Feasibility Study
FEASIBILITY STUDY
1. What, when, why, how, where you’re using the feasibility Study? Explain with your own word.
What is Feasibility Study?
Feasibility study is an analysis of the viability of an idea. The feasibility study is an evaluation and analysis of the potential of a proposed project. It is based on extensive investigation and research to support the process of decision making.
When to do a study?
The decision to conduct a feasibility study should not be taken lightly. It is an expensive and time consuming process. However, not doing a feasibility analysis can be even more expensive in terms of the poor decisions you may make from not conducting the proper analysis. To help you understand when to conduct a feasibility study, you may want to review Information File C5-02, Idea Assessment and Business Development Process.
You need to be far enough along in the deliberation process of your business idea to make the best use of a feasibility study. So you need to have a clearly defined outline of one or more alternative business models or scenarios that you want to explore. And you want to have conducted sufficient initial investigation of these alternatives to determine if they have the potential of being viable. You don’t want to spend your feasibility money investigating ideas that you can determine are not feasible by just making a few phone calls.
This means that you will need to have already done much of the early investigation and exploration of your business idea before you schedule a full blown study. This early investigation or pre-feasibility analysis can be done by members of your committee or with the help of a consultant. You may start by doing a marketing study to determine if the business idea has market viability. If it does not, you have saved time and money by not commissioning a comprehensive feasibility study. If the idea has market viability, you can move forward with the feasibility analysis and use the market analysis in the
1. What, when, why, how, where you’re using the feasibility Study? Explain with your own word.
What is Feasibility Study?
Feasibility study is an analysis of the viability of an idea. The feasibility study is an evaluation and analysis of the potential of a proposed project. It is based on extensive investigation and research to support the process of decision making.
When to do a study?
The decision to conduct a feasibility study should not be taken lightly. It is an expensive and time consuming process. However, not doing a feasibility analysis can be even more expensive in terms of the poor decisions you may make from not conducting the proper analysis. To help you understand when to conduct a feasibility study, you may want to review Information File C5-02, Idea Assessment and Business Development Process.
You need to be far enough along in the deliberation process of your business idea to make the best use of a feasibility study. So you need to have a clearly defined outline of one or more alternative business models or scenarios that you want to explore. And you want to have conducted sufficient initial investigation of these alternatives to determine if they have the potential of being viable. You don’t want to spend your feasibility money investigating ideas that you can determine are not feasible by just making a few phone calls.
This means that you will need to have already done much of the early investigation and exploration of your business idea before you schedule a full blown study. This early investigation or pre-feasibility analysis can be done by members of your committee or with the help of a consultant. You may start by doing a marketing study to determine if the business idea has market viability. If it does not, you have saved time and money by not commissioning a comprehensive feasibility study. If the idea has market viability, you can move forward with the feasibility analysis and use the market analysis in the