Within the field of technical writing, technical writers are assigned to create a wide range of documents, from white papers to business plans, user manuals, and so much more. Today we will discuss another type of document technical writers often create called feasibility studies. In this post, we will have a brief discussion on what feasibility studies are and the value it brings to any business.
What are feasibility studies?
A feasibility study is an in-depth document that describes how well you will succeed or fail at a new business plan or project. It is an analysis done for the practical proposal to find out your business plan or project. Depending on the type of business venture you pursue a feasibility study may include the following key information:
- Technology – Technological resources are very much needed for your project. It determines if your organization meets the requirements. Research and discuss with your team the technological resources that you may need to advance your project if it is needed.
- Constraints – Identify what challenges your organization may face when executing your plan. Develop ideas and different methods and plans with your team to find alternate ways to face the challenges that your organization may have.
- Legality – Organizations will have to ensure business plans and projects are compliant with the laws and regulations within their respective industries.
- Finances – Businesses will need to assess and take into consideration the cost of completing a proposed business plan or project. When looking through your business finances, make sure to look through your other business ventures from previous and present plans. Plan your finances accordingly and with your company’s business plan or project.
- Schedule – Organize your time with a schedule. Incorporate a timeframe to assess how long a project will take. Also, have plans if operations do not go as planned. We recommend researching a typical timeframe for the project that you are planning. From there you can plan with the research and yown knowledge of how your business executes its plans to create the ideal timeframe you would need for the plan to be executed.
- Methodology – The course of action needed to complete the plan or project. Study, research, and develop your plan to create strategic methods for your objectives.
- Solutions/Recommendations – This section will aid in the decision process and determine what is best for the company and its objectives. This may include listing the best solutions or recommendations for the problem. There may be a recommendation not to pursue a business venture because it offers no value to the company.
The Value of a Feasibility Study
Feasibility studies are important because they break down the logistics of a project. This will work before an organization fully commits to it. As a result, businesses save a lot of time, money, and resources if they decide to pursue it or not. Furthermore, it helps businesses assess any problems to figure out a course of action to be successful.
A feasibility study is an essential concise technical document all organizations need to determine whether their business venture is worth pursuing. With a feasibility study, the decision-making process is easier than ever, and most important to gain insight into what your business would like to invest in to create more successful investments.
How Can EDC Help?
If you are looking to develop feasibility studies that detail the logistics of any technology, product, or service, EDC has professional technical writers that can make high-quality technical documents to reduce the risk of failure and help you with the opportunities that fit your business and operational needs. Our professionals will work with your company step by step in the process to ensure that the business venture that your company wants to pursue will be successful or a failed plan.
Whether you need a team of consultants to produce a complete line of documentation or a single technical writer for a brief project, Essential Data’s Engagement Manager will lead the project from start to finish. At Essential Data Corporation, the quality of our work is guaranteed. Contact us today to get started. (800) 221-0093 or email@example.com
Written by Kimberly Jones