Reviewing the 4 Steps of a Feasibility Study Method written by: This is the fourth of five articles on this important business topic.
How to Write a Feasibility Report by Jack Gordon - Updated September 26, Many projects require you to conduct a feasibility study, whether it's a new project or the expansion of an existing one. At the conclusion of the study you'll generate a feasibility report that outlines the problem or situation, a plan for tackling it, and the feasibility of carrying out the plan.
The report should assess whether the plan is practical in terms of available technology, finances, labor and other resources. Eventually, you have to give a recommendation that explores potential solutions to the defined problem, need or opportunity.
The study also justifies why any potential solutions might not be viable. Executive Summary The executive summary of your feasibility report provides a concise overview of the most essential information regarding the project. Clearly state the problem or opportunity that has been assessed in the study -- typically, the key issue the proposed project seeks to address.
Provide any previous approvals, decisions or agreements applicable to the project. List options recommended for further analysis. Concisely describe the proposed project and its major requirements.
Elements of the description may include client requirements, the nature of the problem, possible opportunities and the main characteristics or features relevant to the project being proposed.
The purpose of this section is to concentrate on what drives the project, so it should not include discussions of proposed solutions.
Video of the Day Brought to you by Techwalla Brought to you by Techwalla Identification of Alternatives and Options This section of the feasibility report should provide an analysis of whether the plan provides the most appropriate path to see the project through to the end successfully or, if not, offer choices on other methods to use.
Describe the options and explain how you narrowed the field of choices by giving your logic and reasoning as to why these alternative plans should be considered.
Your guide in selecting these alternative plans will be the data you've garnered and the research you've conducted. Further, offer a comparison of the options and state what considerations disqualify other options.
Recommendations for Further Analysis Once you have drawn your conclusions, you'll make recommendations. This section should include an analysis of the plan's likelihood of success, how any identified risks should be mitigated and, if applicable, the projected return on investment.
Reiterate the most important conclusions that led to the main recommendation, or final option. Typically, you may have to recommend several options for further consideration based on the different possibilities.Six Essential Feasibility Study Steps.
By following the accepted feasibility study method, project managers and their teams can reach the point of delivering their findings to stakeholders. The written report generated at the conclusion of the feasibility study can help move a team into the presentation phase of the project cycle.
Moving readers through the following feasibility study steps can clarify . Writing a professional feasibility study report can be challenging. If you find it difficult learning how to write a feasibility study report in Nigeria, Africa, or anywhere else around the world, you could rather have an affordable feasibility study report service write you a bank and investor ready feasibility study report.
Once the criteria are used to evaluate the solutions, your next step for writing a feasibility study report is to determine the most economically reasonable and technically feasible solution which lets the company 1) keep to optimal use of project resources and 2) gain the best possible benefit.
If you follow the steps outlined in this article, it will not only enable you to write a professional feasibility study, it will also help you write a report that contains all the important details that potential investors and other relevant parties need to see.
Step 1: Write the project description The powers that be want to know the details of the proposed project. This information is included in the project description.
Part 1 - What Is a Market Study and Hour to Describe Your Industry regardbouddhiste.comanee.c_emiwhat—is-a-fsasibility-study I Page 4 of 7 How to Write a Feasibility Study Step by Step..
25f02i, AM 0 Part 2 - Market Analysis and Research; Identifying Your Business Competition 0 Part. 3 — .