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Feasibility Study in Project Management


15 August 2022
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One of the important stages in making a product, but which is often forgotten, is the feasibility study or in Indonesian it means feasibility study. This is very important in running a business, because this process will determine whether your product is suitable for marketing or not.

Through a feasibility study, you can also find out the product's weaknesses and advantages. That way you will know the aspects that need to be improved or maintained. Therefore, it is not wrong if feasibility studies are a part of product management.

What is a feasibility study?

As the name suggests, a feasibility study is carried out to see whether the product you are making is suitable for marketing and being used by many people or not. This study will contain a report on the results of the analysis containing technical, economic, legal, operational and time feasibility factors.

For example, do you have or can you create the technology to build on the proposed idea? Do you have the necessary resources, and will the project provide the ROI you expect? All of these things will be answered through a feasibility study.

Types of feasibility studies

The feasibility study contains a combination of analytical information from technical, economic, legal, operational and time feasibility studies. Everything is very important, so you have to include data, information and analysis.

1. Technical feasibility

Consists of information about the resources and technical skills you have. This is done to see whether your project requirements are met or not.

2. Economic feasibility

To determine financial feasibility, you need to assess the economic factors of the business. To compare financial costs with projected benefits, use cost-benefit analysis.

3. Legal feasibility

Your project must meet legal requirements. This includes laws and regulations that apply to all activities, and outcomes of your project.

4. Operational feasibility

Operational feasibility refers to how well your project fits with capacity planning, resources, strategic goals, and business objectives.

5. Time feasibility

Estimate or set the deadlines needed to carry out the project. After that, set the project schedule, such as demand planning, production schedule, etc.

Stages of conducting a feasibility study

Carrying out a feasibility study is one of the stages in product management. Even though it sounds simple, in fact a feasibility study has several stages that you need to carry out. After carrying out these steps, you will be closer to releasing a product that your audience will immediately use.

1. Do an analysis

You must focus on unserved market needs. However, demand is higher than supply. Therefore, start by creating a detailed project plan. Then, look at the eligibility factors. For example, it is too expensive, or the product cannot be marketed effectively. If it is too high, there is minimal chance that you will be able to carry out the project.

2. Prepare a profit and loss forecast report

This stage is carried out to see if the project you hope for will run according to expectations. Therefore, to achieve these goals, start detailing the things you expect from the project revenue, and look at the things that are needed.

You also need to consider the services required, and calculate how much they will cost. In short, always calculate the estimated expenses to obtain the product you want. This is done to see your profit and loss.

3. Conduct a market survey

Realistically, a survey or market research will give you the clearest picture of the revenue and return on investment you can expect from the project. Some things to consider in this step are market geography, demographics, competitor analysis, market value, and the type of stock that will be used.

At this stage, you should know whether your brand will expand or not. Market surveys are key to the success of your feasibility study, so make your market analysis as complete as possible.

4. Plan the team and business operations

Once the previous stages have been carried out, it is time to organize the team and project operations. This is done to meet technical, operational, economic and legal feasibility factors. Building a business is no joke.

To show capability, you need to show initial costs, investment, and operational costs. These costs include things like equipment, merchandising, real estate, personnel, supply availability, and so on.

5. Prepare financial reports

Estimate your assets and liabilities. Create a list that includes items, resources, costs, and capital. Other liabilities to consider are things like renting or purchasing land, buildings, equipment, asset costs and debt.

6. Review and analyze all data

To ensure that everything goes according to plan, and that no changes occur, it is a good idea to carry out a review and analysis. Therefore, one last time take the time to check all your work.

Review previous stages, such as financial reports, and compare them with your expenses and obligations. Is it still realistic? This is done to see risks that may occur, analyze, manage and create emergency plans.

7. Make a decision

The final stage, make a decision whether your product is worthy or not. Some things to consider before making this decision are considering the business commitment to the product. Whether or not it's worth the time, effort, and money. Apart from that, also pay attention to whether the decision is in line with the brand's strategic goals and long-term aspirations.

There are many stages and aspects in a feasibility study. If you want accurate results and minimize errors in subsequent stages, it's a good idea to have a deeper understanding of feasibility studies.

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Kanban principles for project management
17 July 2024

Kanban is a project management methodology originating from Japan. This method is very popular in various industries, especially in software development.

This methodology was originally developed by Toyota in the 1940s as a system to increase efficiency in car production. However, over time, Kanban principles have been adapted for various other work contexts.

Understand more about what kanban is, its principles, how it works and its advantages and disadvantages by reading this article to the end.

Definition of Kanban

Kanban is a project management methodology that prioritizes visualization of workflows to increase team efficiency and effectiveness. The word "Kanban" means "visual board" or "signal card" in Japanese, referring to a board used to display work status.

