person holding pencil and stick note beside table

Step-by-Step Instructions for Conducting a Feasibility Study

Get Started

Table of Contents

Call-for-action

Tel: (+234) 802 320 0801, (+234) 807 576 5799

Email: info@mocaccountants.com

Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria

Introduction

Starting a new project or new business front can be as exciting as engaging in unknown sports. Nonetheless, while the world is ablaze with innovative ideas and people in fields like technology and business are more innovative than ever, there is also a need to be careful and avoid hasty thinking when it comes to implementing certain plans. This is why the need for a feasibility study arises at this point in the development process.

A feasibility study can be described as a compass given the fact that it helps present a clear and smooth direction amid the thorny issues of decision-making. This is an overall assessment that covers and sharply checks all the key aspects of your project or business idea, including the market potential of the idea, its financial feasibility, and management competence. This research is highly beneficial when done before launching a business because it provides key information to influence the success of the project.

In this guide, the concept of feasibility studies: reveals its importance, and outlines comprehensive step-by-step guidelines.

In detail, this paper seeks to understand what feasibility assessment entails and how a feasibility analyst can go about the work in a systematic manner beginning with defining feasibility and then going through the stages of the feasibility process.

Thus, no matter whether you are thinking about starting a business or modifying your project, we’re here to invite you to this path and discuss nuances of feasibility study and ways of making the right decision.

What is a Feasibility Study?

Let us first uncover what feasibility studies are in detail before going further into their facets. A feasibility study can thus be looked at as a scientific evaluation of the potential or likelihood of realizing a particular project or business idea. This entails assessing different attributes such as market needs, technological infrastructure, forecasts of sales and profit, and the organization’s capability of handling the undertaking to ascertain whether the project is viable and worthy to be embarked on.

At its core, a feasibility study aims to answer critical questions such as: At its core, a feasibility study aims to answer critical questions such as:

– This criterion seeks to identify whether there exists a market demand for the products or services to be offered.

– This involves asking ourselves questions such as whether we can implement the proposed project through the application of the appropriate technical know-how and human resources.

– The potential cost and returns you are likely to incur while engaging in the selected venture have to be determined.

– Evaluations on regulatory or environmental conditions that may limit the adoption of organic farming.

– Is the organization capable of deploying, maintaining, and sustaining the project in the required manner?

A feasibility study can be instrumental in aiding stakeholders to identify and understand the possible prospects and constraints involved in the planned exercise. This, in turn, has presented the basis for assessing strategic decision-making, affording stakeholders rational ways of managing likely risks, resources, and project success.

Importance of conducting feasibility studies

It is pertinent to mention that feasibility analysis represents one of the core steps in the general and specific life cycle of the projects and new businesses. Here are some key reasons why conducting feasibility studies is essential:

Risk Mitigation: Due to the feasibility studies it is easy to come and ascertain that there is some risks and uncertainties that are likely to affect the project hence coming up with ways of balancing the risks.

Informed Decision-Making: Each stakeholder can make sound decisions concerning the provision of resources, investment in the project, and overall strategic direction with insights derived from feasibility studies.

Resource Optimization: Feasibility study can help organizations effectively manage resources since it helps to determine and in some cases quantify the necessary resources in terms of time, money, and manpower and have them allocated accordingly.

Stakeholder Alignment: Regarding the first one, feasibility studies help foster communication between the stakeholders since they offer a common platform for discussion of the proposed project.

Avoiding Costly Mistakes: To avoid some major mistakes and failures that may be encountered in the process of strategizing and planning at the long run, the feasible pitfalls and challenges associated with the planning phase of implementation of these strategies should first be identified.

Discussion of a Step-by-Step Procedure

Conducting a feasibility study is a process determined by many actions and measures, which are typical for a systematic approach to ordering the plan of a proposed project. In the following sections of this guide, we will attempt to explain the step-by-step process of how one can complete their analysis and what you should expect at various stages of this project from setting out the scope of the project to documenting the results of the analysis and recommendations.

Stay tuned as we continue unwinding the measures of feasibility assessment and enlightening you with some practical tips for its accomplishment.

