When deciding on whether or not your feasibility study is important you must first recognize the target audience or reader. For professional organizations people want your argument or study to be based around needs or aims of the organization and their future. In professional settings, it is believed that those guiding points or criteria should be known by the people judging your study. In other words, make the study reasonable and have it relate to what you are looking at implementing or the change you want to see happen.
Facts can make your argument important. However, decision makers want to know that your sources are reliable. They want to be assured that the information they are receiving is from a credible source in the industry. This may turn out to be the most important aspect of any feasibility study and report. It is important to understand how your alternatives compare to the criteria you set in place. In most cases your readers will want to understand how your results compared to others.
This allows them to make an educated decision based simply around facts and results. Anderson considers this to be the heart of any feasibility report. Based on experiments and finding results about possible alternatives and how they fare, it is important to draw conclusions about the alternatives. This is not made to bash other options or products, but is made to set your product or idea apart. You should include general knowledge or conclusions about what each product does well.
This remains an important part because once again decision makers need a basis for comparison, they need a reason to select your idea compared to the alternatives and may already be set in place, or in the near future. Explain why the company should choose your course of action. Compare statistics and data and help the readers understand the logical choice and the course of action that would aid in selecting one option over the other.
Explain your expertise on the subject matter and help them realize that your idea is the choice they are looking for. Based on your experiences they will most likely take your side if you present the argument efficiently. The company will select your course of action, based on the key points you outline in your feasibility study.
An executive summary should be included at the beginning of the report. In pages, the main points of the feasibility study are summarized for a quick review by busy administrators and school board members. The executive summary provides the reader with an overview of the feasibility study and will help them see the entire picture before they read the details.
Some decision-makers may only read the executive summary. Thus, the executive summary should be concise and include the major findings of the study followed by a recommendation. In order to answer this question, it is necessary to identify the problem that your report will help resolve or what your report is aimed at accomplishing. Note : Usually, the introduction to a feasibility report briefly discloses some of the important conclusions and the most feasible options for change.
Other elements of a report of this nature, such as the criteria, method, or any other kind of general background, may also be concisely noted and mentioned in this portion of the report. As you begin formulating what you would like to consider you should realize that usually criteria works around one or more of the following questions.
This is often seen on the technical sides. What you have to ask yourself is whether or not your implementation or change really makes that much of a difference. Lets say you are looking to improve an aspect of your company. Will your change really improve the proficiency and speed of what their trying to do. This is important to predict beforehand because sometimes an improvement in the workplace is not always an improvement in how a company works.
But many of these factors you will not notice until after you complete your study. And in the worst case you may not see negative ailments until after the plan is implemented. Even though your plan of action may seem correct and efficient on paper, it may not be practical towards your line of work. You must take into account the circumstances that arise in every aspect of a professional setting.
What you may find is that in one field your plan may be extremely successful, but in another may be a bust. This can also take place from company to company. As you work at different companies along the same field, you will begin to understand what can be successful in one workplace that may not work in another. Sometimes you have to take into account the amount of changes that will need to be implemented for your plan.
Do you need to go through extensive changes in operations, or make upgrades to current equipment or materials that are currently in use or in stock? Sometimes the amount of money that needs to be put into a new project may be much more than the actual amount of benefit that would be received from the changes. You must consider your plan as a cost-benefit analysis. This may become the biggest factor in any business decision. How much will it cost?
In not only business, but any professional field, the benefits must outweigh the costs in any decision. This is even the case when deciding to work on one aspect of a project compared to the other. When forming criteria for a feasibility report, you must understand the costs if all went as planned. Then you might even want to find out what the cost would be if you had minor or major setbacks. It is important to understand the costs because unless the benefits outweigh the costs, a company will most likely not go through with your proposed plan of action.
Also it is important to look into the future of the company. Maybe your plan of action will not be beneficial for the first year in existence, but what about the years following that? This must be considered because like any other decision in business, the original fixed cost may be high but the marginal gains may be high.
In that case it may be a good decision for the company to make a change if it is beneficial for the future. Think about health care companies. Would it be beneficial for a company to invest in new equipment even though the upright payment is very high? This is as simple as is your plan going to sell.
Will people want to overextend themselves for change, or will they reject what you are trying to do? Sometimes a change or solution must be more than just effective and affordable. You must consider the consumers and people that will be changing. Sometimes many feasible courses of action do not succeed simply because they create effects that drive the consumers away.
Because of this, the product or plan does not sell. These undesirable side effects can be as simple as tearing away employee morale. Sometimes even though a plan is promoting and expected to increase productivity, how will the employees react? Many times companies overlook how their employees are going to react to change.
But the fact of the matter is that the only way to increase production is to keep employees happy. If they are not pushed to improve the company and their own status then they simply will not find change necessary. This section of your feasibility report is one of substantial magnitude and importance. This part of your paper demonstrates to the reader what you discovered, through your research, actually matters and has reliability. By telling your audience how you came to know what you have found out and know now, you are demonstrating to them that your results are trustworthy and that they truly hold significance in meaning.
