PLC in PM
PLC in PM
PLC in PM
Life cycle
PRESENTED BY
A.SAI DEEKSHITH – (20331A0311)
A.HEMANTH – (20331A0306)
What is project feasibility?
A feasibility study presents the pros and cons of a project so managers and stakeholders are aware of the project's
potential problems before its implementation.
The study may save the company money and time by first confirming that the project is worthwhile and can likely
reach a successful conclusion.
Feasibility studies answer questions about the availability of resources, the tools teams need to complete the project
and the project's return on investment (ROI).
Feasibility studies also help project managers and stakeholders: Understand all aspects of the project feasibility Find
potential problems during the project's implementation Determine the viability of the project Define alternative
solutions to obstacles Enhance project success by analyzing data from multiple sources
There are five types of feasibility:
Technical feasibility: This focuses on the project's technical needs and determines how a company can meet
those needs.
Economic feasibility: This refers to cost and provides detailed information about project spending, expected
revenue, projected profits and the company's return on investment. It outlines the financial benefits of the
project to determine its worth.
Legal feasibility: This addresses the legal requirements of the project, such as permits or licenses. The
feasibility study defines legal requirements and confirms whether compliance with legal requirements will
benefit the company overall.
Operational: Operational aspects of the feasibility study include references to how the organization will adapt
to the project and how the project serves the organization's goals and mission.
Scheduling: This sets the timeline for the project and expectations for milestones or goals. It addresses time
constraints and strategies to overcome delays.
Tips for determining project feasibility
Get feedback
Before presenting your feasibility study to decision-makers or stakeholders, ask for feedback from other departments and
team members. Check your budget calculations with the accounting department and confirm sales projections with the
sales department for accuracy and to identify overlooked issues. Ask team members about tools or resources they'll need to
perform their jobs better and determine if there's room in the budget or if there's an alternative solution.
Confirm data quality
Review your data and its sources to confirm data quality. Ensure your calculations are accurate and provide data that
supports your findings. Consider reexamining documents and statements to help ensure the information is complete. You
might also send surveys or conduct focus groups with interested participants who can provide valuable answers.
Create a contingency plan
Since not all projects meet feasibility requirements or there may be a future concern, it's a good idea to have a contingency
plan. A contingency plan focuses on how to overcome obstacles to move the project forward or mitigate problems. For
example, a contingency plan might provide solutions to potential delivery delays, such as initiating a second delivery
service.
Project Life Cycle
1. Initiation
2. Planning
3. Execution
4. Monitoring and control
5. Closing
1.Initiation Phase
Project Initiation is the first phase and its very important to meet
successful business needs from a project.
Project initiation phase determines the project idea, Business
case, Nature ,Goals, Scope, Feasible Study, Risks, Success
Criteria, Stakeholders and Financial Analysis.
2.Planning Phase
Every project required a detailed plan for its execution and to guide
the project team. The Planning Phase covers methodology, Tasks,
Scheduled, Budget, Resources, Quality, Risks, communication plan.
Time, Cost and Resources are Main Focused Elements in Project
Planning.
3.Execution Phase
The Results are analyzed and the learnings are summaried for future projects.
Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.
Alternative Proxies: