Feasibility Study :

A feasibility study is a comprehensive evaluation of a proposed project that evaluates all factors critical to its success in order to assess its likelihood of success. Business success can be defined primarily in terms of ROI, which is the amount of profits that will be generated by the project. In a feasibility study, a proposed plan or project is evaluated for its practicality. As part of a feasibility study, a project or venture is evaluated for its viability in order to determine whether it will be successful. As the name implies, a feasibility analysis is used to determine the viability of an idea, such as ensuring a project is legally and technically feasible as well as economically justifiable. It tells us whether a project is worth the investment—in some cases, a project may not be doable. There can be many reasons for this, including requiring too many resources, which not only prevents those resources from performing other tasks but also may cost more than an organization would earn back by taking on a project that isn’t profitable. 

A well-designed study should offer a historical background of the business or project, such as a description of the product or service, accounting statements, details of operations and management, marketing research and policies, financial data, legal requirements, and tax obligations. Generally, such studies precede technical development and project implementation.

The main objectives of feasibility include the assessment of recruitment capability and resulting sample characteristics, data collection procedures and outcome measures, acceptability of the intervention and study procedures, resources and ability to manage and implement the study and intervention. 

Procedure we follow to conduct Feasibility Study :-

       1. Describe the project.

       2.Outline the potential solutions resulting from the project.     

       3. List the criteria for evaluating these solutions.

       4. State which solution is most feasible for the project. 

       5. Make a conclusion statement.