What is this?
Often, before a Project is given a mandate to begin, an attempt is made to research the project’s feasibility of achieving its specific Business Objectives / resolution of a specific Business Problem/s. This research study typically takes the form of the attached Project Feasibility Study Template, which outlines the Business Objectives / Specific Business Problem/s and compares and contrasts these against a range of potential solutions so the reader can objectively decide one of the following:-
- There is no feasible and cost effective solution and a project should not be started.
- There is a range of feasible technical and project management delivery solutions and an optimal choice can be made.
Why it’s useful?
This template is useful for the following reasons:
- Helps decide whether specific Business Objectives or the resolution of a specific Business Problem is achievable through the implementation of specific technical / project management delivery solution.
- Allows the comparison of differing technical and project delivery solutions so that the most optimal can be selected in terms of risk /issue profile and its ability to conform to the most advantageous combination of project drivers (time, costs, scope, quality).
- This Project Feasibility Study Template can be an important key to preventing project failure. Remember most IT Projects Fail. Very often projects are started and the technical and project management solution was never feasible.
- A Project Feasibility Study can help develop clear Yes /No buy-in for Projects with doubtful business support.
- The template can be used either in its ‘vanilla’ form to save time in developing your own or to benchmark the quality of existing templates you may have
How to use it?
- Download the template (replacing the logo with your own if required)
- Review the contents and delete / reshape where required in order to meet the specific needs of your business environment
- Get the template peer reviewed and use it as a Product Description for the purposes of QA review prior to presentation / circulation and sign-off
- Use the document heading in order to work out the research and compilation tasks you need to do in order to deliver / QA review / present, and eventually get sponsorship sign-off. This should give you GOOD task breakdown and effort estimates for your Project Plan.
Balance Global hopes this template makes a difference to the success of your project. Please send us any suggested improvements to this template so we can share them with our site community.