6 Steps To Consider While Performing The Feasibility Study

Feasibility Study explains to a business if starting a project is a good or poor decision. It provides project managers with the opportunity to weigh the numerous advantages and disadvantages before to committing to a project by taking into account legal, financial, scheduling, and other considerations.

The 6 important steps to take when conducting a feasibility study:

1. Determine Whether The Project Is Feasible

Once you have a general project concept in mind, you should perform some preliminary research to see if your goals are realistic. It is plausible that obstacles may arise during this initial phase of a feasibility study that appear to halt the project entirely. To make the project feasible, you might implement corrective measures.

2. Draft The Project's Basic Outline

Once you have a broad idea of what a project would require, explore its parameters. Before beginning work on the project, legal concerns may also need to be acknowledged and resolved under this Feasibility Study.

3. Assess The Project's Financial Sustainability

You must determine if a project will yield enough value to cover its costs in order to determine its economic viability. Take into account every anticipated expense, investment, and revenue to appropriately assess feasibility. 

4. Carry Out Necessary Market Research

In order to ascertain the market share you may get at their expense, you must do a competitive analysis and market research. You should be able to determine the enterprise's financial viability even further with sufficient market research.

5. Establish Operational And Organizational Frameworks

You could wish to make an organizational chart that depicts the chain of command, which might include department heads, managers, and those under them, in order to truly see the organizational structure of a project.

6. Make The Final Decision

So, finally! Make the decision after considering all the factors.

Conclusion

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