a feasibility study is simply an assessment of the practicality of a proposed plan or method. so, that’s the “what” and the “when” but how about the “why?” meaning, why do you need a feasibility study? start with what you expect the income from the project to be and then what investment is needed to achieve that goal. all these steps are important, but the review and analysis are especially important to make sure that everything is as it should be and nothing requires changing or tweaking. you’re now at the point to make a decision about whether the project is feasible or not.
jennifer bridges, pmp, is an expert on all aspects of project management and leads this free training video to help you get a firm handle on the subject. the reason we do this is because we need to determine the factors that will make the business opportunity a success. so we want to review and analyze all of the data that we have and with that, we’re going to determine, we’re going to make a go, no-go decision. so what you’re gonna do is give it an executive summary of the business opportunity that you’re evaluating and the description of the product or the service. what people do you need to deliver the product or service and even support it? so this is a little bit about the feasibility study, and if you need a tool that can help you with yours, then sign up for our software now at projectmanager.com.
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