Feasibility Study

Project Management

Project Managers use feasibility studies to determine potential positive and negative outcomes of a project before investing considerable amount of time and money into it.

Conducting a feasibility study is always beneficial to the project as it gives the promoter and other stakeholders a clear picture of the idea.

The benefits of feasibility study are

• Gives project teams more focus  and provides an alternative outline.

• Narrows the business alternatives.

• Identifies a valid reason to undertake the project.

• Enhances the success rate by evaluating multiple parameters.

• Aids decision-making on the project.

It also helps to analyze the constraints like Internal Project Constraints, Internal Corporate Constraints and  External Constraints. Understanding the project objectives, deliverable, scope, risk, cost, approach, etc. are the most important aspects of successfully managing a project.

Aiyan Thiruvalluvar says

ஒல்வ தறிவது அறிந்ததன் கண்தங்கிச்

செல்வார்க்குச் செல்லாதது இல்  (472)

साध्य कार्य को समझ कर, समझ कार्य हित ज्ञेय ।
जम कर धावा जो करे, उसको कुछ न अजेय ॥ (४७२)

Explanation by Scholars:

There is nothing which may not be accomplished by those who, before they proceed, make themselves acquainted with their own ability, and with whatever else is (needful) to be known, and apply themselves wholly to their object.

ஒரு செயலில் ஈடுபடும்போது அச்செயலைப் பற்றிய அனைத்தையும் ஆராய்ந்தறிந்து முயற்சி மேற்கொண்டால் முடியாதது எதுவுமில்லை.