Project viability criteria must be compiled and discussed. Is there a determining factor? Why?
Project viability criteria must be compiled and discussed. Is there a determining factor? Why?
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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There is no single determining factor for project viability criteria. The viability of a project depends on a wide range of factors that vary depending on the nature and scope of the project.
Some common factors that may be considered when evaluating project viability include:
- Market demand: Is there a need for the product or service that the project will deliver? Will customers be willing to pay for it? Understanding market demand is essential to determining whether a project is likely to be profitable.
- Feasibility: Can the project be realistically accomplished given the resources, budget, and timeline available? This includes considerations such as technical feasibility, operational feasibility, and financial feasibility.
- Competition: Is there already significant competition in the market that the project aims to serve? If so, can the project realistically compete and capture market share?
- Sustainability: Is the project environmentally sustainable, socially responsible, and financially viable over the long-term?
- Risk: What are the potential risks associated with the project, and how can they be mitigated? This includes both external risks such as changes in the economy or regulatory environment, as well as internal risks such as delays or budget overruns.
- Stakeholder support: Are stakeholders, such as investors, partners, and customers, supportive of the project? Are they willing to provide the necessary resources and support to ensure the project's success?
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