Abstract:
Organisations initiating a feasibility study for a novel, complex, or unfamiliar project commence with an inherently limited starting knowledge base, and often face an asymmetric information disadvantage to suppliers and competitors. While there is substantial technical literature for informing feasibility studies for specific types of projects, this guidance is primarily suited to ventures exhibiting a high degree of replication, with limited relevance to highly novel projects. By pairing this multi-disciplinary feasibility literature with contemporary concepts in uncertainty and project management theory, this article synthesizes seven general principles to inform feasibility studies for such novel projects. Together, these principles form a framework that project leaders can apply to design effective feasibility studies for projects across sectors and industries. This integrative review further illustrates key challenges in the translation of project management theory to the applied evaluation of unfamiliar projects, with implications for both research and practice.
