Feasibility Study
Unlocking Potential: The Importance of Feasibility Studies in Decision-Making
Feasibility study is a preliminary exploration of a proposed project or undertaking to determine its merits and viability. A feasibility study aims to provide an independent assessment that examines all aspects of a proposed project, including technical, economic, financial, legal, and environmental considerations.
Feasibiity Study
Project management is the process of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. A feasibility study is a preliminary exploration of a proposed project or undertaking to determine its merits and viability. A feasibility study aims to provide an independent assessment that examines all aspects of a proposed project, including technical, economic, financial, legal, and environmental considerations. This information then helps decision-makers determine whether or not to proceed with the project.
The feasibility study results can also be used to create a realistic project plan and budget. Without a feasibility study, it cannot be easy to know whether or not a proposed project is worth pursuing.
A feasibility study evaluates the project’s potential for success; therefore, perceived objectivity is an essential factor in the credibility of the study for potential clients. We carry out five types of feasibility study
1. Technical Feasibility
Technical feasibility study focuses on the technical resources available. It helps helps determine whether the technical resources meet capacity and whether our technical team is capable of converting the ideas into a working systems. Technical feasibility also involves the evaluation of other technical requirements of the proposed system.
2. Economic Feasibility
Economic feasibility typically involves a cost/ benefits analysis of the project, helping us determine the viability and cost associated with a project before financial resources are allocated.
3. Legal Feasibility
Legal feasibility investigates whether any aspect of the proposed project conflicts with legal requirements like zoning laws, data protection acts. Let’s say a company wants to build a new office building in a particular location. A feasibility study may reveal the company’s ideal location is not zoned for that type of business. With this the company has just saved considerable time and effort by learning that their project was not feasible right from the beginning.
4. Operational Feasibility
It involves undertaking a study to analyze and determine whether—and how well—a client’s needs can be met by completing the project. Operational feasibility studies also examine how a project plan satisfies the requirements identified in the requirements analysis phase of system development.
5. Scheduling Feasibility
This is the most important for project success; after all, a project will fail if not completed on time. In scheduling feasibility, we estimates how much time the project will take to complete.
When these areas have all been examined, the feasibility analysis helps identify any constraints the project may face, these include:
- Internal Project Constraints: Technical, Technology, Budget, Resource, etc.
- Internal Corporate Constraints: Financial.
- External Constraints: Logistics, Environment, Laws, and Regulations, etc.
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