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A feasibility study is an analysis that takes all of a project's relevant factors into account—
including economic, technical, legal, and scheduling considerations—to ascertain the
likelihood of completing the project successfully. Project managers use feasibility studies to
discern the pros and cons of undertaking a project before they invest a lot of time and money
into it.
Feasibility studies also can provide a company's management with crucial information that
could prevent the company from entering blindly into risky businesses.
Get feedback about the new concept from the appropriate stakeholders
Analyze and ask questions about your data to make sure that it's solid
Conduct a market survey or market research to enhance data collection
Write an organizational, operational, or a business plan
Prepare a projected income statement
Prepare an opening day balance sheet
Make an initial "go" or "no-go" decision about moving ahead with the
plan
Suggested Components
Once you have finished your basic due diligence, you might consider the
elements below as a template of items to include in your study:
All of these concerns and unknowns are apt reasons to proceed with a
feasibility study, which the college finally did undertake. As a result, the school
now is forging ahead with its expansion plans without needing to leave its
historic home. If it had not taken the time and effort to conduct a feasibility
study, the college would never have known whether its dreamed-of expansion
could become a viable reality.