PROJECT FEASIBILITY STUDY recorded discussion
Summary
TLDRThis script delves into the critical process of conducting a feasibility study for new business projects. It outlines the importance of evaluating a project's potential for success and overcoming obstacles before initiation. The study assesses technical, economic, legal, operational, and scheduling feasibility, providing essential information for informed decision-making. It highlights the benefits of a feasibility study in saving time and resources, enhancing project success, and aiding in strategic planning.
Takeaways
- đ A feasibility study is crucial for evaluating a project's potential for success and identifying potential obstacles before beginning.
- đ It provides a comprehensive analysis from start to finish, aiding in informed decision-making for managers and stakeholders.
- đĄ Feasibility studies are conducted before any project planning to determine if a project is likely to succeed and to form strategies to overcome challenges.
- đŒ Managers consider resources and financial requirements when assessing a project's feasibility, which helps in attracting investors.
- đ The study presents the pros and cons, saving the company time and money by confirming the project's worth before implementation.
- đ€ It answers key questions about resource availability, required tools, teams, and the project's return on investment (ROI).
- đ ïž Technical feasibility focuses on the project's technical needs and how to meet them, including necessary tools or software.
- đ° Economic feasibility outlines costs, expected revenue, profits, and ROI, determining the financial benefits and project worth.
- đïž Legal feasibility addresses legal requirements such as permits or licenses, ensuring compliance benefits the company.
- đ Operational feasibility considers how the organization will adapt to the project and serves its goals, including staffing and scheduling.
- đïž Scheduling sets the project timeline, expectations for milestones, and strategies to overcome delays.
- đ A feasibility study is not a business plan; it precedes it, determining the viability of a venture before a business plan for growth and sustainability is developed.
Q & A
What is the primary purpose of a feasibility study in the context of a business project?
-The primary purpose of a feasibility study in the context of a business project is to evaluate the project from start to finish, determine its potential for success, and identify potential obstacles before the project begins.
Why is it important for a business to conduct a feasibility study before launching a new project?
-It is important for a business to conduct a feasibility study before launching a new project to ensure that the project is likely to succeed, to save money and time by confirming the project's worth, and to provide valuable information for decision-making.
What are the key components that a feasibility study evaluates for a project?
-A feasibility study evaluates key components such as technical feasibility, economic feasibility, legal feasibility, operational feasibility, and scheduling.
How does a feasibility study help in determining the technical feasibility of a project?
-A feasibility study helps in determining the technical feasibility of a project by focusing on the project's technical needs and assessing how a company can meet those needs, including the availability of required tools or software.
What financial aspects does the economic feasibility section of a feasibility study cover?
-The economic feasibility section covers detailed information about project spending, expected revenue, projected profits, and the company's return on investment to determine the financial benefits and worth of a project.
What legal considerations are addressed in a feasibility study?
-A feasibility study addresses legal considerations such as permits or licenses, defining legal requirements, and confirming whether compliance with legal requirements will benefit the company overall.
How does a feasibility study assist in understanding the operational aspects of a project?
-A feasibility study assists in understanding the operational aspects of a project by considering how the organization will adapt to the project, the resources needed, and how the project serves the organization's goals.
What is the role of scheduling in a feasibility study?
-Scheduling in a feasibility study sets the timeline for the project, addresses time constraints, and outlines strategies to overcome delays, including expectations for milestones or goals.
How does a feasibility study differ from a business plan?
-A feasibility study is conducted prior to a business plan to determine the viability and profitability of a venture, while a business plan is developed after the venture is created, focusing on growth and sustainability strategies.
What are the potential benefits of conducting a feasibility study for a company?
-The potential benefits of conducting a feasibility study include improving the project team's idea, identifying new opportunities, providing valuable information for decision-making, narrowing business alternatives, enhancing the success rate by evaluating multiple parameters, and identifying reasons not to proceed.
What are the typical contents of a feasibility study?
-The typical contents of a feasibility study include an executive summary, description of the product or service, technology considerations, market analysis, organizational structure, schedule, and financial projections.
Outlines
đ Project Feasibility: The Key to Success
This paragraph introduces the concept of project feasibility and its importance in the early stages of project planning. It explains that feasibility studies are conducted to evaluate the potential for success and to identify and strategize around potential obstacles. The study helps managers and stakeholders make informed decisions by presenting the pros and cons of a project. It also addresses various types of feasibility, including technical, economic, legal, and operational, which are crucial for assessing a project's overall viability. The paragraph emphasizes the benefits of feasibility studies in saving time and money, confirming project worth, and enhancing the chances of project success by analyzing data from multiple sources.
đ Conducting a Feasibility Study: Steps and Benefits
The second paragraph delves into the process of conducting a feasibility study, outlining the steps involved and the benefits derived from such an analysis. It starts with forming a preliminary analysis to define the project's parameters and identifying its advantages and disadvantages. The paragraph then discusses the importance of outlining finances, including expected income, operational costs, and investment needs. Market research is highlighted as a critical component, with strategies to understand customer needs and market conditions. Organizing the project structure, including resources, human needs, and technological requirements, is also emphasized. The paragraph concludes with the assessment of results to ensure all project objectives have been addressed and data is sufficient for decision-making, distinguishing the feasibility study from a business plan and its role in determining the viability of a business venture before investment.
