014 Who performs the feasibility study and what does it involve

Summary

The video script outlines the crucial steps in project initiation, emphasizing the importance of a feasibility study to assess project viability with respect to budget, time, and resources. It highlights the need for the project sponsor and manager to evaluate the organization's capacity to provide the necessary expertise and whether partnerships are required. The script also touches on the preliminary risk assessment and sets the stage for a deeper dive into project expectations in subsequent discussions.

Takeaways

• 📋 The business case outlines the project's finances and scope, serving as a preliminary guide.
• 🔍 A feasibility study is essential to analyze the project's goals, scope, and resources for viability.
• 🚀 The feasibility study should be conducted at a mid to high level, ensuring efficient decision-making for project initiation.
• 💰 The project sponsor and manager must assess if the organization can provide the necessary budget and time.
• 👥 They must also determine if the required expertise is available in-house or if external partners are needed.
• 🤝 Consideration of partner companies and procurement strategies is crucial for resource acquisition.
• 🛠 The project involves various fields, requiring a comprehensive understanding of how they interconnect.
• 📝 Gathering all necessary information is vital to assess the project's feasibility.
• 💡 The project's feasibility is a straightforward question but requires a complex evaluation process.
• 📈 Assuming a positive feasibility outcome, the next steps include risk assessment and setting expectations.
• 🔑 Preparing for a project involves crucial tasks such as risk management, which will be discussed in subsequent phases.

Q & A

What is the purpose of a feasibility study in project management?

A feasibility study is an analysis that determines whether the project's goals, scope, and resources are viable for success. It helps to confirm if the project can be executed with the available time, budget, and resources.

Why is the level of detail in a feasibility study described as mid to high?

The mid to high level of detail ensures that the project sponsor and project manager can efficiently move through the initiation phase without getting bogged down in excessive details, which are reserved for the planning phase.

What are the key questions a project sponsor must ask during a feasibility study?

The project sponsor must ask if the organization can provide the necessary budget, time, employees, and management attention for the project execution, and if they have the required expertise or need to involve partner companies.

What are some examples of expertise that might be needed for a project?

Examples of expertise needed could include engineering, coaching, project management, IT, and other specialized fields relevant to the project's requirements.

How might a company procure the necessary expertise if they lack it internally?

A company might involve partner companies or external experts, such as hiring contractors for specific tasks or getting managers from other departments to train new staff.

What is the role of the HR department in a project feasibility study?

The HR department is responsible for assigning people to tasks like hiring staff and possibly providing additional resources for the project's staffing needs.

Why is it important for the marketing team to have extra resources during a project?

The marketing team may require extra resources to effectively advertise and promote the project, ensuring its visibility and success in the market.

What is the significance of considering how different fields interconnect in a project?

Considering the interconnection of different fields is crucial for understanding how they collectively contribute to the project's success and for identifying potential synergies or conflicts.

What information is necessary to determine the feasibility of a project?

To determine feasibility, one must gather information on the availability of budget, time, human resources, management attention, and expertise, as well as the potential involvement of partner companies.

What is the next step after confirming the feasibility of a project?

After confirming the feasibility of a project, the next step is to move on to risk assessment and setting expectations, which are crucial for project planning and execution.

Why is it essential to have a positive answer to the feasibility question before proceeding with a project?

A positive feasibility answer ensures that the project has the necessary support and resources to be successful, reducing the risk of failure and wasted resources.

Outlines

00:00

📈 Project Feasibility Analysis

This paragraph introduces the concept of a feasibility study as a critical step in project planning. It emphasizes the need for a mid to high-level analysis to determine if the project's goals, scope, and resources are viable. The project sponsor and manager must efficiently assess whether the organization can provide the necessary budget, time, employees, and management attention. The paragraph also touches on the need for expertise, whether internal or through partnerships, and the importance of considering all fields and their interconnections for the project's success. The feasibility question is presented as straightforward but requiring a complex evaluation process.

Keywords

💡Business Case

A business case is a document that outlines the rationale and objectives of a project, including its financials and scope. It is crucial for establishing the project's viability and securing approval from stakeholders. In the script, the business case is mentioned as having detailed all the finances and the scope of the project, which serves as a foundation for the feasibility study.

💡Scope

Scope refers to the extent of a project, defining what is included and what is not. It acts as a guide to what the project will involve and is essential for setting boundaries and expectations. The script mentions the scope as a guide, indicating its role in shaping the project's direction and ensuring that the project remains focused on its intended outcomes.

💡Feasibility Study

A feasibility study is an analysis conducted to determine if the goals, scope, and resources of a project are viable for success. It operates at a mid to high level and is a critical step in the project initiation phase. The script emphasizes that the feasibility study is necessary to confirm whether the project can proceed with the available time, budget, and resources.

