014 Who performs the feasibility study and what does it involve
Summary
TLDRThe 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
📈 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.
Mindmap
Keywords
💡Business Case
💡Scope
💡Feasibility Study
💡Project Sponsor
💡Project Manager
💡Resources
💡Expertise
💡Partner Companies
💡Risk Assessment
💡Expectations
💡Interconnection
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
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