If project goals are fuzzy, viability assessment boils down to harnessing information, identifying constraints, and managing risk. Key steps include:
- Clarify What You Can – Journey through the process of open discussions with the stakeholders in order to articulate, at least roughly and diversely, some core objectives.
- Specify Constraints and Understand What a Feasibility Assessment Entails – Understanding the budget, schedule, and resources available for achieving the project would allow for a better picture in terms of feasibility, even if goals change dynamically thereafter.
- Evaluate Possible Influence – Look whether or not the project fits to any business needs, market demand, or long-term value.
- Start Small & Adapt – Take a phased approach or do a pilot run to try these ideas before going all in with the project.
- Set Decision Points – Establish checkpoints where it will be appropriate to reassess whether to continue, pivot, or terminate the project as long as the viability is in doubt.
- Communicate Expectations with Stakeholders – Open communication with the stakeholders about any acknowledged risk and uncertainties will significantly reduce the potential of surprises.
If uncertainty remains too high and the risk of failure far outweighs the perceived advantages, it may be wise to abort or postpone until more certainty has been achieved.
