Schedule Feasibility is defined as the probability of a project to be completed within its scheduled time limits, by a planned due date. If a project has a high probability to be completed on-time, then its schedule feasibility is appraised as high. In many cases a project will be unsuccessful if it takes longer than it was estimated: some external environmental conditions may change, hence a project can lose its benefits, expediency and profitability. If a work to be accomplished at a project does not fit the timeframes demanded by its customers, then a schedule is unfeasible (amount of work should be reduced or other schedule compression methods applied).
If the project managers want to see their projects completed before they can lose their utility, they (project managers) need to give proper attention to controlling their schedule feasibility: to calculate and continually reexamine whether it is possible to complete all amount and scope of work lying ahead, utilizing the given amount of resources, within required period of time. Schedule feasibility study includes use of the following matters:
- Project Estimation;
- Gantt and PERT charts;
- CPM (Critical Path Method);
- Change Management;