Feasibility

Introduction

A feasibility study is a preliminary study undertaken before the real work of a project starts to ascertain the likelihood of the project's success. It is an analysis of possible solutions to a problem and a recommendation on the best solution to use. It involves evaluating how the solution will fit into the corporation. It, for example, can decide whether an order processing be carried out by a new system more efficiently than the previous one.

A feasibility study is defined as an evaluation or analysis of the potential impact of a proposed project or program. A feasibility study is conducted to assist decision-makers in determining whether or not to implement a particular project or program. The feasibility study is based on extensive research on both the current practices and the proposed project/program and its impact on the selected organization operation. The feasibility study will contain extensive data related to financial and operational impact and will include advantages and disadvantages of both the current situation and the proposed plan.

What is feasibility study?

A feasibility study is an evaluation of a proposal designed to determine the difficulty in carrying out a designated task. Generally, a feasibility study precedes technical development and project implementation. In other words, a feasibility study is an evaluation or analysis of the potential impact of a proposed project.

Advantage of feasibility study

Effective feasibility studies can do more than just help executives choose which projects to greenlight. Managers involved in a feasibility study can actually use much of the same data to shape the project planning process. Five main advantages to feasibility studies can generate crucial insight for approved projects.

1. Understanding Demand

Feasibility studies always analyze whether a real demand exists for a product or a service. This holds true for internal projects as well as for potential consumer offerings. For...