A Feasibility Study

31 December 2010

The feasibility study is where a project manager can prove to the company that a good return on investment will be made if your project is approved to proceed. The more though this report is conducted, the great amount of evidence you will have to present as a positive motivator for your project will have.

In the past the feasibility study was just conducted on the local and sometimes domestic market. This was acceptable up until about 20 years ago. With the market place being global, the extent of a study to see who is willing to purchase your new product and for how much has become more complex.

With this expansion of data that should be included in the feasibility study, a new approach to finding the necessary data was required. No longer could a person go to all the places that the target audience might be. The expense of survey the global community is not economically feasible.

At first many tried to use surveys and sent them out in large numbers to compose their feasibility study data requirements. But like most people and companies, a general survey that is not offering any to the taker of the survey, most were ignored. The visiting of forums on the internet and making inquires of what was needed and looking at the other comment s is now a new source for information and data on what is needed in the market place.

In many cases the research for data to fill out a feasibility study will lead the manager to a new idea for a business case. It has been found out that meeting the needs of the market place is easier than determining if the market place needs your deliverable.

The new global market place has changed the way the feasibility study is not only conducted, but the order in which the planning and idea conception is taking place. Like with all business practices, it has to change with the market place to stay on top of the competition and stay competitive.