What is the purpose of a feasibility study?

A feasibility study serves the essential purpose of assessing the viability of a project or business initiative. This process involves a comprehensive analysis that considers various factors, including technical, economic, legal, and operational aspects of the proposal. By evaluating these elements, decision-makers can determine whether the project is practical and worthy of further investment and development.

The feasibility study helps to identify potential risks and challenges, estimate the resources required, and evaluate the return on investment. This thorough examination is crucial in making informed decisions about whether to proceed, modify the project, or abandon it altogether. Ultimately, the study acts as a critical tool for businesses to ensure that their strategic initiatives align with their capabilities and objectives, leading to more sustainable and successful outcomes.