Chemical Engineering December 2016 - 54

TABLE 1. S.M.A.R.T MODEL DEFINITION
S
Specific
M Measurable
A Achievable
R Realistic
T
Timely
State your goals as a company, and what you would like to accomplish - the company should ask itself questions like: what are we doing,
why are we doing this, where should our project take place and what does it need to be completed?
Determine the impact of the project by evaluating the extent of your goal. If the project is not measurable, then it is hard to decide whether
the company is making progress toward successful completion or moving backwards. This point is intended to keep the enterprise on the
right track to reach its targets. An important question to ask at this stage is " how will we know if the project is reliable or not? "
Discuss how realistic the project is in terms of reliability - the goal should not be extremely far-fetched, at least in the very beginning of the
process. That means that the goals as an enterprise are neither out of reach nor below standard performance. In order for this determination
to be made, first, the company must write down the main targets and consider the ways to bring them to fruition. This can include changing
habits or attitudes, but it can also help develop the skills and financial capacity to reach goals.
In order to follow the fourth criteria, the project must have an objective toward which the team is both willing and able to work. It must be a
goal that shows substantial progress. According to studies, higher goals are more frequently achieved in comparison to less ambitious ones,
because a lower target does not inspire as much collective motivation. Therefore, it is generally better to aim for higher goals once the project
moves out of the hands of the individual and into the hands of a team, so that the employees will put forth the most effort to achieve them.
All entrepreneurs should pay special attention to this point, because all projects - no matter how big or small - should be grounded within
a timeframe, and when there is no date established, it is highly probable that the project will not succeed.
this model represents a key element for
the project.
The SWOT (strength, weaknesses,
opportunities, threats) matrix is another
very useful tool for analysis, and when
well made, it can show what the status
of the project would be with respect to
other similar projects [2].
The best aspect of the SWOT method
is that it does not just apply for projects,
but also for people, products and entire
industries. To execute this method, first
we must specify the target of the business,
or whatever we want to study, and
then identify the internal (strengths and
weaknesses) and external (opportunities
and threats) factors as well, since those
can begin to describe the evaluated
project. A simple example of a SWOT
matrix for a proposed ethanol manufacturing
business is given in Table 2. The
following sections detail each element of
the SWOT matrix.
Strengths. This section should outline
the characteristics of the business or
project that give a company an advantage
over others. It addresses what a
company can offer to the marketplace,
including, for example, competitive
prices, hiring more talented employees
or offering products of higher purity, volume
or quality, among many others.
Weaknesses. Although sometimes difTABLE
2. SWOT MATRIX FOR AN ETHANOL PRODUCER IN THE AUTOMOTIVE FUELS
INDUSTRY
STRENGTHS
One of the best substitutes for gasoline
Leads to less expensive fuels
Reduces the importation of foreign oil
High miles per gallon
Reduction of air pollution
OPPORTUNITIES
Continuously growing
Government subsidies
Increase of exports
Increasing interest in alternative fuels
48
WEAKNESSES
High distribution costs
Interactions with foreign companies
Lower performance compared to traditional fuels
Industry volatility
Little worldwide recognition as an alternative fuel
THREATS
Increased costs of raw materials
Better technology availability for competitors
Changing regulations
Change of market due to anti-ethanol movements
ficult to address, this part will raise many
questions. What can be improved?
What should we avoid? What affects
our market? Here, the company must
realize what competitors may do better,
and which important factors could
have been overlooked, but nevertheless
should be taken into account.
Opportunities. One of the most important
factors is following the trends of the
moment - not just thinking about what
you can make, but what you could offer
that hasn't been already invented, or
how you could implement a product in
an unexpected way. In order to do this,
it is important to possess an awareness
of the changes in global patterns, population
profiles, shifts in government and
policies, lifestyle and so on.
Threats. When we speak about threats,
we do not always mean direct ones, but
rather cultivating an understanding of
the types of obstacles that may be faced
during the development of the project
and what could change. Examples of
threat areas include the following: prices
of supplies or raw materials; taxes, inflation
and deflation; workforce uncertainty;
and resource availability. If the
technology changes, how would that
affect you? And how would you prevent
loss of yield and efficiency? Those are
key questions that must be answered
before making decisions.
Product quality
It is very important to consider the relationship
between quality and price
- when the client is purchasing something
expensive, the client is expecting
a good product. The optimal price point
versus quality will be the combination
that satisfies the requirements of the
market. If we consider these facts, then
we can locate the product in the market
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