What Is a Feasibility Study?
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. Project managers use feasibility studies to discern the pros and cons of undertaking a project before they invest a lot of time and money into it.
The goals of feasibility studies are as follows:
- To understand thoroughly all aspects of a project, concept, or plan
- To become aware of any potential problems that could occur while implementing the project
- To determine if, after considering all significant factors, the project is viable that is, worth undertaking
Once you have finished your basic due diligence, you might consider the elements below as a template of items to include in your study :
Executive summary: Formulate a narrative describing details of the project, product, service, plan, or business.
Technological considerations: Ask what will it take. Do you have it? If not, can you get it? What will it cost?
Existing marketplace: Examine the local and broader markets for the product, service, plan, or business.
Marketing strategy: Describe it in detail.
Required staffing (including an organizational chart): What are the human capital needs for this project?
Schedule and timeline: Include significant interim markers for the project’s completion date.
Findings and recommendations: Break down into subsets of technology, marketing, organization, and financials.