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As you kick off new projects in the coming year, make sure you start out on the right foot. These tips will help you set up projects properly from the outset, and avoid problems down the track. Starting new projects When you start a new project, you need to follow these 8 “golden rules” to ensure its success... 1.  Sponsorship : You need to have a highly motivated sponsor who understands the criticality of the project on the business and is motivated to making it a success. They need to have the resources available to support you, and the right level of “influence”in the business. 2.  Targets : Sit down with your sponsor and agree specific targets. Make sure they are realistic. Perform a Feasibility Study to ensure that what is discussed is feasible to achieve. Only agree to the targets if there is sufficient contingency. Add an extra 20% to the budget and timeline if you can. 3.  Scope : Keep your scope to a minimum. If you can’t get the contingency you need, then try and negotiate t...

When creating a feasibility study report , more than just number crunching must take place. This is the single report about a new business venture that will carry enough weight with it to either make sure it gets approved or denied by the stakeholders. The feasibility study report is how all of the data that has been collected during the feasibility study is to be presented to the stakeholders of the business venture. For this reason, the path in which this data is presented can help sway just what direction the final decision will take. This is one of the reasons so many of the project managers are now using a feasibility study template as the basic outline for their report. The template for creating the feasibility study report is one of the modern project management tools many successful project managers currently have at their disposal. This tool has been created after endless hours of research into just what is the most successful path for a business to follow in this new global...

There are a number of things you can learn from an example feasibility study .  There is data on the personal choices of different countries and regions from past project you can apply to your current deliverable. There are also the approaches to marketing the target audiences that can be used. When looking for the right example feasibility study to take information from, notice the similarities of your business venture to the ones you are looking at. You should also take into consideration the region of the country or world you wish to market your new deliverable too. In many instances you will already have some of the information you need to complete your feasibility study before you begin if you know where in your files to look. In an example feasibility study of a successful project is data that contributed to the success of the project. It could be the color the deliverable was produced in or the size of the packaging. Each region of the world has its own personal preferences to...

For a feasibility study report to be productive it must contain all the information that will be necessary for an informed decision to be made.  This is for all of the concerns of the stakeholders on the deliverable in question. The more information that is included in this report, the better chances of the correct decision will be made about this business venture. The creation of the feasibility study report is generally assembled by the project manager. They are the leader of the project team and ultimately responsible for all of the work and completion of tasks preformed by their team members. They should be able to notice if the report is complete or if there are gaps that still need to be filled once the team members hand in their reports. The feasibility study report has to include not only the information requested by the stakeholders about the viability of the deliverable, but much more. The desire by the target audience to obtain the deliver able is very important along with...

The one and only reason for a feasibility study to be done on a business venture is to see just if money can be made with the deliverable under consideration. To do this in a constructive manner many different components need to be analyzed. To begin with a feasibility study the project team must be working with an approved business venture that has the financial backing of the organization they are working for. Depending on the deliverable, size, color and presentation to the public may vary from region to region. These variables must be known before the study begins. Once the variables of the deliverable are known, the feasibility study can begin. The first step is to know where the deliverable is in demand. This will help to pinpoint the main target audience. This group will be the focal point for a large number of questions. This will include will they purchase the deliverable, how often and for how much. Once those things are known the feasibility study can then move onto the al...

The use of an example feasibility study to help expedite the creation of a new feasibility study is a common practice in the business world of today. This is due to the fact that this type of document has common applications over a broad range of items that can be used. Some of the commonalities that a good example feasibility study can be used from past studies will be the target audience, what their preferences were and the price they were willing to pay for their deliverable. This will give a project manager a good starting point to begin their own feasibility study. The reason an example feasibility study is used along with a feasibility study template is to progress the advancement of this formal document along as quickly as possible without compromising the integrity of the document. Speed is an essential part of the business world today with the global market place and all the competitors that are invoiced with it. Other useful information that can be taken from an example fe...

