The feasibility study
No 1
The feasibility study is a procedure that is used predicts the result of an investigation examination or assessment of a planned scheme along with the possible gain of a project. These studies allow proper investigating and evaluating any production of a plane or business prospect and also on the crucial requirement to commence the project. (Aarseth et al. 2017). The following are the dominant element aspect that is considered during the feasibility study.
- Technical Feasibility. Technical feasibility mainly concerns with the technologically evaluates the project. In this subject field generally, a group of engineers or technical expert study the whole plans and technical aspects. This study facilitates organizations to the proper assessment of a project. The industrial possessions may assemble capability. (Ahmad, & Alam, M. S. (2018)). According to the results, it decides whether the technical team can convert the idea into reality.
- Economic Feasibility Economic feasibility study related to price and all kind of expenditure described to the scheme before the project start. This study also improves project reliability. It is also helpful for the decision-makers to decide the planned scheme processed later or now, depending on the financial condition of the organization. This evaluation process also studies the price benefits of the proposed project. (Aarseth et al. 2017)
- Legal Feasibility Legal feasibility study is used to conclude whether the proposed plan or system conflicts with national or international legal requirements. Protection Acts simply use to decide any violation of the legal requirements. It is also a planned method. (Ahmad, & Alam, M. S. (2018))
- Operational Feasibility. Operational Feasibility employs the responsibility to examine and also decide whether the proposed methods fulfill all types of business requirements. It actions forecast all possible schemes to recognized and resolves troubles. (Aarseth et al. 2017). This studies may also examine and verify how the project planned to guarantee the method development is feasible or not.
- Scheduling Feasibility.A significant part of a feasibility study is scheduling Feasibility. It also plays a critical role to complete the project in its scheduled time. Project some time not be unsuccessful if it is not finished in its limited time frame. Here we may predict the time required to complete the various task of the entire project. (Ahmad, & Alam, M. S. (2018))
In conclusion, Careful reviews of any proposal are essential before its design and development phase. The official agreement may lead the process for actual implementations of the method. It may be crucial, and many projects may be incomplete due to lack of feasibility study in its implementation phase. This study also measures the impact on the business organization, help to meet user demands, and proper utilization available resources.
No 2
According to Heldman, K. (2018). A stakeholder is someone that is involved directly or indirectly in a projector has an invested interest in its success or failure. Determining the type of stakeholders in any project is very important, and the process begins by developing healthy relationships. It helps to decide on issues from the beginning, during the planning and at the execution of the project. Therefore, stakeholders should understand how the project functions, including the project scope, goals and objectives.
Project leader – the head of the project; defines, plans, controls, and leads the project. Owners will want a return on the investment in the project, so they have a role in the critical investment decisions. They may not be the sponsor but will have to ultimate say on I the project proceeds. Communication and keeping the owners onside is essential to any project. This will be especially true at gate decision points. (Heldman, K. (2018).
Project team members – The project team doing the work are the primary stakeholders in any project. They have to understand why the plan is essential. And why they should commit to the project delivery. Without this, they are unlikely to be motivated to deliver the project. So it’s necessary that the PM communicates the overall vision for the project,( Kerzner, H. (2018)
Sponsor – the person with formal authority who is ultimately responsible for completion of the project, He or she oversees the project, acts as a liaison between the upper management team and the project leader; provides authority, guidance, and maintains project priority. (Kerzner, H. (2018)
Project customer – An individual or group of peoples who need and require to drive the project; receives the final products that the project produces; provides product requirements and funding. Ultimately customers will influence the entire success of the project. ( Kerzner, H. (2018). If the customers are not happy with the outcome, then they are unlikely to use the facility and take their custom elsewhere. So, in this case, it’s important to make sure we fully understand the customer needs.
Functional managers –Functional manager provide company policy, resources, particularly people who are involved in the project.H e or she provides regulations that set the legal standards against which the project has to be delivered. So, for example, they may set planning of environmental protection constraints. Because they are statutory rules, then these must be understood and followed by the project team. (Heldman, K. (2018).
No 3
Project appraisal is a generic term that refers to the process of assessing, in a structured way, the case for proceeding with a project or proposal. It often involves comparing various options, using economic appraisal or some other decision analysis technique. (Meredith, J. R. (2018).The following are the importance of project appraisal.
Appraisal justifies spending money on a project.
Appraisal asks fundamental questions about whether funding is required and whether a project offers excellent value for money. It can give confidence that public money is being put to good use, and help identify other funding to support a project. Getting it right may help a partnership make its resources go further in meeting local need. (Turner, J. R. (2018).
The appraisal is a valuable decision-making tool.
Appraisal involves the comprehensive analysis of a wide range of data, judgments, and assumptions, all of which need adequate evidence. Turner, J. R. (2018). This helps ensure that projects selected for funding:
Will help a partnership achieve its objectives for its area?
Involve local people and take proper account of the needs of people from ethnic minorities and other minority groups.
Have sensible ways of managing risk
Project appraisal helps a partnership’s management too;
Be consistent and objective in choosing projects. (Meredith, J. R. (2018).
Make sure its programmed benefits all sections of the community, including those from ethnic groups who have been left out in the past
Provide documentation to meet financial and audit requirements and to explain decisions to local people.
Appraisal lays the foundations for delivery
.Appraisal helps ensure that projects will be adequately managed, by providing appropriate financial and monitoring systems are in place, that there are contingency plans to deal with risks and setting milestones against which progress can be judged. Turner, J. R. (2018)
Conclusion.
The successful implementation of the project lies in the effectiveness of the project plan, management, and appraisal. Project implementation is based on the anticipated goals and objectives of the project planning to be made. (Meredith, J. R. (2018). The project plan is the blueprint of the project while the appraisal is the dry run. Before the implementation of the program, a project appraisal helps partnerships choose the best projects to help them achieve what they want for their neighborhood. Emphasis should be placed on the importance of developing an ‘appraisal culture’ which involves developing the right system for local circumstances and ensuring that everyone involved recognizes the value of project appraisal and has the knowledge and skills necessary to play their part in it.
References.
Aarseth, W., Ahola, T., Aaltonen, K., Økland, A., & Andersen, B. (2017). Project sustainability strategies: A systematic literature review. International Journal of Project Management, 35(6), 1071-1083.
Ahmad, F., & Alam, M. S. (2018). Economic and ecological aspects for microgrids deployment in India. Sustainable cities and society.
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John Wiley & Sons.
Turner, J. R. (2018). The management of the project-based organization: A personal reflection.
Zwikael, O., Chih, Y. Y., & Meredith, J. R. (2018). Project benefit management: Setting useful target benefits. International Journal of Project Management, 36(4), 650-658.