A feasibility study checklist for your hospital, how do you create one? A feasibility study, or feasibility analysis, is a way to determine if a project plan could work for your hospital. A feasibility study checklist can answer all these questions and more:
- Is the plan practical?
- Can you proceed with the plan given your current hospital staff and technology?
- Are the required tools and resources already in place?
- Is the project plan financially worth pursuing?
- What are the risks associated with the project plan?
- Are there legal requirements that need to be met?
Once you have presented your draft project plan to the project manager, before any study-related procedures are carried out, you must assess the feasibility of the project. This is often done simultaneously with a project risk assessment. Unless you have run a similar plan in the past or you already know the project plan is executable and the project viable, you should use a feasibility study checklist.
The feasibility study checklist narrows down choices in plans to pursue at your hospital. It outlines the benefits and risks of the plan and is used for larger, complex project plans that could have long-term impacts on your hospital. This feasibility study checklist is a tool to determine whether to move forward with a project plan. When Project Management is presented with the completed feasibility study checklist, it will be able to make an educated decision on whether to proceed.
An important note to remember: A feasibility study checklist does not replace the initial pitch for the plan for your hospital. The initial pitch is used to decide if the project plan aligns with the goals and objectives of the hospital. You want to make sure the feasibility study is clearly understandable, and that it covers all aspects identified in the checklist.
Sections of a feasibility study checklist
There are four general elements of a meaningful feasibility study checklist: technical, financial, market, and operational feasibility elements. You need to assess each of the four categories in order to gain a full picture of the project plan and its viability. These four categories outline questions that you should answer while creating the feasibility study at your hospital.
- Do you already have the right equipment to carry out the project at your hospital?
- How long would it take to secure the equipment needed?
- Are there shortages in equipment or companies that may delay the start of the project plan?
- Does your staff have the technical knowledge to carry out the project plan?
- How long would it take to train them?
- Who would be able to train your staff?
- Can you physically carry out the requirements of the plan?
- If the plan calls for a larger output than what’s possible or a larger number of enrolled participants, it may not be feasible for your hospital.
- What is the cost/benefit analysis for the plan?
- Consider the equipment that you need to buy and the training your staff would need.
- What is the predicted return on investment?
- Is it worth the effort? Would funds be better invested in other projects?
- What are the financial risks of the project plan?
- Are there legal ramifications of the project?
- What are the economic benefits?
- What about economic risks?
- How will the project plan perform in the market?
- Complete a market analysis.
- Include a breakdown of market competition.
- What are the projected sales?
- Would it be able to make money for your hospital?
- Are there competing hospitals in the market?
- What projects are they taking on?
- Is the staff able to initiate and complete the project?
- What are staffing-related barriers to completion?
- What staff do you need for the operation of the project after completion?
- Would you need additional staff?
- What organizational structure do you need?
- Does yours meet the needs?
- What are the legal requirements?
- Do you need a contingency plan that is not already in place?
Creating a checklist
When you are creating a checklist, you may have all of the above questions swirling in your head. To make things easier, your checklist should include the following:
- An executive summary of the project, which is a description of the project plan’s overall viability.
- A description of the product or service to be carried out through the plan.
- The technical needs such as technology, equipment, staffing, and training are needed to carry out the plan.
- A market survey with the marketing strategy and a study of the current market to assess the need for the project and its appropriateness.
- The operational feasibility study will determine if the internal organizational structure can support the project plan at your hospital.
- A timeline for the project and financial projections that are based on the financial feasibility report for the current market.
As you work to answer the right questions and gather the right information, here are a few specific steps to help you sort through the necessities.
Do a preliminary analysis
Before you complete the official feasibility study checklist, a short analysis may be beneficial. You can look for major obstacles to completing the project that you cannot overcome. This will help you decide if you should pursue the project.
Next, evaluate the financial feasibility. This should include a proforma projected income statement for the project, along with a summary of the financial investments required. Find out the time and money you need to carry out the plan.
Run a market assessment
By using a market demand assessment study, you can find out if the customer base is present for a successful project. Is there an opportunity for this project to move forward? If not, this may not be a project that your hospital would like to take on.
Check technical and operational feasibility
What are the staffing or equipment needs for the project? What sort of time, money and skills are needed to fulfill the requirements of the plan to completion? Is there a legal impact that you need to consider? Are there contingency plans currently in place or do they need to be created for this project?
Don’t forget vulnerability points
Review the points of vulnerability for the project. Look for inconsistencies between documents and steps. Make sure that the documentation is consistent across the board. For example, the income statement must be supported by the market demand analysis. Are any of the liabilities too great to proceed? If so, you may need to create a contingency plan for the project. Each point of vulnerability needs to be examined to prevent major liabilities from the project plan.
Make a decision
Finally, you need to create an executive summary. This addresses the main points found in the study and addresses questions that may arise. Laying out a clear summary of the project plan is essential to understanding the entire project. The executive summary includes solutions to issues found during the analysis as well.
Gathering this information is key to completing a feasibility study checklist. This will help you in determining the worth and practicality of the project plan at your hospital. Once you complete your feasibility study checklist, you can offer a formal presentation to Project Management.
If you decide to move forward with the project, the next step of the process is implementing the project plan. With a proper implementation plan, the project will be successful at your hospital.