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.