A feasibility study is an analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money. An analysis and evaluation of a proposed project to determine if it:
(1) Is technically feasible,
(2) Is feasible within the estimated cost, and
(3) Will be profitable.
Feasibility studies are almost always conducted when the decision needed to start projects. Also called feasibility analysis. or cost benefit analysis. Also it can be executed into two main parts:
- Preliminary Feasibility Study.
- Complete Feasibility Study.