PROTAX Feasibility Study? It's Easy If You Do It Smart

PROTAX Feasibility Study of a project is an inherent element of all of them. It does not matter what type of project it is, whether it is a software initiative, an educational project, or a construction one. Analyzing the PROTAX Feasibility Study of a project is more important than planning, and to conclude, it is essential to carry out a complete investigation.

What is the Feasibility study of a project?

The feasibility of a project is its ability to finish satisfactorily, delivering the expected results with the initiative. Analyzing this quality before the planning stage serves as a guide to drive decision-making from a comprehensive understanding of the project parameters. The objectives to be achieved, and the risk factors.

How to know if a project is viable or not?

A PROTAX feasibility study makes it possible to find out if the initiative is feasible or not. For this, different perspectives are analyzed, such as technical, economic, or legal. The conclusions of this research make it possible to check whether or not the investment is worth it.

Although each project differs in its objectives, needs, and scope, there are aspects common to all regarding internal and external factors that are decisive for its success. Some of them are the leaders of the project, the availability of resources, the existing infrastructure, the public demand, and the regulations, which will affect the health of the project and in the long term and, therefore, its viability.

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Feasibility Study

How to do a study of a project: structure of the analysis

For the PROTAX feasibility study of a project to be practical, it must have at least the following six parts:

Scope of the project:

It helps define the limits and avoid deviations that deviate from the expected results.

Situation analysis:

Serves to identify the strengths and weaknesses of the current approach.

Definition of requirements:

This stage depends on the object of the project’s attention and is nourished by the joint participation of project members at different levels.

Determination of the approach:

Which represents the recommended solution or optimal course of action that will conclude in the satisfaction of needs.

Project Feasibility Assessment:

Examines the cost-effectiveness of the selected approach.

Review of the feasibility study of a project:

All the above elements are assembled in a feasibility study that must undergo a formal review in which all the parties involved participate.

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This test has two purposes:

Remember that the feasibility study PROTAX of a project is more of a way of thinking than a bureaucratic process. To increase its usability, it must contain sufficient details to allow the continuation of the next successive phase in the project, facilitating the application of comparative analysis in preparing the final project audit that evaluates what is delivered, compared to what was proposed in the feasibility study.

Reasons To Carry Out the Feasibility Study PROTAX Of A Project

In addition to the commonsense approach that a project feasibility study brings to project planning, many other reasons drive companies to commit to its development. Conducting such a study is a good business practice, consider analysis to understand the system better, and its application can be seen in all successful businesses. The organizations with the lowest levels of project failure have in common.

They have dedicated the time and resources necessary to thoroughly examine all the issues and assess their probability of success before starting the next project by using the financial consulting service to make your successful.

In addition to minimizing risk, the feasibility study helps you:

Identify limitations, restrictions, and assumptions.
Spot the opportunities.
Analyze the current mode of operation of the organization.
Define the requirements that make up the project.
Evaluate the different alternatives.
Reach an agreement on the course of action.
It refers to the purpose and is used to define the company’s problem that needs to be solved or the business opportunity that you want to take advantage of.
You must define the scope of application clearly, concisely and precisely, to avoid confusing the project participants.
Feasibility Study has to report on the structure and parts of the company, including the designation of the participants in the project, the identification of the promoter, and the areas of the end-users affected by it.
Focus on the project itself and get a complete perspective on the various alternatives.
Discover new business alternatives or ways to optimize results.
Identify opportunities to innovate, through the research process.
Detect the signs that warn that it is better not to continue and the reasons that justify this caution.
Increase the probability of success by discovering the different factors that, from the beginning, could affect the project and harm its results.
Have quality information to carry out decision-making based on objective and reliable data.
Have complete documentation, the result of in-depth research that the company has carried out in different areas.
Ensure the financing of credit institutions and other monetary sources.
Helps attract capital investment, one of the most applauded benefits of a project feasibility study.
It facilitates the introduction of changes in the areas where they required.
Allows defining guidelines applicable to future projects, assuming considerable savings in time and money.
It should use as a roadmap and not as a call to action, so its conclusions must frame in planning and not taken as priorities to resolve immediately.
It is essential to assess the different alternative solutions to each problem.
The suitability of the use of existing structures and alternatives raised.
Priorities established based on their pragmatism and feasibility.
It begins with an analysis of the total estimated cost of the project.
The cost of alternatives other than the recommended solution is also calculated to provide an economic comparison.
It should complete with a project schedule. That shows the project path and the start and end dates of the activities together.
It culminates with the calculation of the total cost, an essential aspect of determining the viability of a project.
This calculation must add a summary of the costs and an evaluation based on a cost-benefit analysis and the profitability of the investment.
Justify the rigor and precision of the feasibility study.
Make a decision about the project, approve it, reject it, or request a review of it or any of its aspects.
It helps to better understand the system and understand the development mechanisms of each deliverable.

The PROTAX Feasibility Study of how to do a project feasibility study which should provide, at least, visibility at the technical level, to answer questions about resources or availability. It also has to resolve financial doubts, clarifying the long-term income-generating potential of the project. In a complementary way, additional analyzes can implement that take into account environmental, compliance, political or cultural issues, among others.

This analysis will allow us to obtain knowledge to determine if the project will bring the benefits expected from it. It is not a simple bureaucratic formality but a necessary tool for strategic decision-making