Project Manager Decides Project Feasibility through Performing a Feasibility Study
As a project manager, deciding the feasibility of a project is one of the first and most crucial steps in project management. This decision is made based on a thorough feasibility study, which involves several important assessments. Among these assessments, technical feasibility is one of the most critical as it determines whether the necessary technology is available and can be used for the project.
What is a Feasibility Study?
A feasibility study is an analysis used to determine the viability of a project. It involves evaluating the project's potential for success by considering various factors, including technical, economic, legal, operational, and schedule feasibility. The study helps project managers make informed decisions about whether to proceed with the project, modify it, or abandon it altogether.
Importance of Technical Feasibility
Technical feasibility is crucial in determining whether a project can be successfully implemented using the available technology. It involves assessing the technology's capabilities, limitations, and compatibility with the project's objectives and requirements. Technical feasibility also considers whether the required resources, such as hardware, software, and personnel, are available and can be acquired or developed if necessary.
Assessing Technical Feasibility
Assessing technical feasibility involves several steps, including:
- Identifying the necessary technology and resources
- Evaluating the technology's capabilities and limitations
- Assessing the compatibility of the technology with the project's objectives and requirements
- Evaluating the availability of the required resources
- Determining whether the technology can be acquired or developed if necessary
Conducting a Technical Feasibility Study
A technical feasibility study involves several activities, including:
- Identifying and analyzing the technology's specifications and requirements
- Assessing the technology's compatibility with the project's objectives and requirements
- Evaluating the availability and cost of the required resources
- Assessing the risks associated with the technology
- Identifying any potential issues or challenges and developing contingency plans
Benefits of a Technical Feasibility Study
Conducting a technical feasibility study has several benefits, including:
- Helping to identify any potential technical issues or challenges early on
- Ensuring that the necessary technology and resources are available
- Reducing the risk of project failure due to technical reasons
- Helping to establish realistic project timelines and budgets
- Improving the overall quality of the project
Challenges in Conducting a Technical Feasibility Study
Despite its benefits, conducting a technical feasibility study can be challenging. Some of these challenges include:
- Lack of sufficient technical expertise
- Limited availability of resources
- High cost of conducting the study
- Complexity of the technology
- Rapidly changing technology
In conclusion, technical feasibility is a crucial assessment that project managers must consider when deciding the feasibility of a project. By conducting a technical feasibility study, project managers can identify any potential technical issues or challenges early on, ensure that the necessary technology and resources are available, reduce the risk of project failure due to technical reasons, and improve the overall quality of the project. However, conducting a technical feasibility study can be challenging, and project managers must be prepared to address these challenges to ensure the success of the project.
References
- Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition. Project Management Institute, Inc.
- Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons, Inc.
- PMI Lexicon of Project Management Terms (3rd edition). Project Management Institute, Inc.