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The ultimate guide to determining project viability: a step-by-step approach.

Welcome to the Ultimate Guide to Determining Project Viability! As a business owner or project manager , you know that launching a new initiative is not just about having an idea. It takes careful planning and analysis to ensure that your project will be worth the investment of time and resources . In this guide, we’ll take you through the step-by-step approach for assessing your project’s viability , from scoping all the way through choosing vendors and conducting financial analyses. Whether you’re in procurement or another industry entirely, these tips will help set you up for success. So let’s dive in!

Defining the scope of your project

Defining the scope of your project is a critical first step in determining its viability. Before you can assess whether it’s worth pursuing, you need to have a clear understanding of what it entails.

Start by identifying the purpose of your project and what you hope to achieve. Is it intended to increase revenue or improve efficiency ? Will it involve introducing new products or services ?

Next, consider the resources that will be required to complete the project successfully. This includes both financial and human capital .

It’s also important to establish timelines for each phase of the project and set realistic deadlines for completion. Keep in mind that unexpected obstacles may arise, so build in some flexibility wherever possible.

Define any constraints on your project – such as regulatory requirements or budget limitations – so that they’re taken into account from the outset.

By taking these steps to define your project scope upfront, you’ll be better positioned later on when making decisions about feasibility and vendor selection.

Conducting a feasibility study

Conducting a feasibility study is an essential step in determining whether your project is viable or not. This study evaluates the technical, economic and operational aspects of a project to determine if it’s feasible to undertake. The goal of this analysis is to identify potential problems that may arise during the execution phase , so they can be addressed beforehand.

The feasibility study includes market research , competitive analysis and an evaluation of the existing infrastructure. It also considers factors such as local laws and regulations, environmental impact assessments and stakeholder engagement .

Market research helps you understand your audience better while competitive analysis tells you about other similar projects in your industry. Evaluating existing infrastructure will help you understand what resources are available for use without additional costs.

Additionally, conducting a feasibility study allows stakeholders to assess their current capabilities accurately and estimate how much work would still need doing before any significant progress could be made on the project.

Conducting a feasibility study is crucial because it provides valuable information needed for decision making regarding whether or not to proceed with your project. It ensures that all risks are identified early enough before implementation so that proper measures can be taken effectively reducing failure rates associated with projects undertaken blindly

Why you need to assess risks and opportunities

Assessing risks and opportunities is a crucial step in determining project viability. Risks are potential problems or threats that could negatively impact the success of your project , while opportunities are positive factors that can enhance the outcome. Failing to identify and analyze these factors can lead to unexpected delays, increased costs, and even complete failure.

Identifying risks early on allows you to develop strategies to mitigate them effectively. For example, financial risks may be addressed by creating a contingency plan or securing additional funding sources. On the other hand, identifying opportunities early on allows you to capitalize on them fully. You may discover new markets for your product/service or find more efficient ways of completing tasks.

By assessing both risks and opportunities in advance, you’ll have a better understanding of what it takes for your project to succeed. It’s essential to have an accurate risk assessment because this helps avoid unnecessary expenses resulting from unforeseen challenges down the line.

An effective approach is always considering all possible scenarios before embarking on any critical decisions that could affect your project’s overall outcomes positively or negatively. Assessing every chance gives you an upper hand in making informed choices that will help determine whether or not your procurement process will be successful long-term-wise

How to develop key project performance indicators

Developing key project performance indicators is crucial to determine the success of any project. These indicators help in measuring progress, identifying areas of improvement and ensuring that the project is on track. To develop effective KPIs, you need to keep a few things in mind.

Firstly, start by defining your goals clearly. This will help you identify which KPIs are relevant and necessary for your project. Make sure that each KPI is measurable and aligns with your overall objectives.

Next, think about how you will collect data for these KPIs. Will it be through surveys, automated systems or manual tracking? Determine the frequency of data collection to ensure timely reporting and analysis .

Once you have identified the KPIs and how they will be measured, establish benchmarks for each one. Benchmarks provide a baseline against which progress can be measured over time.

Communicate the KPIs clearly with stakeholders including team members , vendors or clients so that everyone understands what needs to be achieved and how success will be measured.

Developing key project performance indicators requires careful planning and thoughtfulness but doing so can greatly improve the chances of achieving successful outcomes from a procurement perspective.

What financial viability analysis is and how to do it

One of the most critical steps in determining project viability is conducting a financial viability analysis. This process involves evaluating whether your project can generate enough revenue to cover its costs and deliver sustainable returns over time.

To begin, you’ll need to identify all potential revenue streams and estimate their expected income generation. Then, you’ll need to determine the total cost of executing the project, including direct expenses such as labor and materials, as well as indirect expenses like overhead costs.

Once you have this information, calculate your net profit by subtracting your total costs from your estimated revenues. If the resulting figure is positive, then your project has good financial viability. However if it’s negative or too low for investment purposes, then further adjustments may be necessary.

It’s important not to overlook other factors that could impact the financial viability of a project such as market competition or changing regulations in said industry. Therefore ongoing monitoring and adjustment should always be part of any successful business strategy

Make or buy decisions: what to consider

When it comes to project viability, one important aspect to consider is whether to make or buy certain components. This decision can impact the cost , timeline and overall success of your project, so it’s important to carefully evaluate both options.

Firstly, think about your company’s core competencies . What areas do you excel in and what areas could benefit from outsourcing? If a component is not central to your business operations , outsourcing may be the way forward.

Another factor to consider is the level of control you require over the component. Making something in-house gives you more control over quality assurance and customization but also requires more resources. Outsourcing allows for greater flexibility but may result in less control over the final product.

Additionally, analyze the time constraints of your project . Can you afford a longer lead time by making something yourself or would outsourcing allow for faster completion?

Cost is another key consideration when evaluating make or buy decisions. Calculate all expenses involved in producing something internally versus outsourcing and compare them with potential savings or benefits.

Ultimately, deciding whether to make or buy requires careful evaluation based on various factors including core competencies, required level of control, timeline requirements and cost analysis .

How to choose the right vendor

When it comes to choosing the right vendor for your project, there are several factors you need to consider. The first step is to identify potential vendors through market research or recommendations from colleagues in your industry.

Once you have a list of potential vendors , evaluate each one based on their experience and expertise in delivering projects similar to yours. Look for vendors who specialize in your specific type of project and have a proven track record of success.

Another important factor to consider is the vendor’s communication skills and responsiveness. Choose a vendor who can communicate effectively with your team and provide regular updates throughout the project timeline.

It’s also crucial to assess the vendor’s financial stability and reputation within the industry. Look for reviews from past clients or check their credit score before entering into any agreements.

Don’t forget about cultural fit. Choose a vendor whose values align with those of your organization for a smoother working relationship .

By carefully evaluating these factors, you can choose the right vendor that will help ensure project success while minimizing risk and reducing costs.

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Project Viability Assessment (PVA)

• Project Risk Analysis & Benchmarking
• Project viability assessment pva

Assess the Strength and Feasibility of Your Project's Business Case

• Understand your project’s business case strength relative to the industry average and industry Best Practices at the end of the Business Planning phase or Conceptual Development
• Determine whether your project’s business case is strong enough for the project to proceed to Scope Development
• Determine whether your project’s cost and/or schedule targets are too aggressive or conservative
• Identify potential risks to achieving the business case goals
• Identify critical deliverables needed to reduce the business risk to a Best Practical level

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Talk to us to assess if your business case is strong enough to set your project up for success.

The Business Case Makes the Project!

When the business case is a strong compelling idea, the project that follows is very likely to be strong as well. IPA President and CEO Edward Merrow explains how IPA’s new Project Viability Assessment (PVA) can help companies gauge the strength of their business case to ensure project success.

What Is the Project Viability Assessment?

The business case is the single most important element in building an effective capital project . IPA research demonstrates that the quality, depth, and completeness of the business case governs virtually every aspect of project development and execution. IPA’s Project Viability Assessment (PVA) quantitatively evaluates the strength of your project’s business case, identifies gaps in practices, and highlights actions to take to minimize project risk in subsequent phases.

3 Powerful Products in 1

*PUCB and CRMs can be delivered standalone when applicable.

Project Viability Index (PVI) & Business Case Risk Evaluation

• Assess the project’s overall business case strength compared to Industry
• The PVI’s formula was developed from analyzing over 1,000 projects within IPA’s database
• A Best Practical PVI rating results in a strong business case, leading to better planning, improved project drivers, better outcomes, and overall achievement of the business goal

Product Unit Cost Benchmark (PUCB)*

• Provides a realistic cost comparison basis for the current estimate
• Represents how much capital Industry has paid on average per unit of product
• Identifies if the project truly has a financial foundation for proceeding

FEL 1 Conceptual Risk Models (CRMs)*

• Assists in centering the cost and/or schedule of a project based on Industry
• Predicts how much FEL 1 cost growth and respective probabilistic distribution is to be expected
• Predicts the project’s total project cycle time and respective probabilistic distribution, assisting in early schedule development

Key Questions Answered

• Which business case elements are weak?
• Are the cost and schedule targets competitive and achievable?
• Are the project objectives clear?
• What are the key business case risks?
• What activities need to be completed to reduce risk?
• Is the project strong enough to keep in the portfolio?

Timing and Perspective

The Project Viability Assessment is a part of IPA’s Project Evaluation System (PES®), a suite of project risk and benchmarking evaluations for every stage in the project life cycle. This analysis is typically performed prior to the beginning of the Select phase, also known as the Front-End Loading (FEL) 2 phase, when decision makers typically decide whether a project’s business case is robust enough to justify further investment in project definition to support a full funding decision.

How IPA Benchmarks

IPA’s databases contain over 22,000 projects with more than 21 million data points. This information is carefully normalized to enable accurate comparisons of similar projects executed at different times and in different locations. The database is further used to create proprietary statistical models that establish industry benchmarks. We develop benchmarks for multiple project outcome measures and compare your project’s planned and actual performance against these benchmarks.

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The Project Viability Assessment is available to owner firms across industrial sectors. Key sectors include, but are not limited to:

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• How to conduct a feasibility study: Tem ...

How to conduct a feasibility study: Templates and examples

Conducting a feasibility study is an important step in successful project management. By evaluating the viability of a proposed project, a feasibility study helps you identify potential challenges and opportunities, ensuring you make informed decisions. In this guide, we’ll walk you through how to conduct a feasibility study with practical templates and real-world examples, designed for project managers seeking to optimize their project planning process.

It can be exciting to run a large, complex project that has a huge potential impact on your organization. On the one hand, you’re driving real change. On the other hand, failure is intimidating. 

What is a feasibility study? 

A feasibility study—sometimes called a feasibility analysis or feasibility report—is a way to evaluate whether or not a project plan could be successful. A feasibility study evaluates the practicality of your project plan in order to judge whether or not you’re able to move forward with the project. 

It does so by answering two questions: 

Does our team have the required tools or resources to complete this project? 

Will there be a high enough return on investment to make the project worth pursuing? 

Benefits of conducting a feasibility study

There are several key benefits to conducting a feasibility study before launching a new project:

Confirms market opportunities and the target market before investing significant resources

Identifies potential issues and risks early on

Provides in-depth data for better decision making on the proposed project's viability

Creates documentation on expected costs and benefits, including financial analysis

Obtains stakeholder buy-in by demonstrating due diligence

Feasibility studies are important for projects that represent significant investments for your business. Projects that also have a large potential impact on your presence in the market may also require a feasibility assessment. 