The purpose behind a project feasibility study is to know the different variables involved with your business venture and how it will be accepted on the open market along with who will be the target audience. In a projects lifecycle, the project feasibility study is the second document that is created following the business case. The purpose of this study is to determine the factors that will make the business opportunity that was presented in the business case a success. Included in the project feasibility study will be the exploration of the main focus of the business opportunity along with the alternative paths it could follow. By collecting this data, management can then make an informed decision on which path should be pursued in order to create the most profitable revenue stream for the company. To get a project feasibility study started, the use of a feasibility study template is the most efficient means to progressing this document so a final draft can then be implemented. T...

With a  sample feasibility study in hand, a manager can see what target audience was gone after in the past for ideas on who they are and what might be appealing to them with future deliverables. This is the only purpose of this kind of document. To identify who is willing to pay for what so a company can develop a revenue stream by taking advantage of this need on the market place. In many instances, there cannot be a  sample feasibility study found that is exactly like the one you will need. In most cases, there will be several that can be found which will be close in many of the necessary categories to help with the creation of your feasibility study. How a good  sample feasibility study is useful to a manager depends on the ideas that are given and a direction in which to pursue for their own advantage. This can be in the number of alternative solutions to a business problem that is plaguing your company, a different target audience that has not been previously explored before b...

For a  feasibility study report to be compiled, the specifications, goals and scope of the project must be first taken for the business case that has already won approval by the stakeholders of the business venture. The only purpose of this type of document is to confirm the expectations of the stakeholders that this project will be a viable revenue source once it is completed. To conduct a proper  feasibility study report , many assumptions must first be made, then confirmed or debunked for this to be a productive study. To create this type of document, a guide should be used so the correct approach and order of things can be done in the correct sequence of events. For many, the creation of a  feasibility study report is done with the aid of a project management template program. This will set down the path for the completion of this all-important document so all of the variables can be explored and defined. This has to include all possible target audiences, no matter how small or d...

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. Th...

If you are in need of an example feasibility study , one could be closer than you might expect. With the integration of computers in every business process today, the purchase of a project management office program has probably already occurred by your company. This program is a source of project management tools that include examples of the different documents that will be required to document, plan, and execute a successful project. This easy accessibility to an example feasibility study is beneficial to the project manager by saving them time and money when this type of document is needed. When using an example from this source, there is an additional advantage. It was constructed by the template that is also included in the project management program. This template is one of 52 that are included in the project management templates which are useful in every stage of planning your next project. The reason this example feasibility study and the template saves time for the manager is...

Using a sample feasibility study as a guide in the creation of a properly structured report is one very good way of completing this assigned task. What should be remembered is that its quality as a guide is only as good as the content it begins with, and how it was originally created. Not every sample feasibility study was created equal. Many of them were started from scratch. When the person doing this is very knowledgeable on the subject matter, this can be a very good example. On the flip side, if the creator of the document is not very knowledgeable, then crucial components could be left out. A sample feasibility study should contain many things. First, and foremost, is an approved idea that the stakeholders are willing to financially back. Once this is secure, the investigation process can commence. The information that needs to be located can vary from project to project. Most have a few commonalities that include the proper identification of the target audience, and how well r...

A project feasibility study is a process that must be undertaken after the stakeholders conceive of the idea for a deliverable, but before any serious planning is started. This is basically the economics of the project and its deliverable on whether it will make the company money and for whom the deliverable will be sold to. There are many different areas a project feasibility study must uncover, such as specific information so an informed decision on proceeding can be made by the stakeholders. The technology and systems that will be needed to take the deliverable from its initiation to a successful conclusion must be readily available. This is to say the production facilities of a company can handle or be modified to accommodate the needs necessary for the production of the deliverable. After it has been determined that a company can produce the deliverable for a profit with little to  no deviation for the company’s core business practices, the next step in a project feasibility stu...

