Important Factors to Consider During a Feasibility Study

Important Factors to Consider During a Feasibility Study

A feasibility study is conducted to identify whether it is worth pursuing a project until completion. Feasibility studies are often conducted prior to the arrangement of the project; however, in some cases, project managers may decide to conduct portions of feasibility studies in parallel after the start of the project due to time constraints.

Organizational and cultural activities determine whether a project is suitable for the existing and future organizational culture. This study will examine the search for data on the overall affect on organization, employees, structure and motivation. Since all employees should be convinced with the work of the project in which they are involved, a new project should not entail undesirable risks for the entire organization.

Although most contemporary organizations are moving with rapidly changing technology trends, it is not possible to keep track of them all. The feasibility of the technology determines whether the organization has the essential resources to total the project. Otherwise, the methods of acquiring this knowledge and resources are examined within the budget limits.

It is a fact that many projects often do not meet the initial deadlines. Plan feasibility assesses whether a company or department can allocate the essential resources for a project for a specific period of time. Some of the deadlines will be mission critical such as the launch of a new terminal at an airport or the opening of a new faculty at a university. In such situations, the feasibility of the program plays a fundamental role.

Resource Feasibility Identifies the total resources required for a project. Some projects like IT and engineering design will require a lot of human resources. Production and production projects will require more physical resources. Depending on the needs of the projects, the resources needed, the procurement methods, the hiring, the assigned budget, the final result may be different.

By Roger Spence
feasibility studies

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