Preparation of

Feasibility
Study/Project
Proposal
GROUP 2:

Anavil F. Lemera
Renzo A. Martinez
April Dawn Hinola
Neffie Di G. Paranga
Maria Niechell Patricia Paez
WHY USE Feasibility is the possibility that it can be made, done or
achieved or is reasonable.
FEASIBILITY
STUDY? A feasibility study is an evaluation and analysis of the
potential of the proposed project which is based on
extensive investigation and research to give full comfort
to the decision makers.

A feasibility study aims to uncover the strengths and

weaknesses of a proposal and ultimately reduce the
risks associated and increase the prospects for success.
IN ITS SIMPLEST TERMS, FEASIBILITY STUDIES HELP
ANSWERS QUESTIONS FOR A PROJECT OR PROPOSAL
SUCH AS:

• Is it worth doing?
• Will it solve my problems?
• Can it be done?
• How will it change things?
• Will people like it?
QUALITIES OF A
FEASIBILITY STUDY
HOW TECHNOLOGY HELPS TEACHERS
DO THEIR WORK

1. RELEVANT 2. ACCURATE
Is the focus on the right factors and What is the best way to perform
questions to be answered. Good outcomes the study that will give confidence
are achieved through active stakeholder in the validity of the results? There
engagement, building on sufficient analysis, may be differences of opinions as
having awareness of constraints and taking to whether one way is better than
all parties along the journey. another.
QUALITIES OF A
FEASIBILITY STUDY
HOW TECHNOLOGY HELPS TEACHERS
DO THEIR WORK

3. ROBUST 4. SCALABLE
In feasibility studies, not all the information is Is the study representative of the
always at hand. You have to work with final solution? Feasibility studies,
anecdotal evidence rather than facts and whether it is assessing technical
figures. Ensure that all parties are aware of compatibility or people’s will only
the constraints such as time, scope and data. apply to a sample or subset.
TYPES OF FEASIBILITY STUDY:

• Technical Feasibility: Consists in determining if your organization

has the technical resources and expertise to meet the project
requirements.

• Economic Feasibility: You’ll need to do an assessment of the

economic factors of your project to determine its financial
viability. You can use a cost-benefit analysis to compare its
financial costs against its projected benefits
TYPES OF FEASIBILITY STUDY:

• Legal Feasibility: Your project must meet legal requirements. That

includes laws and regulations that apply to all activities and
deliverables in your project scope.

• Operational Feasibility: Operational feasibility refers to how well

your project matches your organization’s capacity planning,
resources, strategic goals and business objectives.
TYPES OF FEASIBILITY STUDY:

• Time Feasibility: Estimate the time that will take to execute the
project and set deadlines. Then think how your project timeline fits
with your current operations, such as your demand planning,
production schedule, among many other things.
FEASIBILITY STUDY CHARACTERISTICS AND
BEST PRACTICES:
• Feasibility assessments don’t always green light or kill projects or ideas altogether. In most cases, a feasibility
study will provide a clear picture of your budgetary, scheduling, or logistical strengths, and allow you to adjust the
scope of your proposition so that it fits your abilities.
THESE STUDIES ALSO PROVIDE MANY OTHER BENEFITS INCLUDING:

• BRINGING TO LIGHT NEW OPPORTUNITIES THAT WEREN’T OBVIOUS FROM THE START
• IMPROVING THE FOCUS OF YOUR TEAM MEMBERS
• PROVIDING ANALYSIS INTO TEAM TRENDS AND CHARACTERISTICS
• ENHANCING THE SUCCESS RATE OF YOUR PROJECTS
• INCREASING INSIGHT FOR BETTER PROJECT DECISION MAKING
• CLARIFYING THE NEED FOR THE PROJECT
1. IS THIS PLAN TECHNICALLY FEASIBLE?

Starting off, this question will help you determine whether or not your
organization has the technical resources to successfully execute this project.

This includes evaluating all of the hardware, software, and other technical
assets you have at your disposal and whether or not they meet the
requirements of your new project.
2. IS THIS PLAN LEGAL?

Does your organization meet all of the requirements, laws, and regulations to
complete this project?
3. IS THIS PLAN OPERATIONALLY FEASIBLE?

