Monthly Archives: July 2014

Feasibility Study

Conducting a Feasibility Study

Conducting a feasibility study in the new global market place requires more planning and resources than what most organizations are used to. Expanding the market area for your products to be sold is never an easy task to accomplish. This is why most organizations turn to a project management template as the tool of choice to assist them in including all of the requirements to help make this task a successful one.

The documentation of the feasibility study is the foundation on which the specifications and features of a deliverable are tested in the market place, to see just how much it is desired by those looking to spend their money on such an item. The demographics of the target audience have to be analyzed, along with their desire to purchase your product. Most of all, the target audience has to be able to afford your product. Having just a desirable product is not enough. People or corporations must be willing to make the purchase or the deliverable will not be considered a success.

The making of the feasibility study can be easily accomplished with the use of a feasibility template. This will help any project manager plan out just who might be interested in acquiring your product. It will also help you to identify your secondary target audience. This template has a path in it that will show you how to look at the widest possible audience for your product, and help you get their input into its design, affordability, looks, and desirability. All of these characteristics of your deliverable have to be known before a final decision is made on whether your organization should proceed with the project or not.

The desire to create a new revenue stream with your deliverable is the reason a full and thorough feasibility study should be conducted on each product. Not only can it help your organization in making the required adjustments to your deliverable that will make it more attractive, it will also make it easier to sell.

The report filed from a feasibility study is the deciding factor in whether or not your company should proceed with a business venture. The more complete it is going to be, the fewer questions and risks associated with this business venture will exist.

Business Case

Useful Business Case Example

A useful business case example would be one that fits your needs along with the budget restraints of your next project. Another helpful instrument would be to use an example that was created using the business case template that you will use to create your business case. This way you can easily and efficiently transfer the useful data from your example right into the one you are creating.

Inside the business case example you have chosen should be what the stakeholders have approved in the past. This will make it easier for you to follow through with the creation of your document in a manner that has an increased chance of approval. While there is useful information in an example that was not approved, it is not advisable that you transfer any of the data from it to the one you are presently creating.

A few of the items most useful in the business case example will be just what budget level the stakeholders are happy with. They generally also like to have projects that run for a particular amount of time. Long extended run times for a project to get from the drawing board to the delivery of the product means the money is tied up for an extended period. This is not very advantageous for an organization. By having the revenue of an organization tied up in a long business venture, the ability to use such assets in case of an emergency is limited.

In many instances the use of more than one business case example is practical. This allows the project manager to notice a pattern of what has been acceptable in the presentations of past business venture to the stakeholders. By providing the basis of what is not only expected, but desired by the stakeholders, it is easier to gain approval for the business venture.

By using a business case example from the past is the best foundation to start with for your next project. This will allow for a foundation to be established in the fastest and most efficient manner for your next project that is in search of a revenue stream.