A feasibility study seeks to realistically and logically discover the advantages and disadvantages of a current business or planned venture, and also the possibilities and dangers that exist in the environment, the resources needed to carry out the project, and the likelihood of success.
A feasibility study evaluates alternative options to a firm challenge or opportunity and concludes which are feasible for future investigation.
The feasibility report’s goal is to explain the program’s specifications and propose viable remedies to the problems, demand, or potential. The project team builds on each of these prospective options, giving enough data, especially extremely high-level costing details, enabling the project manager to suggest to the sanctioning authority all of the feasible possible solutions which must be thoroughly studied in the following phase. The feasibility study is perhaps the most critical assessment that each organisation must conduct before starting a new venture. It provides a comprehensive image of the planned project and assists management in selecting the optimal option from a variety of options by offering legitimate reasons to adopt one over the other. A feasibility study improves a company’s chances of success by conserving resources, time, and money.
The Summary’s aim is to offer a very quick explanation of the project’s most important and business decision facts. Simply define the issue/opportunity that is being evaluated. Address any unique concerns or consequences that should be raised to the approval authority’s or stakeholders’ notice. Mostly during the analysis stage, make a list of the possibilities that are suggested for future investigation.
Describe the major challenge, potential, or significant issue that the suggested initiative aims to solve in a few sentences. The description of the issue or opportunity must come from the Statement of Requirement paper.
This is the area in which anything important to the first study, like the results of environmental scanning, either relating to technology and what other companies had accomplished to assist a comparable business challenge or potential, could be noted.Â
The goal of this part is to describe the many choices for meeting the client’s needs and to record the findings of each solution’s feasibility evaluation. It’s possible to accomplish this in a tabular format. The rationale for supporting viable choices and rejecting non-viable ones shall be reported. The feasibility of a project would be determined by a variety of variables, including project restrictions and budget limits.
You cannot copy content of this page