Like for example if you plan to sell a certain product or offer a particular service, you have to determine if there are potential clients or customers in your location site.
Tips for Planning a Feasibility Study: What are the ingredients of feasibility studies? Simply put, a feasibility study in project management is used to find out if a project is feasible prior to investing real resources and dollars.
Often, project managers are hired to complete studies for clients to determine if a proposed venture will be profitable as well as what risks it will encounter. The feasibility process is completed prior to project initiation or often, it can be utilized to see if a set of processes or procedures will enhance or harm project outcomes.
In our Media Galley you will find an example of a feasibility study for a client and a feasibility study template you can use to assist you.
Project Description — Identify the project name and purpose. Include details including stakeholders, and end result expected. Goals — List long and short-term goals and what processes will be needed to achieve those goals.
Timeline — What will be the estimated time until project completion? Costs and Budgeting — Include all costs incurred for the project including the cost of the feasibility study itself. Purpose — What purpose does the project have and whom will it benefit? Market Analysis — If applicable, will the market or market environment benefit from the project.
If so, list why. Resources — Identify all the resources both IT, technical, inventory, and human that will be needed to complete the project. Project Process — How will the project flow? Include flow charts showing project stages. Management and Teams — Who will manage and who will work on scheduled tasks?
Will project management outsourcing be needed? If for a client, does the client have the finances to complete the project or are there alternatives?
If for a project or process, will it work and will it be beneficial? A good feasibility study sample will include: Project Problems — Does the study include risk or problematic areas that need to be addressed and are they clearly identified?
The Outcome — Ever study should identify the process, product, client request, and goal and how they will affect the outcome; positively or negatively. Will outcomes be beneficial or deterrent? Alternatives — Are possible alternatives available or suggested and researched? Assessment — The assessment part of your feasibility study should include risk management and controlssolutions, if the project is feasible, and how the project should be implemented.
If a project appears overwhelming or requires much detail and analysis to get to even begin the project, consider completing a feasibility study prior to the project.Sample proposal and sample feasibility study are intended as a guide only. These are simply samples to help you get started.
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Do you need to conduct a feasibility study for your project, but not sure where to begin? Download a sample study and our free feasibility study template to use as a guide for creating your own.