Project Feasibility

D.

The most important factor in determining a project's feasibility is the establishment of its value in an approved business case (Option D). A business case is a document that outlines the rationale for a project, including the potential costs, benefits, risks, and expected return on investment. The business case provides the basis for decision-making and investment justification for the project. It helps stakeholders determine if the project aligns with the organization's goals, objectives, and strategies.

Establishing the value of a project in a business case is critical for several reasons. First, it provides a clear understanding of the expected benefits and costs of the project. This understanding is necessary to ensure that the project will generate a positive return on investment and deliver the expected value to the organization. Second, it helps identify the key stakeholders and their needs and expectations. Third, it provides a framework for monitoring and controlling the project's progress and outcomes. Finally, it helps ensure that the project is aligned with the organization's strategic objectives and priorities.

While the other options are also important, they are not as critical as establishing the project's value in an approved business case. For example, the fact that a competitor has initiated a similar project (Option A) does not necessarily mean that the project is feasible or that it will generate value for the organization. Similarly, the endorsement of the project by the IT steering committee (Option B) is important, but it does not necessarily ensure that the project will deliver value. Finally, the establishment of a project management methodology (Option C) is important for ensuring that the project is well-managed and executed, but it does not guarantee that the project will generate value or align with the organization's strategic objectives.