Project Management Framework
Initiation - Feasibility Study

Definition

The feasibility study documents the analysis of a business problem, including the determination of whether it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented.

Why is this important?

Agency management must make a crucial decision during the early stages of an information technology (IT) investment: whether to seek resources to support full-scale development and implementation, or to suspend activities due to a lack of clear benefits (tangible, intangible, or both), and/or unacceptable risks. The feasibility study offers a structured, modular process for gathering the information needed support stakeholders in making this crucial decision and to support decision packages submitted to the Office of Financial Management (OFM). The Information Services Board (ISB) requires that feasibility studies be conducted for projects rated as Level 3 according to the Severity and Risk Matrices. See Risk Analysis.

Instructions

The required outline, instructions and Excel Cost Benefit Analysis forms for the ISB Feasibility Study are located at: isb.wa.gov/policies/portfolio/202G.htm