Welcome, Guest
Do you need customer support or technical assistance? Click here to submit a support ticket...

TOPIC: Feasibility study and Project Selection Method

Feasibility study and Project Selection Method 7 years 1 week ago #1031

  • rupalli thacker
  • rupalli thacker's Avatar
  • Offline
  • Fresh Boarder
  • Posts: 8
  • Karma: 0
Hi Everyone,
I am slightly out of my depth on Feasibility study and project selection. I feel that the Project Selection Methods are a part of Feasibility Study, as in how can you complete a feasibility study without having done the cost benefit analysis.

any thoughts on this would be welcome. Obviously, clarifications from Cornelius are most appreciated! :-)
Thanks much
Rupalli

Re:Feasibility study and Project Selection Method- 7 years 5 days ago #1063

  • rupalli thacker
  • rupalli thacker's Avatar
  • Offline
  • Fresh Boarder
  • Posts: 8
  • Karma: 0
hello Cornelius

I would be very appreciative if you could shed some light on this question around feasibility study and project selection method..

Re:Feasibility study and Project Selection Method- 7 years 2 days ago #1073

  • Cornelius Fichtner
  • Cornelius Fichtner's Avatar
  • Offline
  • Administrator
  • PrepCast Instructor
  • Posts: 981
  • Thank you received: 157
  • Karma: 30
Rupalli,

It depends on the processes used in the performing organization.

In company A the feasibility study can be performed as an initial step before you even begin a project. Here the intention is to determine if the project has any merit. So the feasibility study becomes an input to the project selection criteria.

In company B, however, the feasibility study is the first phase of a project. Here the intention is take the original project idea and figure out which of the many options that we have is the one that would be most successful. The study is used to determine (for instance) the best scope of the project.

Ans lastly in company C, the feasibility study study is treated as a project of it's own. (In my previous job in Switzerland we called this a "Vorprojekt" - a "pre project".) You may be running several such studies simultaneously and then use the results to determine which projects you want to take on.

To my knowledge there really are no best practices in regards to what the exact contents and the specific outputs of a feasibility study should be.
Until Next Time,
Cornelius Fichtner, PMP, CSM
President, OSP International LLC
Last Edit: 7 years 2 days ago by Cornelius Fichtner.
Moderators: Yolanda Mabutas, Ahmed Amin, Scott Gillard, Michael DeCicco, Rahul Kakkar, Fernando Jr Sinlao Lim, Mary Kathrine Padua, Chris Preziotti, Lazard Toe, ITBMC, MPM, CIPM, PMP, ITIL, Christian Winter, Kevin Nason, Michael Sumaquial, PMP, Mark Wuenscher, PMP

OSP INTERNATIONAL LLC
OSP INTERNATIONAL LLC
Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and Certified Associate in Project Management (CAPM)®