Benefits of Conducting a Feasibility Study

Conducting a feasibility study is always beneficial to the project as it gives you and other stakeholders a clear picture of your idea. Below are the key benefits of conducting a feasibility study:

• Gives project teams more focus and provides an alternative outline.
• Narrows the business alternatives.
• Identifies a valid reason to undertake the project.
• Enhances the success rate by evaluating multiple parameters.
• Aids decision-making on the project.

Apart from the approaches to feasibility study listed above, some projects also require for other constraints to be analysed –

• Internal Project Constraints: Technical, Technology, Budget, Resource, etc.
• Internal Corporate Constraints: Financial, Marketing, Export, etc.
• External Constraints: Logistics, Environment, Laws and Regulations, etc.