Project Feasibility Study Can Help in the Design Process
A project feasibility study is conducted after the business idea is created, but before any actual prototype is produced. This allows for the idea to be tested in the particular target area with only a minimal investment.
What a project feasibility study is capable of uncovering for the project manager is insights to what will work and be readily accepted by the consumers of the target audience. Some managers call this constructive input that can actually make the difference if a product will produce the revenue stream it is designed to generate.
Since the design phase of the project has not yet taken place or is in its infancy, incorporating these newly discovered ideas is vastly easier than if the process has already been concluded. This process and the scheduling of the different components of a project can all be coordinated with the implementation of a project plan.
In the project plan, the project feasibility study is part of the initialization phase of the plan. In the part of the plan, any problems that might be encountered should be revealed so a remedy can be found. It can also be judged if the remedy is too costly and if the project should be reanalyzed for its profit potential.
The project feasibility study can also uncover whether the target audience is present and if they are willing to purchase the deliverables from the project. This part of the study is very important. Even if you have the world’s greatest mouse trap, if the target audience is not interested, producing that product would be a money wasting venture.
The timing of the delivery of the product also needs to be studied in the project feasibility study. If your competitor has a similar product that will hit the market before yours, will there be enough interest by the consumer to warrant this business venture? If not ,then the study will have saved your company time and money by avoiding this pitfall.
These are all good points on why a project feasibility study should be conducted in the early stages of a business proposal. It is also the reason why it should be done before the business case is presented to upper management. With these answers in hand, the project manager will appear to be informed and knowledgeable with the duties of their position.