Study of Industry 4.0 : Feasibility in Project Management

In today’s world the internet is playing a vital role in the development of the industrial sector along with information technology. In the upcoming era of 5G technology industries are keen to implement new technologies like the Internet of Things(IoT), Artificial Intelligence(AI) and Machine Learning(ML) into their production houses for increasing their production and for better yield. As this kind of action leads to the journey of Industrial Revolution 4.0

In the progress towards Industrial Revolution 4.0, project management can be the crucial point for overcoming the difficulties which will be faced in the future for its implementation.

What is Industry 4.0 ?

Industrial Revolution 4.0 is the extended version of Industrial Revolution 3.0 These factories are accoutered with smart computers, advanced sensors, high-quality embedded softwares, and automated robots which collect the huge amount of data and analyze that data for taking better business decisions.

The digital technologies used in Industry 4.0 lead to an increase in the predictive maintenance of the system, self-optimization of processes inside the organization and an increase in the automation of machines which itself gives the overall new experience to customers which was not previously possible. Thus developing these kinds of smart industries provides an incredible opportunity for the industry manufacturers to be in the race for Industrial Revolution 4.0

Analyzing such kind of large data taking time to time input from the advanced sensors ensures the real-time visibility of manufacturing assets and can provide effective tools to reduce equipment downtime.

Using such high-tech IoT devices in manufacturing leads to higher productivity and improved quality of products. Replacing the manual business models with the new AI-based machines can reduce manufacturing errors furthermore saves a lot of money and time.

By doing a minimal amount of investment, one can install a smartphone connected to the cloud by the monitor process virtually anywhere in the world. By applying machine learning algorithms one can detect errors in the machine or product immediately rather than waiting for a machine to come to its maintenance stage.

The concept of Industry 4.0 and its collebrative technologies can be applied to all types of industries including process manufacturing, oil and gas, mining and other various industrial segments.

What is a Feasibility Study

A feasibility study is a comprehensive evaluation of a proposed project, assessing all the factors essential to its success to estimate its likelihood of success. Business success can be defined primarily by her ROI, the amount of profit generated by the project.

A feasibility study evaluates the feasibility of a proposed plan or project. As part of a feasibility study, the feasibility of a project or plan is checked to determine whether it will be successful. As the name suggests, a feasibility study is used to determine the feasibility of an idea. B. To ensure that the project is legally and technically feasible and economically justifiable. Indicates whether the project is worth investing in. In some cases, the project may not even run. There are many possible reasons for this. For example, requiring too many resources can not only prevent those resources from performing other tasks, but it can also cost the company more than it would cost to undertake and recoup an unprofitable project.

A well-designed survey should provide historical context for the company or project. B. Product or Service Descriptions, Balance Sheets, Operational and Administrative Details, Market Research and Policies, Financial Data, Legal Requirements and Tax Obligations. Such research usually precedes technology development and project implementation.

Understanding the Studies of Feasibility

Project management is the process of planning, organizing, and managing resources for the successful completion of specific project goals and objectives. A feasibility study is a preliminary study to determine the merits and feasibility of a proposed project or venture. A feasibility study aims to provide an independent assessment that examines all aspects of a proposed project, including technical, economic, financial, legal and environmental considerations. This information helps decision makers decide whether to proceed with the project.

Feasibility study results can also be used to develop realistic project plans and budgets. Without a feasibility study, you cannot easily know if a proposed project is worth pursuing.

Types of Feasibility Studies

A feasibility study assesses the likelihood of a project’s success. Perceived objectivity is therefore an important factor in the credibility of a survey for potential investors and credit agencies. There are five types of feasibility studies. These are the distinct areas that the feasibility study explores, as described below.

1. Technical Feasibility

This assessment focuses on the technical resources available to the organization. It helps companies determine if technical resources match capacity and if technical teams can translate ideas into working systems. Technical feasibility also includes an evaluation of the hardware, software, and other technical requirements of the proposed system. As an exaggerated example, the organization would not put a Star Trek transporter into the building.

