Feasibility Study

00:02 So the business case has detailed all your finances.

00:05 The scope is a guide to what your project will involve.

00:08 And now it's time for a feasibility study.

00:12 And it's just what it sounds like an analysis of the goals, scope and resources to determine whether the success of the project is feasible.

00:23 Oh, and bear in mind, the feasibility study is on a mid to high level.

00:27 The project sponsor and project manager need to move efficiently through the initiation and the analysis should be just enough to confirm they can go ahead with the time, budget and resources available.

00:39 But don't worry.

00:41 A more detailed analysis and preparation of resources is performed during the planning phase. For now, though, the project sponsor must ask, can the organization provide the needed budget time, employees and management attention so the project can be executed? Do they possess the needed expertise, for example engineering, coaching, project management, I.T.

01:08 and so on. Or do partner companies need to be involved? If so, which ones and how best to procure them.

01:20 For example, Lamborarri need to provide us with managers from other showrooms to train new ones.

01:27 HR needs to assign people to the hiring of staff.

01:31 Their marketing team needs extra resources to advertise, and they need to hire out contractors for the building work.

01:39 There are many fields that go into executing a project and we will have to consider them all and how they interconnect.

01:47 For our project to go ahead.

01:49 We need to get all the information we need.

01:52 Is our project feasible? It's a simple question with a not so simple process.

02:02 Let's assume we have a positive answer to the above question.

02:05 So let's get into risk assessment and expectations next.

02:09 Another important task when preparing to take on a project.

02:13 I'll see you there.