Will this proposed project solve the problems you hope it will solve? Is
the solution reliable, maintainable, and affordable?
4. IS THIS PLAN FEASIBLE WITHIN A REASONABLE PERIOD OF TIME?
THIS IS ONE OF THE MOST IMPORTANT QUESTIONS: DO YOU HAVE THE
TIME TO COMPLETE THIS PROJECT?

It’s important that you establish a realistic project schedule for project
completion, otherwise, you’ll find yourself dropping the ball on
deadlines and quality for your deliverables.
5. IS THIS PLAN ECONOMICALLY FEASIBLE?

Finally, we reach the most obvious of the feasibility question.

This is where you will assess whether or not this project will provide the
supposed value needed to justify its cost. You can assess this area of feasibility
based on several different factors, including:
• Projected profitability
• The total cost of completion
• Estimated investment by outside parties
 HOW TO CONDUCT A FEASIBILITY STUDY
A feasibility analysis is an in-depth process to determine the factors that will lead a project to success or
failure. In the interest of simplicity, we have taken the liberty of breaking up this process into five steps.

1 2 3 4 5
STEP STEP STEP STEP STEP
CONDUCT A CREATE A PERFORM YOUR CALCULATE THE REVIEW YOUR
PRELIMINARY PROJECT SCOPE MARKET FINANCIAL COST RESEARCH AND
ANALYSIS OUTLINE RESEARCH PRESENT YOUR
FINDINGS TO THE
PROJECT
STAKEHOLDERS
STEP ONE:
CONDUCT A PRELIMINARY ANALYSIS
Performing a full-blown feasibility study is time- and resource-consuming, so
instead of jumping headfirst into this monstrous assessment, it’s important to
test the waters and conduct preliminary analysis. Consider this to be an eligibility
qualification before the feasibility study.
There are four key steps to performing a preliminary assessment:

1. Create an idea outline: Outline everything you hope to achieve by taking on this project and why this
project is important to your team, organization, or business.
2. Assess the market space for this project: Try to find examples of this type of project and whether or not
others have had success in execution.
3. Examine your competitive advantage: What will you do differently to ensure that your idea will
succeed, such as talent, location, technology, etc.
4. Determine the risks of the project: Risk management is a huge part of assessing the viability of any
project. Perform a risk assessment to outline anything that may pose a threat to your success.
STEP TWO:
CREATE A PROJECT SCOPE OUTLINE
Now that you have a rudimentary understanding of what you are getting yourself
into with this project, it’s time to create a scope outline.
This outline will detail the objectives of the project by using the five feasibility
questions that I explained earlier in this guide:

• Is this plan technically feasible?

• Is this plan legal?
• Is this plan operationally feasible?
• Is this plan feasible within a reasonable period of time?
• Is this plan economically feasible?
STEP THREE:
PERFORM YOUR MARKET RESEARCH
The term “market research” is used since it is the most common way of
describing this step, however, not all projects have to do with competing with
other businesses.

Some projects are about improving team performance, trying out a new
management method, or maybe in your case implementing new project
management software.
STEP THREE:
PERFORM YOUR MARKET RESEARCH
The five key benefits of market research are:

1. Identification of other market opportunities for your project (new customers,

additional uses, etc.) through focus groups, surveys, and potential client
interviews.
2. Insight into your competition including their products, services, marketing
choices, client base, etc.
3. Information on the market for your project including the size and needs of
your potential clients.
4. Conclusions on whether or not this project has succeeded in the past, what it
cost to complete, and what success looks like.
5. Insight on the best ways to execute a project, such as a timeframe, the
required personnel, and even management styles.
STEP FOUR:
CALCULATE THE FINANCIAL COST
No matter what kind of project you are proposing, many times it’s the financial
cost that sinks the feasibility.

All sorts of financial factors will go into determining the feasibility of a project
proposal, however, there are a few major considerations that you should keep in
mind when making these calculations:

1. Will your financial resources come from within your organization or from an
outside financier?
2. What is the financial cost of failure when executing your project?
3. Which risks will impose an undue financial burden on your project budget?
4. What is the break-even point for profit once your project is off the ground, if
applicable?
5. How much will you need to complete this project, including risks?
STEP FIVE:
PLAN BUSINESS ORGANIZATION AND OPERATIONS
Make sure your findings answer all five feasibility questions, and if each one is
answered in the affirmative, that’s everything you need to recommend the go-
ahead for this project.

