Types of Feasibility Studies and Where to Use Them
When undertaking a project, it is important that one executes a feasibility first in order for the team, group or organization to know if the product is really valuable enough to complete and if the gains would vastly outweigh the cons. The most regular scenario you’ll see in teams and companies concerning feasibility studies is that they will conduct it before finally proceeding to the main project procedures but, the exclusion to this is when the company has tight schedules and time constraints which in this point, they will be forced to startup the project along with the feasibility study.
Not all feasibility studies pertain to profit which is something you need to keep in mind as there is also a cultural and organization feasibility studies that can be executed if you want to know beforehand if a project would not disrupt the cultural characteristics of an organization. If you plan to make cultural feasibility studies on your project, you should know that what it deals with is more on the impact of the project when it’s finished in terms of the perspective of the structure and drive of the organization and its people. All sides involved in the completion of the project – the employees, management and more, should be satisfied with what a project would bring as an outcome as this will ensure that the people within the organization will continue working at the finest conditions with no risks to worry about.
Aside from cultural impact, technology is also something that needs a certain amount of attention as they have become great supporters of companies and it is necessary to make sure that a project coincides with it quite nicely. The Technology Feasibility is to make sure first that the company comes with resources and technology that will allow them to push through with the project or at the very least, they should have the budget to purchase technologies needed to make sure that the project will end with a success and not end midway.
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Resources which includes time, money and effort are also vastly needed to meet schedules and it is something that even the most seasoned companies find very tolling to meet but, with the help of the Schedule feasibility, you’ll be able to derive a conclusion quickly, whether your company can live up to the time constraints or not. This feasibility will be at its most glorious state when dealt by companies who have projects that are time-sensitive and there’s no doubt that it will be able to help the company decide whether a project can be pushed through or not.
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Resources is also a broad aspect of the company that can either be in terms of manpower or other physical resources and they are great factors to decide if a project would succeed or not. Depending on the nature of the project, you may find your study inclining on either human or physical resources which can fall either on designing and IT jobs or on production and manufacturing projects, respectively.