FEASIBILITY STUDYDiscussion:Meaning of Feasibility:.The quality of being feasible or capable of execution; practicability..The quality of being feasible; practicability; also, that which is feasible..The state of beingfeasibleorpossible.the possibility that can be made, done, or achieved, or is reasonable-Cambridge Dictionary.The word “feasibility” is derived from “feasible”, which simply meanscapable of being done or accomplished. And feasibility studies aim to logically findthe strengths and weaknesses of a proposed project, opportunities and the resourcesrequired to carry through, and ultimately the prospects for success.The term “feasible” describes an action or event that has uncertainty risks,e.g. probable, likely, possible, etc. A feasibility study is the total of theactions - specific, focused. A feasibility study is an investigative tool and isnot the same as a business plan, though a well-done business plan (thecall to action) should include many answers from the feasibility study.The feasibility study is an in-depth process to determine factors that willlead to a project’s success or failure and addresses:Technical feasibilityLegalOperational feasibilityRealistic project timelineEconomic feasibilityWhy is it important for businesses?A feasibility study is an assessment of thepracticality of a proposed plan or project. The feasibility analysis will provide in-depth details about all the various components of the business to determine if it cansucceed. The study is also designed to identify potential issues and problems thatcould arise from pursuing the project. In the end, this document will serve as avaluable tool for developing a winning business plan.Difference of Feasibility Study and ResearchAfeasibilitystudyevaluates the project's potential for success;while researchis astudy regarding a particular concern or problem using scientific methods.Afeasibility study is simply an assessment of the practicality of a proposed project planor method. This is done by analyzing technical, economic, legal, operational and timefeasibility factors.Research: careful study that is done to find and report new knowledge aboutsomething.It involves the collection, organization and analysis of information to increaseunderstanding of a topic or issue.Market research is the process of systematically gathering, recording and analyzingdata and information about customers, competitors and the market.
Marketresearchevaluatesthe feasibility of a new product or service,throughresearchconducted directly withconsumers.Marketresearchmethodsallow organizations and individual researchers to discover their targetmarket, collectand document opinions and make informed decisions.Facts:The feasibility study is a way of finding out whether a project worth processingand investing time on or not. It analyses the probable issue of the project thatmight be faced by the project team later in the project development.
Upload your study docs or become a
Course Hero member to access this document
Upload your study docs or become a
Course Hero member to access this document
End of preview. Want to read all 11 pages?
Upload your study docs or become a
Course Hero member to access this document
