A Project Feasibility Study

14 January 2011

For every project and business case in the business world there is a project feasibility study that must be conducted for it to have a good chance of success. This is the procedure in which a business can actually see if the idea offers a positive financial opportunity that can be taken advantage of.

To properly construct this formal document, many managers are making good use of a management tool. This tool is a project feasibility study template. This tool helps the manger research the business problem or opportunity and provides the means to properly document it.

The project feasibility study contains many different things to be considered complete. This is the documentation of the primary goal of the business case and how it is to be obtained. There should also be an alternative solution explored so the stakeholders are given a choice. When it comes to a deliverable, the primary and alternative choices are generally a variety of the target audiences. The wider the net is casted in finding acceptance, the greater the chances of locating the audience you want.

Along with variability in the target audience, there should also be included in the project feasibility study some variability to the presentation of the deliverable. In many cases the color, size and options of a deliverable will appeal to different sections of the community. By offering or presenting as many variables as possible, the better chance of seeing what will actually have the best chance of success with the target audience can be achieved.

Because of all the variability in this type of information that has to be recorded, the project feasibility study templates that are available are capable of providing a useful guide thru this maze of options. Forgetting or overlooking any of the possible options could cause the presentation and project to be rejected or become a failure.

The usefulness of a properly conducted project feasibility study cannot be overstated. The financial wellbeing of the company may depend on its accuracy and usefulness in deciding if the project is worth pursuing.