Assess a Project with a Feasibility Study

A mid-sized software company once embarked on an ambitious project to develop a new SaaS platform. The leadership team was excited, and they quickly assigned developers and resources to build the platform. However, six months into the project, they realized the market demand wasn’t as strong as anticipated, regulatory challenges delayed implementation, and they had underestimated the financial investment needed. The result? The project was scrapped, and thousands of dollars were lost in sunk costs.

Had they conducted a Feasibility Study before committing resources, they would have identified these risks early, adjusted their approach, or even decided against the project altogether—saving time, money, and effort.

With ezRACI’s Feasibility Study Gantt and RACI templates, organizations can conduct structured feasibility analyses, ensuring that projects are viable before committing resources.

What is a Feasibility Study?

A Feasibility Study is a structured evaluation conducted before launching a project to determine its viability. It examines the technical, financial, operational, and market feasibility to ensure the project is worth pursuing.

A well-prepared feasibility study prevents organizations from investing in projects that are not sustainable or profitable, mitigating risks and improving decision-making.

Benefits of a Structured Feasibility Study for Organizations

1. Risk Mitigation

• Identifies potential roadblocks before significant investment.

• Highlights regulatory, operational, and market challenges.

2. Financial Prudence

• Helps organizations assess whether the project is economically viable.

• Prevents resource wastage by providing cost-benefit analysis.

3. Strategic Decision-Making

• Ensures leadership makes data-driven decisions.

• Aligns the project with organizational goals and priorities.

4. Improves Stakeholder Confidence

• Demonstrates due diligence to investors, executives, and team members.

• Builds trust in the project’s success and sustainability.

Using ezRACI’s collaboration tools, teams can seamlessly gather input from cross-functional stakeholders and align on the feasibility of a project before committing resources.

Step-by-Step Guide on How to Write a Feasibility Study

Step 1: Define the Project and Objectives

• Clearly outline what the project aims to achieve.

• Example: Develop an AI-driven customer support chatbot to reduce response time by 40%.

• Use ezRACI’s Discussion Boards to gather input from key stakeholders.

Step 2: Conduct a Market Feasibility Analysis

• Research target audience, demand, and competition.

• Identify key differentiators that make the project unique.

• Example: Is there sufficient demand for an AI chatbot in the e-commerce industry?

• Use ezRACI’s built-in calendar to schedule research milestones and stakeholder reviews.

Step 3: Perform a Technical Feasibility Assessment

• Identify required technologies, tools, and infrastructure.

• Assess internal vs. external development capabilities.

• Example: Can the current IT team develop the chatbot, or do we need third-party vendors?

• Utilize ezRACI’s RACI template to assign roles for technical feasibility evaluation.

Step 4: Conduct a Financial Feasibility Study

• Estimate costs for development, implementation, and maintenance.

• Analyze potential revenue and return on investment (ROI).

• Example: How long will it take to break even on this investment?

• Visualize financial planning with ezRACI’s Gantt Chart to track budget allocations.

Step 5: Assess Operational Feasibility

• Determine if current teams, processes, and workflows can support the project.

• Identify training or staffing needs.

• Example: Does the support team have the expertise to manage an AI chatbot?

• Track training and onboarding tasks using ezRACI’s Kanban Boards.

Step 6: Identify Potential Risks and Mitigation Strategies

• List out financial, regulatory, and technical risks.

• Develop contingency plans.

• Example: What if the chatbot has low adoption rates? How can we pivot?

• Use ezRACI’s Audit Trail to log all risk assessments and stakeholder inputs.

Step 7: Prepare a Final Feasibility Study Report

• Summarize findings from all assessments.

• Include recommendations on whether to proceed, adjust, or cancel the project.

• Example: Based on market and financial feasibility, we recommend proceeding with limited scope in Phase 1.

• Use ezRACI’s real-time notifications to distribute the final report to stakeholders for review.

How ezRACI Helps Teams Conduct Successful Feasibility Studies

1. Built-in Calendars with MS Outlook & Gmail Integration

• Schedule feasibility study reviews, research deadlines, and decision checkpoints.

2. Discussion Boards Integrated with MS Teams & Slack

• Centralize communication and feedback from key stakeholders.

3. Real-Time Notifications for Workflow-Driven Events

• Keep stakeholders informed of feasibility study progress and approvals.

4. Task Lists & Scrum/Kanban Boards

• Assign and track feasibility study deliverables in an agile, transparent manner.

5. @Tags for Cross-Functional Collaboration

• Mention key stakeholders directly for faster decision-making.

6. Audit Trails and Dashboard Reporting

• Track changes in feasibility assessments and provide an executive-level view for program management.

7. Growing Library of RACI & Gantt Templates Across 12 Industry Sectors

• Access pre-built feasibility study templates tailored to various industries.

Conclusion

A Feasibility Study is the foundation of smart project management. Conducting thorough feasibility assessments before launching a project prevents costly mistakes, mitigates risks, and ensures financial viability.

With ezRACI’s Feasibility Study Gantt and RACI templates, organizations can conduct feasibility studies in a structured, collaborative, and efficient manner—ensuring data-driven decision-making and resource optimization.

Start using ezRACI today and take the guesswork out of project feasibility assessments!