Feasibility Study and its Types
The demand for a PMP certification course online is huge because it is just not about how to become a project manager but to know how to make projects successful. Thus it covers several topics exhaustively, which is vital for every project team. Types of feasibility studies in project management are very important as understanding the viability before planning makes a project delivery successful.
It is vital to understand whether something is possible even before planning. Such a possibility check is called feasibility analysis in projects. The probability of success of completion does not just depend on one factor but many that include the cost, resources, systems, location, date, time, etc.
In this article, we will walk you through the types of feasibility analysis to provide you with a clear idea of what it is and why it is required.
Before we jump into the types of the study let us explain what it is in simple words. The analysis of the likelihood of an idea to be executed on the ground is called a feasibility study. Whether doing work is possible in reality is the simplest definition. There could be great ideas but not all can be executed due to several constraints internally and externally.
Therefore a proper study of all the possibilities and the roadblocks from a different perspective will save time and money.
List of things to be evaluated before starting a project includes
• Project background and its history
• Product description
• Accounting statements
• Operational details
• Management ability, strength, and weakness
• Market study and global policies
• Financial details and tax obligations
• Technological background, need, and availability
• Legal obligations
All these details must be ascertained before jumping into planning and implementing a project. PMP online training explains these in detail and prepares you to get equipped for working on a project. This has its benefits which will be discussed in the latter part of this blog.
Different Types of Feasibility Study
The top 5 types of a feasibility study are the key as they cover all the aspects of checking the possibility of the project start, progress, completion, and delivery. Let us check them one by one in detail.
We will start with what everyone is aware of. Yes, the cost factor is the first thing that comes to your mind when we want to start a new project. Cost just not involves how much fund is available in the company but from where we can seek help during the needy time. Further one must know about the total cost of the project including the accidental expenses. It is important to foresee such things before planning a work. Because after planning and starting work if cost becomes an issue then it will not only hamper the project progress but also the waste of expenses thus far.
2. Legal aspects
This is of the important types of feasibility study in project management because even if money is available in abundance the law of each country must permit the execution of the project. Several other legal requirements include laws pertaining to data protection, social media, zoning laws, etc. Certain locations permit certain kinds of jobs. Therefore, before starting a project all these legal possibilities must be checked.
Technology feasibility includes the precheck for the availability of systems, applications in the systems, facility to operate, resources with technical ability, etc. It is important that even if funding is there in the organization there must be the right people to choose the right systems and software and the ability to work on the projects. Especially in software project development, technical aspects must be checked as that is the key to successful delivery.
4. Operational Features
Whether a project plan meets the requirement must be checked using the operational feasibility study. In this type of feasibility analysis, a study is conducted to determine how an organization's requirement is met by project completion. Further in this study, a check is conducted to understand whether the planned system can solve all problems. Will it satisfy the requirement analysis phase?
5. Schedule check
Last but the most important in the types of feasibility study include the timeline check. Whether the project can be completed within the planned timelines is crucial. Project delivery time committed must be followed and is as equal to the quality of the project outcome. Only if there is awareness of this feasibility then planning on completion date can be meticulously done.
Feasibility Study and its Importance
On the surface level, we understand that the feasibility study helps the PM to know if the project plan will be successful or not. The other important contributing factors to study the feasibility of the project are listed as follows
• The project team focus is improved
• New opportunities can be identified
• Allows the decision-makers to take the right decision and also to see if any hurdles will interfere in between
• The business alternative can be narrowed down and freeze on the right plan
• Increases the success ratio as several feasibility studies on carried out across all levels
• Finally, different types of feasibility studies will analyze both the possibility and difficulty in delivering the outcome. With this analysis, the company can save costs and time.
If you are a successful project manager then you need to know what is feasible with all the constraints and opportunities. For example, doing SWOT analysis is one of the methods to understand what is feasible and what is attainable for you and your organization. SWOT stands for Strength, Weakness, Opportunities, and Threats. This study itself will tell you all the things about certain projects, and to be a successful project manager you need to make decisions based on that. The feasibility study and other project management tools are taught in the PMP certification online course. The PMP is the top recognized course for the project manager and others who are aspiring to be successful as a project manager.
This blog is intended for those who do the planning, takes the decision, make informed decisions and action based on the techniques taught in the PMP course. StarAgile institute is the training partner for the Project Management Institute (PMI) for delivering PMP training online.