Conducting a Thorough Feasibility Study
Imagine that you've just come up with an idea for a new project. You believe that it will save your organization time and money, and, full of enthusiasm, you pitch it to your manager.
However, she has some questions. She wants to know if your project is commercially viable, whether it's compatible with the technology that your team uses, and how it could affect on-going work.
To prepare for questions like these, you could use the TELOS framework – a five-step process that guides you through key aspects of a feasibility study.
In this article, we'll look at how you can use TELOS to assess the viability of a project or idea.
About the Model
James A. Hall set out the TELOS framework in his 2007 book, "Accounting Information Systems," and he explained how you can use it as the basis of a feasibility study.
By using it, you can improve the "design" of a project to make it more successful, and you can spot projects that are fundamentally flawed, before you've invested time and effort in them.
TELOS is an acronym for five key areas that you need to explore as part of your study:
The TELOS framework is often used in project management to test the viability of an idea, but you can also use it more generally to analyze whether a proposed project idea is sound.
Applying the Model
Follow the steps below to apply the TELOS framework to a proposed project.
Your first step is to look at the technological requirements of your planned project, and examine how technology will affect its success. Think about these questions:...