Managing Projects with Feasibility Studies

To start a project without a feasibility study might lead to the unpredictability and so to a lot of unexpected problems. The reason is that the possible dangers for the project had not been taken into the consideration before. Here the question rises up if our company had the opportunities to carry out the project. To answer this you have to make a checklist with details you should know. This checklist should cover themes like: the alternatives, the market potential of the company, cost effectiveness, producibility, technical base and capabilities (state-ofthe-art technology), define weaknesses and unknowns and define initial project goals and objectives. (Kerzner H., 2009, p.419-420). If you don´t know what might be the outcome of this study, you should treat it like a separate project with other team members.

Other reasons to do a feasibility study are to convince the head of the company that it is a viable project or to show possible stakeholders like suppliers, customers or the senior management that they can benefit partly from this project.