As the project manager , you may not be directly responsible for driving the feasibility study, but it’s important to know what these studies are. By understanding the different elements that go into a feasibility study, you can better support the team driving the feasibility study and ensure the best outcome for your project.

When should you conduct a feasibility analysis?

A feasibility study should be conducted after the project has been pitched but before any work has actually started. The study is part of the project planning process. In fact, it’s often done in conjunction with a SWOT analysis or project risk assessment , depending on the specific project. 

Feasibility studies help: 

Confirm market opportunities before committing to a project

Narrow your business alternatives

Create documentation about the benefits and disadvantages of your proposed initiative

Provide more information before making a go-or-no-go decision

You likely don’t need a feasibility study if:

You already know the project is feasible

You’ve run a similar project in the past

Your competitors are succeeding with a similar initiative in market

The project is small, straightforward, and has minimal long-term business impact

Your team ran a similar feasibility analysis within the past three years

One thing to keep in mind is that a feasibility study is not a project pitch. During a project pitch, you’re evaluating whether or not the project is a good idea for your company and whether the goals of the project are in line with your overall strategic plan. Typically, once you’ve established that the project is a good idea, you'll run a feasibility study to confirm that the project is possible with the tools and resources you have at your disposal. 

Types of feasibility studies

There are five main types of feasibility studies: technical feasibility, financial feasibility, market feasibility (or market fit), operational feasibility, and legal feasibility. Most comprehensive feasibility studies will include an assessment of all five of these areas.

Technical feasibility

A technical feasibility study reviews the technical resources available for your project. This study determines if you have the right equipment, enough equipment, and the right technical knowledge to complete your project objectives . For example, if your project plan proposes creating 50,000 products per month, but you can only produce 30,000 products per month in your factories, this project isn’t technically feasible. 

Financial feasibility

Financial feasibility describes whether or not your project is fiscally viable. A financial feasibility report includes a cost-benefit analysis of the project. It also forecasts an expected return on investment (ROI) and outlines any financial risks. The goal at the end of the financial feasibility study is to understand the economic benefits the project will drive. 

Market feasibility

The market feasibility study is an evaluation of how your team expects the project’s deliverables to perform in the market. This part of the report includes a market analysis, a market competition breakdown, and sales projections.

Operational feasibility

An operational feasibility study evaluates whether or not your organization is able to complete this project. This includes staffing requirements, organizational structure, and any applicable legal requirements. At the end of the operational feasibility study, your team will have a sense of whether or not you have the resources, skills, and competencies to complete this work. 

Legal feasibility

A legal feasibility analysis assesses whether the proposed project complies with all relevant legal requirements and regulations. This includes examining legal and regulatory barriers, necessary permits, licenses, or certifications, potential legal liabilities or risks, and intellectual property considerations. The legal feasibility study ensures that the project can be completed without running afoul of any laws or incurring undue legal exposure for the organization.

Feasibility assessment checklist

Most feasibility studies are structured in a similar way. These documents serve as an assessment of the practicality of a proposed business idea. Creating a clear feasibility study helps project stakeholders during the decision making process. 

The essential elements of a feasibility study are: 

An executive summary describing the project’s overall viability

A description of the product or service being developed during this project

Any technical considerations , including technology, equipment, or staffing

The market survey , including a study of the current market and the marketing strategy 

The operational feasibility study evaluates whether or not your team’s current organizational structure can support this initiative

The project timeline

Financial projections based on your financial feasibility report

6 steps to conduct a feasibility study

You likely won’t be conducting the feasibility study yourself, but you will probably be called on to provide insight and information. To conduct a feasibility study, hire a trained consultant or, if you have an in-house project management office (PMO) , ask if they take on this type of work. In general, here are the steps they’ll take to complete this work: 

1. Run a preliminary analysis

Creating a feasibility study is a time-intensive process. Before diving into the feasibility study, it’s important to evaluate the project for any obvious and insurmountable roadblocks. For example, if the project requires significantly more budget than your organization has available, you likely won’t be able to complete it. Similarly, if the project deliverables need to be live and in the market by a certain date but won’t be available for several months after that, the project likely isn’t feasible either. These types of large-scale obstacles make a feasibility study unnecessary because it’s clear the project is not viable.

2. Evaluate financial feasibility

Think of the financial feasibility study as the projected income statement for the project. This part of the feasibility study clarifies the expected project income and outlines what your organization needs to invest—in terms of time and money—in order to hit the project objectives. 

During the financial feasibility study, take into account whether or not the project will impact your business's cash flow. Depending on the complexity of the initiative, your internal PMO or external consultant may want to work with your financial team to run a cost-benefit analysis of the project. 

3. Run a market assessment

The market assessment, or market feasibility study, is a chance to identify the demand in the market. This study offers a sense of expected revenue for the project and any potential market risks you could run into. 

The market assessment, more than any other part of the feasibility study, is a chance to evaluate whether or not there’s an opportunity in the market. During this study, it’s critical to evaluate your competitor’s positions and analyze demographics to get a sense of how the project will go. 

4. Consider technical and operational feasibility

Even if the financials are looking good and the market is ready, this initiative may not be something your organization can support. To evaluate operational feasibility, consider any staffing or equipment requirements this project needs. What organizational resources—including time, money, and skills—are necessary in order for this project to succeed? 

Depending on the project, it may also be necessary to consider the legal impact of the initiative. For example, if the project involves developing a new patent for your product, you will need to involve your legal team and incorporate that requirement into the project plan.

5. Review project points of vulnerability

At this stage, your internal PMO team or external consultant have looked at all four elements of your feasibility study—financials, market analysis, technical feasibility, and operational feasibility. Before running their recommendations by you and your stakeholders, they will review and analyze the data for any inconsistencies. This includes ensuring the income statement is in line with your market analysis. Similarly, now that they’ve run a technical feasibility study, are any liabilities too big of a red flag? (If so, create a contingency plan !) 

Depending on the complexity of your project, there won’t always be a clear answer. A feasibility analysis doesn’t provide a black-and-white decision for a complex problem. Rather, it helps you come to the table with the right questions—and answers—so you can make the best decision for your project and for your team.

6. Propose a decision

The final step of the feasibility study is an executive summary touching on the main points and proposing a solution. 

Depending on the complexity and scope of the project, your internal PMO or external consultant may share the feasibility study with stakeholders or present it to the group in order to field any questions live. Either way, with the study in hand, your team now has the information you need to make an informed decision.

Feasibility study examples

To better understand the concepts behind feasibility assessments, here are two hypothetical examples demonstrating how these studies can be applied in real-world scenarios.

Example 1: New product development

A consumer goods company is considering launching a new product line. Before investing in new product development, they conduct a feasibility study to assess the proposed project.

The feasibility study includes:

Market research to gauge consumer interest, assess competitor offerings, and estimate potential market share for the target market.

Technological considerations, including R&D requirements, production processes, and any necessary patents or certifications.

In-depth financial analysis projects sales volumes, revenue, costs, and profitability over a multi-year period.

Evaluation of organizational readiness, including the skills of the current management team and staff to bring the new product to market.

Assessment of legal feasibility to ensure compliance with regulations and identify any potential liability issues.

The comprehensive feasibility study identifies a promising market opportunity for the new business venture. The company decides to proceed with the new project, using the feasibility report as a template for their business development process. The study helps secure funding from key decision-makers, setting this start-up product initiative up for success.

Example 2: Real estate development deal

A property developer is evaluating the feasibility of purchasing land for a new residential community. They commission a feasibility study to determine the viability of this real estate development project.

The feasibility assessment covers:

Detailed analysis of the local housing market, including demand drivers, comparable properties, pricing, and absorption rates.

Site planning to assess the property's capacity, constraints, and technological considerations.

In-depth review of legal feasibility, including zoning, permitting, environmental regulations, and other potential legal hurdles.

Financial analysis modeling various development scenarios and estimating returns on investment.

Creation of an opening day balance sheet projecting the assets, liabilities, and equity for the proposed project.

Sensitivity analysis to evaluate the impact of changes in key assumptions on the project's scope and profitability.

The feasibility study concludes that while the real estate start-up is viable, it carries significant risk. Based on these findings, the developer makes an informed decision to move forward, but with a revised project's scope and a phased approach to mitigate risk. The comprehensive feasibility analysis proves critical in guiding this major investment decision.

Which phase of the project management process involves feasibility studies?

Feasibility studies are a key part of the project initiation and planning phases. They are typically conducted after a project has been conceptualized but before significant resources are invested in detailed planning and execution.

The purpose of a feasibility assessment is to objectively evaluate the viability of a proposed project, considering factors such as technical feasibility, market demand, financial costs and benefits, legal requirements, and organizational readiness. By thoroughly assessing these aspects, a feasibility study helps project stakeholders make an informed go-or-no-go decision.

While feasibility studies are a critical tool in the early stages of project management, they differ from other planning documents like project charters, business cases, and business plans. Here's a closer look at these key differences:

Feasibility study vs. project charter

A project charter is a relatively informal document to pitch your project to stakeholders. Think of the charter as an elevator pitch for your project objectives, scope, and responsibilities. Typically, your project sponsor or executive stakeholders review the charter before ratifying the project. 

A feasibility study should be implemented after the project charter has been ratified. This isn’t a document to pitch whether or not the project is in line with your team’s goals—rather, it’s a way to ensure the project is something you and your team can accomplish.

Feasibility study vs. business case

A business case is a more formalized version of the project charter. While you’d typically create a project charter for small or straightforward initiatives, you should create a business case if you are pitching a large, complex initiative that will make a major impact on the business. This longer, more formal document will also include financial information and typically involve more senior stakeholders. 

After your business case is approved by relevant stakeholders, you'll run a feasibility study to make sure the work is doable. If you find it isn’t, you might return to your executive stakeholders and request more resources, tools, or time in order to ensure your business case is feasible.

Feasibility study vs. business plan

A business plan is a formal document outlining your organization’s goals. You typically write a business plan when founding your company or when your business is going through a significant shift. Your business plan informs a lot of other business decisions, including your three- to five-year strategic plan . 

As you implement your business and strategic plan, you’ll invest in individual projects. A feasibility study is a way to evaluate the practicality of any given individual project or initiative.

Achieve project success with Asana

Are you done with your feasibility study? You’re ready to run a project! Set your project up for success by tracking your progress with a work management tool like Asana. From the small stuff to the big picture, Asana organizes work so teams know what to do, why it matters, and how to get it done.

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How to Do a TELOS Feasibility Study

Testing the viability of a project.

By the Mind Tools Content Team

Imagine that you've just come up with an idea for a new project. You believe that it will save your organization time and money, and, full of enthusiasm, you pitch it to your manager.

However, she has some questions. She wants to know if your project is commercially viable, whether it's compatible with the technology that your team uses, and how it could affect ongoing work.

To prepare for questions like these, you could use the TELOS framework – a five-step process that guides you through the key aspects of a feasibility study.

In this article, we'll look at how you can use TELOS to assess the viability of a project or idea.

What Is the TELOS Framework?

James A. Hall set out the TELOS framework in his 2007 book, " Accounting Information Systems ," and explained how you can use it as the basis of a feasibility study.

By using TELOS, you can improve the "design" of a project to make it more successful, and you can spot projects that are fundamentally flawed, before you've invested time and effort in them.

TELOS is an acronym for five key areas that you need to explore as part of your study:

• T echnological.
• O rganizational.
• S cheduling.