Step 1: Define the Project Scope

Clarify the objective and purpose

Articulate the Purpose: The first step is always to ensure that the general project objective is specified and recognized. This entails defining the exact need the project seeks to meet or the likely opportunity it seeks to exploit. For instance: if the project was to create a new product, the rationale may be to address a certain need in the market or to innovate on existing offerings.

Example: In a feasibility study for a renewable energy project the purpose may therefore be to consider if the adoption of solar-power systems will enhance independence from non-renewable resources or contain negative environmental influence.

Define Objectives: It is important to make sure that these objectives are defined as the intended goals of the project and should be used to measure the success of the constructed product. Goals should therefore be realistic and feasible in the context of a project, this means that a goal should be attainable given the resources available, the time available for the project and the amount of money to be used in the project.

Example: In the case of renewable energy projects, objectives could be defined as cutting down CO2 emission by a particular measured level of energy use, attaining energy self-sufficiency, or an annual renewable energy production among others.

Identify Key Stakeholders

Internal Stakeholders: Another classification is internal stakeholders, these being individuals and groups within an organization with an interest in the project. The stakeholders may be the corporation’s executives, project managers, heads of the department, and other employees who will engage in the project implementation or those who shall bear the impact of the outcome of the project.

External Stakeholders: Stakeholders of this nature are those who can affect or are affected not by the organizational processes that govern the creation of a project, but rather by the project under consideration. This could involve involving customers, suppliers, government agencies, community members, investors, and other partners.

Roles and Responsibilities: Based on the analysis of the stakeholders that have been recognized, one needs to outline their duties in connection with the project. This aids in breaking down complex deliverables into easily manageable segments with defined responsibilities among all the stakeholders.

Example: Internal stakeholders in the renewable energy project could be the project manager in charge of the project, the financial department that is charged with the responsibility of overseeing the financial part of the project, the engineering department that is tasked with the responsibility of developing and implementing technical aspects of the project and the facility management department of the company. These could be the local government authorities, the utility companies and providers, the environmental watchdog, and/or any other individual or group adjacent to the project site.

Establish criteria for success

Clear and Measurable Criteria: Determine measurable objectives to mark the level of success that is expected in the given project. These criteria should be well-defined, quantifiable, and realistic and should be consistent with the objectives and goals that form the basis of the project. Here, you should think about both the financial aspect of your project, for example, its ROI, market share, or cost savings, and the non-financial answers, including the satisfaction of the customer or clients, the reputation of your brand, or the environmental effects of your project.

Alignment with Objectives: Make sure that the targets and measures of success are both suitable for the overall scope and focal points of the project. The use of measurable objectives guarantees that the evaluation activities are directed toward desired and appropriate end products from the perspective of stakeholders in the project.

Example: Success in the renewable energy project might involve conditions such as meeting a prescribed timeline for return on the investments made, cutting down on electric expenses to a specific percentage, acquiring permissions and permits from government authorities, and upholding a good image in the eyes of the public.

As each aspect of defining the project’s scope is described in detail below, stakeholders can have a broader perception of the project’s purposes, participants, and standards for choosing the winning performer. It leads to a precise feasibility study of the business and improved decision-making in the following stages of the undertaking process.

Step 2: Conduct Market research

Identify Target Audience

Demographic Analysis: First, let us determine the audience interests and determine the potential audience according to their age, gender, income, education and place of residence. This information serves the purpose of market analysis by making known who the potential customers are and how best these can be satisfied by products or services being put into the market.

Psychographic Analysis: Identify the target consumer trends regarding the customer loyalty, values and attitude, self-image how, and psychographics. An insight into target market consumers’ psychographics assists when developing the necessary marketing messages and positioning strategies.

Segmentation: Divide this target market into groups/segments with similarities in attributes or activities. This leads to better strategies and products /services for segments that are of interest, with the satisfaction of consumers being the end goal.

