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Feasibility Analysis

No project should be undertaken without detailed cost estimates and scope controls.  Even if a project is already underway, feasibility analysis can determine likely outcomes well ahead of time, giving stakeholders room to make good decisions.  The following is a brief outline of the feasibility process.

Constraints:

There are four constraints to project success:

  1. Cost
  2. Quality
  3. Time
  4. Scope

One can control three of the four.  The fourth variable is independent.  Furthermore, each variable must be evaluated separately and collectively to determine The right strategy for a project. 

Cost-Effectiveness:

Cost-effectiveness analysis can include the following:

  • Estimate direct costs, such as contractors and software and indirect costs, such as staff time, training and long-term overhead
  • Analyze and quantify hard benefits such as increasing sales, saving person-hours, and soft benefits such as improving morale
  • Evaluate the impact on existing systems and business processes.

Risk Analysis:

Project success depends on meeting the following requirements:

  • Project Manager / user / team experience; technical knowledge
  • Appropriate project methodology
  • Good estimate of cost and schedule; realistic expectations
  • Strong project management procedures
  • Thorough Requirements Definition
  • Methods for learning new technologies
  • Contingency plans

Complexity Analysis:

Evaluate task estimates as the product of complexity multiplied by the experience and job knowledge of participants.

Return on Investment (ROI):

Calculate ROI over the proposed system’s life cycle. Factor in costs, savings, strategic advantage and uncertainties. 

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Copyright © David H. Gleason, 1998-2009.  11.12.09