From Hall, Accounting Information Systems, 8E. © 2013 Brooks/Cole, a part of Cengage Learning, Inc. Reproduced with permission. www.cengage.com/permissions .

The TELOS framework is often used in project management to test the viability of an idea, but you can also use it more generally to analyze whether a proposed project idea is sound.

Applying the TELOS Model

Follow the steps below to apply the TELOS framework to a proposed project.

1. Technological

First, look at the technological requirements of your planned project, and examine how technology will affect its success. Think about these questions:

• Is it technically possible to deliver what you want? (You may need to do a "proof of concept" or prototype to show this.)
• Does your team have access to the technologies you'll need to make the project a success?
• Do people have the knowledge, skills and aptitude they need to use these technologies? If not, what can you do about this?
• Are decision makers, stakeholders, and users confident in the technologies, and are they willing to use them?
• How much time and money will it take to deliver the technological component of the project?

For medium-sized and large projects, you may find it difficult to assess the true technological needs of your project by yourself. Ask for help from the appropriate manager or team to ensure that you don't overlook anything important.

2. Economic

Next, look at the economic feasibility of the project, and examine the possible costs and financial benefits.

• How will your project be funded?
• Are decision makers likely to support the project financially?
• How financially attractive is the project, particularly when compared with other projects that the organization wants to run?
• What financial constraints could affect your project? For example, does it need to show a return on investment within a certain period to be considered a success?

Again, the scale of the project will determine the amount of help you need. For simple projects, you may be able to prepare cash-flow forecasts and calculate NPVs and IRRs for yourself. For complex projects, you'll likely need the help of your finance department.

Next, think about the legal aspects of your proposal. Consider the following questions:

• Does your idea break any law of your state or country, or conflict with any policy that your organization has in place?
• Does it violate any agreements that you've entered into with other parties (including confidentiality agreements )? Or does it infringe the intellectual property rights of any other organization?
• Will any pending legislation affect the success of this project?

If you have any doubts from a legal perspective, take appropriate legal advice. Also, specialist lawyers may know about risks and issues that you are not aware of.

4. Operational

Your next step is to explore how your proposed project will fit with the day-to-day work of your team.

• What new procedures will you need to implement to make the project a success?
• What training (in addition to technology-oriented training) will people need?
• What other changes might you need to make to support the project in the long term? For example, will you need to take on new team members?
• What impact will this have on other projects or other departments? (Conduct an Impact Analysis to think this through.) Make sure that you consult with all affected managers to understand the implications of the project.

The McKinsey 7S Framework gives you a useful starting point for thinking about how a new project could affect your organization.

5. Scheduling

Time-consuming projects may not be cost-effective, and they may no longer be useful by the time you finish them, so it's important to take a realistic look at scheduling.

In this last step, think about these questions:

• Will you be able to deliver the project for when it's needed? (Read our article on estimating time accurately for tips on developing a realistic project timeline.)
• What scheduling conflicts (including conflicts with other projects or conflicts with the needs of other departments) might arise, and how will you address them?
• Where will key deadlines fall, and how will you ensure that you meet them?

See our articles on Risk Analysis , Mullins' Seven Domains Model , and Impact Analysis for other frameworks that you can use to evaluate project ideas.

Your organization may have specialized frameworks that it uses to evaluate potential projects. Be sure to check whether such frameworks are in place.

The acronym "TELOS" stands for five key areas that you need to consider when you carry out a feasibility study for a new project or idea. These are:

• Technological.
• Organizational.
• Scheduling.

You can use TELOS, in conjunction with other frameworks, to assess the viability of a range of projects, from small team-based ones to larger business ventures.

Hall, J.A. (1997) ' Accounting Information Systems ,' Cengage Learning: Ohio.

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What Is a Feasibility Study? How to Conduct One for Your Project

Table of Contents

What is a feasibility study, what’s the importance of a feasibility study, what is included in a feasibility study report, types of feasibility study.

• 7 Steps To Do a Feasibility Study

Feasibility Study Examples

Why is a feasibility study so important in project management? For one, the feasibility study or feasibility analysis is the foundation upon which your project plan resides. That’s because the feasibility analysis determines the viability of your project. Now that you know the importance, read on to learn what you need to know about feasibility studies.

A feasibility study is simply an assessment of the practicality of a proposed project plan or method. This is done by analyzing technical, economic, legal, operational and time feasibility factors. Just as the name implies, you’re asking, “Is this feasible?” For example, do you have or can you create the technology that accomplishes what you propose? Do you have the people, tools and resources necessary? And, will the project get you the ROI you expect?

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Feasibility study template

Use this free Feasibility Study Template for Word to manage your projects better.

A project feasibility study should be done during the project management life cycle after the business case has been completed. So, that’s the “what” and the “when” but how about the “why?” Why is it important to conduct a feasibility study?

An effective feasibility study points a project in the right direction by helping decision-makers have a holistic view of the potential benefits, disadvantages, barriers and constraints that could affect its outcome. The main purpose of a feasibility study is to determine whether the project can be not only viable but also beneficial from a technical, financial, legal and market standpoint.

The findings of your project feasibility study are compiled in a feasibility report that usually includes the following elements.

• Executive summary
• Description of product/service
• Technology considerations
• Product/service marketplace
• Marketing strategy
• Organization/staffing
• Financial projections
• Findings and recommendations

Free Feasibility Study Template

Use this free feasibility study template for Word to begin your own feasibility study. It has all the fundamental sections for you to get started, and it’s flexible enough to adapt to your specific needs. Download yours today.

There are many things to consider when determining project feasibility, and there are different types of feasibility studies you might conduct to assess your project from different perspectives.

Pre-Feasibility Study

A pre-feasibility study, as its name suggests, it’s a process that’s undertaken before the feasibility study. It involves decision-makers and subject matter experts who will prioritize different project ideas or approaches to quickly determine whether the project has fundamental technical, financial, operational or any other evident flaws. If the project proposal is sound, a proper feasibility study will follow.

Technical Feasibility Study

A technical feasibility study consists in determining if your organization has the technical resources and expertise to meet the project requirements . A technical study focuses on assessing whether your organization has the necessary capabilities that are needed to execute a project, such as the production capacity, facility needs, raw materials, supply chain and other inputs. In addition to these production inputs, you should also consider other factors such as regulatory compliance requirements or standards for your products or services.

Economic Feasibility Study

Also called financial feasibility study, this type of study allows you to determine whether a project is financially feasible. Economic feasibility studies require the following steps:

• Before you can start your project, you’ll need to determine the seed capital, working capital and any other capital requirements, such as contingency capital. To do this, you’ll need to estimate what types of resources will be needed for the execution of your project, such as raw materials, equipment and labor.
• Once you’ve determined what project resources are needed, you should use a cost breakdown structure to identify all your project costs.
• Identify potential sources of funding such as loans or investments from angel investors or venture capitalists.
• Estimate the expected revenue, profit margin and return on investment of your project by conducting a cost-benefit analysis , or by using business forecasting techniques such as linear programming to estimate different future outcomes under different levels of production, demand and sales.
• Estimate your project’s break-even point.
• Conduct a financial benchmark analysis with industrial averages and specific competitors in your industry.
• Use pro forma cash flow statements, financial statements, balance sheets and other financial projection documents.

Legal Feasibility Study

Your project must meet legal requirements including laws and regulations that apply to all activities and deliverables in your project scope . In addition, think about the most favorable legal structure for your organization and its investors. Each business legal structure has advantages and disadvantages when it comes to liability for business owners, such as limited liability companies (LLCs) or corporations, which reduce the liability for each business partner.

Market Feasibility Study

A market feasibility study determines whether your project has the potential to succeed in the market. To do so, you’ll need to analyze the following factors:

• Industry overview: Assess your industry, such as year-over-year growth, identify key direct and indirect competitors, availability of supplies and any other trends that might affect the future of the industry and your project.
• SWOT analysis: A SWOT analysis allows organizations to determine how competitive an organization can be by examining its strengths, weaknesses and the opportunities and threats of the market. Strengths are the operational capabilities or competitive advantages that allow an organization to outperform its competitors such as lower costs, faster production or intellectual property. Weaknesses are areas where your business might be outperformed by competitors. Opportunities are external, such as an underserved market, an increased demand for your products or favorable economic conditions. Threats are also external factors that might affect your ability to do well in the market such as new competitors, substitute products and new technologies.
• Market research: The main purpose of market research is to determine whether it’s possible for your organization to enter the market or if there are barriers to entry or constraints that might affect your ability to compete. Consider variables such as pricing, your unique value proposition, customer demand, new technologies, market trends and any other factors that affect how your business will serve your customers. Use market research techniques to identify your target market, create buyer personas, assess the competitiveness of your niche and gauge customer demand, among other things.

7 Steps to Do a Feasibility Study

If you’re ready to do your own feasibility study, follow these 7 steps. You can use this free feasibility study template to help you get started.

1. Conduct a Preliminary Analysis

Begin by outlining your project plan . You should focus on an unserved need, a market where the demand is greater than the supply and whether the product or service has a distinct advantage. Then, determine if the feasibility factors are too high to clear (i.e. too expensive, unable to effectively market, etc.).

2. Prepare a Projected Income Statement

This step requires working backward. Start with what you expect the income from the project to be and then what project funding is needed to achieve that goal. This is the foundation of an income statement. Factor in what services are required and how much they’ll cost and any adjustments to revenues, such as reimbursements, etc.

Related: Free Project Management Templates

3. Conduct a Market Survey or Perform Market Research

This step is key to the success of your feasibility study, so make your market analysis as thorough as possible. It’s so important that if your organization doesn’t have the resources to do a proper one, then it is advantageous to hire an outside firm to do so.

Market research will give you the clearest picture of the revenues and return on investment you can realistically expect from the project. Some things to consider are the geographic influence on the market, demographics, analyzing competitors, the value of the market and what your share will be and if the market is open to expansion (that is, in response to your offer).

4. Plan Business Organization and Operations

Once the groundwork of the previous steps has been laid, it’s time to set up the organization and operations of the planned project to meet its technical, operational, economic and legal feasibility factors. This isn’t a superficial, broad-stroke endeavor. It should be thorough and include start-up costs, fixed investments and operating costs.

These costs address things such as equipment, merchandising methods, real estate, personnel, supply availability, overhead, etc.

5. Prepare an Opening Day Balance Sheet

This includes an estimate of the assets and liabilities, one that should be as accurate as possible. To do this, create a list that includes items, sources, costs and available financing. Liabilities to consider are such things as leasing or purchasing land, buildings and equipment, financing for assets and accounts receivables.

6. Review and Analyze All Data

All of these steps are important, but the review and analysis are especially important to ensure that everything is as it should be and that nothing requires changing or tweaking. Take a moment to look over your work one last time.

Reexamine your previous steps, such as the income statement, and compare them with your expenses and liabilities. Is it still realistic? This is also the time to think about risk and come up with any contingency plans .

7. Make a Go/No-Go Decision

You’re now at the point to make a decision about whether or not the project is feasible. That sounds simple, but all the previous steps lead to this decision-making moment. A couple of other things to consider before making that binary choice are whether the commitment is worth the time, effort and money and whether it aligns with the organization’s strategic goals and long-term aspirations.

Here are some simple feasibility study examples so you have a better idea of what a feasibility study is used for in different industries.

Construction Feasibility Study

For this construction feasibility study example, let’s imagine a large construction company that’s interested in starting a new project in the near future to generate profits.

