What is the purpose of a feasibility study?

The purpose of a feasibility study is to assess the viability of a business idea or project. This type of study involves evaluating various aspects, such as market demand, financial considerations, technical requirements, and the overall context in which the business will operate. By conducting a feasibility study, businesses can identify potential challenges and opportunities, allowing decision-makers to understand whether pursuing a specific business idea is practical and worthwhile.

This evaluation helps in determining whether the concept can be realistically implemented and if it can lead to a sustainable and profitable outcome. It is a crucial step in the project planning process, ensuring that resources are allocated wisely and that stakeholders have a clear understanding of the risks and benefits associated with the project.