2.Economic Feasibility

This project is not technically feasible at this time. includes a cost/benefit analysis of the project. This helps organizations determine the feasibility, costs, and benefits of a project before allocating funds. It also serves as an independent project appraisal, increasing project credibility by helping decision-makers determine the positive economic benefits to the organization of a proposed project.

3. Legal Feasibility

This evaluation examines whether any aspect of the proposed project conflicts with legal requirements such as zoning laws, privacy laws, and social media laws. An organization wants to build a new office building at a specific location. A feasibility study may reveal that your organization’s ideal location is not for this type of business. This organization saved a lot of time and effort by knowing the project was not viable from the start

4. Operational Feasibility

This assessment conducts a study to analyze and determine whether and to what extent the needs of the organization will be met by the completion of the project. The operability study also examines how the project plan meets the requirements identified during the requirements analysis phase of system development.

5. Schedule Feasibility

This assessment is paramount to the success of the project. After all, a project fails if it’s not completed on time. In a feasibility plan, an organization estimates how long the project will take to complete.

Once all of these areas have been explored, a feasibility study will help identify any constraints that a proposed project may face. Marketing, Export, etc.

Examples of a Feasibility Study

A local university was concerned about the state of the science building, which was built in the 1970s. School officials sought to determine the costs and benefits of expanding and upgrading the building, given the scientific and technological advances over the past 20 years. A feasibility study was therefore conducted.

School officials looked at several options and weighed the costs and benefits of updating and expanding the science building. There were concerns expressed by school officials about the project’s cost and public reaction. The proposed new science building will be larger than the current one. The community board rejected similar proposals in the past. The feasibility study will address these concerns and any possible legal or zoning issues.

The feasibility study examined the technology requirements of the proposed concept(new science building), the potential benefits for students, and its long-term viability. Modernizing the science facility will increase the scientific research potential and ameliorate its modules. It also would allure new students.

Financial projections provided information about the scope & cost of this project and also provided information on raising funds. This covers issuing an investor’s bonds and tapping into its endowment. Projections also help determine how the new science program attracts more fresh students to enroll in offered programs, increasing tuition and fees revenue.

The feasibility study proved that the proposed concept was feasible, which allowed for the expansion and modernization of the science building. The feasibility study would not have allowed school administrators to know if the expansion plans were feasible without it.

Importance of Feasibility Study

The importance of a feasibility study is based on organizational desire to “get it right” before committing resources, time, or budget. A feasibility study might uncover new ideas that could completely change a project’s scope. It’s best to make these determinations in advance, rather than to jump in and to learn that the project won’t work. Conducting a feasibility study is always beneficial to the project as it gives you and other stakeholders a clear picture of the proposed project.

Benefits of conducting a feasibility study

Possible constraints

What is the Purpose of a Feasibility Study?

A feasibility study is an important first step in starting a new business. It is a detailed examination of whether or not a proposed business venture is likely to be successful. A feasibility study aims to provide information that will help business owners make informed decisions about their new venture.

The feasibility study will answer important questions about the proposed business, including:

• What is the target market for this business?
• Who are the competitors?
• What are the costs associated with starting and running this business?
• What are the potential risks and rewards associated with this venture?
• How much revenue can this business generate?
• What are the estimated profits and losses for this business?
• What is the potential for growth in this industry?

Feasibility Study vs. Business Plan

When starting a business, you must create two very important documents: a feasibility study and a business plan. While they may seem similar, they are two different things with different purposes.

A feasibility study is a preliminary document that assesses the feasibility of a proposed business. It looks at the market potential, the competition, the costs and benefits of starting the business, and the risks and rewards involved.

On the other hand, a business plan is a more detailed document that outlines how a business will be run and what its goals are. It includes information about its mission statement, its products and services, its target market, its finances, and its management team.

Conclusion

This article introduce s a proof-of-concept concept and provides some tips for implementing it. A feasibility study is an important tool for evaluating a project before launching it. By understanding the feasibility of a project, you can make better decisions about whether to move forward.