What is a feasibility study?
Feasibility Study Components

A comprehensive feasibility study typically includes several key components.

Market feasibility: This component includes analyzing the market associated with the product or service, identifying potential customers, assessing demand, analyzing competition, and determining pricing strategies.

Technical feasibility: This involves evaluating the available technical resources, including technology and labor, and determining whether they are sufficient to meet the project requirements.

Financial feasibility: This involves assessing the financial viability of the project, which includes estimating costs, revenues, and potential profits.

Organizational feasibility: This assesses whether the company has the capacity in terms of skills, labor, and resources to implement the project.

Legal feasibility: This assesses whether the proposed project complies with all applicable laws and regulations.

Each component plays an integral role in determining the overall feasibility of the project and contributes significantly to informed decision-making.