A Feasibility Study is an analysis of a system or a proposed project with an aim of discovering the realistic potential of that system to deliver expected outcomes. It is undertaken to determine the costs, benefits and risks of implementing a certain system. A Feasibility Study can be conducted for a variety of reasons, such as estimating the cost-effectiveness of a project, identifying problems and possible solutions, determining the degree of feasibility of a certain construction technique, estimating the impact of one or more alternate construction methods on the project cost, identifying the technical, economic and safety risks associated with a specific system, etc. Feasibility studies are important in any construction project. A Feasibility Study should be performed by trained professionals who have extensive experience in evaluating feasibility of systems.
Feasibility Studies are essential for project managers before they commence work. In addition to being extremely crucial for the success of any given project, Feasibility Studies play an equally vital role in determining the cost-utility trade-offs involved. Feasibility Studies allow project managers to address most of the problems that may arise once a project gets underway. They allow project managers to make informed choices on what techniques, methods, codes, guidelines, programs, materials and systems will be required to deliver a project.
Feasibility Studies are conducted by qualified professionals to address key questions that arise out of technical feasibility. Feasibility Studies help in decision making on technical, economic, environmental, social and operational issues. A feasibility analysis provides project managers with valuable information and insight into the cost and schedule management. It also helps in decision making on resource requirements, technical investments, and financial implications.
The purpose of the Feasibility Study is to facilitate project management by revealing flaws and other problems that can be corrected. It helps in identifying and analyzing any recommended course of action to avoid excessive costs, excessive time and effort. The Feasibility Study identifies and indicates all the necessary steps and methods for delivering the proposed project. The Feasibility Study thus enables the project manager to correctly define all deliverable events that are feasible under the given circumstances.
Feasibility Studies must contain both a conceptual and specification’s description of the approach being applied. Conceptual description refers to the overall approach, while the specifications describe the methods and measures being used to measure the approach. Feasibility Studies must also include a note section on the basis of which the project development will be evaluated. The project development is then subjected to several different types of reviews including cost-benefits analysis, identification of important risks, identification of limitations, identification of objectives and other important considerations.
Feasibility Studies in Online Sales Based Project Management applications require the use of certain online sales tools to determine and provide evaluation criteria for the potential solutions being considered. The Feasibility Study Online tool is used to generate reports. The tool generates a set of report related to each of the Feasible Solutions identified in the Feasibility Study. These reports are in real time and hence are very useful to identify the factors that may affect the Feasibility Study and hence the estimated savings for the project. Moreover, these reports help in analyzing the project and identify the issues that need urgent attention, hence bringing down the costs and saving time for the project.
The Feasibility Study Online tool is very convenient to use as it can be accessed through a secure server and one can access the Feasibility Study any time of day or night. The Feasibility Study Online tool can be used in conjunction with the project management software and in turn can generate reports that identify the issues and obstacles that may be affecting the Feasibility Study and thus lead to the identification of the suggested improvements. One can easily find the Feasibility Study Online tool on the Internet. However, it is suggested that one should not rely solely on the information generated by this tool and should try to further verify and validate the facts generated by the Feasibility Study Online. It is also suggested that one should not blindly adopt the figures generated in the Feasibility Study Online without any proper analysis and verification.
Every project needs to be examined from its inception until it is nearing completion. Analysis of the feasibility of the proposed solution is very important for determining its feasibility and hence the investment required for it. Therefore, it is very important to follow the Feasibility Study all the way to its completion so that one is not wasting any valuable resources in the feasibility study. Thus, if the Feasibility Study results in identifying a feasible solution that requires further research then it will be worthwhile while focusing your attention on that specific solution.
