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Conduct a thorough and accurate feasibility study on all IT projects prior to investing precious resources. Download a professional feasibility study template in Microsoft Word format here.
What is a Feasibility Study?
A Feasibility Study is a document which identifies each of the solution options available and rates the likelihood of each option achieving the desired result. It includes:
- A full description of the business problem (or opportunity)
- A list of the requirements for a solution to fix the problem (or realize the opportunity)
- Available options for delivering a solution
- An assessment of the feasibility of each option
- A list of the risks and/or issues associated with each option
- A preferred option to be approved for implementation.
When do I use a Feasibility Study?
The Feasibility Study is typically presented by Senior Management within the business to an identified Business Sponsor. Although it may be conducted prior to, during or after the completion of a Business Case, it is usually undertaken as part of the overall Business Case process to add more rigor to the solution options presented in the Business Case. For this reason, the topics defined in both the Business Case and Feasibility Study documents are similar.
The main purpose of the Feasibility Study is to ascertain the likelihood of each solution option identified for meeting the stated business requirements. Although the risks, issues and constraints are important, the project is less likely to be a success if the solution option chosen is unlikely to be feasibly implemented.
To determine the likely feasibility of an option, a range of ‘assessment’ methods is undertaken. As there is a myriad of potential methods available to assess feasibility, we suggest you take time to consider the most appropriate method available to your project. The outcome of the Feasibility Study is a confirmed solution option for inclusion within the Business Case. The next stage, after the solution option has been approved, is to define the project scope and structure within a project Terms of Reference document.
NB A Feasibility Study may address a business problem to be resolved, or a business opportunity to be realized. Although this document refers frequently to the resolution of ‘business problems’, each section equally applies to the realization of ‘business opportunities’ as well.
How to use this template
This document provides a guide on the topics usually included in a Feasibility Study document. Sections may be added, removed or redefined at your leisure to meet your particular business circumstance. Example tables, diagrams and charts have been added (where suitable) to provide further guidance on how to complete each relevant section.