Friday, October 31, 2014

Important Factors to Consider During a Feasibility Study

A feasibility study is conducted to identify if a project is worth pursuing till completion. Feasibility studies are often conducted prior to project commencement; however in some instances, the project managers may decide to conduct parts of feasibility studies parallel after the project has begun due to time constraints.

Organizational and cultural feasibility determines if a project is suited for the existing and future organizational culture. This study will look into finding data on overall impact on organization, employees, structure and motivation. As the all employees should be satisfied with the project work that they get involved in, a new project should not bring unwanted risks to the whole organization.
Even though most modern organizations are moving with the fast changing technology trends, it is not possible to keep track of all of them. Technology feasibility determines if the organization has the necessary resources to complete the project. If not the ways of acquiring that knowledge and resources are investigated within the budget limits.

It is a fact that many projects often fail to meet their initial deadlines. Schedule feasibility evaluates if a company or department can allocate necessary resources for a project for a set period of time. Some of the deadlines will be mission critical such launching a new terminal at an airport or opening a new faculty at a university. In such situations, the schedule feasibility plays a critical role.

Resource feasibility identifies the overall resources required for a project. Some projects such as IT and Engineering design will require a lot of human resources. Manufacturing and production projects will require more physical resources. Based on the needs of the projects, the resources needed, methods of procurement, recruitment, allocated budget the end result may differ.

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