Feasibility Study What is a Feasibility Study?
A Project Feasibility Study is an exercise that involves documenting each of the potential solutions to a particular business problem or opportunity. Feasibility Studies can be undertaken by any type of business, project or team and they are a critical part of the Project Life Cycle. When to use a Feasibility Study? The purpose of a Feasibility Study is to identify the likelihood of one or more solutions meeting the stated business requirements. In other words, if you are unsure whether your solution will deliver the outcome you want, then a Project Feasibility Study will help gain that clarity. During the Feasibility Study, a variety of 'assessment' methods are undertaken. The outcome of the Feasibility Study is a confirmed solution for implementation. This Feasibility Study Template will help you to conduct feasibility studies in your organization. It takes you through the process of completing a Feasibility Study by defining the business problem / opportunity, the alternative solutions available and the recommended solution for implementation. You can use this Feasibility Study sample to assess the feasibility of any type of solution, within any type of business environment. You can also use this Feasibility Study template to: y y y y y y y Research the business problem or opportunity Document the business requirements for a solution Identify all of the alternative solutions available Review each solution to determine its feasibility List any risks and issues with each solution Choose a preferred solution for implementation Document the results in a feasibility report
This Feasibility Study template also includes: y y y y y Dozens of practical, real-life examples A diagram describing feasibility assessments Procedures which help you to assess feasibility Tables to help you write up the feasibility outcome A best practice process to achieve the best feasibility results
The Feasibility Study template is different, as it includes all of the information needed to perform a feasibility study quickly and easily. It provides you with guidance, to ensure that all of the required elements of a feasibility study are adequately covered. It will also save you time and effort, as the template is pre-filled making it quick and easy to complete.