Definition of 'Feasibility Study'
A feasibility study typically includes the following elements:
* A description of the project and its goals
* An analysis of the market for the project's products or services
* An assessment of the project's financial feasibility
* An evaluation of the project's technical feasibility
* An identification of any potential risks or challenges
The results of a feasibility study can help decision-makers determine whether or not to proceed with a project. They can also help to identify ways to mitigate any potential risks or challenges.
Feasibility studies are often used for a variety of projects, including new product development, business expansion, and capital investments. They can also be used for government projects, such as infrastructure development or public works projects.
Feasibility studies are an important part of the project planning process. They can help to ensure that projects are viable and that they are implemented successfully.
Here are some additional details about feasibility studies:
* They are typically conducted by a third-party consultant or advisor.
* They can take anywhere from a few weeks to several months to complete.
* The cost of a feasibility study can vary depending on the size and complexity of the project.
* The results of a feasibility study are not guaranteed. There is always a chance that a project will not be successful, even if it appears to be feasible on paper.
Despite the risks, feasibility studies are an important tool for project planning. They can help to improve the chances of success by providing decision-makers with the information they need to make informed decisions.
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