What is project feasibilty study?
Feasibility study is an inspection,estimation and analysis of potential or capability of the proposed project which is based on deep research in making decision accurate and viable.
Getprojecttemplate has given certain standards in feasibility study that helps managers to carry feasibility study in most efficient manner as they manage wide variety of project types ,across large and small and across several industries.
The analysis or inspection in feasibility study depends on the outline design of thesystem requirement.
There are various types of feasibility study:
1)Operational feasibility.
2)Technical feasibility.
3)Economic feasibility.
A project feasibility study is one way to find out if the project you are about to launch is workable. When the study is complete, you will feel more confident as the pursuit of the project goes forward. The feasibility study must be done at the start of a project or before the start, if possible.
There are five steps to a successful feasibility study:
1) Identify and research possible solutions to a problem that exists within your business.
2) Confirm that the business can follow the possible solutions after clearly understanding the problem.
3) Ask yourself if the solution chosen is the best and if it can be implemented on time and under budget.
4) Choose the ONE solution that you determine is most deliverable.
5) List all tasks that you need for completion and delegate them to members of the team. Each member should estimate time to complete the task they receive. Place all tasks and time frames to a project timeline to see if completion will meet the deadline.
Each of the five steps is explained in detail when you click on the link below.
A feasibility study is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to support the process of decision making. Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. As such, a well-designed feasibility study should provide a historical background of the business or project, description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project implementation.
