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Before committing time and resources to a project, evaluate its feasibility from a financial, technical and operation perspective. The feasibility study estimates project duration, effort and cost. In order to complete a rough cost benefit analysis, the feasibility study must estimate the development costs and benefits from the project. Projects compete for scarce resources within an organization. Most organizations have a formal process for initiating and assigning resources to new projects.
Lay the foundations for success during the initiation phase. Decisions taken in the Feasibility Study have the biggest impact on the success of the project. The feasibility study determines the project scope based on a consideration of the client objectives, risks, costs and benefits. Resolve project scope issues in the Feasibility Study. Reduce scope of the project to reduce cost, duration, risk and chance of failure.
Summarize the feasibility study in a business case as input to the project approval process. The business case allows management to compare projects and decide which ones to approve.
1. Conceive Project
2. Kickoff feasibility study:
|3. Define client objectives|| |
4. Analyze risks that threaten project success.
|5. Define Deliverables|
6. Develop strategy for project
7. Define project scope.
|8. Estimate effort and cost.|
9. Prepare master schedule and budget.
10. Cost Benefit Analysis
11. Present business case for project.
12. Startup next project phase.
If you are interested in more detail, these topics are covered in UBC Project Management with Microsoft Project course #3. Defining Project Scope - Start projects right and lay the foundations for success. The course workbook contains one hundred information packed pages. We can also deliver this course in house using one of your own projects as a custom case study.
Copyright April 16, 2005 Brian Mullen, I.S.P. information systems planning corp. Last updated: March 30, 2007email me with your questions