Feasibility Phase
Definition:
The Feasibility Phase of a project is where you establish if the proposed project is feasible from a technical, schedule as well as budgetary perspective.
Project Manager Usage Context
Often used as a nimble way of getting the project off the ground without having to commit to providing a solution or asking the project sponsor to commit to large budgets.
E.g. “We estimate the project may cost by cost up-to $750k however there is some uncertainty if vendors can actually meet all the requirements and associated costs”
…”Let’s get a Feasibility phase funded so we can perform an Request for Proposal and firm up both what is technical possible and what it will cost”
Comments / Tips
To make them worthwhile, the Feasibility Phase of your project should ideally only cost a fraction of what the overall estimated project costs are likely to be.
E.g. It would be a very tough sell to request a feasibility phase that will cost $25k on an overall estimated project cost of $50k.
