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| 45+ Feasibility Study Templates for Word |
45+ Free Feasibility Study Templates for Word - Download By One Click
If you take the time to read a feasibility study examples, you'll see that it's a document that examines the important aspects of a project, such as scheduling, legal, economic, and technological concerns. This document helps examining the project's complete success.
Why conduct a feasibility study?
A feasibility study example can also be referred to as a feasibility report or a feasibility analysis. The significance remains the same regardless of the name. The primary purpose of a feasibility study document is to determine whether or not you should devote time and money to a project.
It may uncover new difficulties or notions that totally alter a project's scope. It's preferable to make such decisions ahead of time rather than starting a project only to discover that it won't work. Simply said, performing this research helps you have a better understanding of the project.
What is an example of a feasibility study?
The examination and evaluation of a certain proposed system or project is shown in a feasibility report or feasibility analysis example.
The study's goal is to see if the project is both financially and technically feasible. Take this example of a feasibility study to assist you understand.
A hospital, for example, wishes to develop by constructing an addition to one of its buildings. They should first perform a feasibility study to evaluate whether or not they should proceed with the expansion. The following are the actions to take:
- First and foremost, they must evaluate the expenses of materials and labor. They must also consider the potential for the project to disrupt patients and employees.
- They must also determine how the public feels about the initiative. They can accomplish this by asking the local community if they are in favor or against the proposal.
- The next stage is to initiate a discussion with the stakeholders to gauge their reaction to the concept.
- Lastly, they should make a list of all the project's advantages and disadvantages. The points are then weighed against each other.
What is included in a feasibility report?
Any project should start with a feasibility assessment. It allows you choose if or not you should proceed with the project in light of the present scenario and the project's specifics. Include the following material if you're writing a report or a feasibility study example:
The scope of the project: You should first define the problem that needs to be solved which is the scope of the project. Declare the aspects of your company that will be impacted by the project, whether indirectly or directly. The quality of your feasibility study can be improved by creating a well-defined scope.
A current analysis: This is critical for assessing the present implementation. You can evaluate the shortcomings and strengths of the current strategy using this analysis, which will save you a lot of time and money.
The requirements of the project: Regarding the goals of your project, it's critical to identify all of the requirements. This will help you determine how many resources you'll need and whether you have enough.
The project approach: After that, you must choose the best plan of action or solution to satisfy the project's needs. Consider the many options and select the most plausible one.
Evaluation: You evaluate the cost-effectiveness of the strategy you've picked, as well as an approximation of the project's final cost, in this section. For the sake of comparison, you may also approximate the expenses of the other choices.
Review: It's time to perform a formal evaluation when you've incorporated all of these aspects into your feasibility study. Use this review to see if your feasibility study is correct. As a result, you'll be better able to make a final decision regarding the project.
How do you write a feasibility study report?
You'll notice that a feasibility study example is pretty complex if you tried to read one before. I t's a detailed examination of a single project. It offers a wealth of useful information that aids the organization's decision-makers in making more informed project decisions.
As long as you know what facts to include, creating a feasibility study example doesn't have to be tough. Here are some pointers to help you:
Include an executive summary at the beginning or end of your report
The term "summary" is crucial here. Make the most significant aspects of each section stand out.
Create an outline. If you choose to put the executive summary at the front or conclusion of your report, making an outline can help you get it done faster. The outline will assist you in creating the report. It also allows you to see what you've completed and what you still need to do.
Estimate and calculate the required materials and labor
Create a list of everything you'll need for your project. Include data such as where you plan to obtain the supplies, whether you can receive bulk discounts, the materials' specifications, and so on.
Regardless of the scale of your project, you must also create a list of tasks. The majority of the time, labor is one of the most expensive components of your project.
Include the marketing requirements too
Marketing is also a crucial aspect of any project, particularly if you want to reach out to a certain demographic. Consider the marketing criteria you'll need and how you'll meet them.
Consider the technology requirements of your business
Depending on the scope of your project, technology may be required throughout implementation. Include this component in your feasibility study and be sure you include information about it in your report.
Include the project’s target dates
This is also crucial information, particularly for your project's investors and stakeholders. They'll have a better sense of when your project will be completed if you offer them target dates.
Provide supporting documents for the financial information
This information is provided for the project's investors and stakeholders' convenience. These documents are also crucial for you to possess, especially if you're in control of the project's finances.
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