market studies, pilot testing, prototyping, and simulation. Let’s
examine each method.
Market Studies.If your project is to bring a new product to
market, you must determine its market potential. Market
research asks customers whether your product satisfies their
current or potential perceived needs. It can also examine simi-
lar products to determine how your product is differentiated.
Pilot Testing.You can try out your project on a small scale,
such as in a limited area market test of a product or a working
model of key project deliverables. Sometimes known as field
testing, a pilot test gives you the opportunity to observe your
project’s performance under actual conditions.
Prototyping. This is constructing and assembling some portion
of the project deliverable or deliverables and putting them
through performance tests designed to verify whether or not they
can meet the performance criteria identified in the requirements.
Simulation.Computer technology permits modeling of many
types of projects. For example, you can predict the market
potential of a product by analyzing demographic data of the tar-
get users along with assumptions about current and potential
needs or you can determine the load-bearing potential of build-
ings, bridges, and vessels through mathematical calculations
and computer simulation. The value of simulations lies in their
ability to identify potential problems in a risk-free environment.
If the results of a well-conceived and executed feasibility
study indicate that the project should proceed, you can move
confidently into the planning and implementation phases. If the
results are discouraging, you can use the data to redesign the
project and do another feasibility study, and so on, until you’ve
identified a project concept that works.
Third, Fully Develop the Solution and a Preliminary Plan
At this point, you’ve identified the preferred solution. Now, you
66 Project Management