Unit 1 - Discussion Board 2

An evaluation of the practicability of a proposed technique or plan for a project is what is

meant by the term "feasibility analysis." In another words, analyzing a project's potential and

determining whether or not it is capable of being carried out successfully requires conducting a

feasibility analysis. The successful conclusion of a project is contingent on a great number of

important aspects, such as those pertaining to technology, finances, timetables, and legalities.

Before trying to invest time, effort, and money into a project, many project managers do a

feasibility study in order to determine the potential good and negative consequences of the

project (Dey, 2001). This analysis is also vital for finding and arranging the basic aspects that

make an organization operate, such as recognizing the logistical challenges and their solutions.

These details are what make up the organization, and without them, the organization would not

function properly. In addition to this, it generates outputs such as methods to market growth,

which in turn influence the choices that stakeholders make on organizational investments.

The accuracy of a feasibility study may be improved by following a set of best practices that

have been established. The following items are examples of excellent practices:

1. Identifying the requirements for conducting a feasibility study and deciding whether or

not this work will be done in-house or contracted out.

2. The level of expertise possessed by the provider who will be carrying out the feasibility

study, in addition to the utilization rate.

3. Make use of the analysis by means of a data foundation, and deliver status data outcomes

based on estimations.

4. The level of acceptability and effectiveness of feasibility analysis will change depending

on which organization is used to perform them.

 My opinion is that the review phase of a feasibility analysis is the most crucial part of any

project, not just the software development industry's but all industries'. It is essential to check

that everything is in excellent working order before beginning the implementation phase since

this is the phase in which everything comes together (Currie, Seaton, & Wesley, 2009). This

phase will establish whether or not there are any outstanding problems that need to be fixed. This

will cover any flaws or errors that may have occurred over the previous steps in the study of the

feasibility. This phase also helps with the identification of anything that may have been

overlooked at any stage throughout the feasibility study. This is an important part of the process

as this makes the project simpler to execute and ensures that everything goes according to plan.

References

Currie, R. R., Seaton, S., & Wesley, F. (2009). Determining stakeholders for feasibility

analysis. Annals of tourism research, 36(1), 41-63.

Dey, P. K. (2001). Integrated approach to project feasibility analysis: a case study. Impact

Assessment and Project Appraisal, 19(3), 235-245.