With strong methods for finding out your facts, your readers will then feel comfortable and confident to make the necessary changes. The question of what sources to use completely varies from study to study. There are several different types of sources that you could use to find your facts-it all just depends on what you are trying to find answers to.
Sources can include but are not limited to :. The length and density of content will vary from each report to the next. You should take into consideration your audience as well as the context and purpose, for which your paper is written. The main goal is to purely get the point across to the readers that what you are reporting has validity, by describing how the means of attaining your information are sound and secure.
Make sure that your writing is reader-centered and that they would be satisfied. Doing thus will ensure that your method is long and descriptive enough. The process to write the report is called feasibility study reporting. Often it is a responsibility of the project manager to control such a process.
The reporting process allows the senior management to get the necessary information required for making key decisions on budgeting and investment planning. A well-written feasibility study report template lets develop solutions for:. The process of reporting is the trigger to run the project investing process through underpinning the business case document , stating the reasons for undertaking the project, and analyzing project costs and benefits.
How to write a feasibility study report template? Regardless of project size, scope and type, there are several key steps to writing such an important document. For example, in your FSR template your e-commence project might have the following solutions description:. This step of feasibility study report writing requires you to investigate the solutions and put them against a set of evaluation criteria.
For example, you could add the following criteria to your report:. Propose the Most Feasible Solution Once the criteria are used to evaluate the solutions, your next step for writing a feasibility study report is to determine the most economically reasonable and technically feasible solution which lets the company 1 keep to optimal use of project resources and 2 gain the best possible benefit. For example, your report might include:. For example, the conclusion of your FSR might be:.
Also, read this Project Feasibility and Option Analysis Template to find out how to perform an analysis of alternative approaches. To write a detailed project feasibility report, you can request consultancies for help and information.
Professional project management consultants and business advisers will help you identify problems and opportunities surrounding your project initiative, determine objectives, explore alternatives, and assess the range of costs and benefits associated with every alternative. To some extent, it is like being a graduate student seeking a digital agency to write my essay for me EssayHub, for example.
You define the requirements for your work and set the desired completion date when you expect to get the job done. The agency will get you covered and help struggle to comply with all your project deadlines. At the end of the day, the feasibility report template and recommendations from your professional PM adviser will help you demonstrate varying degrees of supporting evidence to the stakeholders whether or not your project is feasible, why it is so, and what actions you suggest to take as the project kicks off or gets closed.
The content of sample feasibility report is formatted and structured according to a range of requirements which may vary from organization to organization. Meanwhile, there are common suggestions , which are listed below. To begin with writing a sample feasibility report , first you need to create a title page that provides a descriptive yet concise title, your i.
Next, you must include an itemized list of contents that provides headings and sub-headings sequenced the same way as they are structured in the report body. Also add a list of all material tables, figures, illustrations, annexes used within the doc. Because there are many different styles and requirements for formatting the body of feasibility study report, it may be difficult for you to select right format for your report, so I suggest you discuss this issue with your curator or supervisor who should provide you with right styling and format requirements.
The following list provides an outline of the key sections to be included in report content:.
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|Write a feasability||The premise of your evaluation criteria should be the evidence you obtained during your research. In pages, the main points of the feasibility study are summarized for a quick review by write a feasability administrators and school board members. It is important to understand that in developing a feasibility study, the requirements for this document depend on the subject or object which approves the project. The organizational feasibility section helps the reader determine whether your company's current practices complement or support the proposed project. Quotation Rules.|
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This section includes any information that the reader might find useful but which is not directly relevant to the other topics discussed in your report. Regardless of whether or not you choose to include an appendix section, you should include references. A reference section can have one or more pages depending on the number of sources you used to create your report. You can use company documents, scholarly articles related to your industry, or any additional documents you wrote during the project's completion.
Be sure to use citations that adhere to the style guide you are using. Here is a step-by-step guide to help you write your own feasibility study:. The first part of a feasibility study includes a description of the project you want to complete.
You should highlight its purpose and main components that influence its success. For example, " This project aims to use department education and best HR practices to ensure the successful integration of new employees with the upcoming merger. Secondly, talk with your team to create some possible solutions that could result from the project. This can help you later on in the process when you try to determine which solution provides the most benefits.
Thirdly, write out a list of rules for you and your team to accurately assess these solutions. Consider criteria such as the potential for revenue, increased productivity, better communication across departments, expansion of a product line or customer satisfaction. Fourthly, after deliberating with your team, make a statement about the solution to which you want to guide your project. Make sure you include an explanation for why you want to achieve this solution above the other options you discussed.
