The Feasibility Study

When a feasibility study is undertaken, the team members involved already have a written plan to follow. This has to be done so the goals and scope of what the team is looking for can be followed correctly.

To make the feasibility study plan, most managers make use of a management tool called a template. This is a helpful guide so all the necessary components of a properly created feasibility study is constructed. This tool can generally be found in a project management office program that many businesses already have purchased to assist them in planning their projects.

The purpose of a feasibility study is to properly identify all possible target audiences that will purchase the proposed deliverable. This should include the primary target audience, along with several secondary target audiences. The reason all of them should be indentified and surveyed is to see the revenue potential of your deliverable so an accurate of how large the revenue stream can be, if properly exploited.

The areas for the target audience that the feasibility study should be looking include local, national or domestic and the global market place. This is very different from just a decade ago before the internet became such a highly used commercial tool. No longer does a place of business need to rely on a brick and mortar location for their only source of doing business. The internet has opened up the market place to anywhere in the world that has access to the net.

Other items the feasibility study should determine are what colors and sizes the target audiences prefer in your particular deliverable. Different regions of the world have different preferences when it comes to these characteristics. This must be considered and documented so the best possible choice for the deliverable will be appealing to the widest range of potential customers.

All of this is possible when the feasibility study plan is conceived properly with the most variables included to be examined. The more complete the study is, the greater it’s potential for approval it has to proceed to the execution phase of the project.

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