Information on Studies of Market Characteristics

Industry Analysis: Evaluate the size and growth of the industry in which the project is going to operate so that the scope of work and the corresponding reward shall be fairly assessed. With awareness of specific industry trends, project factors such as opportunities that can be leveraged or threats or challenges that may hinder the feasibility of the project can be noted.

Market Trends: Understanding and examination of the prevailing industry trends and novelties that can affect demand rate, consumer demand, and competition on the market. This encompasses issues like the adoption of new technologies, changes in laws and rules, changes in market conditions and culture.

SWOT Analysis: Strengths, weaknesses, opportunities, threats analysis can be performed to evaluate the position of the project in the current market. This grows the understanding of internal and external dynamics as the strengths and weaknesses of the project as well as the opportunities and threats that may come with it.

Evaluate Demand and Competition

Demand Analysis: Sales potential can be assessed by analyzing characteristics such as current market share, projected customer growth rate, and known purchase behavior. This includes primary research identifiers such as survey and research interviews, focus group discussions, and data retrieved from secondary sources.

Competitive Analysis: Differentiate primary and secondary competitors from each other and examine those which function in the same environment. Assess your competitors’ capabilities and strategies, including market location, prices of their products, outlets, and advertising techniques. It is useful in comprehending the competition and potential for differentiating coordinates of the particular project.

Gap Analysis: Try to find out if any specific areas within the market are currently unfulfilled or not adequately served. This means the opportunity for the organization to identify potentials such as unserved customer group, unmet customer needs or reactive competitors. Thus, the project can take place and eventually get ahead of its competition or at least attract customers to fill these gaps.

The key advantage of market research is to identify the needs of the target market, trends in the market, the demand for certain developments, and the current competitors.

This information is then used to make effective decisions and in the process aid in evaluating the profitability of the project in the context of the marketplace.

Step 3: Analyze technical feasibility

Determine Endowment and Technology. Scanner Body of Knowledge

Resource Assessment: Assess or take stock of the readily available and sufficient resources for the project which comprises funds, manpower, tools, and others. Assess the identifying whether the project is capable of obtaining the resources in question within the funds and time available.

Technology Requirements: These able you to determine the application, software, hardware, equipment, and systems required for the project. Evaluate what current technologies in the organization can meet the project needs or if new ones must be built or purchased.

Expertise and Skills: Strengthen and assess the technical competence and capability needed to deliver the project effectively. Asses if the members of the proposed project team have such knowledge and ability or if they have to undertake further training or procurement of human resources.

Formalize infrastructure and operation factors

Infrastructure Assessment: Evaluate the adequacy and relevancy of available infrastructure resources and utility structures during the operational phases of the project. They should take into account issues like transportation networks, power, water, communication, and space physical as some of the favorable structuring parameters.

Operational Analysis: Assess the functional requirements for project management and the organization’s operating processes that are necessary for project delivery. Preliminary activities Analyse operational processes and determine:

Major activities of operations
schedule by phases
links between activities
probable delays of operations

Compliance and Regulatory Requirements: The following inquiry also needs to be made regarding the degree of compliance with the legislative-synaptic, normative-regulatory, and conventional benchmarks: There should also be an investigation of the legal and ethical concerns that regulators may have concerning the operations of the business as well as other compliance concerns.

Identify Possible Problem Areas and their Recommendations

Risk Assessment: Determine problems that may likely occur due to technical factors in the course of project delivery. Question the probability and potential consequences of each risk affecting the project, then identify how to prevent and manage these effects.

Contingency Planning: Formulate backup strategies and communication plans about possible technical misfortunate occurrences or risks that may affect the execution of a project. Develop contingency plans from the beginning to cope with critical situations to sustain the project.

Collaboration and Partnerships: Consider potential cooperation and affiliations with Outside Firm personnel, technology suppliers, academic organizations, or specialists who can contribute knowledge bases or capabilities that the current company staff may not have.

Carrying out a detailed analysis of technical feasibility makes it easier for the stakeholders to not only deem potential challenges that might occur, resources and technology that need to be available, and the staking strategies necessary to overcome such a challenge and arrest the best way to execute the project efficiently.

By understanding issues involved in the analysis, successful implementation of projects is made possible and feasibility assessment is improved.