However, if there are some concerns with certain aspects of feasibility, this
doesn’t mean you have to scrap the project altogether. Perhaps this is an
opportunity to reevaluate your approach, your budgets, or your endgame to
better suit your organization.
 FEASIBILITY REPORT

- A feasibility report studies a situation and a plan for doing something about it,
and then determines whether the plan is feasible – whether it is practical in terms of
current technology, economics, time frame, social needs and preferences. Not only it
indicate whether the idea is feasible, it also provides the data and the reasoning
behind that determination, conversely it might outline the reasons why the idea
cannot or should not be implemented or what obstacles must be overcome before the
idea can become feasible.
What is a project
proposal?
• A project proposal is a written document outlining everything
stakeholders should know about a project, including the
timeline, budget, objectives, and goals. Your project proposal
should summarize your project details and sell your idea so
stakeholders feel inclined to get involved in the initiative.

• The goal of your project proposal is to:

• Secure external funding
• Allocate company resources to your project
• Gain stakeholder buy-in
• Build momentum and excitement
 PROJECT PROPOSALS VS. PROJECT CHARTERS VS. BUSINESS CASES

Project proposals and project charters serve different purposes in the project creation process, and it’s important to
understand the difference between the two. While a project proposal takes place in the initiation phase of the project,
the project charter takes place in the planning phase.

As mentioned above, a project proposal is a persuasive document meant to convince stakeholders why the project
should be carried out. A project charter is a reference document that defines project objectives, and it can’t be created
until the project proposal is approved.

People also confuse the business case with the project proposal, but the business case also comes after the proposal.
Once the project is approved through a proposal, a business case may be used to secure additional funding for the
project.
TYPES OF PROJECT PROPOSALS:

There are six types of proposals you may encounter as a project manager, and
understanding the different formats can be useful as you write yours. Each type
has a different goal.

• Solicited: You’ll send solicited proposals in response to a Request for

Proposal (RFP). An RFP announces a project in detail and asks for bids
from qualified teams. Because you’re competing against other
companies for this type of proposal, you must do thorough research
and write persuasively.
TYPES OF PROJECT PROPOSALS:

• Unsolicited: You’ll send unsolicited proposals without an RFP,

meaning no one asked for your proposal. In this case, you won’t be up
against other companies or teams, but you’ll still need to be
persuasive because you have no knowledge of whether the
stakeholder you’re pitching to needs you.

• Informal: You may have a client send you an informal request for a
project proposal, in which case you can respond with your project
pitch. Because this isn’t an official RFP, the rules are less concrete.
TYPES OF PROJECT PROPOSALS:

• Renewal: You’ll send renewals to existing clients in hopes that they’ll

extend their services with your organization. In this type of project
proposal, the goal is to emphasize past results your team has produced
for the client and persuade them you can produce future results.

• Continuation: You’ll send continuations as a reminder to a

stakeholder letting them know the project is beginning. In this project
proposal, you’ll simply provide information about the project instead of
persuading the stakeholder.
TYPES OF PROJECT PROPOSALS:

• Supplemental: Similar to a continuation proposal, you’ll send a

supplemental proposal to a stakeholder already involved in your
project. In this type of proposal, you’re letting the stakeholder know
the project is beginning, while also asking for additional resources. You
should persuade the stakeholder to contribute more to the project in
this proposal.
HOW TO WRITE A PROJECT PROPOSAL:

These step-by-ste p instructi o ns a pply to most project proposa ls, rega rdless
of type. You’ll need to custom iz e your propos a l for the intended a udien ce ,
but this project proposa l outline ca n s er ve a s a reference to ens ure you’re
includ i ng the key compone nts in your docum en t .
1. Write an executive summary

The executi ve summa r y s er ves a s the introdu c ti o n to your project propos a l.

