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A feasibility study typically is the response to some client-identified problem or opportunity. It reveals what is required to build a solid business case, allowing management to make an informed decision about funding or canceling the project. "To be, or not to be?" is the primary question a feasibility study answers.
This primary question can be decomposed in three supporting questions: What is this project all about? Should we do this project? How should we go about this project?
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One primary reason for project restarts, or outright failure, is the lack of a project mission, which at this early point means a careful analysis of the problems or opportunities and their possible impact on the organization. Team members, customers, and other stakeholders need a good understanding of the project"s fundamental components - goals, objectives,scope,problem statement, constraints, and vision.
A good test of whether or not a project is understood is to walk around and ask various participants what they think it"s all about. A crisp, business-oriented, non-technical answer usually means the project"s groundwork is well established. The answer could be what we refer to as a project objective statement: a short, concise, high-level summary of the project
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