đ ïž Project Implementation: Organization and Assessment
The final paragraph focuses on the organizational aspects of project implementation, discussing the creation of an organizational chart for clarity and the identification of challenges and obstacles. It covers the assessment of legal challenges and compliance strategies, as well as the implementation of team strategies and talents. The paragraph also touches on the importance of assessing results to ensure the project meets its objectives and provides enough data for decision-making. It differentiates between a feasibility study and a business plan, with the former determining the viability of an idea before investment and the latter focusing on growth and sustainability strategies post-venture creation. The feasibility study's role in providing calculations, analysis, and projections is contrasted with the business plan's focus on tactics and strategies for business growth.
Mindmap
Keywords
đĄFeasibility
đĄProject Feasibility Study
đĄTechnical Feasibility
đĄEconomic Feasibility
đĄLegal Feasibility
đĄOperational Feasibility
đĄScheduling
đĄReturn on Investment (ROI)
đĄMarket Research
đĄStakeholders
đĄBusiness Plan
Highlights
A feasibility study is essential for evaluating a project's potential for success and overcoming obstacles before it begins.
It helps managers and stakeholders make informed decisions about a project's viability.
A project's feasibility is determined by studying its various elements before any planning steps are taken.
Feasibility studies can identify obstacles and form strategies to overcome them, attracting investors.
Managers consider available resources and financial requirements when assessing a project's feasibility.
Feasibility studies are crucial for launching new products, expanding locations, or undertaking impactful activities.
They present the pros and cons of a project, making potential problems known before implementation.
Studies may save the company money and time by confirming the project's worth and likelihood of success.
Feasibility studies answer questions about resource availability, tools needed, and return on investment.
They help project managers and stakeholders understand all aspects of project feasibility and find solutions to potential problems.
Feasibility studies analyze technical, economic, legal, operational, and scheduling aspects of a project.
Technical feasibility focuses on the project's technical needs and how to meet them.
Economic feasibility outlines financial benefits and the project's worth.
Legal feasibility addresses legal requirements and compliance benefits for the company.
Operational feasibility considers how the organization will adapt to the project and its goals.
Scheduling feasibility sets the project timeline and expectations for milestones or goals.
A feasibility study is crucial for making informed decisions before committing resources, time, or budget.
It can uncover new ideas that could change a project's goal, making it best to determine these in advance.
Key benefits of a feasibility study include improving the project team's idea, identifying opportunities, and aiding decision-making.
A feasibility study provides valuable information for a go or no-go decision and narrows business alternatives.
It enhances the success rate by evaluating multiple parameters and identifying reasons not to proceed.
The contents of a feasibility study include an executive summary, product/service description, market analysis, and financial projections.
Creating a feasibility study involves preliminary analysis, outlining finances, market research, project structuring, and results assessment.
A feasibility study is distinct from a business plan, focusing on idea viability before investment, rather than growth strategies.
Transcripts
when a business prepares to start a new
project it first determines the
project's feasibility
feasibility refers to whether or not a
project will be successful and how to
overcome potential obstacles for the
project conducting a feasibility study
can help you evaluate a project from
start to finish and make devastations
before the project begins
today we explain what feasibility means
and how feasibility studies provide
information for managers and
stakeholders to make informed decisions
about projects
a project feasibility study either means
whether the project is likely to succeed
in the first place
it is typically conducted before any
steps are taken to move forward with a
project including planning
it is one of the most important factors
in determining whether the project can
move forward
so a project feasibility is the study of
a project's various elements to
determine if it has the potential for
success
before a project begins a company can
evaluate the project's feasibility to
identify obstacles
form strategies to overcome them and
ultimately attract investors
managers consider their available
resources in financial requirements when
determining a project's feasibility
the feasibility of a project becomes
clear when a business plans to launch a
new product
expand its location or perform
activities that impacts the company and
its departments
so why are feasibility studies important
a feasibility study presents the pros
and cons of a project so managers and
stakeholders are aware of the project's
potential problems before its
implementation
the study may save the company money and
time by first confirming that the
project is worthwhile and can likely
reach a successful conclusion
feasibility studies answer questions
about the availability of resources
the tools teams need to complete the
project and the project's return on
investment
feasibility studies also help project
managers and stakeholders
for them to understand all aspects of
the project feasibility
for them to find potential problems
during the project's implementation
determine the viability of the project
determine alternative solutions to
obstacles
enhance project success by analyzing
data from multiple sources
and identify obstacles and challenges
so what does a visibility study analyze
feasibility studies analyze particular
areas the project affects in order to
consider its impacts across the entire
business
these studies analyze five types of
feasibility
first is technical feasibility
this focuses on the project's technical
needs and determines how a company can
meet those needs
for example a project may require tools
or software that a company doesn't
currently have
and the study can help them determine
whether the project permits the
investment
next is economic feasibility
this refers to cost and provides
detailed information about project
spending
expected revenue
projected profits and the company's
return on investment it outlines the
financial benefits of a project to
