Operational Feasibility to determine the future of a new venture
An operational feasibility will involve the study of how effective a plan will be once it has been implemented. It will also outline proposals that will help the business to grow and solutions for problems that are bound to occur once the project is underway. What every businessman should be aware is the usability factor of any plan or project. Any project require workers and human resources to make it work and a feasibility study will explain how successfully a proposed scheme can work and solve problems that come up in the course of its implementation.
Support of the Management
An important aspect of operational feasibility is to find out the willingness of the particular organization to support a proposed scheme. This is not an easy thing to achieve because it means trying to understand the mind set of the management, and its commitment to the plan. This problem however will not arise if it’s the management itself that has come up with the proposed new plan. In such cases, it’s important to gauge the thinking of the workforce and how receptive they are to the proposed scheme. If drastic changes are to be made to the organizational structure, it’s imperative to find out what employees feel about it and how far they will go to accept these changes.
Current Mode of Operation
When carrying out an operational feasibility, it’s also necessary to make a study of the current mode of operation and how successful it has been so far and what changes are required to make it more viable and profitable. In such a scenario, the following questions need to be asked and answered before new operational methods and practices are put into place.
- Does the current method in practices make use of the resources available when it comes to the skills of their employees, the time, and the information available?
- Are the managers and employees provided with sufficient and accurate information to do the work expected of them to their best capacity?
- Is the management provided with adequate information in obtaining the most cost-effective services for their business deals?
- Have the project planners looked into the possibility of reducing costs with hope of increasing profits?
- Does the current mode of service make it possible to provide a satisfactory and reliable service?
- Does it have a proposal to protect confidential information and safeguard the organization against frauds and scams?
- Is the proposed plan sufficiently flexible to be changed or expanded as and when the need arises?
- Are the current methods of working and procedures strong enough to support the new plan to be put in place?
- Will the plan be used if everything falls into place as outlined in the operational feasibility?
Acceptance by Employees
One of the major operational issues encountered when implementing a new plan or system is getting the employees to accept it. It’s important for the management to understand that manpower is the be all and end of all of any organization and getting the workers on the side of the management is crucial to the success of any project in its early stages. Whenever a new scheme is put into practice, employees tend to be extremely wary. Their biggest question would be how safe their jobs are and how easy or difficult it would be to adhere to the new rules and regulations implemented by the management.
Benefits to the Company
Another area that needs digging into is the viability of the proposed scheme and how much it will benefit the company and in what manner previous customers will accept the changes that are to be made. An operational feasibility must include in it a customer’s response to proposed changes and whether they will be happy about these changes or not. If customers are happy with current business practices and services provided, will they want drastic changes to be made and if so, how these changes can be introduced to the customer that will make them want to embrace the new methods and practices instead of rejecting them.
Operational feasibility should also make a study about the legal implications of a new venture especially if major changes are in the offing. Government regulations too must be gone into to ensure that no wrong or unethical practices are put into place. Studies should be carried out to iron out differences that are sure to come up between the management and workforce in a manner that is acceptable to everyone. Last but not least, any new project once implemented and developed should start showing profits at least in a couple of years and that would be proof enough of the success of the operational feasibility carried out.