Project Feasibility Study
We at Launch Hub we do analysis that considers all of a project’s relevant factors—including economic, technical, legal, and scheduling considerations—to ascertain the likelihood of completing the project successfully.
Many companies make the mistake of skipping the “feasibility analysis” process and jumping right into the project. In the vast majority of situations, this results in the project’s failure. It’s important to keep in mind that it’s impossible to avoid potential losses if a choice to proceed has been taken without a thorough feasibility analysis.
The value of a feasibility study stems from the desire of an organization to “get it right” before investing resources, time, or money. A feasibility study may discover fresh ideas that alter the scope of a project. It’s preferable to make these decisions ahead of time rather than rushing into a project only to discover that it won’t work.
Ezrah Nyaega, PMP®, (PMI-RMP)®, Lead Consultant
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