Step 4: Evaluate financial feasibility

Costs and expenses for installation

Direct Costs: Compute the cost of implementing the project directly and without including the overheads such as transportation costs and material expenses. It is essential to include base costs and precise overhead costs to properly predict the expenses that are going to occur at different phases of the project.

Indirect Costs: This involves determining fixed costs including all sorts of overheads, administrative, utility, and other incidental costs that may have a bearing on the projects. It is important to consider elasticity to be clear on the various expenses involved with using a certain product or service.

Contingency Planning: To regulate costs that may happen outside the scope of the project, consider including contingency reserves within the contractual price. Set aside a proportion of the cost estimates for things such as emergencies, unexpected events, and other risk factors.

Projecting Revenue and Cash Flow

Revenue Projections: Consider the projected revenue likely to be acquired from the project in terms of sales returns, subscription, licensing, or any other related revenues. It is a good manner to take into account the different aspects such as the pricing policies, market requirements, and sales quantities that would help in the prediction of revenues.

Cash Flow Analysis: Create a cash flow projection whereby an entity can predict the in-flow and out-flow of funds at any given time in the future. As mentioned in Chapter 3, it can be useful to gauge when revenue receipts will be received and when expenses will be paid out so that adequate cash is available to meet requirements for operations and other obligations.

Sensitivity Analysis: Sensitivity analysis is to estimate the effect of fluctuating parameters that are likely to affect future cash flows like sales volume, pricing, or costs of productions among others. Explicate sources of cash flow volatility and assess the impact of these elements on project accounthttps://paperhelp. space/.

Determine Return on Investment (ROI) and Break-Even Point

ROI Calculation: The return on investment (ROI) mostly refers to the net returns from the project as a result of revenues less costs as compared to the initial investment made. Subtract the cost of the initiative from the total benefits, then divide that amount by the initial investment and multiply by 100 to get the ROI in percent.

Accordingly, the formula of ROI can be expressed as follows: ROI = ( Net Benefits / Initial Investment ) x 100%

Break-Even Analysis: Analyse the break-even point, which is the level of restricted sales or overall income that reflects when the total costs are equivalent to the total revenue or income, thereby giving neither profit nor loss. The break-even point can be determined as the total fixed costs divided by net profit per unit of output or sales.

It is the difference between the sales price per unit and the total variable cost per unit.

This way, through the assessment of the financial feasibility, potential promoters and consumers can evaluate the revenue and cost scheme and profitability, as well as the investment return potential of the project. In a practical sense, it offers relevant information in the assessment of the soundness of the proposed project as well as in the decision-making processes of allocations of resources, financing, and risk management.

Step 5: Acess Organizational Feasibility.

Analysis of Human Resource and Skills

Skills and Expertise: evaluate current employees in terms of their abilities, qualifications, and previous performance then decide whether they are competent to undertake the project on offer. It is also important to note any skills or training issues that require recruitment or training or if the organization should outsource certain tasks.

Staffing Requirements: The next step involves defining the staff needs for the particular project both in terms of the number of employees to be recruited and the nature and relationships of the reporting lines in the project. Make sure that the human resources of the organization are properly staffed and can provide some support to the implementation of the project and regular activities.

Data and Concept Analysis on Organizational Structure and Culture

Organizational Structure: Examine the organizational structure and culture as that may indicate potential success or failure in terms of project delivery. This includes evaluating how well the organization handles defining clarity of responsibilities and accountabilities, communication structures, decision-making forums, and coordination procedures.

Culture Assessment, but rather a review of their culture and moist organizational values and norms to ensure they match the goals and objectives of the project. Determine constructs like openness to change, innovation, collaboration, and accountability for assessing the readiness of the implementing and the receiving organizations and for monitoring projects’ effectiveness in the organization.

To Assess Readiness or Capacity for Change and Adaptation

Change Management: Evaluate the organization’s adjustability level, including the ability to accept and implement new processes, technologies, or work methodologies needed for the project. Break down the change into smaller steps, assess the risks associated with each step, and learn how to minimize or avoid them.