Basic Principles of Kanban

Kanban principles help teams manage their work in a more structured and transparent manner, so as to provide more optimal results. This methodology focuses on quick turnaround and optimization of work steps to reduce waste and increase productivity.

Here are some Kanban principles that help teams work more efficiently and transparently:

Job Visualization

Kanban requires teams to use visual boards to show their workflow. This board usually consists of several columns representing various stages in the process, such as "To Do," "In Progress," and "Done."

With this visualization, the team can monitor overall project progress and detect obstacles or bottlenecks that may occur.

Limiting Work in Progress (WIP Limits)

One of the main principles of Kanban is to limit the amount of work in progress at each stage. This helps prevent excessive multitasking and ensures that work gets done faster.

WIP limits encourage teams to focus on completing tasks before starting new ones, thereby improving work flow.

Managing Work Flow

Kanban encourages continuous and efficient work flow management. By continuously monitoring the workflow and making adjustments as necessary, the team can ensure that the project runs smoothly and efficiently.

This monitoring also helps in identifying and eliminating obstacles that may arise.

Improve Collaboration and Communication

By visualizing work and enforcing WIP limits, Kanban encourages better communication and collaboration between team members. Everyone can see what is being done and what is prioritized, minimizing confusion and increasing transparency.

Implement Continuous Improvement

Kanban encourages a culture of continuous improvement. The team regularly evaluates their work processes and looks for ways to improve efficiency and effectiveness. Retrospectives or periodic reviews are often conducted to identify areas that need improvement.

How Kanban Works

How Kanban works starts with creating a Kanban board that visualizes the team's workflow. This board can be a physical board with cards or use digital tools such as Trello, Jira, or Azure DevOps. The columns on the Kanban board are tailored to specific stages of the team's work process.

Once the Kanban board is created, the team determines WIP limits for each column. These limits are usually based on team capacity and complexity of work.

The team then started using Kanban boards to track and manage their work. This management includes the activity of moving cards from one column to the next according to work progress.

Advantages of Kanban

Using Kanban in project management offers various advantages that can increase team efficiency and collaboration, including:

Increased Efficiency

Teams focus on completing tasks before starting new ones, reducing excessive multitasking.

Better Transparency

The next advantage of Kanban is that being able to visualize work on a Kanban board provides clear visibility of the project status. This makes it possible to monitor developments in real-time.

Flexibility

Kanban can be easily adapted to different types of projects and teams, there is no one-size-fits-all approach.

Quality Improvement

This approach reduces the risk of errors that often occur due to excessive multitasking and unnecessary distractions. When teams focus on one task, they tend to be more thorough and careful, resulting in better output.

Better Collaboration

Visualizing work and WIP boundaries encourages better communication and collaboration between team members.

Disadvantages of Kanban

Even though it seems perfect, like every other methodology, Kanban also has some drawbacks that need to be taken into account to ensure successful implementation.

Resistance to Change

Implementation of new methodologies often faces resistance from the team.

Maintaining WIP Limits

Setting and adhering to WIP limits can be challenging in a dynamic and rapidly changing environment.

Continuous Monitoring

Kanban requires continuous monitoring and adjustment, requiring commitment and discipline from the entire team.

Reliance on Visualization

Kanban relies heavily on visualization of work which can be problematic if not maintained properly.

Difficulties in Handling Large Projects

Although flexible, Kanban can be less effective for very large or complex projects without additional management methodology.

Kanban is an effective and flexible project management methodology and can help teams improve the efficiency, transparency and quality of their work. Kanban allows teams to better manage their workflow and achieve more optimal results.

Apart from understanding Kanban, managers and supervisors must be prepared to face various uncertain business and industrial conditions. Follow The Real Project Management program from prasmul-eli.

With a study duration of 2 days, this program has the following four learning methods:

  • Mini interactive lectures
  • Practice and simulation
  • group discussion
  • Gamification


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Definition of Chatbot, How it Works, and Its Benefits for Business
11 July 2024

Chatbots are a technological innovation that has changed the way we interact with digital services. This intelligent computer program is designed to carry out conversations with humans via text or voice, providing automatic responses that mimic human interactions.

By utilizing artificial intelligence, chatbots are able to understand user input and provide appropriate answers. As a result, chatbots can be said to be very useful tools in various fields, from customer service to e-commerce.

If you want to know more about chatbots, here is a complete explanation of chatbots!

Chatbot Definition

A chatbot is a computer program designed to carry out conversations with humans, either through text or voice. The ultimate goal is to provide automated responses that mimic human interactions.

