How to Write a Feasibility Study
A feasibility study is carried out before undertaking a given project. It can be asserted that a project of supreme quality should be excellently prepared and planned. Various aspects of the project should be subjected to analysis: its strong and weak points, perspectives and hindrances, financial aspects, technological aspects, social/and or cultural aspects, and so forth. In general, it is hard to say how to write a feasibility study because the process of its writing proves to be different in different fields. In business, for instance, a feasibility study should take into consideration mostly financial and technological factors; in education, the legal, social and cultural aspects of the project are most important; and so on. Thus, here you will find some general tips about writing feasibility study which you need to apply to the particular field.
How to write a feasibility study – 6 general tips
1. Get yourself acquainted with the project
It is important to start from the project itself. However, this is not enough to start your study. You need to know more about the history of the particular company, institution, organization, etc., involved in the planned project. Who is involved in personal and organizational aspect? What is the company’s record in doing projects of the same kind (if applicable)? Many companies often are doing the same projects, hence it is easy to make a comparison and to use the previous ones as a starting point of your study.
2. Evaluate the risk management of the project
Although many managers do not realize it, risk management is pretty important for the planning phase of a given project. Risk management includes such practices as: forming an opinion about potential threats and hindrances to the project, elaborating strategy for overcoming them, formulating alternative options for realizing the central project activities, etc.
3. Check the theoretical framework of the project
You also need to check the formulation of the project, its main phases, and its logical consistency. Is it clear what the project aims at? Are Phase A, Phase B, Phase C, and so on, connected logically and in a necessary sense? Is there anything missing in the formulation of the project? Here you should demonstrate your logical skills.
4. Evaluate the schedule of the phase and the activities
The schedule is always important when it comes to carrying out project activities. Excellent projects have a very clear schedule in which every step is explained in a short but concise way. It should be shown what is happening, when and why, and who is responsible for it.
5. Evaluate the financial part of the project
Whether it is a business project, an education project, or other type of project, the budget is an inevitable part of it. You have to check the following things:
- is this budget realistic (i.e., it does not to exceed the normal budget for the same type of activities)?
- what are the financial sources (i.e., external subsidies, private investments, etc.)?
- how and when the investments will pay out?
- how the project budget will be controlled (i.e. by external authorities, or other)?
6. Trace the influence of the project
Every project should bring something new to the world. A business project can bring not only new clients but also produce new practices, new attitudes, and so forth. Depending on the field the project is developed within, you need to trace its social, economic, legal, and other dimensions. What is more, you also need to observe how the project manager/s has/have defined these influences, and check whether they are realistic and adequate.
Many more things can be said about writing a feasibility study, but let’s say it again, this depends on the particular field in which the project is carried out. At any rate, you should take your assignment seriously and carefully.
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