Why Choose this Training Course?
Only one in fifty business ideas are commercially viable, so a great deal of time and money can be saved separating winners from losers. A Feasibility Study provides an expert approach to assessing the likely success of any new business venture – from a major project to the launch of a whole new business. By understanding the technical, commercial, financial and organizational viability of your idea you can eliminate non-starters before they eat up valuable resources. On top of that, you can enhance the likelihood of success of worthwhile projects and the value they deliver to your organization through greater insight into the challenges, risks and opportunities you will face.
This training course will feature:
- The key concepts and benefits of a Feasibility Study
- A step-by-step approach to describing a business idea and assessing its feasibility
- Creating a Feasibility Study report
- Assessing the risks and challenges facing new projects
- Winning support for a new business idea from key stakeholders
What are the Goals?
By the end of this training course, participants will be able to:
- Appreciate the essential role played by Feasibility Studies
- Confidently apply a methodical approach to conducting Feasibility Analysis
- Assess Technical, Commercial, Organizational and Financial feasibility
- Engage and involve key stakeholders to create ownership for new business ideas
- Create and ‘pitch’ comprehensive and engaging Feasibility Studies to senior stakeholders to enable effective business decisions
Who is this Training Course for?
This AZTech training course will benefit anyone who might need to take part in a Feasibility Study, including people responsible for leading or delivering substantial projects, such as the development and launch of new products, new services, new IT systems or large pieces of infrastructure. This training course is suitable for those relatively new to the discipline as well as to more seasoned managers who may need to review Feasibility Studies before helping to make important investment decisions and will also benefit:
- Project Managers
- Project Planners
- Managers responsible for launching new products and services
- Senior operations managers
- People launching new business ventures
How will this Training Course be Presented?
This AZTech training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This training course focuses strongly on interactivity and practical exercises. Short presentations are combined with extensive discussions, relevant videos, team activities and case study exercises. Examples from the delegates own organizations are used to bring training to life and to ground it in reality. An opportunity for teams to pitch brand-new business ideas invariably proves to be the highlight of this hands-on course.
The Course Content
Day One: Introduction to Feasibility Studies
- Introduction and course purpose
- What are feasibility studies and why are they important?
- Feasibility studies: definitions, principles and concepts
- Feasibility Study Components and Process
- Technical Feasibility
- Commercial Feasibility
Day Two: Organizational and Financial Feasibility
- Organizational Feasibility – people, competence and resources
- Financial Feasibility – costs, return on investment
- Cost classification and estimation
- Non-Discounting Methods and Discounting Methods
- The Financial Plan
- Tangible and intangible costs and benefits
Day Three: Project Options and Risk Assessment
- Project requirements
- Performing an Options Analysis
- Option Generation and Selection
- Risk Management process and application
- Estimating Risk and Quantitative Risk Analysis
- Risk Response Planning
Day Four: Gaining Buy-In to Business Options
- Identifying and managing key stakeholders
- Determining the most feasible option
- Project Planning
- Critical Path Analysis
- Components of a Feasibility Report
- Preparing to pitch your business idea - facing ‘The Dragon’s Den’
Day Five: Presenting a Business Idea
- Developing the Feasibility Report
- The characteristics of engaging communication
- Multiple Intelligences
- The Learning Cycle
- Pitching a Business Idea
- Lessons Learned and Personal Action Plan
- AZTech Certificate of Completion for delegates who attend and complete the training course
- The applicable PMI Professional Development Units/Contact Hours will be reflected in the Certificate of Completion
AZTech as an R.E.P. has been approved by PMI to issue applicable Professional Development Units (PDUs) for its Project Management training courses. PMI allows credential holders to apply PDUs to the maintenance of their credentials where one contact hour of training is equivalent to one PDU.
The PMI Registered Education Provider logo and PMI are registered marks of the Project Management Institute, Inc.