Elements of Good Feasibility - 998 Words

The Elements of a Good Feasibility Study Tim Bryce | Mar 20, 2008 | Comments (5) Those who do not do their homework do not graduate. - Bryce s Law In its simplest form, a Feasibility Study represents a definition of a problem or opportunity to be studied, an analysis of the current mode of operation, a definition of requirements, an evaluation of alternatives, and an agreed upon course of action. As such, the activities for preparing a Feasibility Study are generic in nature and can be applied to any type of project, be it for systems and software development, making an acquisition, or any other project. There are basically six parts to any effective Feasibility Study: 1. The PROJECT SCOPE which is used to define the†¦show more content†¦After the total cost of the project has been calculated, a cost and evaluation summary is prepared which includes such things as a cost/benefit analysis, return on investment, etc. 6. REVIEW - all of the preceding elements are then assembled into a Feasibility Study and a formal review is conducted with all parties involved. The review serves two purposes: to substantiate the thoroughness and accuracy of the Feasibility Study, and to make a project decision; either approve it, reject it, or ask that it be revised before making a final decision. If approved, it is very important that all parties sign the document which expresses their acceptance and commitment to it; it may be a seemingly small gesture, but signatures carry a lot of weight later on as the project progresses. If the Feasibility Study is rejected, the reasons for its rejection should be explained and attached to the document. CONCLUSION It should be remembered that a Feasibility Study is more of a way of thinking as opposed to a bureaucratic process. For example, what I have just described is essentially the same process we all follow when purchasing an automobile or a home. As the scope of the project grows, it becomes more important to document the Feasibility Study particularly if large amounts of money are involved and/or the criticality of delivery. Not only should the Feasibility Study contain sufficient detail to carry on to the next succeeding phase in theShow MoreRelatedWhat Are Construction Projects?1476 Words   |  6 Pagestechnology of modern buildings construction, uncertainty created by the inevitable time for a construction project life cycle and uniqueness of each project. The development process of a project mainly includes eight stages which are ‘inception’, ‘feasibility’, ‘strategy’, ‘pre-construction’, ‘construction’, ‘testing and commissioning’, ‘completion, handover and operation’ as well as ‘post-completion review and in use’. The very first stage of all is ‘inception’ which may take up to 4 months (NationalRead MoreSap Atlam674 Words   |  3 PagesCompanies. It was then understood, the IT bases were obsolete compare with its rivals and they were requested to advance their accounting system to PETRA bunch of wide SAP system. SAP was an incorporated business application bundle that secured most elements of an association like Financial Accounting, Controlling, Asset Management, Sales amp; Distribution, Material Management, Human Resource and many more. Implementing SAP for ATLAM was not simple as they were already depended on a modified singleRead MoreFeasibility Of The Economic Feasibility1091 Words   |  5 Pages Economic Feasibility After reviewing the economic feasibility of in power snacks. When determining the project cost and the revenue projections, there are many aspects to consider. When elevating the startup cost without paying any type of the utilities or for rent. The start-up cost will be closely around $5700. This will contain a small amount of reserves with equipment, material supplies beginning inventory, operating cost, business license, advertisement and miscellaneous expense. This isRead MoreTechnical Assessment : What Technology Does This Business? Essay1676 Words   |  7 Pagesparticularly following start-up, when little or no revenue will come in? If your idea passes the screening process you can proceed to the pre-feasibility study which will help you determine the idea is worth a more detailed investigation or whether the success factors are present, e.g. raw materials are sufficient all year round. III. The Pre-Feasibility Study The size of investment required for a project determines to some extent the amount of time and effort needed to complete the project. A largeRead MoreHealthcare Informatics : The Satellite Clinic989 Words   |  4 PagesEHR systems in a meaningful way is likely to have a net cost over the several years, especially for those who do not yet have robust EHR systems in place and in regular use† (Kudyba S. P. ‘2010’). The same author said: â€Å"By quality we mean the six elements described by the IOM in its ‘Quality Chasm’ report: care that is consistently patient centered, effective, safe, timely, efficient, and equitable.† Essentials of Health Policy and Law The new satellite clinic would accept most insurance plans thatRead MoreGuidelines for Feasibility Report1454 Words   |  6 PagesGuide lines to make Feasibility report Feasibility Study This Feasibility Study Template will help you to conduct feasibility studies in your organization. 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ElectricalRead MoreCritical Thinking : Scrutinizing Your Initial Draft Essay1494 Words   |  6 PagesCritical Thinking: Scrutinizing Your Initial Draft With the knowledge of what is expected, and many of the big questions already answered, your summary business plan is probably well organized. The purpose of a feasibility study is to add more detail to your plan by doing targeted research to think strategically about the estimates, and discoveries you made in your summary business plan. Once you go through the basic method I present here, you can modify it to fit your methodology accordinglyRead MoreIndividual: Service Request Sr-Rm-022, Part 11192 Words   |  5 Pageseven the top investors of the company its self. Anyone interested in the production and the improvement of the new integrated application system. The Project Scope The Project definition is identifying the problem. The project scope and the feasibility study are both part of the analysis stage of the system development life-cycle. As the saying goes the problem well stated is half solved. Tim Bryce wisely said: It is also necessary to define the parts of the business affected either directlyRead MoreWhat Is Feasibility Analysis1559 Words   |  7 PagesWhat Is Feasibility Analysis? †¢Feasibility Analysis –The process of determining whether a business idea is viable. –It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. –Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable. When To Conduct a Feasibility Analysis †¢Timing of Feasibility