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Types of Feasibility Studies and Where to Use Them If you have already gone through your studies and even if you’re already on your professional work, there’s no doubt that you have encountered feasibility studies already and technically, they are conducted to give judgement on a project – if it is worth the investment of time and effort or not. If you have encountered Feasibility studies before, then you’ll know that it is commonly done before a project is given the go signal but, it is important to know that time constraints may change this rule and the company would be able to execute the feasibility studies and the early stages of the project execution and production. Not all feasibility studies pertain to profit which is something you need to keep in mind as there is also a cultural and organization feasibility studies that can be executed if you want to know beforehand if a project would not disrupt the cultural characteristics of an organization. If you plan to make cultural feasibility studies on your project, you should know that what it deals with is more on the impact of the project when it’s finished in terms of the perspective of the structure and drive of the organization and its people. It is important that a project is something that all the parties in an organization involved, would find satisfaction from as this will ensure that no risk will arise and harmony will be kept inside the workplace. Another scenario where you’ll need a different type of feasibility is the ever-changing world of technology that has become faster than ever to the point where a company would find it arduous and nigh impossible to tackle each and every one of them. In doing projects in our innovative and technology-driven world, there’s no doubt that technology is an indispensable asset you need and Technology Feasibility will allow you to determine whether your company comes with the right technological power or budget to buy decent technological capacity to finish the project.
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More often than not, schedule is also an aspect which companies find very hard to meet, which makes a Schedule feasibility incredibly valuable as it would allow one to know whether they’ll be able to handle the demand of resources and labor that’s needed to perform and finish a project. This type of feasibility shows its true importance when it deals with projects that are critically constrained with time due to their client’s demands and needs.
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Resources is also a broad aspect of the company that can either be in terms of manpower or other physical resources and they are great factors to decide if a project would succeed or not. Resource Feasibility is something that will allow you to learn if a project can be handled by the human and physical resources of the company which may be different depending on the nature and the application of the finished project.