What Are The Steps In Conducting A Feasibility Study? - Fixanswer

A feasibility study must be thorough, unbiased and objective. Five key areas of a feasibility study are technical, economic, legal, operational and scheduling .

What are four types of feasibility?

Technical Feasibility. This assessment focuses on the technical resources available to the organization. ...
Economic Feasibility. ...
Legal Feasibility. ...
Operational Feasibility. ...
Scheduling Feasibility.

What are the four steps in a feasibility study?

Step One: Conduct a Preliminary Analysis. ...
Step Two: Prepare a Projected Income Statement. ...
Step Three: Conduct a Market Survey. ...
Step Four: Plan Business Organization and Operations. ...
Step Five: Prepare an Opening Day Balance Sheet. ...
Step Six: Review and Analyze All Data.

What are the main parts of a feasibility study?

Feasibility Report Template

Executive summary . Description of product/service . Technology considerations . Product/service marketplace .

What is an example of a feasibility study?

For example, an automobile prototype is a tool for the feasibility study, an experiment on rats to develop a new medicine is a procedure of feasibility analysis, checking the configuration and features before purchasing a laptop resembles feasibility tests.

What are the essential parts of feasibility study?

An Executive Summary.
Description of Product or Service.
Technology Considerations.
Product or Service Marketplace.
Identification of Specific Market.
Marketing Strategy.
Organization Structure.
Schedule.

What is the most important part of feasibility study?

The most important part of a feasibility study is the economics . Economics is the reason most projects are undertaken (with some exceptions for government and non-profit projects in which a cost benefit analysis is the primary tool).

What are the issues involved in feasibility study?

There are some problems and difficulties that feasibility studies may face in their first steps, which are: difficulty in obtaining accurate data and information from reliable sources or lack of data and information to study the project, especially if the investment opportunity is an entirely new idea and not imitated ...

What is a well-designed feasibility study?

A well-designed feasibility study should provide a historical background of the business or project , a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. ...

What is the first step in a feasibility analysis?

Step 1: Conduct the preliminary analysis. ...
Step 2: Create a project scope outline. ...
Step 3: Perform your market research. ...
Step 4: Calculate the financial cost. ...
Step 5: Review your research and present your findings to the project stakeholders.

What is the importance in learning the process in making a feasibility study?

The feasibility report will look at how a certain proposal can work in a long-term basis or endure financial risks that may come . It is also helpful in recognizing potential cash flow. Another important purpose is that it helps planners focus on the project and narrow down the possibilities.

What is the next step after a feasibility study?

Study Conclusions

After the feasibility study has been completed and presented to the leaders of the project, they should carefully study and analyze the conclusions and underlying assumptions. It is important that the study conclusion: Identifies and describes alternative business scenarios and models.

What do you write in a feasibility study?

Describe the project.
Outline the potential solutions resulting from the project.
List the criteria for evaluating these solutions.
State which solution is most feasible for the project.
Make a conclusion statement.