Adaptability: Assess the company’s capacity to respond to certain conditions like changes in the market environment for a specific product or market, new legal rules and regulations, new technologies, and competition forces. Determine which fields of the organization activity require improvement as far as flexibility, agility, and/or responsiveness to the outer environment.

As a way of getting an understanding of the human resources, structure, and culture of the organization, organizational feasibility makes it easier for the stakeholders to discover gaps and other factors that may pose a threat to the success of the project.

The above analysis is useful in strategizing on how best to use the organization’s strengths, conceal/overcome its weaknesses, and in general create an environment that would foster project success.

Step 6: Document findings and recommendations

STORE DATA & ANALYSIS RESULTS

Data Compilation: Collect, compile, and especially summarize all the data that you have obtained in the process of completing the feasibility study part of the plan including such aspects as Platz, market data, financial plan measurements, technical requirements, and organizational factors. This involves quality data with the right format, data accuracy, and providing data appropriate to the project.

Analysis Results: Aim to Develop a document containing the outcomes of the analyses stated in the feasibility study which is the evaluation of the market, technical, financial factors, and organizational preparedness. It is important to organize the findings in a logical and systematic style that will allow concluding.

Main conclusion

Key Findings: Conclude the feasibility study by summarizing the potential outcomes obtained from the evaluation assessment while outlining the seemingly paramount indicators that may influence the feasibility and efficiency of the project. Emphasis is placed on specific areas like customers’ needs, technological factors, feasibility, and resource commitment respects.

Insights and Implications: Explain the implications of the findings for assessing the viability of the project and its further smooth feasibility. Examine if there is any opening observed that has to be exploited, a threat perceived that has to be managed, or any issues that would have to be met. Elements to be stressed or points that should be focused on can also be underlined together with weaknesses that will need more coverage or ways to manage it.

Ensure that there are clear recommendations and the steps that should be taken next.

Recommendations: Develop sound, specific, strategic, and dialectical recommendations based on the study and research results obtained from the feasibility study. Given the feasibility assessment findings made, recommend whether the project should be continued with, or the plan adjusted or the project altogether dropped.

Next Steps: Explain what should transpire next in light of the recommendations made above. This may comprise increasing the knowledge base for the project, more data analysis considering the stakeholder’s opinion on the project, or modifying the project schedule. Identify the logical next steps for the rollout of the recommendations and the doable work plan for the continued progression of the project.

Overall, one of the crucial aspects of the feasibility study is to provide clear documentation of the results and recommendations in an easily understandable format for the various interested parties, especially the decision-makers in charge of the project’s further implementation.

Step 7: Convolution and Reinforcement of Results

Engage the public

Stakeholder Engagement: Meet with representatives from sponsors, project managers and team members, investors, and other relevant external partners and collaborators to seek their endorsement of the feasibility study results and recommendations as reported in the study. Promote participative, and multifaceted working to encompass all the aspects that different people may notice.

Feedback Collection: To gather information from stakeholders, apply qualitative and quantitative techniques available for gathering feedback, including questionnaires, individual interviews, focus groups, or meetings. Collect the impressions and concerns of the targets regarding the conclusions made, the applicability of the recommendations, and anything else they feel is important.

Reply to Concerns and Propose Changes in Recommendations as Necessary

Identify Concerns: Consider the comments that have been voiced by the stakeholders regarding the feasibility study and if some concerns or objections were made. Take note of consistency and disagreement – do certain topics or issues recur regularly and how should they be addressed?

Address Feedback: Engage stakeholders in a constructive dialogue and respond to their misgivings, fears, and other discussions that contradict the change process at certain intervals. Make sure to open up to stakeholder input and be more flexible to accommodate other opinions.

Modify Recommendations: Some of the tasks include: Authoring and executing a plan to solicit feedback from stakeholders regarding the recommendations made in the feasibility study and updating the recommendations in the feasibility study based on the feedback received. Possible actions might include taking into account stakeholder feedback and including their recommendations, reviewing the assumptions that led to the decision and perhaps changing them, or making adjustments to the proposed activity plan to reflect stakeholders’ expectations and concerns.

