What is a Feasibility Study?
A Feasibility Study is an analysis that assesses the practicality and potential success of a proposed project or solution. It examines factors such as technical feasibility, market demand, financial viability, and resource requirements.
Purpose:
- Risk Assessment: Identify potential challenges and mitigate risks before project initiation.
- Resource Allocation: Evaluate resource requirements and financial implications.
- Strategic Alignment: Ensure that the project aligns with business goals and user needs.
Feasibility Studies provide stakeholders with a comprehensive understanding of the project’s potential impact, guiding informed decision-making and ensuring alignment with strategic objectives.