What is Project Feasibility Study?
Feasibility study is an analysis of the viability of an idea through a disciplined and documented process of thinking about the idea from its logical beginning to its logical end. It is extensive research, investigation and evaluation of the potential of the proposed project to support the process of decision making.
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Project Feasibility Study can be also defined as an analysis of the ability to complete a project successfully, taking into account financial, technical, legal and economic and other factors.
A feasibility study looks at constraints, including the exact details of the product scope, and allows you to explore each of the issues and make a judgment. At the very least, a feasibility study enables you to present the facts to managers so that they can determine what’s feasible.
Types of Feasibility Study
- Technical Feasibility
- Economic Feasibility
- Legal Feasibility
- Operational Feasibility
- Scheduling Feasibility
- Industry Feasibility
Technical feasibility mainly associated with the technologically evolutes the project. In this subject area generally, a group of engineers or technical expert study the whole projects and technical aspects.
This study facilitates said organizations to proper assess. The industrial possessions may assemble capability. Based on the results it decides whether the technical team is able to convert the idea into real
Economic feasibility study related with price, and all kind of expenditure related with the scheme before the project start. This study also improves project reliability.
It is also helpful for the decision-makers to decide the planned scheme processed latter or now, depending financial condition of the organization. This evaluation process also studies the price benefits of the proposed scheme.
A legal feasibility study is used to conclude whether the proposed plan or system is conflicting with the national or international legal requirements. Protection Acts simply use to decide any violation the legal requirements. It is also a planned method.
Operational Feasibility may employ the responsibility to examine and also decide whether the proposed methods fulfil all kind of business requirements. It actions forecast all possible schemes to recognized and resolves troubles.
This studies may also examine and verify how the project planed guarantee the method development is feasible or not.
A very significant part of feasibility study is scheduling Feasibility. It also plays an important roles to complete the project in its schedule time.
A project some time not be unsuccessful if it is not finished in its bounded time frame. Here we may predict the time requirement to complete various task of the entire project
The industry feasibility means analysing the working pattern of the different attributes like size of the industry, location of the industry current trends in the industry etc. It will give a through crux of the industry whether entering into it would be a wise decision or not.