The Feasibility Study The Feasibility study is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It can decide whether a process be carried out by a new system more efficiently than the existing one. The feasibility study should examine three main areas; - market issues, - technical and organizational requirements, - financial overview. The results of this study are used to make a decision whether to proceed with the project, or table it. If it indeed leads to a project being approved, it will - before the real work of the proposed project starts - be used to ascertain the likelihood of the project's success. A feasibility study should provide management with enough information to decide: 1. Whether the project can be done; 2. Whether the final product will benefit its intended users; 3. What are the alternatives among which a solution will be chosen (during subsequent phases)? 4. Is there a preferred alternative? Content of a feasibility study Things to be studied in the feasibility study: The present organizational system Stakeholders, users, policies, functions, objectives... Problems with the present system Inconsistencies, inadequacies in functionality, performance Possible solution alternatives Sticking with the current system" is always an alternative Different business processes for solving the problems Different levels/types of computerization for the solutions Advantages and disadvantages of the alternatives Needs Analysis A needs analysis should be the first undertaking of a feasibility study as it clearly defines the project outline and the clients' requirements. Once these questions have been answered the person/s undertaking the feasibility study will have outlined the project needs definition. The following questions need to be asked to define the project needs definition: What is the end deliverable? What purpose will it serve? What are the environmental effects? What are the rules and regulations? What standards will we be measured against? What are the quality requirements? What is the minimal quality requirements allowed? What sustainability can we expect? What carry over work can we expect? What are the penalty clauses? How much do we need to outsource? How much do we need to insource? Types of Feasibility The feasibility study includes complete initial analysis of all related system. Therefore the study must be conducted in a manner that will reflect the operational, economic as well as technical and scheduling feasibility of the system proposal. These are the four main types of feasibility study. Operational This aspect defines the urgency of the problem and the acceptability of any solution. It shows if the system is developed, will it be used.
The initiation phase of a project is not complete without a clearly defined goal and realistic, measurable objectives that describe the business benefits which are expected to be delivered upon completion of a project (Laureate Educatio...
The two main issues in this case are the project analysis and financial forecasting. The project should be analyzed before doing the forecasting, because any recommendations on the project will affect financial forecasting for the next two years.
...as a good option to fix their current existing system and expertise their employees due to which they could have got the appropriate intellectual personnel with the success of the project.
These factors are in response to everyday problems. Including proposed solutions to upcoming problems. Potential actions to the problems. Risks to balance and complete the implementation. The tools in use to monitor these problems and give solutions would be in this
This step includes gathering facts before trying to figure out the solution to the issues or possible future issues. This is a very important step when making important business decision...
This project belongs in the engineering-efficiency category; therefore, it has to fit at least 3 of 4 performance hurdles, which are 1. Impact on EPS; 2.Payback; 3.Discounted cash flow and 4. Internal rate of return.
Making an investment towards a new project/product/company is hardly a simple process. Numerous factors including costs, benefits, time, and resources need to be taken into account before a decision to pursue a new project should be ventured into. At the end of the day prioritising projects and investing funds into projects that have the most potential towards favourable return on investment should be considered. Investment appraisal should not only be used for projects with a monetary return, it is also pertinent to use the tools where the return may not be easy to quantify such as training or development programs. Investment
Project Planning 7 VIII. Quality 8 IX. Cost Estimating 9 X. Risk Identification and Management 10 XI. Facility Startup and Project Closeout 11 XII.
Timmreck (2003) states that a needs assessment is used to, “Ascertain what resources, services, equipment, or other available items exist for use in the program being planned” (p.90). The administrator has to know what resources are available for use before designing the project and the needs assessment helps gather the information about the resources that are available for that project. Timmreck (2003) states that needs assessments are also used to “Survey, assess, evaluate and do research on what services or program exist and which services are missing” (p. 90). After the information becomes available to the administrator s/he can design the project effectively because now h/she know what service is needed and what resources are available to utilize. This information that the needs assessment provides is imperative to a project’s success and therefore makes the needs assessment an integral part of the planning process.
The solution found by planners to varied situations in practice very dependent on the certain criteria like social, economic, environmental, and political. The evaluation of a solution on these criteria defines the success of a solution.
After an ideal solution is selected and approved its execution through implementation is done to address the problem. All tasks in the implementation should be coordinated with a finite start and implementation closure deadlines as well as milestones. Program evaluation and Review (PERT) as well as Critical Path Method(CPM) are ideal to guide this stage.
Following the next chapter describes the research methodology. This methodology divided into five stage process followed by main objective; theoretical study, model development, design prototype, develop prototype and model evaluate. Each stage will be briefly described in the next chapter.
In this process, it was important for me to establish the sense of urgency as well as the vision of the project. I accomplished this by meeting and working with the stakeholders, securing their consensus and working with the technical team to develop technical...
defined the term needs analysis which is also known as needs assessment in 1999 (as cited in Rayan 2008) as those activities that basically involved in collecting information which will serve as the basis for developing a curriculum where the needs of the particular group of learners are met.
From this case study the analyses are made on the following questions asked. The Questions that are asked are following: