We will always concentrate on the important issues while overlooking the minor ones. When we want to buy something from a store, we’ll check when we can go, how we’ll get there, and so on. But they don’t check to see if it’s even possible to go in the first place. This is what we’ll talk about when we talk about the importance of feasibility studies. Only a feasibility study must follow every project plan.
In this blog, we will discuss the feasibility study and its importance, and we invite you to enroll in our PMP prep course to learn more about it and see real-world examples.
What is feasibility?
The term “feasibility study” refers to the process of determining whether or not something is the ability to carry out a project. Its purpose is to identify potential risks that could stymie the project’s progress. Furthermore, it is the research conducted at the very beginning of any project development to determine whether the project idea is viable to pursue. Because several factors influence the project’s success, you must first conduct this research. However, allow me to go over all of the important reasons for conducting a feasibility study on project management in greater detail.
Top 4 Reasons to Do a Feasibility Study
1. Get a broader view
It is not easy to complete a project. Everyone involved in the project bears a significant amount of responsibility. Especially a project manager’s primary responsibility. Having said that, it’s critical to recognize the advantages and disadvantages of starting and finishing a project. It goes without saying that the importance of a feasibility study is to take a broader look while keeping every single factor in mind.
Let me give you an example: determining whether or not people are available to complete a project is not a broad view. But the big picture is whether they are capable of doing it, whether they will be able to present until the end, whether there is a backup plan in case of a resource shortage, and so on. This is why a feasibility study is critical.
2. Easy to make a plan
You can list all risks and opportunities at the start of the project with the help of the bigger picture. As a result, planning becomes much easier. If you do not complete the study, you may need to rethink your strategy. Planning is essential and having a foolproof plan will help everyone on the team stick to it and work in harmony. As a result, recognize the value of a feasibility study and do not overlook it.
3. Execution becomes straightforward
The creation of a proper plan is one aspect of the project, but the execution is crucial to its success. When you finish the feasibility study, you can start making a proper plan to pave the way for execution. Execution will involve cost, time, and resources, and it will be possible to use all of them after a thorough analysis of the project viability and completion of the project at a cost that exceeds the client’s expectations.
4. Get ready with an alternative
In the event that something goes wrong due to uncertainty, a thorough feasibility study will allow the PM to make an alternate plan on the spot. This will help you save money and time. If no one is aware of the possibilities, everyone must get on the board and start from the beginning. That is why every PMP certification online course emphasises the importance of conducting a feasibility study in order to train all PMs on a single platform.
Let me illustrate with an example: consider the pandemic Covid19, which is a common occurrence that cannot be predicted. In such circumstances, businesses must deliver to customers in order to maintain their ROI. As a result, a feasibility study must always include a plan B for completing work that has already begun. The majority of the businesses were able to complete the task by using a remote working model. Companies that were unprepared for this type of crisis management suffered losses.
As a result, a feasibility study must be conducted before any project can be planned.
Need more insights on the same? Enroll in project management training at Education Edge today!