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Conducting a feasibility study

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A feasibility study, also called a proof-of-concept or POC, is conducted to determine whether a proposed project can be carried out successfully, whether the results the project provides can be used, and whether the project seems to be a reasonable approach to the problem it’s designed to address.

Following are five important areas you should consider when trying to determine a project’s feasibility:

 Technical: Does the organization have access to the technical resources (such as people, equipment, facilities, raw materials, and information) at the times they’re needed to successfully perform the project tasks? (See Chapter 8 for information on human resources and Chapter 9 for information on equipment, facilities, raw materials, and information.)

 Financial: Can the organization provide the funds in the amounts and at the times they’re needed to perform the project tasks? (See Chapter 9 for information on project funds.)

 Legal: Can the organization satisfy any legal requirements or limitations that may affect the performance of the project work or implementation of its results?

 Operational: Can the results produced by the project satisfy the organizational needs the project is designed to address?

 Schedule: Can the work of the project be completed in the time allotted? (See Chapter 7 for information on developing the project schedule.)

The information generated from a cost-benefit study can be used to support the analyses of the feasibility study. For example, the estimates of cost developed in the cost-benefit analysis can be fed into the analysis of the project’s financial feasibility.

Beware of assumptions that you or others may make (sometimes without realizing it) when assessing your project’s potential value, cost, and feasibility. For example, just because your requests for overtime have been turned down in the past doesn’t guarantee they’ll be turned down this time. Have people write down all assumptions they make when analyzing or planning a project in an assumptions log (see the next section for details).

Project Management For Dummies

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