The best way to find out whether your project is feasible is to complete a Feasibility Study. This process helps you gain confidence that the solution you need to build can be implemented on time and under budget. Following are the most usable steps to produce feasibility report regarding any kind of project:

Step 1: Research the Business Drivers

In most cases, your project is being driven by a problem in the business. These problems are called “business drivers” and you need to have a clear understanding of what they are, as part of your Feasibility Study.

For instance, the business driver might be that an IT system is outdated and is causing customer complaints, or that two businesses need to merge because of an acquisition. Regardless of the business driver, you need to get to the bottom of it so you fully understand the reasons why the project has been kicked off.

Find out why the business driver is important to the business, and why it’s critical that the project delivers a solution to it within a specified timeframe. Then find out what the impact will be to the business, if the project slips.

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