A feasibility study is a project evaluation that focuses on the feasibility of a particular business venture. The four aspects of a feasibility study include assessing a company’s resources, technology, return on investment, market survey, and internal vulnerabilities. Its primary purpose is to determine whether a planned project is feasible. In many cases, a feasibility report will include the recommendations of a consulting firm. Hiring feasibility study consultants in Dubai for the job is a smart decision.
The financial and economic cost of the project:
The study will consider the financial and economic costs of a project and the benefits it could bring to the organization. It will also determine how long the project will take to break even and whether it will be financially viable. It will also look at the risks associated with a project, including the likelihood of failure. After gathering the information, the manager will compile the findings and present them to stakeholders. Ideally, a feasibility study will answer all five questions listed below and other questions that might arise along the way.
It addresses the scope of the project:
The feasibility study should address the scope of the project. It should include the number of stakeholders and external clients. It should also address the project’s potential impact on all areas of the organization. The project’s funding potential and repayment terms should be considered. If the project isn’t financially viable, it will unlikely to succeed. This means that a feasibility study should address these questions.
Pre-screening of the project:
The next part of the feasibility study is the pre-screening of the project. This step aims to identify any potential roadblocks that would make the project useless. A preliminary analysis of the project should uncover major roadblocks and obstacles. After all, this is a very detailed and comprehensive process. The study should be a comprehensive overview of all factors. And, if the stakeholder’s opinion contradicts the findings, the feasibility should be reconsidered.
Make sure the project is viable:
The goal of a feasibility study is to make sure that the project is viable. This is the only way to know if the project is financially viable and profitable. However, a feasibility study must be as thorough as possible and be as objective as possible.