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Trade studies evaluate different approaches to identify the best course of action for a company. The process involves brainstorming options, evaluating and prioritizing them, and comparing benefits and liabilities to the current process. The study may confirm the current process or identify a new approach for implementation.
A trade study is a type of detailed evaluation that seeks to compare the pros and cons of various approaches in order to identify the best possible approach to use in a given situation. At best, this type of study helps identify the best course of action to ensure that a company can move forward in a cost-effective manner, that delivers a high level of quality, and brings the company closer to achieving its stated goals. Trade studies can be conducted as broad assessments of an operation or focused on a specific area of the operation, depending on the type of decision that must be made.
As part of a trade study, a team tasked with assessing a specific situation will begin the task by identifying as many possible strategies as possible. At this stage, the idea is to brainstorm as many alternatives as possible, even identifying those that are somewhat unusual or different from the current process or procedure currently in place. The idea is to inspire creativity that will hopefully lead to an innovative and practical final solution for the situation at hand.
Once trade study participants identify possible options, the process of evaluating and prioritizing these approaches begins. This usually involves using simulations to project the expected outcome of each option. Using this process, it is easier to eliminate options that ultimately do not show promise in producing the desired end. Along the way, this careful evaluation of each of the options may actually inspire some new option that wasn’t identified before, providing even more potential for finally finding the optimal course of action.
After restricting the options to a small group, the commercial study moves forward, detailing the impact of each of these possible strategies, considering the short and long term impacts on the operation. Each of the benefits and liabilities associated with the remaining options is compared to the process currently in use to determine whether they offer superior results. In some cases, a business study can confirm that the current process is indeed the best option and nothing will change. At other times, study results will identify a new approach that is superior to the current process, making it possible to create a timeline for implementing this new course of action in a way that does not disrupt other key business functions. the company and start reaping the benefits associated with the change.
Asset Smart.
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