Project management /
Pages: 18 (4287 words) /
Published: Apr 23rd, 2013
A feasibility study is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to give full comfort to the decisions makers.
A feasibility study is essentially a process for determining the viability of a proposed initiative or service and providing a framework and direction for its development and delivery. It is a process for making sound decisions and setting direction. It is also a process which:
* is driven by research and analysis * usually involves some form of consultation with stakeholders, community, users, etc. * focuses on analyzing, clarifying and resolving key issues and areas of concern or uncertainty * very often involves basic modeling and testing of alternative concepts and approaches
There is no universal format for a feasibility study. Feasibility studies can be adapted and shaped to meet the specific needs of any given situation.
By Lahle Wolfe: “A feasibility study looks at the viability of an idea with an emphasis on identifying potential problems and attempts to answer one main question: Will the idea work and should you proceed with it?”
“Feasibility Study is basically a study that is done to judge the viability of a new business venture. It is actually a preliminary analysis of a project that lets the people know that whether to proceed with a project or not.”
Who undertakes such studies?
* Project Manager: The Project Manager will take the lead in conducting the Feasibility Study, organizing the site visit and completing the Feasibility Study Report.
* Feasibility Study Team: The Project Manager will form a Feasibility Study team to: * provide the required skills and knowledge (i.e. knowledge of the technical details of the project, familiarity with the local environment, an understanding of the local community and culture) and, * take part in the site visit.
* Stakeholders: Stakeholder