Feasibility Study – a quick synopsis
An organisation has many drivers that can cause the need for change — and it is often a project that emerges, as the method to deliver this change.
It has been determined that there are six main drivers, and any one or more of these could result in a need for change:
- market Demand
- business need
- customer request
- technological advance
- legal requirement
- social need
Whatever the driver, it might be wise in some cases to determine whether this change is feasible or not, and examine options for the way forward. This is the feasibility study.
What is important to remember, is that a feasibility study should not be ’embedded’ IN the front tend of the project that will deliver the chosen option. the reason is fairly obvious, in that the delivery aspect of such a combined project will not be known until the chosen option are decided. Far better to run the feasibility study, and then decide if a project is the best method to deliver the chosen option.
How do I run a Feasibility Study?
Dependent upon the outcome and recommendation of the feasibility study, a project may be identified as the best way to deliver the chosen option.
Feasibility studies may be carried out as a project in their own right. These can vary in their size, complexity, and time duration.
At its simplest, a feasibility study consists of gathering evidence and data, evaluating options, and recommending the best way forward (this is normally done by way of a formal end-feasibility report).
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David spent 25 years as a senior project manager for US multinationals and now develops a wide range of project-related video training products under the Primer brand. In addition, David runs training seminars across the world, and is a prolific writer on the many topics of project management. He currently lives in Spain with his wife Jude.