Options Analysis is one of the most important techniques to select the option that meets a project’s needs and which, at the same time, is worth the investment from a financial and technical viewpoint.
Format - Word File
Options analysis example has the following sections :
- Problem Statement: a recap of why the options analysis is needed in the first place; after all, we have a problem that needs solving!
- Constraints: if there are any known constraints at this stage that impact the selection of the solution should be covered here. for example constraints like budget and timescale of the project.
- Options and their Analysis: int his section options are identified and listed.
- Recommended Option: This section recommend the best option when compared with other options, may also consists of justification for the recommended option with known constraints.
Tips and tricks on how to prepare option analysis template
Perform a comparative study
Don’t go straight to your own opinion.By performing a comparative study you may discover the new options that you have not thought of before and it may also turn out to be winning option when all constraints are analysed.
Brainstorming and options workshop
Consider maintenance costs
Don't just focus on implementation costs, also consider the costs involved in running the solution after implementation. Try to write in details all the costs involved.
Quantitatively assess options
Use Cost-Benefit Analysis, Net Present Value and other financial measures and ratios.
Structured and Organized Data
Use a table for having a well structured way. Try to give a tabular view to information. Options and parameters can be put across as a columns and rows.
The Options Analysis is a preliminary important document used for decisions; it uses rough-order-of-magnitude estimates and it is not the complete analysis of the final solution!
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