Simila r to a repor t a bstra ct or a n es s a y introdu c ti o n , this s ection s hould
summa r ize what’s coming a nd pers ua de the st a kehol der to contin ue rea ding.
Dependi n g on the complexit y of your project , your executi ve s um m a r y m a y
be one pa ra gra ph or a few pa ra gra phs.
1. Write an executive summary

Your executive summary should include :

• The problem your project pla ns to solve
• The solution your project provides for that problem
• The impact your project will ha ve

You should only a ddress thes e item s br iefly in your executi ve s um m a r y

beca use you’l l discuss thes e topics in m ore det a il later in your propos a l.
2. EXPLAIN THE PROJECT BACKGROUND
I n t h i s s e c t i o n , yo u ’ l l g o i n t o t h e b a c kg ro u n d o f t h e p ro j e c t . U s e re f e re n c e s a n d
s t a t i s t i c s t o c o n v i n c e yo u r re a d e r t h a t t h e p ro b l e m yo u ’ re a d d re s s i n g i s w o r t h w h i l e .

S o m e q u e s t i o n s t o i n c l u d e a re :
• Wh a t i s t h e p ro b l e m yo u r p ro j e c t a d d re s s e s ?
• Wh a t i s a l re a d y k n o w n a b o u t t h i s p ro b l e m ?
• Wh o h a s a d d re s s e d t h i s p ro b l e m b e f o re / w h a t re s e a rc h i s t h e re ?
• Wh y i s p a s t re s e a rc h i n s u f f i c i e n t a t a d d re s s i n g t h i s p ro b l e m ?

Yo u c a n a l s o u s e t h i s s e c t i o n t o e x p l a i n h o w t h e p ro b l e m yo u h o p e t o s o l v e d i re c t l y
re l a t e s t o yo u r o rg a n i z a t i o n .
3. PRESENT A SOLUTION
Yo u j u s t p re s e n t e d a p ro b l e m i n t h e p ro j e c t b a c kg ro u n d s e c t i o n , s o t h e n e x t l o g i c a l
s t e p i n p ro p o s a l w r i t i n g i s t o p re s e n t a s o l u t i o n . T h i s s e c t i o n i s yo u r o p p o r t u n i t y t o
o u t l i n e yo u r p ro j e c t a p p ro a c h i n g re a t e r d e t a i l .
S o m e i t e m s t o i n c l u d e a re :
• Yo u r v i s i o n s t a t e m e n t f o r t h e p ro j e c t
• Yo u r p ro j e c t s c h e d u l e , i n c l u d i n g i m p o r t a n t m i l e s t o n e s
• P ro j e c t t e a m ro l e s a n d re s p o n s i b i l i t i e s
• A r i s k re g i s t e r s h o w i n g h o w yo u ’ l l m i t i g a t e r i s k
• T h e p ro j e c t d e l i v e r a b l e s
• R e p o r t i n g t o o l s yo u ’ l l u s e t h ro u g h o u t t h e p ro j e c t
3. PRESENT A SOLUTION
Yo u m a y n o t h a v e a l l t h e s e i t e m s i n yo u r p ro p o s a l f o r m a t , b u t yo u c a n d e c i d e w h a t t o
i n c l u d e b a s e d o n t h e p ro j e c t s c o p e . T h i s s e c t i o n w i l l l i ke l y b e t h e l o n g e s t a n d m o s t
d e t a i l e d s e c t i o n o f yo u r p ro p o s a l , a s yo u ’ l l d i s c u s s e v e r y t h i n g i n v o l v e d i n a c h i e v i n g
yo u r p ro p o s e d s o l u t i o n .
4. DEFINE PROJECT DELIVERABLES AND GOALS
D e f i n i n g yo u r p ro j e c t d e l i v e r a b l e s i s a c r u c i a l s t e p i n w r i t i n g yo u r p ro j e c t p ro p o s a l .
S t a ke h o l d e r s w a n t t o k n o w w h a t yo u ’ re g o i n g t o p ro d u c e a t t h e e n d o f yo u r p ro j e c t ,
w h e t h e r t h a t ’ s a p ro d u c t , a p ro g r a m , a n u p g r a d e i n t e c h n o l o g y, o r s o m e t h i n g e l s e . A s
t h e s t a ke h o l d e r re a d s t h ro u g h yo u r v i s i o n , t h i s w i l l b e t h e s e c t i o n w h e re t h e y s a y,
“A h a , t h i s i s w h a t t h e y ’ l l u s e m y re s o u rc e s f o r.”
4. DEFINE PROJECT DELIVERABLES AND GOALS
W h e n d e f i n i n g yo u r d e l i v e r a b l e s , yo u s h o u l d i n c l u d e :
• T h e e n d p ro d u c t o r f i n a l o b j e c t i v e o f yo u r p ro j e c t
• A p ro j e c t t i m e l i n e f o r w h e n d e l i v e r a b l e s w i l l b e re a d y
• S M A R T g o a l s t h a t a l i g n w i t h t h e d e l i v e r a b l e s yo u ’ re p ro d u c i n g
W h i l e i t ’ s i m p o r t a n t t o s h o w t h e p ro b l e m a n d s o l u t i o n t o yo u r p ro j e c t , i t ’ s o f t e n e a s i e r
f o r s t a ke h o l d e r s t o v i s u a l i z e t h e p ro j e c t w h e n yo u c a n d e f i n e t h e d e l i v e r a b l e s .
5. LIST WHAT RESOURCES YOU NEED
N o w t h a t yo u ’ v e o u t l i n e d yo u r p ro b l e m , a p p ro a c h , s o l u t i o n , a n d d e l i v e r a b l e s , yo u c a n
g o i n t o d e t a i l a b o u t w h a t re s o u rc e s yo u n e e d t o a c c o m p l i s h yo u r i n i t i a t i v e .
I n t h i s s e c t i o n , yo u ’ l l i n c l u d e :

