While a great business idea is a key to a successful business, it is not enough. Various other factors can affect a project’s success. Therefore, before jumping in, it is important to first test the waters by conducting a feasibility study. This article consists of all that you need to know about the feasibility study.
A feasibility study is a process of evaluating the practical possibility of a proposed project. A feasibility study includes the analysis of economic, technical, legal, and various other factors to determine if a project can be completed within the given time frame.
Generally, a feasibility study is conducted to ascertain if the project is financially feasible. In other words, if the project will be able to generate enough profits. But, this is not the only factor, there are various other factors that affect the feasibility of a project. It can vary depending on the project type and its objective.
It is conducted by the project manager at the planning stage of the project before any arrangements are made for its execution. The project manager assesses the technical, economic, financial, legal, operational, and environmental aspects of the project before investing resources like time and money into it.
Does the company have enough funds to complete the project? Does the company have enough technical and legal expertise to successfully complete the project? Does the project have the potential to generate enough revenues? A feasibility study aims to answer such questions and save businesses from investing precious resources like time and money into a project that is destined to fail. You can select no. 1 feasibility study consultant in Dubai, UAE for helping you with feasibility study.