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Download feasibility study template in Microsoft Word format.
Feasibility Study Template: A Vital Part of Any Project Plan
Are you a business or project manager who needs to conduct a feasibility study for an upcoming project? Would it be helpful if there was a feasibility study template available?—one that might be able to save you the time and annoyance of trying to create this document from scratch? If so, than you may find the following information very constructive. In this article we will first provide a succinct definition of the term “feasibility study,” briefly discuss its uses, and illustrate the types of information and topics you should look for when selecting a feasibility study template from the Internet.
What Is a Feasibility Study?
The term “feasibility study” is used principally by business and project managers. Essentially, this type of study is an exercise which documents each of the possible solutions to either a business problem or an upcoming opportunity, and looks to identify which solution is the most “feasible.” These types of studies take an in depth look at the resources available—both material resources and human resources—and any potential impediments that could prospectively hamper the project’s desired outcome.
By using a feasibility study to examine the various solutions to a problem or opportunity, project managers and team members hope to gain some clarity with regard to possible outcomes. These professional employ an assortment of assessment tools and methods in this process, with an end goal of finding a consensus decision on which strategy to implement.
Feasibility Study Template: The Components
As mentioned above, the process of conducting feasibility studies on a project is essentially a three-part procedure. First, the problem or opportunity should be clearly defined, followed by an in-depth examination of all available solutions. When these two steps have been completed, a final recommendation as to what solution should be implemented should be reached. With these three steps in mind, when looking for a quality feasibility study template online you should make sure the document contains at least the following components:
• Problem/Opportunity. This part of the document is where the problem or opportunity, for which you need to find an alternate solution, should be clearly defined.
• Solution(s) Identification. In this section, all the possible solutions, which are based on research and your business requirements, should be identified.
• Advantages. For each possible solution you identify, the advantages of each should be recorded.
• Risks/Issues. Again, for each possible solution that was identified in section two, the risks and potential progress impediments should be listed.
• Recommendation. In this section you will make a recommendation as to which solution to implement.
• Documentation. Documenting all the results of a feasibility study is a very important step, as you may have to show proof of your study in order to access funding for the recommended solution.
The feasibility study is a vital component to any project life-cycle, helping both project manager and his/her team members identify the best possible solution to a business problem or opportunity. Moreover, using a feasibility template to help you with this chore is an ideal way to save the time and money of creating this document from square one.