determine its worth
legal feasibility
this addresses the legal requirements of
the project such as permits or licenses
the feasibility study defines legal
requirements and confirms whether
compliance with legal requirements
will benefit the company overall
operational feasibility
operational aspects of the feasibility
study include references to how the
organization will adapt to the project
and how the project serves the
organization's goals invasion
for example
a feasibility study might that determine
a project will require additional
personnel so the company may launch a
hiring initiative
and scheduling
this sets the timeline for the project
and expectations for milestones or goals
it addresses time constraints and
strategies to overcome delays
the importance of a feasibility study is
based on organizational desire to get it
right before committing resources time
or budget
a feasibility study might uncover new
ideas that could completely change a
project's goal
it's best to make these determinations
in advance rather than to jump in and to
learn that the projects won't work
conducting a feasibility study is always
beneficial to the project as it gives
you and other stakeholders a clear
picture of the proposed project
so a feasibility study can help the
company answer the following questions
does the company possess the required
resources or technologies
and does the company proposal offer a
reasonable return versus risk from the
investment
so here are the key benefits
for conducting a feasibility study so it
improves the project team's idea
it identifies new opportunities
provide valuable information for a go or
no-go decision
narrows the business alternatives
identifies a valid reason to undertake
the project
it enhances the success rate by
evaluating multiple parameters
aids decision meeting on the project
and identifies reasons not to proceed
here are the contents of a feasibility
study
so we provide an executive summary or
you may call it as the
project summary
description of product or service
technology considerations project or
service marketplace identification of
specific market
marketing strategy organizational
structures schedule and financial
projections
so we will be discussing
each of these
later on
creating a feasibility study involves
compiling and analyzing various data
sources to form a complete understanding
of the project's scope
to conduct a feasibility study you can
complete the following actions
first form a preliminary analysis of the
project
before beginning a new endeavor it's
important to outline the parameters of
the project
the feasibility study identifies the
project's advantages and disadvantages
so you can form strategies to address
obstacles
this step allows you to determine the
project's feasibility concerning future
market growth competitors and sales
projections
next is outline the finances
this section defines the project's
expected income
operational costs and investment needed
to start or complete the project
try to address and define all costs and
expected revenue from the project
you can also identify the sources needed
to attract investors such as outlining
the plan to approach banks
private investors or venture capitalists
include the project's return on
investment to determine the financial
costs and how those costs may yield
profits
your financial profile may address
merchandising
personnel
supplies and overhead
next is research the market
identify current market conditions
including data on the competition and
their strategies
compile data to determine if there is a
market for your product or service and
define strategies to reach that market
consider sending surveys or forming
focus groups to better understand your
customers and their needs
you can perform a market study to
understand
potential sales
project timing
market share
market expansion support and geographic
influence
then organize the project structure
try to identify the resources that are
available now and needed in the future
defining project related needs for human
resources and explaining technological
requirements
provide estimates for the time you
expect the project to take and explain
the project's projected schedule
consider creating an organizational
chart so stakeholders and managers have
a clear vision of the project's
implementation and progress
organization relates to the discussion
of the project's challenges or obstacles
to identify solutions
legal challenges and plans to comply
with or offer alternative strategies
and methods to implement team strategies
and talents related to the project
next is assess the results
it may be a good idea to assess your
results to help ensure you've addressed
the objectives of the project and
provided enough data to make decisions
about the project's feasibility check
and recheck your data notes and
strategies
confirm that you've addressed all
feasibility types and decide whether you
need to make any additions before the
final decision
then finally make a final decision
the compilation of data determines the
visibility of the project
factor all the components to help ensure
the project will meet expectations and
have a successful conclusion
alternatively the study may indicate
that it's better to delay the start of
the project until conditions are
favorable
efficiency study is not the same thing
as a business plan
the feasibility study would be completed
prior to the business plan
the feasibility study helps determine
whether an idea or business is a viable
option
the business plan is developed after the
business opportunity is created
a feasibility study is carried out with
the aim of finding out the workability
and profitability of a business venture
before anything is invested in a new
business venture
a feasibility study is carried out to
know if the business venture is worth
the time effort and resources
feasibility study is filled with
calculations analysis and estimated
projections while a business plan is
made up of mostly tactics and strategies
to be implemented in order to grow the
business
while it may seem the feasibility study
is similar in many ways to the business
plan
it is important to keep in mind that the
feasibility study is developed prior to
the venture
a feasibility study can readily be
converted to a business plan
it's important to think of the business
plan in terms of growth and
sustainability and the feasibility study
in terms of idea viability
Voir Plus de Vidéos Connexes
What Is The Importance Of FEASIBILITY STUDY?
Feasibility Study and Its Importance in Project Management.
Business Plan Execution | Entrepreneurship Class 11 - CBSE
014 Who performs the feasibility study and what does it involve
Lecture 07: Life Cycle Model (Contd.)
011 What is the Initiation Phase about Define the project goals
5.0 / 5 (0 votes)