New Tools for Project Management Feasibility Studies
Method123.com, specialists in project management, today announced the release of a suite of new feasibility study tools for project management.
(PRWEB) September 11, 2008 -- The tools allow project managers to complete a feasibility study early in the project life cycle. The project management templates released help a project manager to determine whether the solution that their project must deliver, is feasible.
A number of factors are taken into account when determining the level of feasibility of a proposed solution, including whether or not the project team have sufficient staff, equipment, time and money to deliver on time and within budget.
"When investigating the feasibility process, we found that most of our customers took the same steps for each project they run" says Craig Nicholson, Technical Director for Method123 Project Management Methodology. "They first listed all of the alternative solutions that the project might deliver, to meet the goals set. They then performed a detailed analysis exercise to determine the level of feasibility of each solution stated. A preferred solution was then chosen and put to the project board for approval."
"We also found that a common trend among projects that failed was that the team had not completed a detailed feasibility study at the outset. So they set out to build a solution that was always destined to consume more hours and money than that budgeted. If they had completed a feasibility study before they begun the detailed planning phase, then they would have realized that additional resource, time and money would be required and they would have gone back to the project board with that feedback. Whereas project managers that completed comprehensive feasibility studies upfront had a much greater chance of spotting issues early on. They then had the time to obtain the people and funding needed to complete the project within the timeframe set."
The Feasibility Study Template comes pre-populated with a table of contents, charts, tables and practical examples to help a Project Manager complete it quickly and efficiently. It saves them time and effort, which are two valuable commodities on a project with tight deadlines.
Method123 also plan to release online project management software which contains features for monitoring and controlling the feasibility of a project. This software would provide the user with a digital dashboard showing graphically, the level of feasibility of the solution.
With customers in every country on the planet, Method123 plan to improve project management success around the globe with the release of their latest Feasibility Study template for project managers and teams.
For more information regarding project management templates see Method123.com
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