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Feasibility study

 

Project Feasibility Analysis


A feasibility study is an analysis that takes all of a project's relevant factors into account including economic, technical, legal, and scheduling considerations to ascertain the likelihood of completing the project successfully

  • Preliminary analysis: Before moving forward with the time-intensive process of a feasibility study, many organizations will conduct a preliminary analysis, which is like a pre-screening of the project. The preliminary analysis aims to uncover insurmountable obstacles that would render a feasibility study useless. If no major roadblocks are uncovered during this pre-screen, the more intensive feasibility study will be conducted.
  • Define the scope: It’s important to outline the scope of the project so that you can determine the scope of the feasibility study. The project’s scope will include the number and composition of both internal stakeholders and external clients or customers. Don’t forget to examine the potential impact of the project on all areas of the organization.
  • Market research: No project is undertaken in a vacuum. Those conducting the feasibility study will delve into the existing competitive landscape and determine whether there is a viable place for the project within that market.
  • Financial assessment: The feasibility study will examine the economic costs related to the project, including equipment or other resources, man-hours, the proposed benefits of the project, the break-even schedule for the project, the financial risks associated with the proposal, and—very important—the potential financial impact of the project’s failure.
  • Roadblocks and alternative solutions: Should any potential problems surface during the study, it will look at alternative solutions for the project to go ahead successfully.
  • Reassessment of results: A holistic look at the feasibility study with fresh eyes, particularly if any significant amount of time has passed since it was first undertaken, is essential.
  • Go/no-go decision: The final aspect of a feasibility study is the recommended course of action—in other words, whether the project should proceed or not.

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