In a sample feasibility study , there are certain key components that should be present no matter what type of business the document is intended for. Slight variations from any sample document are generally needed to fit the specific business for which it is used. A sample feasibility study must start off with a cover page that includes the projects name, the company for which it is being presented to, and the date. The next page should be a record of the revisions the report has been through. The third page is the authorization memorandum. All parties responsible for the approval of the document should have a space for their signature, and the date in which it is signed. The table of contents is the next part of this sample feasibility study . The list is to include all pages that exist beyond the table of content page(s).  The sections or chapters of the document are listed, along with their subtopics, with the appropriate corresponding pages. This sample feasibility study is broke...

An example feasibility study that is available online is from another business that might have used it before. The reason this sounds so cautious is that no business is willing to share vital information on how they conduct their business affairs for free. This would only cost them money in the long run. Companies are only in business to make money. No one works for fun unless they are already rich. An example feasibility study can be very useful as a guide when matched up with a template from a management software program. This way, the user can formulate what might have worked in the past and what is standard practice in certain sectors of business. The key focus of most feasibility studies are the economics of the project in question. Logistics, marketing, labor cost, and consumer confidence all have an effect on whether a company can make money in the chosen market with their project. An example feasibility study should clarify each of these and even break them down further for ...

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 o...

In a feasibility study report , the economic viability of a project or business can be examined. This is a tool that is used by project managers to identify any possible problems with their business proposals. This important step in the decision making process on whether a business proposition is economically feasible to make an investment in should be done. This is done generally during the development of a business plan. A cost analysis of the logistics involved is one of the factors a feasibility study report will bring to light for the reviewers. With all parts of a plan, there are options. This report should examine all possible avenues with advantages and disadvantages on each item that is discussed. This includes the transportation costs, the renting of property of needed, the location of the business or where the product is to be sold. The objectives of the business case will also be objectively looked at in a feasibility study report . In some cases what sounds like a great m...

The importance of a feasibility study has been debated within many companies for years. What has come out of the debate is there are those that think they know what the public wants and those that actually check to make sure their assumption is true. By conducting a proper feasibility study , the target audience can be clearly identified along with their purchasing power. This process will determine the economic prowlness of a proposal by a business. This is an important part of a business case that should be done after a business idea is created but before it is technically developed and long before the production of any product is started. In essence, a feasibility study is to determine the viability of a business venture in a specific area or sector of business. This is the process that will identify any possible problems that might occur between the acceptance of the product with the consumer and how profitable the business venture might be. Just because a business has a great an...

Running a business of any type can be a challenging endeavor.  However, when you decide to expand or change the way your business runs you should consider using a feasibility study template to help write out your plans. This type of study is conducted to help explain to your potential investors why your solution will work for your business. With the amount of risk that investors take when they decide to invest in any business, it may be hard for you to find an investor who will be willing to make the type of investment that you may need. However, if you present your potential investors with a full detailed report you are more likely to receive the investments that you need to complete the expansion of change of your business. When you use a feasibility study template you will have a guide to walk you through each step of the process of writing out a well thought out plan. When you are writing out your study you should first start by explaining the problem with your business or the op...

What to Do if Your Budget Eats Your Project Alive - Use Project Management Templates Speaking from experience, having the budget go completely out of line is one of my biggest fears as a project manager.  On most of our projects, it’s not a huge issue if you’re plus or minus 10% on the budget.  Especially if you deliver on time and the customer is happy and the project is successful.  However, every so often you have those projects that are handed to you where you’re told to be on or under budget or else.  You know the ones I’m talking about, don’t you?  Those are the ones you lose sleep at night over.  They usually have one or more of the following characteristics: - Are very large and very visible - Have a customer unwilling to spend a dime more than the original agreement - The CEO is watching closely - Are very small with a small budget - Scheduled for implementation close to fiscal year end That third one is always fun.  There’s nothing like having the CEO stopping by your office ...