• P R O J E C T B U D G E T: T h e p ro j e c t b u d g e t i n v o l v e s e v e r y t h i n g f ro m t h e s u p p l i e s yo u ’ l l
n e e d t o c re a t e a p ro d u c t t o a d p r i c i n g a n d t e a m s a l a r i e s . Yo u s h o u l d i n c l u d e a n y
b u d g e t i t e m s yo u n e e d t o d e l i v e r t h e p ro j e c t h e re .
5. LIST WHAT RESOURCES YOU NEED
• B R E A K D O W N O F C O STS : T h i s s e c t i o n s h o u l d i n c l u d e re s e a rc h o n w h y y o u n e e d
s p e c i f i c re s o u rc e s f o r yo u r p ro j e c t ; t h a t w a y, s t a ke h o l d e r s c a n u n d e r s t a n d w h a t t h e i r
b u y - i n i s b e i n g u s e d f o r. T h i s b re a kd o w n c a n a l s o h e l p yo u m i t i g a t e u n e x p e c t e d c o s t s .

• R E S O U R C E A L L O C AT I O N P L A N : Yo u s h o u l d i n c l u d e a n o v e r v i e w o f yo u r r e s o u r c e
a l l o c a t i o n p l a n o u t l i n i n g w h e re yo u p l a n t o u s e t h e s p e c i f i c re s o u rc e s yo u n e e d . Fo r
e x a m p l e , i f yo u d e t e r m i n e yo u n e e d $ 5 0 , 0 0 0 t o c o m p l e t e t h e p ro j e c t , d o yo u p l a n t o
a l l o c a t e t h i s m o n e y t o s a l a r i e s , t e c h n o l o g y, m a t e r i a l s , e t c .
5. LIST WHAT RESOURCES YOU NEED
H o p e f u l l y, b y t h i s p o i n t i n t h e p ro p o s a l , yo u ’ v e c o n v i n c e d t h e s t a ke h o l d e r s t o g e t o n
b o a rd w i t h yo u r p ro p o s e d p ro j e c t , w h i c h i s w h y s a v i n g t h e re q u i re d re s o u rc e s f o r t h e
end of the document is a smart strategic move.
6. STATE YOUR CONCLUSION
Fi n a l l y, w r a p u p yo u r p ro j e c t p ro p o s a l w i t h a p e r s u a s i v e a n d c o n f i d e n t c o n c l u s i o n . L i ke
t h e e xe c u t i v e s u m m a r y, t h e c o n c l u s i o n s h o u l d b r i e f l y s u m m a r i z e t h e p ro b l e m yo u r
p ro j e c t a d d re s s e s a n d yo u r s o l u t i o n f o r s o l v i n g t h a t p ro b l e m . Yo u c a n e m p h a s i z e t h e
i m p a c t o f yo u r p ro j e c t i n t h e c o n c l u s i o n b u t ke e p t h i s s e c t i o n re l e v a n t , j u s t l i ke yo u
w o u l d i n a t r a d i t i o n a l e s s a y.
TIPS FOR WRITING AN
EFFECTIVE PROJECT
PROPOSAL
Following the steps listed above will ensure your
project proposal has all the r ight elements. But if
you want to impress your rea ders a nd win their
a pproval, your writing must shine. In a dditio n to
the above, a project proposal includes :
 KNOW YOUR AUDIENCE

