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.

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.

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.

What is a Feasibility Analysis?

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Feasibility Analysis
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Miro Medvedec is an experienced business professional who has worked for DME Company in Madison Heights, Michigan. While there, Miro Medvedec’s responsibilities included promoting new products, and using the method of feasibility analysis as a basis.

A feasibility analysis or study is done to create an overview of all primary issues in relation to a certain business idea. This method helps to determine any concerns the idea may cause if implemented, with the goal of ensuring an idea’s success in the marketplace, or eliminating the idea potential failure is indicated. Feasibility studies focus on three major areas: market issues, organizational or technical issues, and financial issues. The study takes a brief look at these issues without going as in-depth as a full business plan would.

A feasibility study also helps businesses identify and evaluate alternatives to the proposed idea. Although feasibility analyses are relatively simple, they still require a good amount of research, and are usually reserved for proposals that may put large sums of money at stake.

DME Company is Committed to Quality

Detroit Mold Engineering pic
Detroit Mold Engineering
Image: dme.net

A professional with over 25 years of experience, Miro Medvedec has served as a project manager, engineer, and liaison for several companies in the United States and Canada. For five years, Miro Medvedec managed the customer base at DME Company in Madison Heights, Michigan.

DME stands for Detroit Mold Engineering, and was founded by I.T. Quarnstrom in 1942 to create mold bases in standard sizes. Since then, the company has committed to staying abreast of the most innovative technologies for mold design and providing the highest quality work for over 35,000 catalog items and ISO 9001 certification.

DME stays responsive to the changing needs of its customers in part by focusing on high quality manufacturing centers in various locations in the US and Canada. Establishing partnerships with leading mold technology providers around the world helps keep the work innovative and product costs down. In 2013, DME took second place on Quality’s Leadership 100 List, coming in just behind Ford.

Tips for Creating Project Milestones

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Project Milestones
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An engineering professional, Miro Medvedec possesses expertise in technical training and equipment sales. In his most recent role at DME Company, Miro Medvedec provided project management support that directly impacted sales goals.

Among the most important aspects of project management is establishing milestones. Milestones pinpoint goals that a team would like to achieve by designated deadlines and helps team members measure successes and failures throughout the lifecycle of a project.

These defining moments should take into consideration the following phases: initiation, planning, execution, and closure. Tasks should be grouped in the appropriate phases so they can be monitored during and after. This guarantees that any mishaps that could prolong project completion are corrected in a timely manner, thus reducing risk. Project information should be compiled on a master schedule that includes start dates and duration as well as succeeding and preceding activities. Use it as a baseline for managing the workload and keeping involved parties aware of and accountable for meeting set milestones.