Process optimization is the process of improving production or business processes to increase productivity, reduce costs, maximize profits, or improve the quality of products and services. This process involves evaluating and analyzing the steps in the process, identifying areas that can be improved, and implementing optimization measures to improve the performance and efficiency of the process.
The feasibility study (FS) is a crucial assessment that determines a project’s viability. Analyzing technical, economic, legal, social, and environmental factors helps decision-makers evaluate if the project is feasible and likely to succeed. Benefits include risk reduction, attracting financial support, and aiding in project planning and management. A well-executed feasibility study ensures realistic assessments, increases project success chances, and enables effective decision-making. It provides a solid foundation for informed choices and guides organizations toward projects with the highest likelihood of achieving desired outcomes.