• Pre-Feasibility Study: The first step is to conduct a preliminary feasibility study. It can be as simple as a meeting where decision-makers will prioritize projects and discuss different project ideas to determine which poses a bigger financial benefit for the organization.
• Technical Feasibility Study: Now it’s time to estimate what resources are needed to execute the construction project, such as raw materials, equipment and labor. If there’s work that can’t be executed by the company with its current resources, a subcontractor will be hired to fill the gap.
• Economic Feasibility Study: Once the construction project management team has established what materials, equipment and labor are needed, they can estimate costs. Cost estimators use information from past projects, construction drawings and documents such as a bill of quantities to come up with an accurate cost estimate. Then, based on this estimate, a profit margin and financial forecasts will be analyzed to determine if there’s economic feasibility.
• Legal Feasibility Study: Now the company needs to identify all potential regulations, building codes and laws that might affect the project. They’ll need to ask for approval from the local government so that they can begin the construction project .
• Market Feasibility Study: Market feasibility will be determined depending on the nature of the project. For this feasibility example, let’s assume a residential construction project will be built. To gauge market potential, they’ll need to analyze variables such as the average income of the households in the city, crime rate, population density and any trends in state migration.

Manufacturing Feasibility Study

Another industry that uses feasibility studies is manufacturing. It’s a test run of the steps in the manufacturing production cycle to ensure the process is designed properly. Let’s take a look at what a manufacturing feasibility study example would look like.

• Feasibility Study: The first step is to look at various ideas and decide which is the best one to pursue. You don’t want to get started and have to stop. That’s a waste of time, money and effort. Look at what you intend to manufacture, does it fill an unserved need, is the market able to support competition and can you manufacture a quality product on time and within your budget?
• Financial Feasibility Study: Find out if your estimated income from the sale of this product is going to cover your costs, both direct and indirect costs. Work backward from the income you expect to make and the expenses you’ll spend for labor, materials and production to determine if the manufacturing of this product is financially feasible.
• Market Feasibility Study: You’ve already determined that there’s a need that’s not being served, but now it’s time to dig deeper to get realistic projections of revenue. You’ll want to define your target demographic, analyze the competitive landscape, determine the total market volume and what your market share will be and estimate what market expansion opportunities there are.
• Technical Feasibility Study: This is where you’ll explore the production , such as what resources you’ll need to produce your product. These findings will inform your financial feasibility study as well as labor, material, equipment, etc., costs have to be within your budget. You’ll also figure out the processes you’ll use to produce and deliver your product to the market, including warehousing and retail distribution.

There could be other feasibility studies you’ll have to make depending on the product and the market, but these are the essential ones that all manufacturers have to look at before they can make an educated decision as to whether to go forward or abandon the idea.

Best Practices for a Feasibility Study

• Use project management software like ProjectManager to organize your data and work efficiently and effectively
• Use templates or any data and technology that gives you leverage
• Involve the appropriate stakeholders to get their feedback
• Use market research to further your data collection
• Do your homework and ask questions to make sure your data is solid

If your project is feasible, then the real work begins. ProjectManager helps you plan more efficiently. Our online Gantt chart organizes tasks, sets deadlines, adds priority and links dependent tasks to avoid delays. But unlike other Gantt software, we calculate the critical path for you and set a baseline to measure project variance once you move into the execution phase.

Watch a Video on Feasibility Studies

There are many steps and aspects to a project feasibility study. If you want yours to be accurate and forecast correctly whether your project is doable, then you need to have a clear understanding of all its moving parts.

Jennifer Bridges, PMP, is an expert on all aspects of project management and leads this free training video to help you get a firm handle on the subject.

Here’s a screenshot for your reference!

Pro tip: When completing a feasibility study, it’s always good to have a contingency plan that you test to make sure it’s a viable alternative.

ProjectManager Improves Your Feasibility Study

A feasibility study is a project, so get yourself a project management software that can help you execute it. ProjectManager is an award-winning software that can help you manage your feasibility study through every phase.

Once you have a plan for your feasibility study, upload that task list to our software and all your work is populated in our online Gantt chart. Now you can assign tasks to team members, add costs, create timelines, collect all the market research and attach notes at the task level. This gives people a plan to work off of, and a collaborative platform to collect ideas and comments.

If you decide to implement the project, you already have it started in our software, which can now help you monitor and report on its progress. Try it for yourself with this free 30-day trial.

Transcription

Today we’re talking about How to Conduct A Feasibility Study, but first of all, I want to start with clarifying what a feasibility study is.

Feasibility Analysis Definition

Basically, it’s an assessment of the practicality of a proposed plan or method. Basically, we’ll want to want to know, is this feasible. Some of the questions that may generate this or we can hear people asking are, “Do we have or can we create the technology to do this? Do we have the people resource who can produce this and will we get our ROI, our Return On Investment?”

When to Do a Feasibility Study

So when do we do the feasibility study? So it’s done during a project lifecycle and it’s done after the business case because the business case outlines what we’re proposing. Is it a product or service that we’re proposing?

So why do we do this? The reason we do this is that we need to determine the factors that will make the business opportunity a success.

How to Conduct a Feasibility Study

Well, let’s talk about a few steps that we do in order to conduct the feasibility study.

Well, first of all, we conduct a preliminary analysis of what all’s involved in the business case and what we’re analyzing and what we’re trying to determine is feasible.

Then we prepare a projected income statement. We need to know what are the income streams, how are we gonna make money on this. Where’s the revenue coming from? We also need to conduct a market survey.

We need to know, is this a demand? Is there a market for this? Are customers willing to use this product or use this service?

The fourth one is to plan the business organization and operations. What is the structure, what kind of resources do we need? What kind of staffing requirements do we have?

We also want to prepare an opening day balance sheet. What are the…how again, what are the expenses, what’s the revenue and to ensure that being able to determine if we’re gonna make our ROI.

So we want to review and analyze all of the data that we have and with that, we’re going to determine, we’re going to make a go, no-go decision. Meaning, are we going to do this project or this business opportunity or not.

Well, here are some of the best practices to use during your feasibility study.

One is to use templates, tools and surveys that exist today. The great news is, data is becoming more and more prevalent. There are all kinds of technologies. There are groups that they do nothing but research. Things that we can leverage today.

We want to involve the appropriate stakeholders to ensure that input is being considered from the different people involved.

We also want to use again the market research to ensure we’re bringing in good, reliable data.

Do your homework, meaning act like is if this is your project, if it’s your money. So do your homework and do it well and make sure you give credible data.

What Is a Feasibility Report?

So ultimately in the end what we’re doing is, we’re producing and we’re providing a feasibility report. So in that report, think of this is like a template.

So what you’re gonna do is give it an executive summary of the business opportunity that you’re evaluating and the description of the product or the service.

You want to look at different technology considerations. Is it technology that you’re going to use? Are you going to build the technology?

What kind of product and service marketplace and being able again, to identify the specific market you’re going to be targeting? Also, what is the marketing strategy you’re going to use to target the marketplace?

And also what’s the organizational structure? What are the staffing requirements? What people do you need to deliver the product or service and even support it?

So also we want to know the schedule to be able to have the milestones to ensure that as we’re building things, that as we’re spending money that we’re beginning to bring in income to pay and knowing when we’re going to start recuperating some of the funding. Again, which also ties into the financial projections.

Ultimately in this report, you’re going to provide the findings and the recommendations.

Again, we’ll probably talk about technology. Are you going to build it? Are you going to buy it? What are the marketing strategies for the specific marketplace organization? You may have some recommendations for whether you’re going to insource the staff, maybe you are going to outsource some staff and what that looks like and also financial recommendation.

If you’ve been looking for an all-in-one tool that can help with your feasibility study, consider ProjectManager. We offer five project views and countless features that make it seamless to plan projects, organize tasks and stay connected with your team. See what our software can do for you by taking this free 30-day trial.

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Viability Study: What is it, Importance, Ways to Conduct

The word “viability” is a mass noun that means the ability or capacity of something to work well. It could be a proposal, an idea, a project, or even a plan to change how a company does business.

The Viability study is mostly needed during development and is a required document for getting money. It is a key tool for determining the energy price generated and whether it can be used for captive generation.

A viability study tries to find out if something can work or not. The amount of time a company spends on the study also depends on the new operations.

In this blog, find out more about the viability study, its importance, and ways to conduct it.

What is a Viability Study?

A viability study is a detailed look at how profitable a business idea might be. The investigation also determines whether the idea could be turned into a business.

A business often conducts a viability study to determine how profitable a new business idea could be. The study may look at a new idea or business from several different points of view. Before it is put into action, all of these points are looked at.

This type of study doesn’t consider whether something can be done. Instead, it looks at whether or not it is worth doing.

A viability study usually looks at the market, the technical side, the business model, and the management. Depending on the proposal and its likelihood of failure, the analysis may examine different factors.

LEARN ABOUT:  Market Evaluation

In a viability study, technical aspects can include technology, value, supply chain, integration with current operations, and other things. Operational managers are often needed for this part of the study because they can explain the most technical parts of changing how things are done now.

Importance of viability study

Because it helps to uncover potential problems or dangers associated with a project before major resources are committed to it, a viability study is an important tool for companies. A viability study is crucial for the following reasons in particular:

• Increases your success probability

A viability study will assist you in determining whether a project, plan, or concept is worth pursuing. It restricts you from engaging in a business or undertaking that could result in significant losses. The research recommends spending time examining and questioning a plan.

Therefore, it will indicate whether you should abandon or continue your desired plan.

• Focused and specific

The studies that look at viability are focused and clear. It focuses mostly on making money and puts little thought into how well a plan will work. With this study, you ask questions to determine if an investment will make money.

It’s a way to examine something by focusing on how much money will be made or saved.

• Helps you draw up a plan

You will know what steps to take to meet your needs if you have a plan. A viability study will help you define your goals and ideas that will lead to profits. A well-thought-out plan will also help you estimate a project’s or proposal’s financial benefits.

• Helps to see the bigger picture.

Remember that the big picture in the viability study is the money that will be made.

For example, using solar energy at home will decrease your electricity bill. Also, solar power is better in the long run.

Because it can be used for a long time, it saves money.

• Offers Chances and Solutions

It gives you a chance to stop working on projects that don’t make money before you spend a lot of time and money on them. As you research a project, you might develop new and better ideas.

Also, you might only sometimes have to give up on a project because you might think of ways to improve it.

Ways to conduct viability study

By conducting a thorough viability study, companies can make more informed judgments regarding whether or not to engage in a project, thereby preventing the waste of resources and financial losses.

Using a viability study, you can determine if a proposed business or project is possible and how likely it is to succeed. Some of these steps could be:

• Define the project’s or venture’s scope: 

This involves describing the project’s goals, objectives, and deliverables and any restrictions or limitations.

• Perform a market analysis: 

This entails investigating and evaluating the project or business’s target market, including identifying possible clients, rival businesses, and market trends.

• Put together a financial plan: 

This includes making a budget for the project or venture, estimating income and costs, and figuring out how much money you expect to make back.

• Assess risks and uncertainties: 

This entails locating and assessing any potential risks or uncertainties that may impact the project or enterprise, such as governmental changes or market conditions.

• Prepare a report: 

After the methods above, the data should be compiled into a report that explains the viability study results and offers options for continuing the project or venturing ahead.

• Review and feedback: 

Distribute the report to the relevant parties and stakeholders, get their input, and make any necessary adjustments.

