the first step in developing research based business reports is This is a topic that many people are looking for. thetruthaboutdow.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, thetruthaboutdow.org would like to introduce to you How to Conduct a Feasibility Study – Project Management Training . Following along are instructions in the video below:
“We re talking about how to conduct a feasibility study. But first of all i i want to start with clarifying what a feasibility study is basically. It s an of the practicality of a proposed plan or method basically we want to know is this feasible. Some of the questions that may generate this or we can hear people asking are do we have or can we create the technology to do this do we have the people resource who can produce this and will we get our roi our return on investment.
So when do we do the feasibility study. So it s done during a project lifecycle and it s done after the business case because the business case outlines what we re proposing is it a product or service that we re proposing so why do we do this. The reason. We do this is because we need to determine the factors that will make the business opportunity a success well let s talk about a few steps that we do in order to conduct the feasibility study.
Well first of all we conduct a preliminary analysis of what else involved in the business case. And what were what we re analyzing and what we re trying to determine is feasible. Then we prepare a projected income statement. We need to know what are the income streams.
How are we going to make money on this where is the revenue coming from we also need to conduct a market survey. We need to know is this a demand is there a market for this our customers willing to use this product or use this service. The fourth one is plan a business. The business organization and the operations like what is the structure what kind of resources do we need what kind of staffing requirements.
Do we have we also want to prepare an opening day balance sheet. What are the how again one of the expenses with the revenue and to ensure that being able to determine if we re going to make our roi. So we want to review and analyze all of the data that we have and with that we re going to determine we re going to make a go no go decision are we going to do this project or this business. Opportunity or not well here are some of the best practices to use during your feasibility study.
One is use templates tools and surveys that exist. Today. The great news is data is becoming more and more prevalent. There are all kinds of technologies.
There are groups that they do nothing. But research. Things that we can leverage today we want to involve the appropriate stakeholders to ensure that input is being considered from the different people involved we also want to use again the market research to ensure we bring it in good reliable data. We also i mean do your homework meaning act like as if this is your project.
If it s your money. So do your homework. And do it well and make sure you give credible data. So ultimately in the end.
What we re doing is we re producing and we re providing a feasibility report so in that report this think of this is like a template. So what you re going to do is give it an executive summary and the business opportunity that you re evaluating and the description of the product or the service. You want to look at different technology considerations is it technology that you re going to use are you going to build the technology. What kind of product and service marketplace and being able again to identify the specific market.
You re going to be targeting. Also what is the marketing strategy. You re going to use to target the marketplace. And also what are the what s the organizational structure what are the staffing requirements.
What people do you need to deliver the product or service and even support it so also we want to know the schedule to be able to have the milestones to ensure that as we re building things that as we re spending money that we re beginning to bring in income to pay. And knowing when we re going to start recuperating. Some of the funding again. Which also ties into the financial projections ultimately in this report you re going to provide the findings and the recommendations again would probably talk about technology are you going to build it are you going to buy it.
What s the marketing strategies for the specific marketplace organization. You may have some recommendations for whether you re going to insource the staff. Maybe you re going to outsource. Some staff.
And what that looks like and also financial recommendations. So this is a little bit about the feasibility study. And if you need a tool that can help you with. Yours then sign up for our software now at projectmanagercom.
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“Do you know what a feasibility study is? You should. nnTry our award-winning PM software for free: https://www.projectmanager.com/?utm_source=youtube.comu0026utm_medium=videou0026utm_campaign=HowToConductAFeasibilityStudynnA feasibility study is a crucial test to figure out if your project is viable or not. Jennifer Bridges, PMP, explains what a feasibility study is, when and why to use it and provides a template to set up your own.”,
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