Overview
Project management involves various processes carried out step-by-step—planning, organizing and managing resources to meet the specific objectives and goals of a project successfully. Project viability study is a preliminary exploration of a proposed project or step to determine its viability. It examines all aspects related to a project, such as technical, financial, economical, legal, financial and environmental. This information helps you determine whether or not to continue with the project. It also creates a holistic project plan and budget. Without it, it will be difficult for you to determine whether your proposed project will be successful.
What is the Purpose of Viability Study of Your Proposed Project?
Viability study of the project serves the following purposes that contribute to the success of your project:Decision-Making
Viability study of the project allows project managers to make well-informed decisions by giving an exhaustive analysis. This ensures that decision have been made according to information available on the data nor on incomplete information or assumptions.Allocation of Resources
Doing viability study of the project helps one to know the resources, required for the project, such as human, financial, and material resources. By knowing these requirements, one can allocate resources more effectively and keep away from over or under investment of the project.Risk Mitigation
Viability study of the project allows one to identify risks and obstacles prior to the planning process. Project managers can mitigate them by developing strategies. It also reduces the chances of cost overruns, project delays, or failures.Various Types of Viability Study of the Project
Technical Viability
Technical feasibility study lays focus on the technical resources. It helps one determine whether the technical resources meet the requirements and whether the technical team can transform the ideas into reality. It also involves the evaluation of the software, hardware and other technical requirements of the proposed project.Economic Viability
Economic viability study involves a cost analysis of the project, helping one to determine the cost, viability, and benefits of the proposed project before the allocation of the financial resources. It also works as an autonomous project assessment and improves project credibility, helping one determine the economic benefits of the project.Legal Viability
Legal feasibility study is done to determine whether the project clashes with laws, such as zoning laws, social media laws or protection acts. Consider an example: a project manager wants to build a new office in a specific location. A viability study might reveal that the ideal location is not zoned for business. As a result of this, a project manager has saved his effort and time by knowing that the proposed project was not viable from the very beginning.Operational Viability
Operational viability analysis is a study to analyze and determine whether the requirements can be met by completing the project. It also examines how a project plan can fulfill the requirements in the analysis phase of the working system.Scheduling Viability
This is the most important assessment for the proposed project. If the project is not completed on time, it will definitely fail. With project scheduling and planning, it can be estimated that how much time will be spent for the completion of a proposed project.Enhance your surroundings with the transformative impact of carefully chosen colors. Let Architronix bring your vision to life through our expert Color Consultation services.