Feasibility Study

A business case and a feasibility study are key tools used to evaluate and justify projects. I would like to discuss the feasibility study in this article.

Feasibility Study:

• A feasibility study is a more in-depth analysis that examines whether the proposed project is practical and achievable.
• It?assesses?the?project's?viability?by?examining?its?technical,?financial,?legal,?and?operational?factors.
• The feasibility study focuses on whether it can be done (practicality).
• A feasibility study dives deeper into specific, practical concerns like technical viability or financial costs.

When to Use a Feasibility Study:

• After developing a business case, verify whether the proposed solution is viable.
• To reduce the risk of failure (before committing to major investments).
• When there are significant unknowns about the technical or financial aspects of a project.

Key components of a feasibility study:

Technical Feasibility: 
Assessment of the technical resources (e.g., technology, infrastructure, expertise). 
Is it technically possible for the organisation to execute the project?        

Economic Feasibility: 
Cost-effectiveness analysis (e.g., return on investment, payback period).
Is the project going to be completed on budget?        

Legal Feasibility:
 Examination of any legal constraints (e.g., regulations, compliance, licenses) that may impact the project. 
Does it comply with laws and regulations?        

Operational Feasibility: 
Consideration of whether the project aligns with operational capabilities (e.g., workforce, processes). 
Will the project be compatible with how the organisation already operates?        

Schedule Feasibility: 
Can the project be finished in the allotted time?        

Market feasibility (if relevant): 
In projects that involve market-facing activities, it assesses market demand, competition, and consumer acceptance.