Tips for Planning a Feasibility Study: Sample & Free Template
written by: Jean Scheid
• edited by: Ronda Bowen
• updated: 10/24/2014
Some projects require feasibility concept studies before moving forward in a project and to find out if it is deemed feasible, profitable, and doable. What are the ingredients of feasibility studies? Here’s a look what you need to know about them with a sample and free template to guide you.
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What Is a Feasibility Study?
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.
Management and Teams – Who will manage and who will work on scheduled tasks? Will project management outsourcing be needed?
Observations– Statements that do or don’t support the project should be included here. 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?
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Outcomes of a Feasibility Study
Often, after the completion of a study, a determination may be made not to proceed with the project. 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 controls, solutions, if the project is feasible, and how the project should be implemented.
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For projects to be considered, especially if they are to undertake many resources including real dollars, real time, and real effort, a feasibility study is essential prior to project initiation, project scope, and initiation.
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.