What Is a Feasibility Study? How to Conduct One for Your Project

What Is a Feasibility Study? How to Conduct One for Your Project

A feasibility study is an assessment of the practicality of a proposed project plan or method. It is done by analyzing technical, economic, legal, operational and time feasibility factors to determine the viability of the project. When should project managers do a feasibility study? It should be done during that point in the project management life cycle after the business case has been completed. As you research the feasibility study, project management software can help you keep track of all that information.

Assign a team member to get the feasibility analysis data you need, and they can attach supporting documents. The findings of the feasibility study are compiled in a feasibility report that usually includes the following elements: product/service technology considerations, product/service marketplace, marketing strategy, organization/staffing, schedule, financial projections, findings and recommendations, technical feasibility, economic feasibility, legal feasibility, operational feasibility, time feasibility, and fit with current operations.