Business Digital Marketing How to do a feasibility study in project management?

How to do a feasibility study in project management?


- Advertisment -How to do a feasibility study in project management?


In the field of project management, you have to know how to assess the relevance of the solutions available to you. There is an ideal tool to analyze the viability of a project: the feasibility study. This study provides overall visibility on the implementation of a project and on its profitability. So what is a feasibility study? Why is it important for a successful project? How to do a feasibility study in project management? All the answers are in this article.

> Download: The guide to setting up a customer implementation process”/>

Why carry out a feasibility study?

To put all the chances on your side and make a project a success, it is preferable to study its viability upstream. Carrying out a feasibility study thus offers many advantages since it makes it possible to:

  • Take into account all aspects of a project (needs, budget, skills, issues…).
  • Identify the obstacles to the successful completion of the project.
  • Define the objectives to be achieved.
  • Imagine several scenarios leading to the success of your project, as well as an emergency plan to be implemented in the event of a problem.
READ  Dan Riccio reportedly working on a virtual reality project for Apple

The ROI (return on investment) of a project can be greatly improved if a feasibility study is carried out beforehand and all parameters evaluated.

Thanks to the feasibility study, the percentage of chances of making the right decisions to lead to the success of your project is much higher.

READ  Webflow: its presentation and features

5 steps to carry out a feasibility study

Carried out before the market study, the feasibility study must follow 5 main steps:

  • Assessment of project needs.
  • The analysis of its environment.
  • The definition of the objectives to be achieved.
  • The study of the expected return on investment.
  • Risk assessment.

1 – Evaluate the needs of the project

To begin his feasibility study, the project manager must think about everything that is necessary to gather together to successfully launch the project. It could be, for example:

  • Material.
  • From an additional team.
  • Of skills.
  • Of furniture.
  • Tools.
  • Communication media.

Once the needs of the project are defined, the necessary investment must be estimated. At this stage of the feasibility study, we can already know if it is possible to go further, if the project needs to be modified or if new sources of funding need to be called upon.

2 – Analyze the project environment

During this second step, it is essential to become acquainted with the regulations in force in the sector as well as to learn regularly about current and future technological developments. It is also necessary to check that the project is in adequacy with the customs, the opinions or the interests of its target.

READ  Webflow: its presentation and features

To analyze the environment of your project, you can use the SWOT matrix. Thus, it will be easier to establish what are the opportunities and threats of the market, as well as the strengths and weaknesses of its project.

3 – Define your objectives

The success of a project is conditional on the setting of objectives to be achieved which meet certain conditions.

Using the SMART model, goals will be set so that they are:

  • Specific.
  • Measurable.
  • Attainable.
  • Realistic.
  • Reached within the allotted time.

It is necessary to establish concrete objectives and integrate them into a retro-planning. By viewing this schedule, it is then possible to know whether the project is really feasible or not.

4 – Predict the return on investment of the project

Getting started with a project often requires investing money in it. The feasibility study makes it possible to assess the potential gains that this project can bring.

READ  What is omnichannel?

For this fourth step, it is necessary to establish scenarios concerning the direction that the project can take. Three types of scenarios must be considered:

  • A pessimistic scenario.
  • A neutral scenario.
  • An optimistic scenario.

All should include the business strategies and the communication strategy in particular, as well as the time that will be necessary to achieve the set objectives.

READ  SERP (Search Engine Results Page): what is it?

Do not hesitate to draw up financial tables integrating all these strategies and the implementation timings in order to verify the profitability of the three scenarios.

Good to know : Even the pessimistic scenario must be profitable.

5 – Assess the risks

Before launching the project on the basis of the chosen scenario, it is still necessary to carry out an overall assessment of the risks involved.

During this last stage of the feasibility study, it is important to look at the risks that may be encountered by the project:

  • What are they ?
  • How long will they last?
  • How to minimize them?

Answering these questions makes it possible to identify the risks that can frustrate a project and to find a solution upstream to bypass them or face them brilliantly.

By following these 5 stages of the feasibility study to the letter, we can know if a project is viable or not. If it doesn’t reveal anything to worry about, don’t hesitate to go for it. Otherwise, some adjustments may be necessary to give your project every chance to succeed.

To go further, download this free e-book and develop a customer implementation process.Develop a customer implementation process



Please enter your comment!
Please enter your name here

Latest news

Web Development: What It Is, & Types Of Web Development

Web development is the work engaged with building up a Web site for the Internet (World Wide...

First details and news LEGO Speed ​​Champions 2021 set

LEGO lovers may have noticed that this year we have hardly heard about the popular Speed ​​Champion series...

Audi 5-cylinder with 390 hp and limited to 7000 units

In addition to a striking event held purely online in which the guests had to make their own...

7 tips and examples for a successful page

The "About us" page, also called "About" or "Our story", is the second most visited on a website....
- Advertisement -How to do a feasibility study in project management?How to do a feasibility study in project management?

This was the scandalous love story between Ana Bárbara and El Pirru

In 2005 Ana Barbara got into one of the biggest scandals she has faced throughout her career, a few...

This was the story between Jenni Rivera, Chiquis and Esteban Loaiza

The rumors of a love triangle between mother, husband and daughter unleashed a great scandal in their time The...

Check this

Sexual intercourse Health Benefits

Gone are the days when "being healthy" referred only...
- Advertisement -How to do a feasibility study in project management?How to do a feasibility study in project management?

You might also likeRELATED
Recommended to you