Chatbots are often used to provide information or handle user requests. Uses artificial intelligence technology to understand what you say or type, then provides appropriate answers.

Chatbots can be used in various places, such as in banking applications, online stores, or company websites.

With chatbots, companies can speed up customer service and provide information to users without having to wait for a response from humans.

Benefits of Using Chatbots for Business

Chatbots provide many benefits for businesses, such as improving customer service, sales, and brand loyalty.

Apart from that, chatbots also help in saving costs and increasing operational efficiency.

Here are some of the benefits of chatbots for business:

1. Provide 24/7 service

One of the main advantages of chatbots is their ability to provide non-stop customer service.

This means customers can ask questions or get help at any time, without having to wait for office hours.

This not only increases customer satisfaction but also expands business reach in global markets with different time zones.

2. Answer Customer Questions Automatically

Because it can answer common questions automatically, chatbots can reduce customer service workload.

For example, chatbots can provide information about products, ordering processes, or shipping policies.

3. Saves Team Time

By answering routine questions such as FAQs, chatbots are a great choice for saving time and operational costs.

Thus, customer service can be allocated to handle more complex and strategic interactions.

4. Increase Sales Through DM (Direct Messages)

Chatbots can help sell products directly through social media platforms, such as Instagram and Facebook Messenger.

This not only expands sales reach, but also provides an integrated shopping experience across various channels.

5. Streamline the Customer Journey

Chatbots can help reduce friction in the purchasing process by providing 24/7 service, product recommendations, relevant promotions, and guidance for completing transactions.

Thus, it can improve the overall user experience.

6. Reduce Abandoned Shopping Carts

A common problem in e-commerce is abandoned shopping carts.

However, the use of chatbots can help mitigate this by providing users with important information before they reach the checkout stage.

7. Reduces Stress for Employees and Customers

The use of chatbots helps reduce stress for both employees and customers.

For employees, the high workload of handling many of the same conversations and questions every day can lead to burnout, dissatisfaction, and an imbalance between work and personal life.

Chatbots can help automate many of these tasks, so employees can focus on more important and meaningful conversations.

Meanwhile, for customers, chatbots provide a faster and more responsive service experience.

This way, customers don't have to wait long to get answers or help, thereby reducing their frustration when interacting with customer service.

8. Assist Customers in Making Appointments

The next benefit of chatbots is that they can help handle appointment requests easily.

With this feature, users can shop online, then make an appointment online via computer or cellphone.

9. Provide Customer Service in Various Languages

Chatbots can provide support in various languages ​​so they can help businesses grow globally.

An example is the Merci Handy chatbot which can provide services in English and French.

10. Reduce Customer Service Team Costs

Chatbot implementation can reduce operational costs for the customer service team. The reason is, by using chatbots, companies don't need to employ many staff to provide 24/7 service.

Because chatbots can work around the clock with a monthly subscription fee that is much more affordable than hiring staff.

How Chatbots Work

Chatbots work based on three main components, namely Natural Language Processing (NLP), Machine Learning (ML) algorithms, and Rule-based systems.

1. Rule-based systems

In rule-based systems, chatbots follow "if-then" rules that are pre-programmed by developers.

These chatbots provide predetermined responses based on user input. However, the responses are limited and may not be effective for complex questions.

2. Natural Language Processing (NLP)

This technology allows chatbots to understand and analyze human language, both in written and spoken form.

NLP algorithms break down user messages into meaningful patterns, recognize intent, and extract relevant information.

By understanding the context and intent of a user's question, chatbots can provide more accurate and natural responses.

3. Machine Learning (ML)

This technology allows chatbots to learn from various datasets and user interactions, improving their responses over time.

ML-based chatbots become more intelligent and adaptive with continued use, improving their ability to interact with users effectively.

Examples of Chatbot Use

Here are some examples of chatbot use that you may be familiar with and often use:

  1. Siri by Apple: Siri is a virtual assistant developed by Apple. Siri can be used on Apple devices such as iPhones and iPads to help users with various tasks, such as sending messages, setting reminders, and answering questions.
  2. Duolingo: Duolingo is a language learning app that uses chatbots to help users learn languages ​​in an interactive and fun way. The chatbot in Duolingo acts as a tutor who provides practice and feedback to users.
  3. World Health Organization (WHO): At the beginning of the Covid-19 pandemic, WHO launched a chatbot service via WhatsApp. This chatbot provides important information about Covid-19 to the world community, helping to disseminate accurate and up-to-date information about the pandemic.

By looking at the explanation above, now of course you understand that chatbots have great potential to continue to improve business efficiency and user experience in the future.