A viability study evaluates a proposed project or commercial venture to see if it has the potential to succeed financially and technically.

It often involves a market research , a competitor analysis, an operational and financial requirements evaluation, and a management team evaluation. Additionally, the investigation will highlight any dangers and potential difficulties and offer suggestions for dealing with them.

A viability study’s overall objective is to decide whether or not the project or business should move forward and, if so, how it should be set up to have the best chance of success.

QuestionPro Research Suite is surveying, data analysis, and report creation software. The program uses market research, customer satisfaction, employee engagement, and other research projects.

The QuestionPro research suite can be helpful in a viability study by collecting information and opinions from a target market or audience. The analysis of the market and the competition can benefit from this information, which also offers insightful information about the requirements and preferences of future customers.

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Feasibility Study: Assessing Your Project's Viability

In the world of business, embarking on a new project requires careful consideration and strategic planning to ensure its success. One crucial step in this process is conducting a feasibility study to assess the viability of the project.

This study serves as a crucial tool to determine whether a project is feasible, financially and operationally, before committing substantial resources to it. By examining key components such as market analysis, financial considerations, and risk assessment, a feasibility study provides invaluable insights that can guide decision-making and help mitigate potential challenges.

In this discussion, we will explore the importance and benefits of conducting a feasibility study, as well as the key components necessary for assessing a project's viability, leaving you eager to uncover the secrets behind a successful feasibility study.

Key Takeaways

• Feasibility studies are essential in determining the practicality and potential success of a project, helping stakeholders make informed decisions.
• Market analysis is a crucial component of feasibility studies, as it evaluates demand, identifies competitors, and understands market trends.
• Financial analysis plays a vital role in assessing the financial feasibility of a project, analyzing costs, potential return on investment, and ensuring sufficient funds.
• Risk assessment and mitigation strategies are necessary to identify and prioritize potential risks, develop contingency plans, and monitor project progress to increase the chances of success.

Importance of Feasibility Studies

Feasibility studies play a crucial role in assessing the viability of a project. These studies are conducted to determine the practicality and potential success of a project before any significant resources are invested. By examining various factors such as market demand, financial projections, technical requirements, and legal considerations, a feasibility study helps stakeholders make informed decisions about the project's feasibility.

One of the key benefits of conducting a feasibility study is that it provides a comprehensive assessment of the project's viability. It helps identify potential risks, challenges, and limitations that may hinder the project's success. This assessment allows project managers to develop contingency plans and make informed decisions to mitigate risks and maximize the project's chances of success.

Moreover, a feasibility study helps in evaluating the financial feasibility of a project. By analyzing the projected costs and potential revenues, stakeholders can assess the project's financial viability. This information is crucial for securing funding and making financial decisions related to the project.

Furthermore, a feasibility study provides a structured framework for evaluating and prioritizing different project alternatives. It helps stakeholders compare different options and select the most viable one based on objective criteria and analysis. This systematic approach ensures that resources are allocated efficiently and that projects with the highest likelihood of success are pursued.

Key Components for Assessment

After conducting a feasibility study to assess the viability of a project, the next step is to analyze the key components for assessment. This step is crucial in order to ensure effective risk management and project evaluation.

Here are five key components that should be considered during the assessment process:

• Market Analysis : This involves evaluating the demand for the product or service in the target market, identifying potential competitors, and understanding the market trends and dynamics.
• Financial Analysis : This component focuses on assessing the financial feasibility of the project, including analyzing the projected costs, revenues, and potential return on investment.
• Technical Analysis : This component examines the technical aspects of the project, such as the availability of required resources, the technological feasibility, and any potential challenges or limitations.
• Organizational Analysis : This involves assessing the capabilities and resources of the organization to successfully execute the project, including evaluating the team's skills and expertise, as well as the organizational structure and culture.
• Legal and Regulatory Analysis : This component examines the legal and regulatory requirements that may impact the project, ensuring compliance with applicable laws and regulations.

Market Analysis and Demand Evaluation

Market analysis and demand evaluation are crucial components when assessing project viability. By analyzing market trends, businesses can gain valuable insights into customer preferences, competitor strategies, and potential opportunities.

Moreover, identifying the target audience allows for effective marketing strategies and tailored product offerings, ensuring a higher probability of meeting customer demand and achieving business success.

Market Trends and Analysis

To accurately assess the viability of a project, it is crucial to conduct a comprehensive analysis of current market trends and evaluate the demand for the proposed product or service. This involves examining various factors such as competitive analysis and customer segmentation.

Here are five key points to consider in market trends and analysis:

• Competitive analysis : Understand the competitive landscape, including a thorough examination of direct and indirect competitors.
• Customer segmentation : Identify and categorize target customers based on their demographics, behaviors, and preferences.
• Market size and growth potential : Determine the overall size of the market and its potential for growth.
• Market trends : Stay updated on the latest trends and shifts in consumer behavior, technology advancements, and regulatory changes.
• Demand evaluation : Assess the demand for the proposed product or service by conducting surveys, focus groups, or market research.

Identifying Target Audience

Having conducted a comprehensive analysis of current market trends and evaluated the demand for the proposed product or service, the next step is to identify the target audience through market analysis and demand evaluation.

This involves conducting demographic research and customer profiling to gain a deep understanding of the potential customers. Demographic research focuses on gathering data about the age, gender, income level, education, and other relevant characteristics of the target audience.

Customer profiling, on the other hand, delves into understanding the psychographic and behavioral aspects of the target audience, such as their interests, values, lifestyle, and purchasing behaviors.

Financial Considerations and Projections

The financial considerations and projections are crucial components in assessing the viability of a project. Cost analysis helps in identifying the expenses associated with the project, including fixed and variable costs.

On the other hand, revenue forecasting involves estimating the potential revenue streams the project can generate based on market demand and pricing strategies.

Cost Analysis

Financial considerations and projections play a crucial role in conducting a comprehensive cost analysis for assessing project viability. When analyzing the costs associated with a project, it is essential to consider various factors such as cost estimation and budget planning. Here are five key points to keep in mind:

• Accurate cost estimation : Thoroughly analyze the project's requirements and break down the costs involved in each aspect.
• Comprehensive budget planning : Develop a detailed budget that covers all expenses, including labor, materials, equipment, and overhead costs.
• Contingency planning : Account for unexpected expenses or changes in scope by including a contingency budget.
• Cash flow projections : Evaluate the project's anticipated revenue and expenses over time to ensure sufficient funds are available.
• Return on investment (ROI) analysis : Assess the potential financial benefits of the project to determine its profitability.

Revenue Forecast

After thoroughly analyzing the costs associated with the project and developing a comprehensive budget, the next step in assessing project viability involves forecasting the potential revenue.

Revenue projection is a crucial component of the financial forecast, as it provides an estimate of the expected income that the project will generate over a specific period. This forecast is based on various factors such as market demand, pricing strategies, and competition.

It is essential to consider both the short-term and long-term revenue potential to accurately assess the project's viability. By understanding the projected revenue, stakeholders can evaluate the project's profitability and make informed decisions regarding its feasibility.

A well-developed revenue forecast provides valuable insights into the financial viability of a project and helps guide strategic planning and decision-making processes.

Risk Assessment and Mitigation Strategies

Effective risk assessment and mitigation strategies are essential for ensuring the viability of a project. Without proper risk management, a project may face unexpected challenges and fail to achieve its objectives. To mitigate potential risks, project managers should develop contingency plans and implement strategies to minimize the impact of these risks.

Here are five key items to consider when assessing and mitigating project risks:

• Identify and prioritize potential risks : Conduct a thorough analysis to identify all possible risks that could arise during the project lifecycle. Prioritize these risks based on their potential impact and likelihood of occurrence.
• Develop contingency plans : Create contingency plans that outline specific actions to be taken if a risk eventuates. These plans should include clear steps, responsibilities, and timelines for resolution.
• Implement risk mitigation strategies : Implement proactive measures to reduce the likelihood or impact of identified risks. This may involve implementing additional controls, conducting regular monitoring, or seeking expert advice.
• Communicate and involve stakeholders : Ensure open and transparent communication with all project stakeholders regarding identified risks and mitigation strategies. Involve relevant stakeholders in decision-making processes to gain their support and expertise.
• Monitor and review : Continuously monitor the project's progress and reassess risks as new information becomes available. Regularly review the effectiveness of implemented mitigation strategies and adjust them as necessary.

Benefits of Conducting a Feasibility Study

To ensure the long-term viability of a project and effectively manage potential risks, conducting a feasibility study offers valuable insights and strategic guidance.

One of the key benefits of conducting a feasibility study is customer validation. By assessing the target market and gathering feedback from potential customers, a feasibility study helps to validate the demand for the proposed project or product. This validation is crucial in determining whether the project is likely to succeed in the market and attract a sufficient customer base.

Another significant benefit of conducting a feasibility study is the identification of competitive advantage. Through a thorough analysis of the market landscape, including competitors and industry trends, a feasibility study helps to identify unique selling propositions and areas where the project can differentiate itself from competitors. This information is critical in shaping the project's strategy and positioning in the market, ultimately increasing its chances of success.

Furthermore, a feasibility study provides a comprehensive evaluation of the project's technical, financial, and operational aspects. It helps to identify potential risks and challenges and provides recommendations to mitigate them. This structured approach allows project stakeholders to make informed decisions and allocate resources effectively.

In conclusion, conducting a feasibility study is crucial for assessing the viability of a project.

By evaluating market analysis, financial considerations, and risk assessment, organizations can make informed decisions about the potential success of their initiatives.

It is like a compass that guides them through the uncertain terrain of business, helping them navigate the challenges and make strategic decisions that will lead to a successful outcome.

The eSoft Editorial Team, a blend of experienced professionals, leaders, and academics, specializes in soft skills, leadership, management, and personal and professional development. Committed to delivering thoroughly researched, high-quality, and reliable content, they abide by strict editorial guidelines ensuring accuracy and currency. Each article crafted is not merely informative but serves as a catalyst for growth, empowering individuals and organizations. As enablers, their trusted insights shape the leaders and organizations of tomorrow.

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10 Proof of Concept Templates to Establish Project Viability and Attract the Right Investors

Praburam Srinivasan

Growth Marketing Manager

February 14, 2024

No matter how great of a business or product idea you have—it’s hard to make it grow if you’re not supported by the right investors or managers. Effectively selling your idea requires both truth and persuasion, and that’s why you need a proof of concept (PoC).

A proof of concept is the litmus test for your big idea —the checkpoint that separates tangible, low-risk, and profitable ideas from unrealistic dreams. With these high stakes, writing a proof of concept statement can be an unnerving job!

In this guide, we bring you 10 expert-picked proof of concept templates ideal for brainstorming and presentation. Whether you’re an entrepreneur seeking to turn your visionary concept into a marketable product or a project manager aiming to secure vital backing from stakeholders, use these templates as your guiding star. ⭐

What Is a Proof of Concept Template?

What makes a successful proof of concept template, 1. clickup example project plan template, 2. clickup high-level project plan template, 3. clickup creative project plan template, 4. clickup project deliverables template, 5. clickup competitive analysis template, 6. clickup data analysis findings template, 7. clickup analysis framework whiteboard template, 8. clickup risk assessment whiteboard template, 9. powerpoint proof of concept template diagram by slidemodel, 10. powerpoint proof of concept template by slideegg.

A proof of concept document typically consists of demonstrating a product, service, or solution in a sales or profitability context. You have to cover the feasibility of bringing the idea into the real world so that your project is funded and you can start working on a prototype .

