Concept & Feasibility – when most value gets added to projects.
The Feasibility, or Concept, stage of the project life cycle is the first development stage undertaken after determining the reasons and benefits for undertaking a project.
This usually consists of a study, where an Initial Project Definition is developed in outline, demonstrating that the project is feasible, and identifying how the project should be structured in order to deliver the benefits expected of it.
8 good reasons for undertaking a Concept Study before implementing a project. It will:
- Be the opportunity to consider all options for achieving the project’s objectives.
- Develop consistently, alternative scopes and options for the project before determining the Best Value solution to proceed with.
- Have only committed a relatively small amount of money to understand the project and its chances of success, before committing larger sums of money associated with project implementation.
- Identify the most significant risks facing the project, should it proceed to implementation.
- Test the identified project scope and definition against the reasons for undertaking the project.
- Be the time of the project where most value can be added, through the creativity and experience of those involved, where ideas can be considered and tested in a safe environment.
- Test the sponsor’s level of commitment and enthusiasm to see the project through, when the resulting conclusions and recommendations are presented.
By following recognised Best Practice in project management, research has demonstrated that project pre-planning activity, when carried out properly, is the biggest factor determining success for a project.
The last point is IMPORTANT!
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