Feasibility

Definition

Feasibility refers to the practicality and viability of a proposed idea or plan, assessing whether it can be successfully implemented given the available resources and constraints. This concept is crucial when evaluating scenarios, as it helps ensure that the ideas presented are not only creative but also realistic and achievable within certain parameters. Assessing feasibility involves analyzing various aspects such as technical, financial, legal, and operational elements to determine the likelihood of success.

5 Must Know Facts For Your Next Test

1. Feasibility studies are often conducted to evaluate different aspects such as market demand, technical capabilities, financial projections, and regulatory requirements before moving forward with a project.
2. The feasibility assessment helps in identifying potential roadblocks and challenges that may arise during the implementation of a scenario.
3. In the context of scenario planning, feasibility ensures that scenarios remain grounded in reality while still being innovative enough to inspire strategic thinking.
4. Feasibility can vary significantly based on external factors like economic conditions, technological advancements, and sociopolitical contexts.
5. A scenario deemed feasible must not only be possible but should also align with the strategic objectives and capabilities of the organization or entity considering it.

Review Questions

• How does assessing feasibility contribute to ensuring internal consistency in strategic planning?
  • Assessing feasibility contributes to internal consistency by ensuring that all elements of a strategic plan align with what is realistically achievable. It validates that proposed scenarios are coherent and practical, preventing the inclusion of unrealistic ideas that could derail overall strategy. This process helps maintain a clear focus on objectives, enabling decision-makers to allocate resources effectively while adhering to organizational capabilities.
• Discuss the role of feasibility analysis in cross-impact analysis and its implications for strategic decision-making.
  • Feasibility analysis plays a vital role in cross-impact analysis by identifying which potential future events or scenarios are not only plausible but also viable. This analysis allows strategists to understand how various scenarios may affect each other, revealing interdependencies that could enhance or hinder outcomes. By incorporating feasibility into cross-impact considerations, decision-makers can prioritize actions that align with realistic expectations while adapting strategies based on assessed impacts.
• Evaluate how the concept of feasibility could influence the development of innovative scenarios within an organization facing rapid technological changes.
  • In an organization experiencing rapid technological changes, the concept of feasibility influences innovation by framing what is realistically achievable amidst evolving capabilities. While creativity is essential for generating groundbreaking ideas, feasibility serves as a reality check that grounds these innovations in practicality. As organizations explore new technologies, they must evaluate how these innovations can be implemented effectively within existing structures and resources, ensuring that they can adapt swiftly without overextending themselves or compromising their strategic objectives.

Related terms

Plausibility:

Plausibility assesses whether a scenario or outcome is believable or reasonable based on current knowledge and assumptions.

Scenario Planning:

Scenario planning is a strategic method used to envision different future scenarios based on varying assumptions and uncertainties.

Risk Assessment: Risk assessment is the process of identifying potential risks and evaluating their impact on the feasibility of a project or scenario.