Before starting a project, management must ensure that the project is viable. Managers have two methods at their disposal for performing this assessment: high-level requirements analysis and feasibility studies. Using the right method increases the organization's chances of making the right go/no-go decision.
Relying exclusively on feasibility studies to determine project viability can place an unnecessary burden on the enterprise. This tool will help companies determine:
- When to use a feasibility study versus performing high-level requirements analysis to assess project viability.
- When neither a feasibility study nor a high-level requirements analysis is required.
Instead of using a feasibility study to justify every project, managers should use a strategy and planning tool to help them choose the best approach for evaluating project viability.