Why, How and When to Do a Feasibility Study in Project Management

How, Why and When to Do a Feasibility Study in Project Management

Before initiating any project in any industry, we must consider several important factors. This is called a Feasibility Study. It allows the organization to decide whether or not to start the project.
What is the Feasibility Study and how does it work?
It analyzes whether the project aligns to the following factors of a performing business:
Goals and Objectives



Vision and Mission




Operations Management

Enterprise Environmental Factors

Organisational Process Assets

It also analyzes whether the project meets the objectives and goals of:
Sponsors of Project

End Users


Expert Judgment


When is it appropriate to conduct a feasibility study on a project?
It can happen at different stages of the project.
Before you submit the response to the Proposal/ Bid/ Quotation/ Tender Notice for the project.

Before the Project was initiated.

When deciding whether to make or purchase the product, services, or results.

Explore the different areas of feasibility study
The feasibility study of a performing company focuses on analyzing the feasibility in certain areas.
Vision & Mission

Project Management

Program Management

Operations Management

Portfolio Management

Governance, Strategy, and Organizational Project Management

Enterprise Environmental Factors

Organizational Process Assets

Technology Considerations

We conduct feasibility studies in different areas of a project during Project Management.
Integration Management

Scope Management

Schedule or Time Management

Resource Management

Cost Management

Quality Management

Communication Management

Risk Management

Procurement Management

Stakeholder Management

These areas of feasibility studies also include other entities, namely:


End Users


Project Sponsors

How do you determine if a feasibility study is necessary for a project?
The Feasibility Study of a Project helps customers, project sponsors, experts, stakeholders, and end-users to predict possible outcomes before they initiate the project. The feasibility study allows them to decide whether to initiate or stop the project.
Steps to create a feasibility study for your project
The feasibility study must be in line with the goals and objectives of the project.
A) Mission and Vision of an Organization
A mission statement describes the goals and objectives for an organization. A vision statement describes the current and desired position of the organization. The Mission and Vision statements represent the purpose, values and goals of an organization.
b) Project Management
It covers the knowledge, skills and processes that are used to carry out the activities of a project. It focuses on interdependencies within a given project.
The feasibility study is a key component of project management.
Attain the business’s goals.
Respect the expectations of stakeholders
Predict the outcome.
Increase your chances of success
Deliver the acceptable products on-time
Provide solutions.
Closes all risks at once
Optimise your resources by resource leveling and smoothing.
Get the job done.
Changes can be managed by implementing Change Control Procedures (CCP).
Manage Triple Constraints

The feasibility study is an important part of project management. It covers various phases and components.