Steps in a Project Feasibility Study

Project Feasibility Study pic
Project Feasibility Study

An engineer with diverse experience in project management, Miro Medvedec most recently served in a managerial role at DME Company in Michigan. In this position, Miro Medvedec maintained responsibility for using project feasibility analyses to promote new products.

A project feasibility analysis consists of several basic steps to determine whether an idea is viable. First, project leaders must conduct a market analysis to gauge the demand for their new product and assess the competition. This analysis should include asking whether the new product is likely to satisfy enough customers to become sustainable.

Second, project leaders should look at the technical requirements of their product to see if it can meet customers’ expectations. Identifying a market need for a product does not always translate to the ability to produce it. Project leaders must consider whether they will have to rely on outside resources to finalize the product.

The third step involves exploring business models and includes scenario planning and assessment of potential profit to determine whether the initiative is worthwhile. Business leaders must consider whether their new product would require so much change that it wouldn’t make sense within their current business model.