Project feasibility study The project management is not considered as easy as you expect, as it needs more information and culture that enables you to manage the project with high efficiency, but before carrying out the implementation of the project and the drain, effort and money, you must do a professional project feasibility study.
What is the feasibility study
The feasibility study is a process in which all the economic and legal considerations of the project are studied to find out whether the project is worth the investment or not, as there are some ideas and projects that are not preferred for implementation because they do not yield any benefit to the organization and it is preferable to choose another idea for its implementation. It is also important that this study contains many aspects such as product or service description, operations and management details, account data, marketing policies, legal requirements, financial statements and tax obligations.
Types of study
A feasibility study contains five different types that clarify all matters for each of them to obtain a professional and impressive result
Whatever knowledge of whether the technical capabilities and the existing equipment are sufficient to meet all the needs of that project or not.
Feasibility is economic
This type of feasibility study includes the cost of the project and the financial capabilities that the project needs to meet the needs of the implementation process.
It includes all the legal rights on the project that you want to implement on the ground, for example if you want to establish a specific project on land, there are some legal papers that must be obtained before starting the construction and building of that project.
It is a study of all capabilities and resources, and what would have been in meeting the needs of the project or not, and in what time those resources could meet the needs of the project.
And it is considered one of the most important types of feasibility study, because it clarifies the range of obstacles that the project will face and how to deal with them. If we note the types of feasibility study, we find that all of them are very important to obtain a professional result and not to face potential problems and obstacles.
A feasibility study is the technique that is used to analyze all aspects of the project, taking into account the technical factors, scheduling, the economic situation and the legal status. It also sets out the pros and cons of the project that are likely to be encountered when implementing the project, so we will get to know the most important details of the topic. Watch here