During the creation of a Business Case for your project, you may decide that you need to undertake a Feasibility Study to determine the likelihood of the alternative solutions actually meeting the customer’s requirements. A Feasibility Study adds depth to a Business Case by researching the business problem in more detail, identifying the requirements for a solution, and determining whether the alternative solutions are likely to meet the requirements stated. The steps involved in undertaking a Feasibility Study are shown in the following diagram:
You should always start a Feasibility Study by researching the business problem or opportunity that the project addresses. You should then document the customer’s requirements for a solution and complete a Feasibility Assessment to measure the likelihood of each alternative solution actually meeting those requirements. By ranking the results of the Feasibility Study, you can then recommend a preferred solution for implementation, based on the overall feasibility rating.
Although you may conduct a Feasibility Study exercise before, during or after you complete the Business Case for your project, it is usual to complete it as part of the Business Case process to add rigor to the alternative solutions identified. Once the Feasibility Study is complete, it is presented to an identified Project Sponsor for approval.