How to access if a project is viable to start

When a customer is interested to start a project, we will bid to be the solution provider. The question however, is it worth it?

Imagine, today, your manager called for a meeting and start to speak about a certain new project, you are asked to evaluate if this project is viable. Here are things you may consider;

1) Ask for tender document if there is. Tender document usually specify what the customer needs and is a good way to reference and match expectations clearly. However, you may need to work within tender period. This duration usually ranges from 1 to 3 months, or even more, depending on the scale and complexity of project.

2) If the project is yet to open tender, this means you have more time to work on it. However, you will need to identify what the customer wants to ensure the long term investment is worthwhile.

3) Usually, the criteria for engineering projects are;

i) Capability - this means evaluating specifications, safety, technical expertise, and functions

ii) Certification - is the system/product authorised or certified to perform in certain condition? What is its used case?

iii) Conformance - is the system/product able to meet requirement set by the tender document?

iv) Risk - how much liquidated damage (LD) are there in this project? Is the timeline to deliver reasonable? Do you have enough resources to make it work?

4) An interested customer will seek to arrange consecutive meetings to align expectations. This is the stage where you will have to manage their requirement and demonstrate concept feasibility.