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.
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