To address this, some of the measures that could help to ensure that project objectives align with business goals include

Objective Alignment: Examine new observations as well as the recommended changes to make sure they are relevant to the overall project goal statement. Assess whether the course of action being planned conforms to determining the objectives of the project and at the same time avails the chances for the risks involved.

Stakeholder Alignment: See that the refined analysis is consistent with the expectations and goals of all the significant stakeholders. It is advisable to strive for the management to get consensus from the stakeholders to ensure that the coming measures and actions align with the agreed project going forward.

Document Agreement: Complete and sign a memorandum of understanding by and among the stakeholders on the agreed result of the study regarding the results of the feasibility study and the proposed changes or modifications thereto. Ensure that there is some level of openness and organizational responsibility by doing the following: Stay responsible for making changes in regards to the overall account and having out any changes that are made and reasons for the changes that are made.

To achieve a comprehensive and accurate feasibility assessment, the feasibility study results can be reviewed and approved by them and discussed to address issues that may render the feasibility assessment questionable in terms of the stipulated goals of the project.

These iterations of reviews and reconverge aid in creating better understanding, and managing risks as well as in enhancing confidence levels regarding its sustainability and possibility.

Conclusion

Allevating the Conclusion part of the Feasibility Study Sessions

In the process of feasibility study, the stakeholders go through a systematic approach of evaluation to determine the feasibility of the project in its early stage or the feasibility of a business venture. From the definition of the scope of the project up to the final stage of review and affirmation of the findings, each stage plays a very important part in decision-making and managing risks. Stakeholders start with the market analysis and take up a technical robustness analysis, followed by an organization readiness and financial analysis to fulfill different research goals. Through the gathering of data, the presentation of the data analysis, and coming up with clear recommendations, the stakeholders ensure that those persons who make decisions about the project are well-armed with the right tools that will enable them to settle on the right decision in the future.

Emphasize the Importance of Diligence and Thoroughness

Much time and effort are spent in the course of performing a feasibility study, and all the stakeholders see to it that every aspect of the project is examined comprehensively. Stakeholders deliberate and evaluate the ideas of capability and potential in reference to market constraints, configuration demands, economic costs, and readiness to foster revelations that define the project’s course. It makes sure that total compliance is considered and implemented and that possible threats and opportunities are not missed out. The former relates more to enhancements of decision-making processes, and overall professionalism in managing stakeholder relations while the latter speaks of efficiency in strategic planning through a well-sensitive approach the aspect of thoroughness creates the ability to tackle challenges in a highly determined and accurate manner. By fully engaging in the feasibility study process with due diligence and systematic planning, stakeholders set up a strong framework for the overall achievement and longevity of projects initiated.

Shift the Focus toward the Issue of Knowledge-Based Decision Making

Fundamentally, the feasibility study process is primarily focused on giving the stakeholders the pertinent information they require to make choices. Through conducting adequate evaluation tests on the projects and analyzing the outcomes from the research studies, the investors operate under smaller risks and therefore optimize the chances of project success. Informed decision-making involves allowing entities to make appropriate decisions and take the right actions and the right time. It creates confidence in the project among investors and sponsors, and for the team members who are part of the project, it provides vision so that the project can be pursued spiritedly. Finally, the importance of considering the entire feasible study is not limited to the feasibility study alone, with many stakeholders implementing and executing projects fully aware and confident of the most appropriate decisions to make throughout the project.

Overall, feasibility studies can be viewed as a kind of compass that helps keep the stakeholders oriented when it comes to project evaluation as well as decision-making. Through diligence, thoroughness, and research, practitioners and officials ensure that the entity is on the right track to follow its visions and effectively implement and navigate the path toward a better future.

Next Steps

Implementing Recommendations

Action Plan: Make a specific action plan outlining measures to be taken to effect the implementation of recommendations emanating from the feasibility study. Define roles, identify time frames of the imposed plan, and apportion major resources to execute the outlined plan.

