Creating a project feasibility study in the correct manner can make a difference in the conclusion of your project. This is done by identifying all of the possible target audiences and their preferences for your particular deliverable. Other factors that must be clarified include the right price, level of quality, and color the target audience will prefer in your type of product.
The project feasibility study is a project management tool that will help discover just what markets in the world have the need for your deliverable. Not only does the target audience have to be correctly identified, but also a secondary audience, and if possible, a third. This allows for an organization to get input to just what they are looking for in the type of product you are producing. This input makes it significantly easier to provide a product that is desirable by more people. This increases the possible revenue stream from this business venture.
In the project feasibility study, you can also explore the desired level of quality your product is expected to have. The reason for this is so the minimal level can be obtained without affecting the desirability of your product by the target audience. This does not mean it is ok to create an inferior product on purpose, but rather place the level of quality in the product that is necessary for the use of the item. A good example of this is a nail. If you are selling a nail that is supposed to be 1 inch long, the specifications can be from 7/8” to 1 1/8”. It is possible to make every nail 1” long, but then the profits of your business venture will diminish because of all the rejected material.
Creating a project feasibility study in the right manner will give you the information that is necessary for your business venture to succeed. It is the interpretation of the data that is collocated which is vital to the success of your project. This allows for you to provide the deliverable at the right price, so your organization can make a level of profit that is desirable.