The problem is that many product owners find it challenging to present objective insights into their proposed idea, and this is where a readymade template comes in.

A proof of concept template is a structured framework that helps you present ideas in a practical and organized format. It’s a blueprint that outlines the essential steps and components needed to test and record the viability of your concept .

A proof of concept template is a path toward building a persuasive narrative that wins over stakeholders, de-risking your product, project, or business plan in the process. So, instead of wasting hours on what facets to demonstrate to your stakeholders, you can simply fill out the document to validate your hypothesis.

Some popular use cases of the template include:

• Gaining stakeholder (investor or top management) approval
• Determining the financial or technical viability of the project
• Establishing market demand for a product

Think of a quality proof of concept template as your innovation roadmap and decision-making tool that should have the following:

• A clear and easy-to-follow layout : A simple framework makes the drafting process hassle-free with defined sections to present PoC constraints and assumptions
• Measurable objectives : It must define specific, measurable objectives and success criteria for the proof of concept, making it easy to determine failure scenarios or identify potential challenges
• Resource planning : It should outline the required resources, including budget, time, and personnel, ensuring the allocation makes sense to the management
• Risk analysis : A good PoC template includes a risk assessment section, helping you identify potential pitfalls and develop contingency plans to act as a shield against costly missteps 🛡️
• Success criteria : Most templates contain prompts to state what success looks like so you or your investors know when it’s time to move forward or pivot
• Stakeholder communication : It should provide a plan for engaging and updating stakeholders, building dependable support for the project

10 Useful Proof of Concept Templates in PowerPoint and ClickUp

We’ve explored numerous templates suitable for proof of concept documentation, and only the cream of the crop in ClickUp and PowerPoint has earned a spot on our list. Now, let’s delve into why they stand out! 🤩

Leave uncertainty behind and put an end to lingering stakeholder questions because, with the ClickUp Example Project Plan Template , demonstrating concepts is just about to get easier!

This intuitive and user-friendly template is made for streamlining your proof of concept. The document takes the guesswork out of the equation, letting you chart your proposed project’s path with absolute assurance using a visually rich, color-coded structure.

Map out your proof of concept work using five default Custom Fields :

• Impact Level
• Effort Level

These fields will help you communicate resource requirements and risk levels, enabling your stakeholders to have useful info at their fingertips.

The template offers two ClickUp views to record and navigate data.

Start playing by adding activities to the Project Plan Template List view . This view is grouped by Section to identify the activities the team needs to complete at every project phase. Update task details by clicking on the available fields and see how every PoC assumption or constraint impacts resource allocation or department workload.

The Planning Progress Board view is a Kanban Board that displays tasks as cards. This board is grouped by Status to determine the progress of the planned activities. You can drag and drop the card across the screen to update a task’s status or click on a card to check further details about the action. 🎬

Planning a baby project often feels like navigating a labyrinth, but the ClickUp High-Level Project Plan Template helps you see the big picture and carve the path to success. It simplifies lofty ideas into manageable steps, focusing on establishing the project’s tone and direction to your stakeholders in a visual manner.

Within this template, the Deliverable List view gives users a snapshot of the intricate web of tasks necessary to develop the project. The progress bar elegantly tells you where each activity or team stands, ensuring a crystal-clear view for proof of concept-reviewing managers.

It doesn’t stop here; you can create unique board views for tasks pertaining to each department, allowing you to pinpoint accountability before the project takes off.

For instance, content teams would love the Copywriter and Graphic Designer boards offering a panoramic view of team tasks. Customize them with Custom Fields like Copy and Design Stages , providing insights into team expectations in a glanceable format.

And if you prefer a chronological perspective, the Timeline view unfolds all tasks in a logical sequence, adjusted for project dependencies . It’s your proof of concept watchtower to ensure the proposed dates or delivery schedules make sense. 🗼

Pitching a creative project plan can be really stressful because you’re often handling intangible or abstract concepts. But with the ClickUp Creative Project Plan Template , you have a personal assistant helping you outline tasks and communicate concrete goals! 🪻

This template makes it easy to define a project roadmap , complete with a phase-wise breakdown of budget and tasks. Use it to get a fresh perspective on managing creative tasks and assets and turn vague ideas into engaging narratives .

The template’s Creative Project List view is like your personal command center. It gives you an overview of your project’s release phase by phase. For instance, the Project Phase dropdown field lets you categorize tasks into phases like Planning , Pre-Production , Production , and Post-Production . And the Team Assigned dropdown field helps you delegate tasks to specific teams. 

Record the nitty-gritty of each phase using Custom Fields like:

• Task due date
• Assigned team
• Final output
• Approval type

The Progress Board and Timeline views serve as a visual outline of project tasks, depicting deadlines and timetables and highlighting any unscheduled tasks so that your managers can make an informed decision about investing in the venture.

The ClickUp Project Deliverables Template is another excellent canvas for reconstructing a business idea and plan into practical delivery items . 

Presented in a default List format, this template offers a multitude of views and customizable features to:

• Communicate expected timelines and outcomes to stakeholders
• Estimate budget requirements
• Identify potential risks or issues with delivery
• Account for quality assurance aspects of your proof of concept

Using this template is easy! For example, if you’re proposing a fresh marketing idea to your team leader, just go to the Project Lifecycle List view and start listing out all content- and design-related deliverables . If you have client-based deliverables, switch to the Client Board view, and voila! You’ll have personalized boards for each client.

This template is your go-to for presenting manufacturing or construction projects. Use the Project Gantt view to map out a project timeline and highlight task dependencies, like when the foundation must be completed before framing begins.

As for coming up with a proof of concept for software development projects , the Team Bandwidth Workload view helps you allocate tasks efficiently, ensuring that the front-end and back-end teams are assigned optimally.

Lastly, the Status Breakdown Table view provides a high-level snapshot of your projects, just like an event planner can instantly gauge the progress of different tasks, whether they’re In Progress , Completed , or Pending .

In the world of proof of concept documents, where innovation reigns supreme and competition becomes a driving factor, the winning statement is often about profitability and outsmarting market rivals. If you need your proof of concept to embody a heavily competitive tone, try this ClickUp Competitive Analysis Template .

With this template and its plotting-friendly quadrant layout at your disposal, you can dive deep into analyzing your concept’s feasibility against existing products and services, unveiling both its strong points and risk factors.

And it doesn’t stop there; you can set clear milestones to systematically advance your project to gain market share bit by bit. This matrix template provides a structured roadmap for your proof of concept journey, encompassing the Competitive Analysis Matrix for:

• Identifying main competitors in the industry landscape
• Creating a comparison chart
• Gathering background information
• Profiling target customers
• Focusing on the 4 P’s of marketing ( Product , Price , Promotion , and Place )
• Summarizing your project’s feasibility and risks

Within this organized framework, you can methodically assess and refine your concept, ensuring it’s well-prepared for what’s coming. 🛸

In the business world, you can’t afford to place all your bets on mere opinions. Instead, you lean on something far more steadfast—the cold, hard numbers that lie at the heart of key metrics .

The ClickUp Data Analysis Findings Template will help you make informed choices for your business by showcasing proof of concept findings through five sections:

• Introduction
• Analysis Methods
• Data Findings
• Conclusions
• Recommendations

This Doc template comes with standard boilerplate texts used in the research space , helping you draft your proof of concept analysis in record time.

Let’s say you’re running a tech company, and you’re proposing the development of a new app to shorten the onboarding process for new hires. Now, this report template would be perfect for you to analyze this issue.

You’d start by defining the problem —in this case, the lengthy onboarding process . Then, you’d explain why it’s essential to address this—maybe it’s costing too much or delaying projects . Next, you’d outline the scope of introducing an onboarding app with items like:

• What will be the cost of developing the app?
• What’s the expected delivery timeline?
• How much cost savings can you expect after deployment?

You’d then detail how you collected your data and what statistical methods you used to analyze it. After analyzing the data , you’d present your findings. You may have found out that onboarding with the app would take five days instead of 10, saving you about $1,000 for each hiring cycle.

Based on your findings, you’d make recommendations —perhaps approving the app development or looking for a more cost-efficient alternative—it’s up to you! 🤑

The ClickUp Analysis Framework Whiteboard Template is an interactive platform for visualizing new ideas, assessing their impact and complexity, and planning sample workflows.

Brainstorm the viability of your idea with your collaborators directly within the template. With the Analysis Template view , you can create a framework for your analysis using color-coded sections. Organize ideating or PoC tasks into two distinct statuses: Open and Complete .

This binary system provides a clear visual representation of when you can get your statement ready for stakeholders. It can also work well for software development teams needing to create a way to classify tasks.

This template has a matrix-like Whiteboard map to compare and analyze different aspects of your concept. Editing options allow you to format your content while drawing tools and drag-and-drop shapes enable sketching and annotations. Add attachments, links, or comments on the canvas for additional context.

The template’s real-time updating feature ensures that all team members are in the loop about your idea’s progress. Integrate ClickUp with tools like Zoom to present your finalized proof of concept to stakeholders quickly.

Discerning the level of risk involved in a new project is a standard industry practice. Depending on who your stakeholders are, your concept risks could be anything from impractical implementation to resource shortages.

With the ClickUp Risk Assessment Whiteboard Template , you get the ability to predict and navigate these potential pitfalls in another no-nonsense matrix layout.

It’s a virtual whiteboard with editing tools where your team can scribble ideas, draw logical diagrams, and jot down points in sticky notes, making risk discussions feel like conflict-free brainstorming sessions . 🎨

Need to keep track of important risk details? No worries. You can create Custom Fields for each risk, detailing everything from the description to mitigation plans, and categorize it as Very Likely , Likely , Unlikely , or Very Unlikely . Plot the intensity of the risk as Minor , Average , Major , or Severe .

The matrix grids are color-coded to display different risk levels, which makes decision-making quick and objective .

The Proof of Concept PowerPoint Template Diagram by SlideModel is a canvas for justifying the practical implementation of your idea, ensuring it’s ready for takeoff. 🛫

Divided into three sections— Concept , Discovery , and Outcome —this template guides presenters to clarify the key points supporting their business concept. The representative icons, arranged in circular shapes, not only lend a professional touch but also emphasize the idea’s continuity.

With the option of two background color variants and compatibility with PowerPoint and Google Slides , this template offers both flexibility and aesthetic appeal!

The Proof of Concept PowerPoint Template by SlideEgg is your handy solution for delivering project management insights with flair. This creative template is not just a time-saver but a game-changer in how you present your ideas and solutions.

With its stunning multi-color arrow model infographics , it adds a touch of elegance to your brand-new product or project management concept . Here’s what the color-coded fields indicate:

• Red for confirming scope 🔴
• Purple for setting goals 🟣
• Blue for executing plans 🔵
• Orange for analyzing and scaling 🟠

The table, featuring a soothing gray-shaded background, enhances clarity and conciseness in visualizing your information. Tailor it to meet your specific presentation needs and impress your intended audience!

Fuel Innovative Ideas with ClickUp Templates

A robust proof of concept document can gradually morph into a promising prototype and successful product—and as a top project management tool , Clickup can help you with every phase of your business idea—whether it’s for marketing, sales, product, or software development teams.

Besides proof of concept frameworks, ClickUp offers 1,000+ other templates to manage different aspects of your project, be it planning, tracking, or reporting. And the best part? Most of these options are accessible for free!

Questions? Comments? Visit our Help Center for support.

