Importance of Feasibility Study
After the business case is finished, a project feasibility study should be conducted as part of the project management life cycle.
- Steers project in the right direction: An efficient feasibility study directs a project in the proper direction by providing decision-makers with an in-depth understanding of the possible benefits, drawbacks, obstacles, and limits that may affect the project’s conclusion.
- Helps to access the benefits of the project: The fundamental purpose of a feasibility study is to determine whether the idea is technically, financially, legally, and commercially viable.
Who Performs the Feasibility Study in project management?
A feasibility study is essentially checking if a project idea or plan could work. To do this, different aspects are analyzed, like if the technology is available, if there’s enough money, if it follows the rules, if it fits with how things are already done, and if it can be completed on time. By looking at all these factors, the study determines if the project is worth pursuing and if it’s likely to succeed. This article focuses on discussing who performs feasibility studies and what it involves.
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