Feasibility Study

Posted on March 29, 2010 by

0


A Feasibility Study investigates whether a potential project is feasible. It asks questions such as whether the project can be accomplished (is it technically feasible), whether it will be successful and profitable, and how much it will cost.

The fourth edition PMBOK® (Project Management Body of Knowledge) has little to say on Feasibility Studies. It simply notes that depending on the organization, a Feasibility Study could be considered pre-project work, the first phase of a project, or a separate project altogether (PMBOK p. 19). The BABOK® 2.0 (Business Analysis Body of Knowledge) incorporates Feasibility Studies as part of the Determine Solution Approach task. The BABOK notes that a formal Feasibility Study may include market research and statistics. However, neither the PMBOK nor the BABOK dictate a specific format for a Feasibility Report, which is the outcome of a Feasibility Study.

If the Feasibility Study is considered pre-project work, the Project Manager may have little or no involvement. If it is considered a separate project, then the Project Manager may be primarily responsible. The overall purpose of the study is to provide the necessary information to those making the decision whether or not to initiate and invest in a project. Exactly what the information will include will vary among potential projects.