Technical Feasibility Analysis in New Product Development

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What is the primary benefit of identifying technical challenges early in the NPD process?

Reducing the risk of failure and associated costs

How can technical feasibility analysis improve the quality of the final product?

By identifying technical requirements and constraints, companies can design and develop products that meet or exceed customer expectations

What is one way that technical feasibility analysis can enhance innovation?

By identifying new technologies and approaches that can improve the product

How does technical feasibility analysis help companies with resource allocation?

By identifying the resources and technology required to support the product Signup and view all the answers

What is the main goal of technical feasibility analysis in new product development?

To identify potential technical challenges and opportunities early in the NPD process Signup and view all the answers

How can technical feasibility analysis help with production planning?

By reducing the risk of delays and cost overruns Signup and view all the answers

What is the purpose of a technical feasibility study in the industry?

To single out best practices in the industry Signup and view all the answers

What is the role of a prototype in a technical feasibility study?

To experiment, document, and validate technical findings Signup and view all the answers

What is the purpose of a resource and security assessment in a technical feasibility study?

To evaluate the availability of resources and assess security requirements Signup and view all the answers

What is the goal of a risk analysis and mitigation in a technical feasibility study?

To identify potential risks and vulnerabilities and develop a mitigation plan Signup and view all the answers

What is the purpose of a cost-benefit analysis in a technical feasibility study?

To compare the costs incurred in running the project against the potential returns from the product Signup and view all the answers

What is the final step in a technical feasibility study?

To assemble all the results and make an informed decision Signup and view all the answers

What is the main purpose of conducting a technical feasibility study?

To make informed decisions regarding production in the early stages of the product life cycle Signup and view all the answers

What is a crucial aspect of a technical feasibility study in product development?

Evaluating the organization's existing resources Signup and view all the answers

What is a key question that a technical feasibility study answers?

Is the available technology the right choice to help the product team save time and complete development within budget? Signup and view all the answers

Why is a technical feasibility study essential for any project?

To stay competitive and meet changing customer needs in a fast-paced business environment Signup and view all the answers

What is a benefit of conducting a technical feasibility study in the early stages of product development?

It helps to identify and manage risks efficiently Signup and view all the answers

What is a critical aspect of a technical feasibility study in terms of production planning?

Determining if the organization has the necessary technology for project completion Signup and view all the answers