📌 Feasibility Study Summary
A feasibility study is an analysis used to determine if a project or idea is practical and likely to succeed. It examines factors such as costs, resources, time, and potential risks to assess whether the proposed plan can be carried out effectively. The main goal is to help decision-makers understand if it is worth investing time and money into the project before committing fully.
🙋🏻♂️ Explain Feasibility Study Simply
Imagine you want to build a treehouse with your friends, but before you start, you check if you have enough wood, tools, and know-how. A feasibility study is like making this checklist to see if your plan can really work, so you do not waste effort on something that is impossible or too expensive.
📅 How Can it be used?
A feasibility study helps a project team decide if their proposed solution is possible and worth pursuing before major resources are spent.
🗺️ Real World Examples
A local council wants to build a new community swimming pool. Before construction begins, they conduct a feasibility study to estimate costs, check if there is enough public interest, assess environmental impact, and ensure the location is suitable. The study helps them decide whether to move forward or reconsider the project.
A software company is thinking about launching a new mobile app. They carry out a feasibility study to evaluate development costs, market demand, technical challenges, and potential competition. The findings guide their decision on whether to invest in the app or focus on other products.
✅ FAQ
What is a feasibility study and why is it important?
A feasibility study is a way of checking if a project or idea is actually possible and sensible to do. It looks at things like the costs, the time it will take, and any problems that might come up. This helps people decide if it is worth starting the project before they spend too much time or money on it.
When should you carry out a feasibility study?
It is best to do a feasibility study before you begin a new project or make a big decision. By doing it early, you can spot any major issues before you commit resources. This can save you from costly mistakes and help you plan more effectively.
What are the main things a feasibility study looks at?
A feasibility study usually checks several key areas, including how much the project will cost, the resources needed, how long it will take, and what risks might be involved. It might also look at whether the project fits with your goals and if there is enough demand or support for it to succeed.
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