Feasibility analysis is the process of confirming that a strategy, plan or design is possible and makes sense. This can be used to validate assumptions, constraints, decisions, approaches and business cases. The following are common types of feasibility analysis.
Validating that a goal is possible within your financial constraints. For example, a construction project that uses reference class forecasting as a sanity check for project budget.Validating that a goal is possible with time constraints. For example, a fashion label discovers a trendy new fashion accessory at a fashion week. They do a feasibility check to see if they can produce and distribute the item in time for the Spring/Summer season.
Validating that a given technology can support requirements or that a goal is technically possible. For example, an ecommerce project confirms that a partner's API can support a list of requirements for an integration project.
MarketResearch to estimate the probability that a product, service or customer experience strategy will succeed in the market. This may include factors such as customer needs, perceptions, demand, positioning and competition.
Regulations & StandardsConfirming that a strategy complies with laws, regulations and standards.
OrganizationalLooking at the people side of change such as a strategy that requires a significant change to organizational culture.
OperationsThe feasibility of deploying and operating a project. For example, the costs and technical challenges associated with operating and maintaining a deep water offshore wind farm.
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