Project Feasibility Study
A project feasibility study examines all of a project's aspects, including economic, technical, legal, and scheduling issues to determine the possibility of the project's successful completion. Prior to commencing the project and investing funds, time, and efforts into it.
In project management, a project feasibility study evaluates the following areas:
- Technical Capability: to see if the organization is equipped with the necessary technical resources to complete the project
- Budget: Does the organization have the financial resources to carry out the project, and cost-benefit analysis justify moving forward?
- Legality: What is the project's legal requirements, and can the company meet them?
- Risk: What are the risks involved in completing this project? Is the risk worth the company's money and time based on the expected benefits?
- Operational feasibility: Does the project, in its intended scope, address the organization's needs through fixing problems and/or seizing opportunities?
- Time: How much time would it take for completion?