Poorvi AroraEngagement Manager| DoItLeanPune, Maharashtra, India
When do you conduct a feasibility analysis ?
Every project starts with an idea or the problem statement/requirement . To go with that idea or not is based on feasibility analysis which entails out the viability of the project.
How feasibility analysis is conducted ?
1. Based on Market Research:
Analyze the idea/problem statement. Conduct proper research to back the idea to the management
2. Based on Cost:
Search for the alternatives in the market . Should we go for COTS or should be build from scratch ? The financials involved in each scenarios makes it easier to decide.
4. Based on Market Share:
What is the market share we are targeting ? Forecast about the sales and profits aids in decision making
5. Based on the Skills:
Does your organization have the capabilities to manage the type of work ?
The importance of conducting feasibility study is to understand the
a. Success of the project,
b. Saves business from spending time and money,
c. Backs the strategical decision
Are there any other ways you conduct the same ? How do you prepare Business Case ?
