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.
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