Feasibility Study

A Feasibility Study is a preliminary analysis of a proposed project. It is used to assess the viability of an idea, plan, or project by identifying potential problems and opportunities and can help determine whether the project should move forward.

For example, if a business owner is considering launching a new product, they may conduct a Feasibility Study to evaluate the potential of the product to generate sales and return a profit.

They may consider factors such as market size, competitor analysis, cost of production, potential customers, or legal implications. If the benefits of the project outweigh the costs, then the project is feasible and should be pursued.