💡Project Sponsor

The project sponsor is an individual or group that provides the financial resources, support, and authority necessary for the project to proceed. They are responsible for the project's success and are involved in key decisions. In the script, the project sponsor, along with the project manager, is tasked with moving efficiently through the initiation and analysis stages.

💡Project Manager

A project manager is responsible for the operational aspects of a project, including planning, execution, and closing. They work closely with the project sponsor and are instrumental in ensuring the project's objectives are met within the defined scope and budget. The script highlights the project manager's role in confirming the project's feasibility with the available resources.

💡Resources

Resources in the context of a project refer to the assets, such as budget, time, personnel, and materials, required for the project's execution. The script discusses the need to assess whether the organization can provide the necessary resources, including budget, time, employees, and management attention.

💡Expertise

Expertise refers to specialized knowledge or skill in a particular area, such as engineering, coaching, or project management. The script mentions the importance of determining if the organization possesses the needed expertise or if external partners are required to fill any gaps, which is vital for the project's execution.

💡Partner Companies

Partner companies are external organizations that collaborate with the primary company on a project, providing additional resources, expertise, or services. The script suggests considering partner companies if the organization lacks certain expertise or needs additional support, such as training managers or contractors for building work.

💡Risk Assessment

Risk assessment is the process of identifying potential risks that could impact a project and evaluating their likelihood and potential consequences. It is an important task in project preparation, as it helps in planning for contingencies and mitigating risks. The script briefly mentions risk assessment as the next step after confirming the project's feasibility.

💡Expectations

Expectations in a project context refer to the anticipated outcomes or results that stakeholders believe the project will achieve. Managing expectations is crucial for project success, as it helps align the project's goals with the stakeholders' views. The script implies the importance of aligning expectations with the project's feasibility and resources.

💡Interconnection

Interconnection refers to the way different elements or aspects of a project are linked or related. Considering the interconnection of various fields, such as HR, marketing, and construction, is essential for a comprehensive understanding of how the project will be executed. The script emphasizes the need to consider all fields and their interconnections for the project to proceed.

Highlights

A feasibility study is required to analyze the project's goals, scope, and resources to determine its success.

Feasibility study should be conducted at a mid to high level for efficient project initiation.

Sufficient analysis is needed to confirm the project can proceed with the available time, budget, and resources.

More detailed analysis and resource preparation occur during the project planning phase.

The project sponsor must evaluate if the organization can provide the necessary budget and time.

Assessment of available employees and management attention for project execution is crucial.

Determination of in-house expertise and potential need for partner companies' involvement is necessary.

Procurement strategies for external resources, such as training and hiring, must be considered.

Interconnection of various fields involved in project execution must be thoroughly analyzed.

Gathering all necessary information is essential to assess project feasibility.

A positive feasibility outcome leads to further steps such as risk assessment and setting expectations.

Risk assessment is an important task in the project preparation process.

The transcript emphasizes the importance of a systematic approach to project initiation and analysis.

Project sponsors and managers play a key role in confirming project viability with available resources.

The need for expertise in areas such as engineering, coaching, project management, and IT is highlighted.

Strategic partnerships and collaborations may be required for successful project execution.

The transcript suggests a comprehensive evaluation of resource allocation and management for project success.

Transcripts

so the business case has detailed all

your finances

the scope is a guide to what your

project will involve and now

it's time for a feasibility study and

it's just what it sounds like

an analysis of the goals scope and

resources to determine whether the

success of the project is feasible

oh and bear in mind the feasibility

study is on a mid to high level

the project sponsor and project manager

need to move efficiently through the

initiation and the analysis should be

just enough

to confirm they can go ahead with the

time budget and resources available

but don't worry a more detailed analysis

and preparation of resources is

performed during the planning phase

for now though the project sponsor must

ask

can the organization provide the needed

budget time

employees and management attention so

the project can be executed

do they possess the needed expertise for

example

engineering coaching project management

i.t

and so on or do partner companies need

to be involved

if so which ones and how best to procure

them

for example lamborary need to provide us

with

managers from other showrooms to train

new ones

hr need to assign people to the hiring

of staff

their marketing team needs extra

resources to advertise

and they need to hire out contractors

for the building work

there are many fields that go into

executing a project

and we will have to consider them all

and how they interconnect

for our project to go ahead we need to

get all the information we need

is our project feasible

it's a simple question with a not so

simple process

let's assume we have a positive answer

to the above question

so let's get into risk assessment and

expectations next

another important task when preparing to

take on a project

i'll see you there