The feasibility study first or the business plan, many people are confused in answering that question as it is based on many important things that greatly help in the success of the project. Therefore, many people who are coming to establish a new project need to know what is the most important first and what are they The point where it is preferred to start is for the success of that project completely and without facing any obstacles, so we will provide you with a brief response to that question in this article.
First feasibility study or project plan
Of course, the feasibility study comes first, because it makes a complete plan before the start of that project. This helps to know the obstacles that are likely to face the project and to make assumptions about their status. As it works on knowing the needs related to the market and the competitive strings, and also knowing the cost of producing the product or service. It also sets out the most important potential outcomes that are planned on the basis of which, after a complete plan is made for the project, knowing the most important matters that help in the success of the project, the assumptions that must be followed, and the potential alternatives when exposed to any potential problem. After the feasibility study comes a work plan that is temporary and is updated continuously. Whereas, the work plan is not fixed, but rather is updated based on the new factors that occur in the project.
The difference between a business model analysis and a feasibility
The difference between the business model analysis and the feasibility study There is a very clear difference between the analysis of the business model used and the feasibility studies for projects. If you are presenting on a specific project, you must know the difference, so that you can succeed in completing your plan realistically and without exposure to potential penalties, as planning For your work, it is considered one of the most important things that play a very big role in the success of that work on a regular basis and in reaching the specified goal. Watch here