As you write your proposal, keep your audience (i.e. the stakeholders) in mind at all
times. Remember that the goal of the proposal is to win your audience over, not just
to present your project details. For example, if you’re creating a new editing tool for a
children’s publishing house, can you determine whether your stakeholders are
parents and appeal to their emotional side when persuading them to buy in to your
product?
 BE PERSUASIVE

Persuasion is important in a project proposal because you’re hoping your audience

will read your proposal and do something for you in return. If your reader isn’t
intrigued by your project, they won’t feel inclined to help you. If you describe your
editing tool but don’t mention the many features it will offer, how it will benefit
clients, and its positive impact in the industry, your audience will wonder, “Why
should I care about this project?”
 KEEP IT SIMPLE

While you should go into detail on your problem, approach, and solution, you
shouldn’t make your project proposal overly complex. This means you can discuss
the project plan for your proposed editing tool without discussing what codes the
engineers will use to make each feature work.
 DO YOUR RESEARCH
A successful project proposal includes thorough research. Be prepared to back up
your problem—and solution—with reputable sources, case studies, statistics, or
charts so you don’t leave your audience with questions. When writing your proposal,
put yourself in the reader’s shoes and ask:

• Why is this a problem?

• How is this a solution to the problem?
• Has anyone addressed this problem before?
• What are the project costs?

If you can answer these questions, then you’ve likely done enough research to
support your proposed initiative.
 USE PROJECT MANAGEMENT TOOLS TO
STRENGTHEN YOUR PROJECT PROPOSAL
Good project proposals require team collaboration. With the right management tools,
your team can communicate, share information, and work together on one shared
document.
When you store all your project information in one place, it’s easy to access that data
when you need it. Project proposals stem from well-organized and properly planned
projects, which is why project management software is a key resource to effectively
write a project proposal.
Project Design: Why it’s
important
• Project design is important to achieve desired project goals for
your team or organization.

• For project managers, designing a project is usually the first

phase of its success. It can help your team understand key
features of the project, including its structure, goals you intend
to accomplish and other criteria for optimal results.

• If you're a project manager looking to complete a project for an

organization and its investors, creating a design may help you
do it effectively.
WHAT IS PROJECT DESIGN?

• Project design is an early phase of a project where the

project's key features, structure, criteria for success, and
major deliverables are planned out.

• It is a process of outlining all of a project's stages and

creating a project plan
WHAT IS PROJECT DESIGN?

Note: A project management plan is an approved, formal document that

defines the scope of a project. It includes how teams will implement,
monitor and control the project. Essential in keeping projects on track,
these plans are long-term, blueprints for overseeing projects.
WHAT IS PROJECT DESIGN?

It includes strategizing, developing ideas, gathering resources and

creating processes to achieve goals and keep within a budget and
deadline. Project managers could add flowcharts, sketches, photo
impressions and prototypes to help fully outline the project.

Using project design is a method project managers use to ensure

everyone's ideas, goals and timelines align before the project even
starts.
WHAT IS PROJECT DESIGN?

They present the project plan they have designed to senior stakeholders
and investors to get final approval before beginning the project. In many
cases, project managers create more than one plan for each project so
stakeholders can choose which one they think would work best for the
project.
HOW TO CREATE A PROJECT
DESIGN:

Project design differs based on your industry and

project type. However, design
phases usually have the same str ucture a nd
include similar elements. Here a re
steps to follow when creating a project design:
WHAT IS PROJECT DESIGN?

Project design differs ba s ed on your industr y a nd project type. However,

design pha ses usua lly ha ve the s a m e str ucture a nd includ e s im ila r elem ents .

