The most important step of any new project regardless of its size, is the one you take even before you begin. In today’s business environment, feasibility studies are strategic documents prepared and executed by managers who focus on the best resource allocations and aim at consistently delivering projects on target.
A feasibility study evaluates the practicability of a project, a business venture or idea. The principal function is to find out if the project will go ahead or not. Feasibility studies are strategic for a number of reasons. They evaluate your project from different points of view, to cover all the key aspects that you must carefully consider before moving forward and committing time and resources. They provide an improved understanding of the project itself and contribute to make potential issues and risks surface at an early stage before any damage has been done. From the financial point of view, they underline the impact on cash flow and the requirement for funding, and highlight the burden on current resources and the need for additional resources that you need to secure for your project to succeed. Whatever the industry or market, the pressure on timing is ever increasing, therefore by establishing a policy for feasibility studies you will be able to help improve business performance in the long term and streamline your focus on the most promising projects. Due to the discussions of different theories and case studies you will explore at the course, you will return to your workplace with highly relevant skills and the knowledge to determine and work through the process of a feasibility study in your business environment.
This course is designed for anyone involved with projects, business ventures or new business ideas. If you need to understand how to streamline the process of evaluating a feasibility study’s outcomes to aid towards solid decisionmaking, you will benefit from attending. You will learn to apply a feasibility study to projects both as a resource for time management and as part of your business model to consistently improve decision-making by ranking concurrent projects in a clear and objective manner. Those who wish to learn practical skills to apply on feasibility studies, will benefit from case studies and best practices discussed. Those who are in positions where they are required to review feasibility studies for further corporate decision-making, will benefit from the presentation of business process methods based on agile and lean theories as additional resources together with traditional business plan modelling.
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