A systematic study to understand whether or not a specific project, venture, or approach is feasible is a very important first step to guarantee that indeed the subject at hand is worth investing valuable resources into it on short or long term.
This is a very powerful process that can drastically limit one’s losses. The ultimate outcome of any feasibility report is a go / no go decision. You either move forward or you don’t, so if the feasibility study indicates a very low probability of success, it would be far less expensive to invest in the feasibility study and kill the project, than it would be to go forward without the study and see the project fail.
Project Feasibility Analysis
A good feasibility study tests the viability of an idea, project or even a new business. The goal is to identify potential problems that might occur if you pursue the project before investing very large amounts of resources, considering all significant factors. Feasibility studies are conducted in the initial stages of development.
It also consists of a study of the true need for the project, the beneficiaries of the project and an evaluation of how organizational needs will be addressed by the project, or if the needs would be better addressed by an alternative approach.
This assessment focuses on the technical resources available to the organization . It helps organizations determine whether the technical resources meet capacity and whether the technical team is capable of converting the ideas into working systems. Technical feasibility also involves evaluation of the hardware, software, and other technical requirements of the proposed system and in MATEMO’s case it will mostly envolve the assessment of medical and laboratory equipment systems and their processes.
Additional Feasibility Study Processes
Operational Feasibility: This assessment involves undertaking a study to analyze and determine whether—and how well—the organization’s needs can be met by completing the project. It also examines how a project plan satisfies the requirements identified in the requirements analysis phase of system development.
Scheduling Feasibility: This assessment is the most important for project success; after all, a project will fail if not completed on time. In scheduling feasibility, we estimate how much time the project will take to complete.
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 scope. It’s best to make these determinations in advance, rather than to jump in and to learn that the project 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.