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15 Criteria for Selecting a Viable DMAIC Project

Published: February 26, 2010 by Tej Mariyappa

As anyone involved in Six Sigma knows, selecting the right project is a critical component of project success. If practitioners do not put enough effort into selecting the right opportunity for improvement, a project can end in disaster, or create unnecessary work and complexity for the project team.

Selecting projects with just a few obvious inputs or simply selecting the squeakiest wheel are not always the best methods. These strategies may work at times, especially in tackling the low-hanging fruit, but a more structured approach is required when priorities are not so obvious.

Practitioners need a robust and reliable approach to 1) quickly determine whether the project is indeed a good DMAIC project and 2) prioritize projects to ensure resources are allocated appropriately. A criteria-based selection matrix helps practitioners standardize the project selection process, boosting its reliability.

Key Project Criteria

To build and use the criteria-based selection matrix, it is important to understand 15 key pieces of selection criteria:

1. Customer impact – Will the successful outcome of the project have a material impact on customers’ (internal or external) perceptions of quality? A voice-of-the-customer (VOC) analysis with actual customer input would be beneficial in answering this question.

2. Process stability – Is the process relatively stable? If the process is new, has it reached a stable level of performance? Note that “stable” does not necessarily mean that the process is performing as desired (i.e., as per customer specifications). Also, is the process likely to undergo major structural or design changes in the near future? Process stability is important in accurately assessing the impact of improvements without the “noise” created by changes within the process.

3. Defect definition – Is the process defect well defined? If the project does not have a specific element that needs to be fixed, it could become a victim of scope-creep and lose its focus. Avoid making the final output (the “big Y ‘s”) the measure of defect. For example, high costs, poor customer satisfaction rates or not achieving revenue targets can work as high-level problems to tackle, but are not ideal “defect metrics.” The defect metrics should be operational in nature. Examples of appropriate defect metrics include cycle time, error rates, rework rates, first-time call handling percentage, straight-through processing rates, lead times and complaint rates (all “little y ’s”).

4. Data availability – Is data available around the process metrics? If not, is it attainable? Rarely will all the data needed for a proper process improvement study be waiting around to be analyzed, but it is important that key required data can at least be collected without having to spend an unreasonable amount of time, resources and effort.

5. Solution clarity – Is the solution already known? If so, just do it and skip going through the DMAIC motions. Keep in mind, however, that lots of people may have lots of good solution ideas, and it still may be worth going through the effort of identifying the true underlying root causes, rather than risk simply fixing symptoms.

6. Benefits – An appropriately vetted cost-benefit analysis should demonstrate the value of the project, ideally using a discounted cash-flow model to calculate the net present value or similar cash-flow analysis of the project. Do not forget to include the soft benefits such as customer satisfaction and how that translates into improved retention and higher sales.

7. Impact on service quality – Will the project contribute to enhancing overall service quality along the delivery value chain? It is not enough that end customers are satisfied, if the process has become more complex and unwieldy.

8. Project sponsorship – The level of project sponsorship is often the difference between project success and failure. Strong sponsorship at an appropriately high level cannot be underestimated and is a prerequisite for all Six Sigma projects.

9. Project alignment – Does the project align with corporate strategic objectives? If not, the likelihood of the project not getting appropriately funded and resourced increases (assuming it even gets the green light to proceed).

10. Project timeline – Can the project be completed within a reasonably short time period? A good benchmark to use in most Six Sigma projects is completion in six months. If the project cannot be successfully completed within six months, the chances of it being a viable DMAIC project diminish.

11. Probability of implementation – Practitioners should consider the probability of actually implementing a solution to the problem (assuming a correct solution will be identified), taking into account the level of acceptance or resistance by the organization or department. High cultural or organizational resistance means the probability of implementation is low. Probability of implementation also will be influenced by other factors, such as competing initiatives, significant organizational changes or changes in strategic objectives.

12. Investment – Will the costs to fix the problem likely include large cash outlays or capital investment? If so, the odds of meeting the requirements of a good Six Sigma process improvement project diminish because gaining the investment may be difficult.

13. Team availability – This takes into account the amount of time key team members have to support this project, especially if they are also responsible for other day-to-day functions. Dedicated Green Belts and Black Belts are essential to keep the project moving forward.

14. Controllability of inputs – Although this may not be uncovered until at least some data has been collected, practitioners should make an assessment as to whether there are likely to be sufficient inputs (i.e., contributors to the output to be improved) that are both measurable and controllable. If there is little or no control over the inputs to the process, achieving the project objectives becomes daunting.

15. Process redesign – Because these criteria are designed to limit project options to those that can be improved through DMAIC, project viability is low if the process being examined cannot be improved much further without redesigning it.

Creating the Project Viability Matrix

Now that the 15 criteria are clear, it is possible to create the project viability matrix, illustrated in the table below. Note the “weighting” column next to each of the criteria. Practitioners should use this column to establish the relative importance of each of the criteria (the weighting scale ranges from 1 = least important to 5 = most important). After assigning a weight to each of the criteria, practitioners should give an answer to each question about the project (1 = definitely no and a 5 = definitely yes).

Finding the Weighted Scores

Now it is possible to determine the individual weighted scores, as well as the total score. To find the individual weighted scores:

• Divide each weighting by 3 (e.g., a weight of 3 = 1, a weight of 4 = 4/3 or 1.3, etc.).
• In each individual rating column, the X marking = 1
• Multiply each X marking by its weighting (e.g., 1 x 1.3 = 1.3).
• Find the sum of all X marks for each rating column.

To find the total score:

• Multiply each weighted score by its rating (e.g., 5.3 x 2 = 10.6), and sum these products.
• Divide the sum of the products by the sum of the weighted scores (in this case, 45.4 / 16 = 2.8 ). This number is the total score.

What the Total Score Means

The total score will fall into one of three possible categories:

• Less than 2.0 – The project is not a viable DMAIC project; it may be better to use another approach.
• 2.0 – 3.0 – This is a possible DMAIC project; it will require further validation.
• Greater than 3.0 – This is a viable DMAIC project.

Some questions to which the answer is a “definite no” will automatically disqualify the project from being a DMAIC project, regardless of the overall score. For example, if the project has a known solution, no Champion support or requires a redesign, using another approach to solve the problem may be best.

About the Author

Tej Mariyappa

• Entrepreneurship
• Organizational Behavior
• Financial Management
• Communication
• Human Resource Management
• Sales Management
• Marketing Management

Project Feasibility Analysis: 6 Stages, Importance

• by Anuj Kumar
• 8 September 2023 16 March 2024

Table of Contents

• 1 What is Project Feasibility Analysis?
• 2.1 Market Feasibility Analysis
• 2.2 Technical Feasibility Analysis
• 2.3 Financial Feasibility Analysis
• 2.4 Economic Feasibility Analysis
• 2.5 Managerial Feasibility Analysis
• 2.6 Social Feasibility Analysis
• 3.1 Evaluation of Success or Failure
• 3.2 Writing Business Plan
• 3.3 Supports in Funding
• 3.4 Understanding Opportunities
• 4.1 What are the stages of project feasibility analysis?
• 4.2 What is the importance of project feasibility analysis?

What is Project Feasibility Analysis?

The dictionary meaning of Feasibility is “Viability”. Project Feasibility analysis helps in understanding whether the project idea that is conceived is viable.

Project feasibility analysis will make the critical evaluation of the proposed business opportunity and thereby aid in understanding challenges, hurdles, and difficulties in the way of doing business. It should not happen that a project is launched and after some time entrepreneur closes it by not finding its viability.

Therefore, it is necessary to understand the viability of the business while it is planned and proposed. Closure of a running business can lead to a huge sum of losses.

So as to prevent such losses and damages, feasibility analysis is a must. Project feasibility analysis will support entrepreneurs in terms of understanding the competitive edge prevailing in the market, financial opportunities and limitations, operational difficulties, and much more.

Project Feasibility Analysis

A Project Feasibility analysis will include the following:

Market Feasibility Analysis

Technical feasibility analysis, financial feasibility analysis, economic feasibility analysis, managerial feasibility analysis, social feasibility analysis.

Since the success of any enterprise depends upon its ability to market its products/services, the lending institution should first of all pay meticulous attention to this aspect. The survival of any business depends upon its earning capacity which in turn depends on the volume of sales.

Again, marketing is the only activity that brings revenue while all other activities involve expenditures. Hence, a detailed market analysis should be undertaken estimating the supply and demand for the product . In fact, the potential of the market constitutes the determinant of probable rewards for an entrepreneur.

Technical feasibility simply refers to the adequacy of the proposed plant and equipment to produce the product as per the required norms. This aspect requires a careful examination and a thorough assessment of the various inputs of the project like land, machinery, trained labor, transportation , fuel, power, etc.

It also requires the analysis of the know-how necessary to run the project and whether the entrepreneur possesses that knowledge or whether he is going to procure from outside. Sometimes, a project may require collaboration.

In such a case, the terms and conditions of the collaboration should be examined. In the case of foreign technical collaboration, the legal provisions prevailing in the country in relation thereto should also be analyzed.

Finance is the most important prerequisite to establishing an enterprise. Hence, the appraisal of the financial viability of the project assumes much importance in a project appraisal . This requires the scrutiny of the following:

• Cost of Project and Means of Financing
• Cash Flow Estimates
• Projected Balance Sheets

It is absolutely essential to see that the project is economically viable. The economic viability depends upon its profitability. A project without adequate profits cannot be commercially viable. Hence, the economic viability can be assessed through projections of profitability for a period ranging from 3 to 10 years.

The profitability of a project should be established on a long-term basis. Thus, the economic feasibility analysis includes the analysis of the requirements of raw materials, level of capacity utilization, anticipated sales, anticipated expenses, and probable profits.

The appraisal of the management is indeed considered the touchstone of term credit analysis. It is so because the success or failure of any enterprise depends upon the direction and efficiency of the management.

In the absence of managerial competence, the projects which are otherwise feasible may fail. On the other hand, a poor project may turn out to be a successful one with efficient managerial ability.

Any business should be socially responsible. In fact, business is not merely a profit-making occupation but a social function that involves certain duties and requires that appropriate ethics are followed.

It must accept its obligation to be socially responsible and to work for the larger benefit of the community. It has a lot of responsibility to the community around its location and to the society at large.

Importance of Project Feasibility Analysis

Some of the key points that reflect the importance of Project Feasibility Analysis are described as follows:

Evaluation of Success or Failure

Writing business plan, supports in funding, understanding opportunities.

It’s a systematic process that will help in understanding the benefits and limitations of the project at each step and thus will help in evaluating the success or failure of the proposed project.

Feasibility analysis will assist in writing the business plan document the areas where threats and challenges are observed and assist entrepreneurs in making a decision on whether to continue the project or not.

External agencies like banks , and financial institutions may read the feasibility analysis report and based on that they can evaluate the financial soundness of the proposed project. Thus funding decisions of these institutions are backed by the project feasibility analysis.

Feasibility analysis will help the entrepreneurs in seeking new opportunities for the business. Market feasibility, Technical Feasibility, Economic Feasibility, and other feasibility analysis dimensions can help entrepreneurs find new business opportunities or new products or services that can fit in the competitive environment.

FAQs Section About the Project Feasibility Analysis

What are the stages of project feasibility analysis.

The following are the stages of project feasibility analysis: 1. Market Feasibility Analysis 2. Technical Feasibility Analysis 3. Financial Feasibility Analysis 4. Economic Feasibility Analysis 5. Managerial Feasibility Analysis 6. Social Feasibility Analysis.