Here a re steps to follow when creating a project des ign:

1. Determine the vision

In a project design, the vis ion des cr ibes the rea s on for the project a nd lists
the idea l outcomes. The vis ion ca n a ls o give a s um m a r y of how you intend to
rea ch the outcomes. This pa r t of the project des ign docum en t gets
st akehold ers’ attention a nd generates interest in the project . Keep your
vision st atement to a shor t pa ra gra ph that's ea s y for st a keholders to s ca n.
You ca n includ e more det a ils on the project later in your pla n.
2. Address why this project matters

This pa r t of your pla n a ddres s es why this project m atters . For exa m ple,
complet in g a project might fix a n is s ue or create a new produc t for
consumers. Give det a ils on how a cer t a in problem a ffects your com pa n y or
how you expect the product to benefit consumers. Tr y to use specific
numbers if possible to give st a kehold ers a m ore s pecific idea of the need.
3. Describe the required resources

Required resources include the people or elem ents required to s olve the
problem or meet the need. This m a y includ e st a ff, s oftwa re or equipm en t to
a id in the completi o n of the project . B e s pecific when listing res ources ,
since many project elements, like budget a nd strategy, depend on them. A
good method to use when listing your res ources is a nswer ing the five W 's :
3. Describe the required resources

Who : Describe who you need for the project . Identify the number of people
and their duties necessa r y to complete the project .
What : List what the project is for a nd what you pla n to use to complete it.
Define the materials, equipment and tools necessary to work on the
project .
When : Explain when you pla n on st a r ting a nd ending the project . Provide
an estimated timeline for the project .
Where : Determine where you pla n to wor k on the project . Provide the
location and its fa ciliti es .
Why : Explain why you're doing the project . This helps identify a ny ga ps or
problems and why the project a ddresses these issues.
4. Outline the project goals

Create a goa l st atement that expla ins how you pla n to rea ch ea ch m ilestone
of the project . Est a blish goa ls by a pplyin g the SM ART m ethod, which m ea ns
a goa l is specific , mea sura ble, a chieva b le , rea listic a nd tim e-releva nt .
Creating SMART goa ls ca n a lso give a det a ile d guide to reference through ou t
your project.
5. Include a detailed strategy
A strategy is a ba sis for develop in g project t a s ks a nd res pons ib il i ti es . The
strategy focuses on the vis ion, res ources , goa ls a nd res olutio n of the project
design. Here a re some tips to consider when choosin g a strategy for your
project :

● Compare past experiences with similar projects.

● Review lessons learned from those projects.
● Use best practices by applying them to the current project.
● Consider how you plan to resolve the problem.
● Identify the goals of your project design.
● Create a strategy with a clear path to obtain your goals.
● Define the design of your project with phases, activities, steps and tasks of
t h e s t r a t e g y.
6. Create a contingency plan

You ma y encounter cha llen ges or unfores een s etba cks dur ing your project ,
so it’s helpful to ha ve a contin ge n c y pla n. Ha ving a n a lter native strategy
provides a cor recti ve a ction pla n s o you ca n res pond to potentia l r is ks .
7. Design a budget

Design a budget outline with the fina ncia l res ources you need for the
project . The budget helps st a keholders deter m ine if it's fina ncia ll y
rea sona ble to complete the project . Typica l ly, it's required for project
ma na gers to st a y within the budget you create in the project des ign pha s e,
so it's impor t a nt to be a s a ccurate a s pos s ible.
8. Present the project proposal

Once you finish the project des ign, pres ent it to st a keholders a nd investors .
The proposa l a llows you to expla in the benefits a s s ociated with ea ch pha s e
of the design. Ha ving a thorough project des ign s hows investors you're
committe d to the improvem e nt of your orga niz at io n . Once you get a pprova l
for your design, it’s time to pla n your project .
In your project proposal, you might include visual elements to engage
the stakeholders or communicate complex information. You can use a
variety of visualization techniques in your project proposal, including:

● Road maps: A roadmap is a graph that shows a high-level overview of the goals and deliverables for the project.
● Timelines: A timeline details the deadlines for certain tasks and includes specific dates for the beginning and end
of the project.
● Charts: A chart depicts certain statistics, such as budgetary allocations.
● Prototypes: A prototype is an example of a product to show before actual production begins.