Feasibility studies help your understand a projects requirements better. Realize more realistic basis for cost and schedule estimates. The studies also give you a chance to try something creative with out having the entire project resting on the outcomes. Projects doomed to fail can be cancelled early in development. Feasibility studies are quick and easy when you don’t have the time or money.
Studying and trying out ideas through a feasibility study before committing to a cost and schedule can reduce project risk. Possible questions to answer to measure risk are: What would happen if we…..? and Would it be possible to…?
Feasibility Studies is one option to help you minimize risk from the beginning. Feasibility studies seek to asses if an approach or a tool can solve a customer problem within a realistic cost and time. Start by defining the requirements. Next determine if a business case to use the approach can be made if the feasibility study yields positive results based on need and strategic alignment.
Create a procedure that allows you to test utility of the approach or tool you are considering. Establish measurement criteria and a comparable baseline measure. Also create a schedule with milestones to know how you are progressing. Keep good documentation of the process and any problems that may arise. Consider the scalability of things as they grow and get more complex.