Communication: Inform the stakeholders of the right course of action, this involves the project team members, sponsors, investors, and external partners. Reaching clarity of the tasks required, aims, and objectives to create coherent expectations and accountability framework.

Implementation, Evaluation, and Revisions

Performance Metrics: Create a schedule for periodic evaluations of the achieved results and indicators to determine the effectiveness of the project implementation. Measure trends in achievement of the strategic plan concerning areas such as market share, financial strengths, productivity, and organizational outcomes.

Regular Reviews: Ensure that viable checks and balances are conducted frequently, and performance is evaluated and assessed against predetermined KPIs and critical success factors. Establish any discrepancies that may have occurred about the plan of work and remedial measures are then taken to address any challenges as well as enhance the results.

monitoring feasibility within dynamic environments

Environmental Scanning: Ensure continued and active scanning of the environment to counter changes in the marketplace, technological Landscape, policies, and competition. Portfolio management should consider possible effects on the overall feasibility of the project and adapt strategies accordingly.

Adaptation Strategies: Benchmarked to the best practices, recommend coping mechanisms to counteract fluctuations and varying situations. Learn to be adaptive when planning your strategies because emerging opportunities should be exploited while threats should be neutralized.

Iterative Process: Understand that feasibility assessment is not an isolated process that ends when one makes some decisions on the issue; rather, it is cyclical and is continuously being reviewed and revised. Reminder: Do not assume that the conditions that made a project viable when you began planning are still applicable; provide periodic updates based on conditions that reflect the probability of success in meeting the changed stakeholder objectives and focus of the project.

The key reason for how to deal with challenges that come with plan implementation is as follows; Recommendations: The ability to make recommendations ensures that whenever there is a need to change some strategies or find workarounds, it is done. Adoption of monitoring and adjustment of the plan: This ensures that the situation is assessed and changes made where necessary in response to new details that might have rendered some of the parts of the plan not feasible.

Assessment of feasibility Hence, this timely strategy helps the stakeholders step up to the potential impact, level out threats, and aim for the best outcomes with the view to supporting project longevity and sustainability.

Contact Information for Expert Consultation

Project Management Consultants: Reach out to project management consultants or firms specializing in feasibility studies for expert advice and assistance.

Business Analysts: Contact experienced business analysts who can provide insights and guidance on conducting feasibility assessments.

Financial Advisors: Consult with financial advisors or consultants knowledgeable in financial feasibility analysis for guidance on the financial aspects of the study.

Industry Experts: Seek advice from industry experts and professionals with domain-specific knowledge relevant to the project under consideration.

Academic Institutions: Contact professors or researchers in relevant fields at academic institutions for expert consultation and insights.

These additional resources and contacts can provide valuable support and guidance for stakeholders involved in conducting feasibility studies, helping to enhance the rigor and effectiveness of the assessment process.

Additional Resources

References and Citations

[Project Management Institute (PMI)](https:(<link to = “http://www. PMI. org”>) – Offers references, certifications, and other professional support to the project managers.

[International Institute of Business Analysis (IIBA)](https:(< MaterialPageRoute(location: ‘//www. Ziba. org/)>) – Contains references and courses for business analysts engaged in feasibility analysis.

[American Society for Quality (ASQ)](https:): Some of the resources that it has is; //www. asq. org/ asq/quality-tools /quality-improvement-tools – It contains tools and items that are used in quality management and improvement, and can be used through the feasibility study processes.

[Financial Accounting Standards Board (FASB)](https:(<Insert link of the website of FASB here>)-Contains a broad account of the accounting standards and guidelines to be followed in the financial feasibility tests.

Matthew Ogagavworia & Co.(Chartered Accountants) – Offers standards for planning and monitoring tasks across the world, containing specific guidelines concerning the execution of feasibility assessments.

Step-by-Step Instructions for Conducting a Feasibility Study

Step-by-Step Instructions for Conducting a Feasibility Study

Introduction

What is a Feasibility Study?

Importance of conducting feasibility studies

Implementing Recommendations

References and Citations

Facebook Comments

Related Posts:

Leave a Reply Cancel reply

Contact Info