For example, " Based on the potential solutions offered by this merger project, we have decided that the most feasible solution for both the project and the future of our company is improved HR strategies and overall department. This is because the basis of our success now and in the future relies on the talented onboarding efforts of our HR team. Lastly, the concluding statement helps you summarize your main points. You should start by reiterating the statement made in your project description that defines it and your reasoning for starting the project.
Then, restate which solution you primarily want to achieve through the project's completion and explain why you want this solution to hold more significance than the other solutions. For example, " The goal of this project is to give our HR department the resources they need to coordinate a successful merger. We have chosen improved HR strategies and overall department as the most feasible solution because our HR department serves as a fundamental structure to other solutions, such as increased productivity, positive workplace culture and job satisfaction among our employees.
Indeed Home. Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Career Development. What is a feasibility study? Plan a course of events to complete the project Identify the challenges that could arise List potential solutions that would come about as a result of the project. Why is a feasibility study important? Key components of a feasibility study. Title page Table of contents Executive summary Market feasibility Technical feasibility Financial feasibility Organizational feasibility Conclusion Appendix and reference pages.
Table of contents. Executive summary. Market feasibility. Technical feasibility. Financial feasibility. Organizational feasibility. Appendix and reference pages. How to write a feasibility study. Describe the project. Outline the potential solutions resulting from the project. List the criteria for evaluating these solutions. State which solution is most feasible for the project.
Make a conclusion statement. Learn how using our software-specific feature walk-throughs and how tos. Looking for the best tips, tricks, and guides to help you accelerate your business? Use our research library below to get actionable, first-hand advice.
Before launching into a project, you should prepare by completing a feasibility study, which will give you a realistic vision for how the project can be completed. The Blueprint explains more here. We may receive compensation from partners and advertisers whose products appear here. Compensation may impact where products are placed on our site, but editorial opinions, scores, and reviews are independent from, and never influenced by, any advertiser or partner.
It has insane amounts of horsepower and torque, which is common with electric vehicles. But what is a feasibility study? A feasibility study is a practicality assessment for a proposed plan, product, project management tool , or new execution method. The importance of a feasibility study is to establish whether or not a company, team, or organization will deliver on its promises in a satisfactory manner and a reasonable period of time. In most cases, a feasibility study will provide a clear picture of your budgetary, scheduling, or logistical strengths, and allow you to adjust the scope of your proposition so that it fits your abilities.
There are certain characteristics that make up a feasibility report, most importantly the core questions of feasibility. These are the five questions most feasibility studies have to answer in order to justify a new project, plan, or method:. Starting off, this question will help you determine whether or not your organization has the technical resources to successfully execute this project.
This includes evaluating all of the hardware, software, and other technical assets you have at your disposal and whether or not they meet the requirements of your new project. Does your organization meet all of the requirements, laws, and regulations to complete this project? Will this proposed project solve the problems you hope it will solve? Is the solution reliable, maintainable, and affordable? This is where you will assess whether or not this project will provide the supposed value needed to justify its cost.
You can assess this area of feasibility based on several different factors, including:. A feasibility analysis is an in-depth process to determine the factors that will lead a project to success or failure. Consider this to be an eligibility qualification before the feasibility study. Pro Tip: This is not the last word on whether or not a project is truly feasible.
This outline will detail the objectives of the project by using the five feasibility questions that I explained earlier in this guide:. Using these five questions, you will outline the core tenets of this project including what the current situation or issue is that you plan to solve, what you plan to accomplish, estimations on the impact of the project, and what it will take to accomplish this goal.
Pro Tip: Before you create your outline, create a strengths and weaknesses assessment of your organization in relation to this project. Find out what aspects of your organization will impact this project and its success or failure. Some projects are about improving team performance, trying out a new management method, or maybe in your case implementing new project management software. Anyhow, this step is crucial in discovering the feasibility of your proposed project idea. I mentioned a few ways to conduct market research in my benefits list, but here is a more comprehensive list of methods:.
Pro Tip: Remember that focus groups and interviews provide more subjective data than other methods, like surveys, social media listening, and public domain data. Try to gather a mix of subjective and objective data when performing your market research.
All sorts of financial factors will go into determining the feasibility of a project proposal , however, there are a few major considerations that you should keep in mind when making these calculations:. Call it confirmation bias, but I always operate under the logic that my projects will always cost more than I initially estimated. This will become apparent when you are running through your risk assessment and assign the costs and likelihood for all potential issues.
Perhaps this is an opportunity to reevaluate your approach, your budgets, or your endgame to better suit your organization. One suggestion for nailing the stakeholder presentation: bring coffee and donuts preferably extra glazed and blueberry cake donuts. Be sure to use short, key findings from your research to make your summary case at the end of the study.
If you want to learn more about the project management process, be sure to read my guide: The 5 Core Steps of the Project Management Process. The template includes a layout with all the sections you need for a stellar proposal, including descriptions and what information to include in each section. It also comes with a pre-built table of contents! Easily save this file to your computer or print it using the link below. You will also receive an email with your download.
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