Characteristics of a feasibility study, a feasibility study is an evaluation of a proposed project or system, and a measure of the practicality or suitability of this proposal in simpler terms, it is an analysis of the extent of the success of the project as there are many factors that play a role when conducting the feasibility study, such as the economic, practical and technical impacts. The project manager should take into account these factors and take into account any positive or negative outcomes that may arise due to the project in the future and if the project manager generally envisions a greater positive impact resulting from the project, (this may be due to the huge potential profits, making a good name for the company Etc.), it would be worthwhile to invest the initial capital in the project so we will talk about the characteristics of the feasibility study
Characteristics of the feasibility study
A feasibility study is a study that assesses the feasibility of an idea, does it have legs, and whether it will succeed in reality. Therefore, it seeks to identify potential problems and determine whether the idea will succeed. The feasibility study is an investigation to determine whether a project procedure can be successfully completed from an organizational perspective. Does the organization have the resources? , Financial resources, or the ability to do what was intended.
In its simplest form, a feasibility study is a definition of a problem or opportunity to be studied, an analysis of the current operating method, a definition of requirements, and evaluation of alternatives, and an agreed course of action.
The most important part of the feasibility study is economics as the economy is the reason behind the implementation of most projects (with some exceptions for government and not-for-profit projects where cost-benefit analysis is the primary tool).
Many companies will do a feasibility study before writing their business plan.
It is part of the decision-making process; In this case, to determine the details of how the business will succeed.
To determine the pros and cons of an alternative, you need to check its consequences (financial and non-financial), effectiveness in achieving the goals, and feasibility.
A feasibility study is a study that assesses the feasibility of an idea that has a purpose; Will you actually succeed.
It also seeks to identify potential problems and determine whether the idea will succeed.
A feasibility study usually consists of a description of the business, market feasibility, technical feasibility, financial feasibility, regulatory feasibility, and conclusions.
It contains comprehensive information about the business structure, products or services, market, logistics of how to provide these products or services, and the resources needed to run the business efficiently or to implement the decision efficiently.
The study will usually contain the following general topics:
1. Executive summary
2. Description of products and services
3. Technology considerations
4. The product/service market
5. Marketing strategy
6. Organization and Personnel (Human Resources)
8. Financial projections
9. Conclusions and recommendations
You can find many examples of feasibility studies on the World Wide Web.
What is project analysis?
A feasibility study is an analysis that takes into account all factors relevant to the project including economic, technical, legal, and scheduling considerations to ascertain the likelihood of successful completion of the project.
Project managers also use feasibility studies to distinguish the pros and cons of project implementation before they invest a lot of time and money in it.
Feasibility studies can also provide the company’s management with important information that can prevent the company from entering blindly into business risks.