{"id":67012,"date":"2023-06-29T12:13:25","date_gmt":"2023-06-29T17:13:25","guid":{"rendered":"https:\/\/www.projectmanager.com\/?post_type=templates&p=67012"},"modified":"2026-01-29T16:46:50","modified_gmt":"2026-01-29T22:46:50","slug":"feasibility-study-template","status":"publish","type":"templates","link":"https:\/\/www.projectmanager.com\/templates\/feasibility-study-template","title":{"rendered":"Feasibility Study Template"},"content":{"rendered":"

Before you can approve a proposed project, you must know if it\u2019s feasible. That means conducting a thorough feasibility study<\/a> to consider all the critical aspects of the proposed project to determine if it’ll succeed.<\/p>\n

Download our free feasibility study template for Word and find out if the project you’re contemplating will give you a return on your investment and can be completed successfully with the money and time you have to do it.<\/p>\n

Why Do You Need a Feasibility Study Template?<\/h2>\n

A feasibility study allows project managers to see the logistical, financial and market challenges of a proposed project. Using a feasibility study template means that all those critical areas are already outlined, and the documentation<\/a> is consistent from project to project.<\/p>\n

A feasibility study template enables project managers to make essential decisions, such as estimating the funds required to fulfill the project. This will determine if the price is something they can recoup or if it\u2019s going to lose money for the organization, meaning it’s not worthwhile.<\/p>\n

Another important aspect of the feasibility study template is that it gauges the potential business of the project and whether that business will result in a return on the initial investment. This includes looking at the marketing the project will enter and whether there\u2019s room for the product or service, considering consumer needs and competition. You’ll test both the marketplace and consumers to see if your service or product fills a need. This feasibility study template for Word allows you to identify if people want what you\u2019ll make, or if the available product or service is lacking.<\/p>\n

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ProjectManager’s free feasibility study template for Word.<\/figcaption><\/figure>\n

If there’s a product or service offered by competitors, the feasibility study template outlines who those competitors are and provides a profile to show where you can take advantage of their weaknesses or lack of market penetration. Continuing with consumers, the feasibility study template can also help you determine what price is acceptable for your project deliverable and your potential market share.<\/p>\n

Software turns a feasibility study into a real project<\/h3>\n

If you decide to approve the project, then you\u2019ll need project management software to plan, manage and track it. ProjectManager<\/a> is award-winning project management software that has the tools you\u2019ll need to organize tasks, make a schedule and manage your resources to deliver the project on time and within budget. Our Gantt charts link all four types of dependent tasks, filter for the critical path and allow you to set a baseline to capture your plan. Now you can compare the planned effort against your actual effort in real time to help you stay on track. Get started with ProjectManager today for free.<\/p>\n

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ProjectManager\u2019s Gantt charts take your feasibility study and turn it into a viable project plan. Learn more<\/a><\/figcaption><\/figure>\n

When to Use a Feasibility Study Template<\/h2>\n

You might’ve heard that there\u2019s no point in doing a feasibility study after a project\u2019s been approved, but that isn’t always true. It\u2019s always better to know information than have questions regarding the project. However, the point of a feasibility study is to determine whether you should do the project.<\/p>\n

That\u2019s why a feasibility study is done before the project, whether that\u2019s bidding or proposing a project<\/a>, launching a new business, or adding a new product line. In fact, a feasibility study is a great tool to apply before any major business move, even acquiring a rival company.<\/p>\n

Since a feasibility study analyzes the potential success of a project, it’s carried out in the earliest stages of assessing project viability. It does this by researching the expected costs and project benefits that the proposed project will provide to the organization. The feasibility study template, therefore, is used during this pre-project overview<\/a>, before any commitment is made.<\/p>\n

Who Should Use This Feasibility Study Template?<\/h2>\n

The feasibility study template can be filled out by any number of people, but it\u2019s advisable to choose a professional or consultant who’s not part of the proposed project. You don\u2019t want someone who’s financially or personally involved in the project to make an impartial study. Even if they could, there will always be the appearance of impropriety.<\/p>\n

Of course, you\u2019ll want someone qualified to make an insightful analysis of the proposed project. They should have subject matter expertise that aligns with the project. Academic credentials work as do professional certifications<\/a> and experience, as long as they\u2019re relevant to the proposed project.<\/p>\n

It’s also customary to have someone from your team use this document. In fact, for the early investigation, it’s not unusual to do the feasibility study in-house, but you\u2019ll want to balance that opinion with a trusted professional or consultant who understands the proposed project and the context in which it\u2019s being executed.<\/p>\n

How to Use This Feasibility Study Template<\/h2>\n

First, download our free feasibility study template for Word. You\u2019ll find a customizable Word document that’s formatted to capture all the data you\u2019ll need to make a thorough feasibility study. If you want to add more information just copy one of the boxes and change the type to reflect what you want to cover. Here\u2019s what we\u2019ve included.<\/p>\n