What Is a Feasibility Study?
A feasibility study is an evaluation that takes all project’s important issues into account—including economic, technical, legal, and scheduling factors—to determine the likelihood of completing the project effectively. Project managers use feasibility surveys to determine the pros and cons of undertaking a development before they spend a lot of time and money into it.
Feasibility studies also can provide a company’s management with critical information that could stop the company from entering indiscriminately into risky businesses.
The goals of feasibility studies are as follows:
- To understand thoroughly all facets of a project, theory, or plan
- To become aware of any prospective problems that could occur while applying the project
- To regulate if, after considering all important factors, the project is viable—that is, worth undertaking