How to Complete a Feasibility Study
April 19, 2017 Would you personally risk a million dollars on the chance that something might succeed without at first researching its likelihood of success? Of course not. Yet in a business context, it’s all too common to launch new projects and initiatives with little research into their feasibility. Common sense dictates that your project must be feasible or else you’re not going to successfully complete it. Right? That’s our starting point, always, as project leaders. But knowing the viability of a project upfront is easier said than done. A Feasibility Study will help you identify critical goals and aspects of the project you might overlook if you plunge into the project without assessing its viability and potential impacts to the bottom line, in addition to helping you identify a range of different alternatives solutions to potential problems in advance. Therefore, it’s can also be a crucial tool to help a team decide on which solution i...