With its ability to provide 24/7 service, answer questions automatically, and even assist in the sales process, chatbots can be said to be a valuable asset for many companies.

If you are currently running a business, you should immediately integrate chatbots into company operations.

Integrating chatbots into company operations not only provides a competitive advantage but also helps face increasingly complex market demands.

Want to understand more about digital marketing strategies to grow your business online?


Join prasmul-eli's Digital Marketing Fundamentals program and learn important concepts such as the customer journey, social media strategy, and digital advertising techniques.

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Project Implementation Plan and 8 Ways to Make It
08 July 2024

An implementation plan will help your project run smoothly and according to plan. Whether for a marketing project or any other type, an implementation plan will help you document the process and progress of a project.

This plan should also be the first thing you create before the project gets underway. So, to help you prepare it properly, the following article will explain it in depth.

Understanding Implementation Plan

An implementation plan is a note and document that contains strategies, plans, scope of team work, project targets and objectives, detailed activities, and various team needs to carry out the project.

Quoted from TeamWork, this document is also often referred to as a strategic plan that ensures the project runs properly. The implementation plan will be the main reference and source of information for you and your team throughout the project.

Whenever there are questions regarding what should be done and who should do it, everything will be stated in the implementation plan.

If the project you are undertaking is still on a small scale, make sure there are these four components:

  • project targets
  • project timeline
  • team responsibilities and duties
  • assets used

Benefits of an Implementation Plan

An implementation plan can make your team have the same vision and understanding of the goals of a project.

Understand the following four important benefits.

Projects have clear direction and goals

Without a detailed and neat implementation plan, it will be difficult for you to know the progress and problems you are facing. Especially if the project is medium or large scale.

This plan will become the main benchmark and reference for your team. Every decision from a project will refer to the documents that have been created.

Streamline communication and collaboration

Of course, the implementation plan will not only be held by your team. Other teams, especially those collaborating with you, must know and take part in creating this plan.

This can also help each team member manage their expectations or expectations regarding project progress.

Increase team trust and responsibility

As mentioned above, in an implementation plan, it must be clear who is responsible and what the duties of each team member are.

This information will help you know who to contact for certain parts of the project. This division of tasks will make team members more independent and understand their role in project success.

All team members have the same goal

Related to the previous point, your team must know its role in the success of the project. That way, every individual involved in a project will have the same goals and mindset.

Agree on This Before Making an Implementation Plan

According to Nifty, there are several things your entire team must agree on before creating an implementation plan.

  1. The expected results in the project must be measurable
  2. agree on benchmarks for success
  3. what are the small wins and expected progress
  4. clear project timeline and according to capabilities
  5. the possibility of unexpected problems
  6. flexibility to change project targets and timelines

8 Ways to Create an Implementation Plan

The following are the steps and methods for creating an implementation plan:

List the teams and individuals involved

Not only who are the team members who will help you during the project, but also stakeholders or other teams in the company. Also make sure you build clear communication to avoid misunderstandings.

Don't forget to provide your team members with an understanding of who on the team roster and which individuals are involved.

Divide roles based on individual abilities and team needs

After all the people and teams involved have received information regarding the project, your next task is to divide their roles.

Of course, these roles and tasks must match your individual abilities and the needs of your team. Also explain in detail what your expectations are for each task and role.

Make a list of required equipment and assets

This list is often overlooked or is just additional information. However, if your project is large scale, of course from the start you and your team must know the equipment and assets needed.

This is to avoid disrupting the timeline and progress during the project.

Prepare a timeline, goals and project targets

You can discuss this with other teams. You can also involve team members to create more detailed estimates.

Prepare a list of KPIs that each team must achieve

After the timeline, goals, targets, people in charge and assets are formed, it's time to prepare success benchmarks or KPIs.

KPIs can help you and your company to measure the progress of the project and what improvements are needed later.

Describe the preparations, all activities, and expected results

Make sure you create a clear and detailed list of the entire project. You can divide each point by stage (preparation, project in progress, or end of project) and add details or subpoints for each stage.

Create duration and cost estimates for each activity

This section is a derivative of the timeline and KPIs. You should create duration estimates for each activity and project stage.

If this project has a budget, you must use it appropriately and include it in the implementation plan document.

Make a backup plan for unexpected events

Even if you and your team have agreed that there will be unexpected events, still make a backup plan.

This is to help you be better prepared and not delay the continuation of the project.

An implementation plan is a crucial document for both small, medium or large projects.

An implementation plan will ensure you know the progress, problems, and results of the project.

If you want to learn more about creating and implementing the right project implementation plan, join the prasmul-eli short training program!

You can learn directly from the experts! What are you waiting for, register and take the class by clicking here now!