Project Feasibility Pre-Approval Calculator
Use this calculator to assess if a project meets key resource, time, budget, and risk criteria for pre-approval. This tool helps project managers and stakeholders quickly determine a project's initial feasibility based on predefined thresholds.
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Understanding Project Pre-Approval
Project pre-approval is a critical initial step in project management, determining whether a proposed project is viable and aligns with organizational capabilities and constraints before significant resources are committed. Unlike financial pre-approvals, this process evaluates a project's readiness based on internal factors such as available team members, allocated time slots, budget alignment, and acceptable risk levels.
Why is Project Pre-Approval Important?
- Resource Optimization: Ensures that projects are only initiated when sufficient human resources are available, preventing overcommitment and burnout.
- Time Management: Verifies that the estimated project duration fits within the organization's strategic timelines and available project slots, avoiding delays and conflicts.
- Financial Prudence: Confirms that the project's estimated cost does not exceed the allocated budget, preventing financial overruns.
- Risk Mitigation: Assesses the inherent risks of a project against the organization's risk tolerance, allowing for early identification and planning for potential challenges.
- Strategic Alignment: Helps ensure that only projects that are truly feasible and align with strategic goals move forward, improving overall project success rates.
How the Calculator Works
This calculator takes several key inputs to determine a project's pre-approval status:
- Required Team Members vs. Available Team Members: Checks if your organization has enough personnel to staff the project.
- Estimated Project Duration vs. Available Project Slot Duration: Compares the project's expected timeline against the time allocated for such initiatives.
- Estimated Project Cost vs. Allocated Project Budget: Ensures the project's financial needs are within the approved budget.
- Project Risk Score vs. Maximum Acceptable Risk Score: Evaluates the project's inherent risks against your organization's comfort level for risk.
If all these criteria are met, the project receives a "Pre-Approved" status. If any criterion is not met, the calculator will indicate "NOT Pre-Approved" and list the specific reasons, allowing for adjustments or reconsideration.
Example Scenarios:
Scenario 1: Pre-Approved Project
A new software development project is proposed with the following details:
- Required Team Members: 6
- Available Team Members: 8
- Estimated Project Duration: 10 weeks
- Available Project Slot Duration: 12 weeks
- Estimated Project Cost: $60,000
- Allocated Project Budget: $70,000
- Project Risk Score: 3
- Maximum Acceptable Risk Score: 5
Result: All criteria are met. The project would be Pre-Approved, as there are sufficient team members, enough time, budget is within limits, and the risk is acceptable.
Scenario 2: Not Pre-Approved Project (Budget Constraint)
A marketing campaign project is being considered:
- Required Team Members: 3
- Available Team Members: 4
- Estimated Project Duration: 8 weeks
- Available Project Slot Duration: 10 weeks
- Estimated Project Cost: $45,000
- Allocated Project Budget: $40,000
- Project Risk Score: 4
- Maximum Acceptable Risk Score: 6
Result: The project would be NOT Pre-Approved. The primary reason would be that the Estimated Project Cost ($45,000) exceeds the Allocated Project Budget ($40,000). The team might need to revise the project scope or seek additional funding.
Scenario 3: Not Pre-Approved Project (Multiple Constraints)
A research and development initiative is proposed:
- Required Team Members: 10
- Available Team Members: 7
- Estimated Project Duration: 20 weeks
- Available Project Slot Duration: 18 weeks
- Estimated Project Cost: $120,000
- Allocated Project Budget: $150,000
- Project Risk Score: 7
- Maximum Acceptable Risk Score: 5
Result: This project would be NOT Pre-Approved due to multiple factors: insufficient team members, project duration exceeding the available slot, and the project's risk score being too high. Significant adjustments would be needed across several areas for this project to become feasible.