A feasibility study for a project is a study carried out by a specialist in creating a study for a project in which it deals with all aspects of financial, economic and technical studies, and it also includes a study of the market and the factors affecting the production process if they are internal or external factors in order to implement the project on the ground, as the feasibility study guarantees the success of the project It is a strategic planning process for how to start the project, and the study includes all stages of production until the end of the product exit if this is service products or consumer products.
The importance of feasibility
The feasibility study helps you estimate costs and enhances the credibility of the project for you, as it provides you with a percentage of the project costs from the beginning of the project from the fixed assets through the production stages to the exit of the product to the consumer.
How to do a feasibility study for a project
Market knowledge, which is a study of the market in terms of the volume of demand for the commodity to be produced and the ratio of volume, width and demand of this commodity in the market in order to determine the production capacity, taking into account your competitors in the market, so they enter this study to find out the competing product for you, and the feasibility study must include the target customers For this commodity and to identify the gaps and opportunities that can be exploited, studying the market makes you fully aware of the market and it is the one who sets the strategy for you in dealing with the market. Technical knowledge, which is the study that includes all technical matters starting from the infrastructure of the project, buildings, licensing costs, building construction, the location and area of the place where the project is to be constructed, identifying raw materials, devices and machines used, and following up costs during the production process until the product leaves the factory to the stores and from there to the consumer. The capital and the economic study of the project is through this study you will know the expected revenues and profits and then take the decision to implement the project or not, this study comes after the work of the market study and the technical study to determine the size of the expected sales value and then determine the profits, and the method of conducting the financial and economic study in brief It is the preparation of the income statement, which includes the expected revenues and operating costs from rents, prices of raw materials, depreciations of perception, employee salaries, electricity and water consumption and succession, and then determining the net profit
Feasibility study of projects
Unemployment rates in our society have become high, which gave young people an incentive to search for small projects to start their lives with, so you find young people today racing to feasibility studies for many projects in order to choose the right project for them to set up, as the feasibility study sheds light on all aspects The project includes costs, technical, financial, and economic studies and market studies, so this study is an actual study in order to help young people on how to start the project while they are on stable land, working and knowing what they do, unlike those who start the project without a feasibility study. They work without plans and often fall at the first obstacles because they are not aware. Complete with the project. Watch here