The extent of the ability of the feasibility study to achieve the success of the project. The feasibility study of any project is the first step on the way to the success of that project. No investor can dispense with it to ensure the success he hopes for as a result of implementing his project on the ground, and this study is linked to a certain period of time to prepare it for Reaching the basic goals and achieving the highest possible return on profit. The investor can carry out a feasibility study by himself or request assistance from one of the companies or offices with great experience, and preferably if it is a company such as a technical company to provide feasibility studies for all types of projects, whether commercial, service or Industrial or other, and through this article we will show you, dear reader, the concept of the economic feasibility study and the extent of the ability of the feasibility study to achieve the success of the project and the importance of its implementation and what are the best companies to provide feasibility studies, so let us follow together.
achieve the success of the project
A feasibility study is a study carried out by the owner of any project alone or with the assistance of a company specialized in preparing a feasibility study, in order to study the feasibility of a project or with the aim of expanding an already established project. In this field, you can rely on it to implement a feasibility study for your project. It is a distinguished (technical) company.
Yes, dear Technical Company for Management Consulting and providing feasibility studies for various investment projects, which was able to prove its worth in completing adequate feasibility studies that achieve the client all the goals he desires from his investment project. It is also worth noting that the Technology Company provides many other electronic services such as E-Marketing.
After we got to know together, my dear, the best specialized companies that can be resorted to to prepare a feasibility study for your project, let us continue our conversation about the concept of the economic feasibility study, which in short, my dear, is a process of collecting sufficient information and data about the idea of a proposed project to be implemented and then studying and analyzing it to know the extent of the investor’s ability to implement it reduce its losses and achieve good financial profits from the project.
Thus, the economic feasibility study gives the investor sufficient experience and knowledge about the extent of the success or loss of the project, compared to the target market in which the project was launched, in addition to knowing the needs of the project and then anticipating the ability of the owner of any company, institution or project to survive as a company or institution that achieves profitable business during a period specific time.
Feasibility Study Elements
In order for the investor to determine the economic feasibility study for the idea of a project, a detailed study must be conducted for this project. The detailed study is also called the economic feasibility study. When implementing this study, all social, economic, technical, technological and legal factors must be taken into account, before starting to invest large sums of money in The project or wasting a lot of time, and the feasibility study includes the following:
Description of the product or service: The study must include a description of the product or service provided by the project.
Market study: This study is intended to describe the product with all the needs of the target labor market and the competition within it, in addition to knowing the strengths and weaknesses of competitors in the market in addition to knowing potential customers, and estimating sales ratios.
Financial feasibility study: This study aims to clarify all costs necessary for the project, in addition to identifying sources of financing and investment funds.
Technical feasibility study: The technical study contains all the necessary equipment and tools for the project, in addition to knowing the wages of the workers and the cost of renting the place or site to establish the project, and other costs of the project.
The importance of the feasibility study
The importance of studying the feasibility of any project, regardless of its type or field of specialization, lies in knowing all the project’s needs in terms of resources, costs and the proportion of financial returns in the short and long term. Knowing the project’s weaknesses and developing alternative plans to overcome any sudden obstacles to reach the project for the greatest success rates in the future.
The economic feasibility study and the marketing feasibility study make it possible to know the risks that are expected to occur in the future and get out of them with the least possible losses. The feasibility study also serves as a paper file for the success of the project through which the investor can obtain a loan from one of the banks or financing agencies.