What is the importance of project feasibility analysis?

The following is the importance of project feasibility analysis: 1. Evaluation of Success or Failure 2. Writing Business Plan 3. Support in Funding 4. Understanding Opportunities.

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Assessment of Project’s Viability and Analytical Tools

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• Felix I. Lessambo 2  

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The tool assesses the project in six areas: strategic suitability, preliminary suitability, risk assessment, PPP suitability, fiscal suitability, and institutional capacity. The screening tool helps assess the strategic suitability of a PPP project to ensure it aligns with national, sectoral, and contracting authority’s priorities. The tool also tests the preliminary feasibility and fiscal affordability of projects, in addition to assessing risks using pre-set qualitative as well as quantitative variables.

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World Bank Group: PPP Reference Guide-PPP Cycle, p. 140. https://ppp.worldbank.org/public-private-partnership/library/ppp-reference-guide-ppp-cycle .

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S. Domingues, D. Zlatkovic, and A. Roumboutsos (2014): Contractual Flexibility in Transport Infrastructure PPP. In European Transport Conference 29 September 2014 . Frankfurt, Germany.

European PPP Expertise Center (2014): Managing PPPs During Their Contract Life. https://www.eib.org/attachments/epec/epec_managing_ppps_en.pdf .

Darwin Marcello, Cledan Mandri-perrot, et al. (2016): An Alternative Approach to Project Selection: The Infrastructure Prioritization Framework, World Bank PPP. https://openknowledge.worldbank.org/handle/10986/24511 .

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Darwin Marcello, Cledan Mandri-perrot, et al. (2016): An Alternative Approach to Project Selection: The Infrastructure Prioritization Framework, World Bank PPP, p. 8. https://thedocs.worldbank.org/en/doc/844631461874662700-0100022016/original/160423InfrastructurePrioritizationFrameworkFinalVersion.pdf .

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Lessambo, F.I. (2022). Assessment of Project’s Viability and Analytical Tools. In: International Project Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-96390-3_6

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IDEO’s Desirability, Viability, Feasibility Framework: A Practical Guide

Jack O’Donoghue

The DVF framework is a product prioritization method that helps teams to evaluate three key aspects of a successful product: desirability, viability and feasibility.

This article explores how to use IDEO’s DVF framework to create an innovative design solution from idea all the way through final execution and testing, by utilizing the three key elements of desirability, viability, feasibility.

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Table of Contents

Did you know, what is ideo’s desirability, viability, feasibility framework, the importance of considering desirability, viability, and feasibility, uses for the dvf framework, 7 benefits of using the dvf framework, using the framework to assess desirability, viability and feasibility, 5 practical steps to implementing the framework, key takeaways.

To help teams implement Design Thinking , we offer bespoke innovation training workshops. Talk with us and find out how we can help transform the way you design your products and services.

Interested? Message us in the bottom right corner or learn more here.

IDEO’s Desirability, Viability and Feasibility (DVF) framework is a powerful tool that helps teams create successful products.

It provides insight into the three key factors necessary for success – whether end-users find it desirable, if it can be created realistically from a technical standpoint and its financial viability.

Through this process you’ll know what product will most likely capture user interest and meet peoples needs, while also being feasible to create with potential long-term sustainability.

The process involves evaluating each of these factors separately, then bringing them together to get a well-rounded view of the likelihood of success for each product or feature.

IDEO’s Desirability, Viability and Feasibility (DVF) framework is a powerful tool that helps teams create successful products by evaluating three key factors separately and bringing them together.

By considering desirability, viability, and feasibility at each stage of the development process, product design teams can reduce uncertainty and create products that are not only technically feasible and financially viable, but also highly desirable to users.

One way to use the DVF framework is to give each idea a rating based on how desirable, viable and feasible they are. Then tally up the total to get a number representing all three criteria. This can help designers prioritize and focus their efforts on the most promising ideas.

The DVF framework is the perfect accompaniment to the design thinking process as it helps us to ensure business success while keeping with a human centered approach.

It’s important to consider all three elements of IDEO’s DVF framework (desirability, viability, and feasibility) in product development because they all play a critical role in the success of a product.

Desirability refers to how much people want the product and whether it meets their needs and desires.

If a product is not desirable to users, it is unlikely to be successful, no matter how technically feasible or financially viable it is.

In order for a product to be successful, it is important to consider all three elements of DVF framework: desirability, viability, and feasibility.

Feasibility refers to whether it is technically possible to create the product. If a product is not feasible to create, it will be difficult or impossible to bring it to market, regardless of how desirable it is to users or how financially viable it is.

Viability refers to whether the product is financially sustainable. If a product is not financially viable, it will not be a sustainable business and will eventually fail, even if it is highly desirable to users and technically feasible to create.

By considering all three elements of the DFV framework, product development teams can create products that are not only technically possible and financially sustainable but also highly desirable to users. This increases the chances of success for the product and the business.

Some specific uses of the DVF framework include:

Evaluating ideas: The DVF framework can be used to evaluate and prioritize ideas during the innovation process. By considering desirability, viability, and feasibility, teams can determine which ideas are most promising and worth pursuing.

Assessing ideas for a minimum viable product (MVP): The DVF framework can be used to assess which features and functionality are most important to include in an MVP. This can help teams create a product that meets users’ needs while being technically feasible and financially viable.

The DVF framework can be used to evaluate and prioritize ideas, assess features for an MVP, and ensure that a product meets customer needs.

Ensuring that a product, service, or value proposition meets customer needs: The DVF framework can be used to ensure that a product, service, business model or value proposition meets the needs and desires of customers. By considering desirability, teams can ensure that the product is something that users will want, while feasibility and viability help ensure that the product can be created and financially sustainable.

The DVF framework (desirability, viability, and feasibility) can be a powerful tool for product and service design teams to ensure their products meet customer needs and are successful.

This framework helps teams focus their efforts on the most promising ideas, create an MVP that meets users’ needs, and ensure that the product or service is technically feasible.

1. Ensure an idea meets the needs and wants of the customer

It helps to ensure that a product idea meets the needs and wants of the target customer. To evaluate the desirability of an idea, conduct user research to understand how well the idea aligns with a user’s goals, needs and pain points.

2. Identify any technical or logistical issues

It helps to identify and address any technical or logistical issues that may hinder the development or success of the product. By consulting with technical experts throughout the activity, you can tease out any complicated technical issues that might hinder successful development. Your technical consultants can also help to ideate on alternative possible solutions within the technical constraints.

3. Assess potential market demand and competition

It helps to assess the potential market demand and competition for the product. By considering desirability and gaining evidence to support your decision-making, you’ll also get a good insight into potential market demand and how well your solution compares to competitors.

4. Determine long-term viability of product or service

It helps to determine the long-term viability and scalability of the product. By considering costs of development, maintenance and potential profit that could be generated from the idea. You can assess wether or not it is worth investing in.

5. Prioritize the most promising ideas

It helps to prioritize and focus efforts on the most promising product ideas. It’s easy to get overwhelmed by the number of potential ideas that come from an ideation session or design thinking workshop . The DVF framework helps you to evaluate and decide which ideas are worth pursuing.

6. Avoid wasting time on ideas that are unlikely to succeed

It helps to avoid wasting time and resources on product ideas that are not feasible or viable. The DVF framework acts as a filter that removes any ideas that are likely to fail due to known causes. It’s also a filter that protects us from our own enthusiasm and excitement about ideas. Sometimes we might love an idea but in reality it might be best to avoid it. The DVF framework helps us make this decision.

7. Creates a structured way of assessing product and service ideas

It promotes a structured and systematic approach to product development. With so many stakeholders, considerations, and ideas on the table, a structured, systematic approach to assessing ideas will keep everything moving efficiently in the right direction.

8. Encourages collaboration from the relevant experts and SMEs

It encourages collaboration and cross-functional thinking among team members. Collaboration is the key to success in design thinking and problem solving. The DVF framework encourages collaboration with a wide group of consultants and stakeholders to ensure that any assumptions are cross checked and based on expert advice.

Identify and Analyze Desirability Factors

Desirability is how much people want the product and whether it meets their needs and desires.

When working with the DVF framework, assessing desirability is key to understanding if an idea can succeed in the market.

The desirability of a product is how much people want it and whether it meets their needs.

There are various ways to measure its impact: user research and personas provide insight into people’s needs and desires, while customer journey maps reveal their behavior; gathering feedback from industry trends can also be very valuable when gauging success potential.

Assess Feasibility in Your Environment and Target Market

Feasibility refers to whether it is technically possible to create the product.

Knowing what is achievable with your resources and time frame makes all the difference when it comes to designing a product or service.

It’s important to not only consider technology and budgets but legal and regulatory issues as well in order to truly assess feasibility before committing to any idea.

Evaluate to Ensure Viability in the Marketplace

Viability refers to whether the product is financially sustainable.

It’s important to assess viability before designing a product or service in order to determine whether the idea aligns with the budget and can be profitable in the long term.

There are several factors to consider when assessing viability, including market demand, pricing, cost of production, and revenue potential.

The next section will explore practical steps for implementing the DVF framework:

1. Understand your target audience and their needs/wants

Understanding the needs and wants of the target audience is essential in order to create a successful product or service.

By researching user personas, customer journey maps and industry trends, you can gain valuable insights needed to design an effective product that meets people’s expectations and fulfills their needs.

This will also help you market your product or service more effectively by targeting the right audience with the right message.

Understanding what motivates certain audiences will allow you to tailor content or features for maximum appeal.

This leads to higher customer satisfaction and better ROI for your project.

2. Brainstorm potential solutions that satisfy these needs

Brainstorming potential solutions allows us to generate many ideas and solutions in a short amount of time.

This stage is critical in order to ensure that all possible options are explored and assessed, which can lead to more creative and innovative solutions than if a single solution was pursued right away.

3. Determine which solutions are likely desirable, feasible, and viable

The DVF framework ensures that the ideas are desirable, viable, and feasible in the target market.

By evaluating ideas through this process, businesses can determine if a product or service has the potential to succeed and be profitable in the long term.

4. Test potential solutions with users

Testing ideas with customers before investing in developing a possible solution allows us to gain an understanding of how well the product will be received in the market.

Testing allows businesses to validate ideas, gather feedback, and gauge customer satisfaction. It can also provide valuable insights into people’s needs and wants, as well as any potential usability issues.

5. Develop a plan for implementing the solution

Developing a plan for implementing the solution at this stage is important because it outlines the steps that need to be taken in order to successfully launch and market the product.

It provides a framework for understanding how all of the different components of the project are connected, and how they interact with one another.

The plan should take into account both short and long term goals, as well as any potential risks or issues that could arise. This plan will help the business stay on track and ensure that no steps are forgotten or skipped in the development process.

Launch the product/service to the target marketThe final step is launching the product or service to the target market.

• IDEO’s Desirability, Viability, Feasibility (DVF) framework is a product prioritization method that evaluates three key aspects of a successful product: desirability, technological feasibility, and viability.
• The DVF framework can help the design thinker to evaluate and prioritize ideas during the innovation process and to assess which features and functionality are important to include in a minimum viable product (MVP).
• Desirability refers to how much people want the product and whether it meets their needs and desires. Feasibility refers to whether it is technically possible to create the product. Viability refers to whether the product is financially sustainable.
• The DVF framework can be used in combination with other tools and processes, such as user research and prototyping to create successful products.

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