Fessibility And Feasibility Of A Business Feasibility Study

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A business Feasibility study can be defined as a controlled process for denitrifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem. The business feasibility study is used to support the decision-making process based on a cost benefit analysis of the actual business or project viability. The feasibility study is conducted during the deliberation phase of the business management and developments prior to commencement of a formal business plan. It is an analytical tool that includes recommendations and limitations, which are utilised to assist the decision-makers

Feasibility study analysis various aspects of the proposed business plan including technical, financial, commercial and socio-economic. Before preparing a derailed project report, it is advisable to develop a feasibility report. All the key factors that contribute to entrepreneurial success should be considered for the product or service that is identified. The report that emerges is the feasibility report. It will serve as a sound basis preparing the project Report.

A feasibility study attempts to determine the practicality of a project.

The simplest type of feasibility study answers the yes-or-no question: "Should we undertake the project?" More complex studies must answer a more difficult question: "Which (if any) of several projects should we undertake?"

As the name implies, a feasibility study is used to determine the viability of an idea. The objective of such a study is to ensure a project is legally and technically feasible and economically justifiable. It tells us whether a project is worth the investment.

Feasibility studies are useful to businesses in many ways. Some of the reasons organizations conduct feasibility studies are as follows:

• Not every project is