Feasibility Study is basically a study that is done to judge the viability of a new business venture. It is actually a preliminary analysis of a project that lets the people know that whether to proceed with a project or not.
A Feasibility study is very important for a business. It makes an analysis of all the aspects of a business. The external factors influencing it and also the internal factors. It also analyzes all the costs associated with the project and how the material would be sourced. On the other hand, it will also make an estimate of how much sales are to be expected and what profits would the project make.
If the results of the feasibility study are favorable, it is logical to proceed with it. Whereas on the other hand, if the results are not favorable, no businessman will take a risk on it.
A feasibility study is a type of evaluation that is set to look at a selected task. In this case the feasibility study would be on whether or not it is viable to build the doctors surgery in the Manchester area. The feasibility study shows how the business or project will run like and if the feasibility study is good then it will let people know whether or not to advance with the project. A feasibility study will show the client many aspects of a build ranging from the external factors all the way to the cost of the project.
A feasibility study examines whether a product will be successfully developed and brought onto the market.
-used to gather broad data for members of management to make decision.
-address the correct problem.
-screening out projects which is inconsistent with business's objectives,technically and economically.
It is a relatively quick and low-cost way to determine if there is any point in going ahead with the full system development.
Feasibility study as the name suggests looks out for the feasibility of a certain project. It analyze the cost benefit approach. It takes into account all the costs of the projects and compares with all the benefits related to it. It analyzes the strengths and also measure the weaknesses. Therefore you will have a fair idea about the project after you see the feasibility study.
It makes the system development more easier and organized
Effect of feasibility study on disease in human body
A feasibility study is basically a preliminary study. It is conducted in order to determine the viability of project undertaken by the company. This helps the company in deciding whether it wants to proceed with the project or not.
Feasibility study is basically a study of the future. The company analyzes that if it undertakes a particular project, what will be the costs and factors involved, what will be the mode of action of the firm and how it will accomplish it. A portion of the study also conducts a financial analysis of the projects in order to judge the returns on investment. If the outcome of this study is positive, the managers would undertake the project and if it is otherwise, there would be no new project.
Feasibility study is very significant to the business because it serves as a guide in business purposes.