Feasibility Study

Feasibility Study

1. Ideas, needs and problems crystallise into projects in different ways

2. The lead up to the feasibility study is the formal ising of the project with the project charter.

   • The project charter outlines the purpose of the project and what it is meant to achieve.

3. Likewise the feasibility study should be formalised with requirements, boundaries and expected outcomes.

   • Who is responsible • Project briefto be analysed • Who should be involved • Level ofdetail • Budget for the feasibility study • Report back date.

4. Should be managed as a mini project using the planning and control techniques

5. Stakeholders

   • People and organisations (both internal and external) who are either actively involved in the project, or whose interests may be affected by the project being implemented.
   • External stakeholders
     • They may not be directly involved with the project, they can still influence the outcome.
       • Lobby Groups
       • Trade Unions
       • Government Agencies
       • Individual Citizens

6. Client's Needs

   • The starting point for a project is usually to address a problem, need, or business opportunity that may be internal or external to your company
   • Objectives
     • The product must carry out a certain function at a predefined rate.
       • The product must operate in a specific environment.
         • The product must have a working life of so many years.
           • The project must meet certain specifications and standards.

7. Project Viability Check

   • The client may also need assistance checking the viability ofthe proposal.
     • Will the product technically and commercially be fit for the purpose?
       • Has the client kept away from wish lists and pipe dreams?
         • These questions will form the basis of the client's feasibility study.

8. Constraints

   • Internal or external restrictions
     • Internal project constraints
       • relate directly to the scope ofthe project and ask basic questions about the product.
     • Internal corporate constraints
       • The company itself can impose further quasi constraints on the project
     • External constraints
       • Are imposed by parties outside the company and the project's sphere ofinfluence.