively present information that can be acted on immediately and understand the needs of each work group. Although it is easy to fall into the trap of over-analyzing key data, effective project managers maintain a pragmatic point of view, and they keep their eyes on what needs to be done right away.

Finally, quality project management depends on empathy. Project managers should understand the viewpoint each contributor brings to the task at hand.

Project Feasibility Analysis

Project feasibility analysis
Project feasibility analysis

 

Miro Medvedec worked as a project manager for DME Company. In this capacity Miro Medvedec relied on project feasibility analyses to recommend products to clients.

Project management is the process of designing, planning, executing, and monitoring projects to accomplish a specific goal. Before undertaking a project, it is necessary to conduct a feasibility analysis to determine the cost of the project and its potential for success. This type of analysis is useful to catch any potential issues before the project is actually begun.

Project feasibility analysis measures the feasibility of five aspects of the proposed project:

1 Technical feasibility – What software and hardware are necessary for the project? Are team members with the necessary technical expertise in place to ensure success?

2 Economic feasibility – What are the costs associated with the project, and do the anticipated benefits outweigh the costs?

3 Legal feasibility – What applicable laws need to be considered and followed throughout the duration of the project?

4 Operational feasibility – Will the intended result of the project accomplish the desired goal?

5 Scheduling feasibility – When is the project to be completed, and is it reasonable to expect it to be completed on time?

Conducting a project feasibility analysis gives the stakeholders a comprehensive view of the project to determine whether it should move forward or be reconsidered.

Injection Molding Systems – History and Applications

Injection molding
Injection molding

From 1991 until 2003, Miro Medvedec worked as an engineer. Miro Medvedec’s duties involved managing and selling injection molding systems and their auxiliary components, both in the United States and in Latin America.

Injection molding is a process used to manufacture identical parts, typically made of plastic, from a permanent mold. Because these molds are custom-made for the exact part to be produced, a wide variety of products for vastly different industries can be manufactured.

The use of injection molding began in 1868, when John Wesley Hyatt invented a method of forcing celluloid into a mold as a new way to produce billiard balls. However, injection-molding did not become a significant production method until World War II created a high demand for inexpensive mass-produced products.

Injection molding is ubiquitous in modern society, and is used to manufacture everything from pocket combs to automotive parts to packaging. Its popularity is due largely to its repeatability, which also makes it ideal for producing components used in complex machines.

Tips to Experience Successful Project Management

Project Management pic
Project Management
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Miro Medvedec earned his MBA at Indiana Wesleyan University in 2003. A former manager responsible for a customer base in Ohio, Miro Medvedec handled sales, applications, and project management support.

Successful project management can be made easier by following several important tips. Refraining from micromanaging is one of the most important of these tips. While it’s critical to meet with team members on a regular basis, it’s also beneficial to allow them some breathing room so they can work without feeling like every action they take is being scrutinized. According to a study conducted by Yona Kifer and published in Psychological Science, it was found that employees who had a position of power over their decision-making were 26 percent more satisfied with their roles over those who were lacking this power.

In addition to team member empowerment, healthy risk management is extremely important for successful project management. This typically entails having a risk officer that will be in charge of detecting potential project issues. Maintaining a live-risk database for projects to essentially track all issues and their resolutions is also key to healthy risk management.

Build a Customer Base Effectively

Build a Customer Base pic
Build a Customer Base
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Miro Medvedec earned his MBA at Indiana Wesleyan University. In his most recent position with DME Company, Miro Medvedec was responsible for managing a customer base in Ohio.

The main goal of building a customer base is to build customer loyalty. Following a few basic tips can improve your customer base. Communication is critical when you are trying to gain customer loyalty, and one way to boost communication is through a monthly flier or e-mail newsletter. Even a simple holiday card can show your customers you appreciate them. While communication is important, it’s essential to avoid consistently advertising with each newsletter or flier, as this can drive away customers.

Further, coming up with a creative idea for an incentive can boost your business. An incentive allows more frequent shoppers and it gives customers another reason to visit your business again. For example, you can provide a free service with the purchase a certain item, allow customers to “buy one and get one free”, or even provide rebates.

How to Provide Better Project Management Support

Project Management pic
Project Management
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At his former position in DME Company, Miro Medvedec promoted new products while providing customer support and improving sales volume. Additionally, Miro Medvedec was responsible for project management support.

Providing better project management can be possible by following a few words of advice. Noticing good performance can increase the work productivity of others. When you notice workers going out of their way or even simply doing what they were asked, notice it and say something to them. Employees may perform better when they are recognized for their hard work.

As project management support staff, it’s important to be a leader, as well as a manager. Your main focus should be to tend to people, systems, information, and processes. Be sure you are sharing your excitement, vision, and passion about the business with team members. Encourage others to put forth the effort to produce outstanding results, as well as give support where it’s needed.