Unknown Facts About Feasibility Analysis For Projects
In my previous article, I have talked about all that you need to know about scoring and rating systems for projects. In this article, I want to talk about all that you need to know about feasibility analysis for projects. Follow me as we are going to look at that together in this article.
Feasibility analysis is an evaluation method for proposed projects to determine if they are feasible to the organisation in terms of financial, technical, and business aspects. It gives management the technical and operational data needed to make a decision about project selection.
In many cases, the feasibility analysis is based on an expert judgement about current technological developments, in-house capabilities, and historical data relating to previous project phases.
Feasibility Analysis for projects always include:
#1 Description of the problem
One thing is clear. A project can be carried out because of two things. It is either there is a problem to solve or there is an opportunity to explore. Therefore, the feasibility analysis document must have evidence of what the project is trying to achieve or what brings about the project in the first place.
#2 Historical data
The project must also have a summary of relevant historical data about previous projects. As a project manager, you got to have a record of how the previous project has fared in order to decide on how you can move forward in the present scenario.
#3 Summary and Evaluation
You also have to consider the summary and evaluation of available technologies that could be; used to solve the problem, including the potential output of each. You must consider the options the options that are available to you as well as the pros and cons of each of the options.
#4 Cost and time
There is a need to also consider the cost and time that will be needed to prosecute each of the alternatives. This will allow the management and stakeholders to decide on the best alternatives they would like to go for.
The project manager also needs to carry out an evaluation based on the current assessment of the Organisation’s technical capability and readiness to use each technology. They need to determine whether the organisation has what it takes to achieve the project management objective.
#6 Assumptions and constraints
There is a need to also consider the statement of assumptions and constraints used to derive the previous evaluations and estimates. As you are about to embark on the projects. You have to understand whether all those assumptions and constraints are still correct or not.
In addition, you have to consider some of the recommendations that have been made. You need to consider all the alternatives that are available. You need to determine the best alternative to pursue, based on project cost, time and quality.
#8 Statement of project goals
There is a need for you to have a statement of project goals and objectives as you are about to start the project. You also need to create project milestones and use this to determine whether the project is on track.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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