Technical feasibility[ edit ] This assessment is based on an outline design of system requirements, to determine whether the company has the technical expertise to handle completion of the project.
Hiring of additional employees As mentioned above, a feasibility study is often at the core of launching a business. It can be the key to launching a successful start-up, as it helps to underline the future pain points and to determine whether the plan is viable in the first place.
Overall, a feasibility study is the perfect tool for situations where the impact is likely to be big in terms of operational or economic significance. Gumpert nailed the essential importance of a feasibility study in his book How to Really Create a Successful Business Plan.
When discussing the possible failure of a feasibility study i.
While these are often all required for conducting a study, you might sometimes focus mostly on a single element I t feasibility study a combination of a few of them.
This part of the feasibility study should answer the following questions: What is the proposed product or service? Is the product or service already on sale?
If not, how far is it from an existing marketplace and what will the introduction cost? How can you protect the product or service from the competition? What are the strengths of the product or service? What are the main benefits to customers or users? What resources are required for producing or providing it?
How capable is the organization to acquire these resources? What are the regulatory standards surrounding the product or service and its use? Remember the above questions can be used when you are introducing a new product or launching a business, but also if you are implementing a new product or service within your organization.
For instance, if you are introducing new software, you must understand the strengths of it, as well as the resources required for implementing it. Market feasibility should answer the following questions: What market segments are you targeting? Why would people buy the product or service?
Who are the potential customers and how many of them are there? What are the buying patterns of these potential customers? How will you sell the product or service? Who are your competitors? Including past, current and future competitors. What are the strengths and weaknesses of your competitors?
The above essentially points out to the importance of conducting market research as part of your feasibility study. Market feasibility is an important part of a feasibility study when the plan of action deals with issues such as business expansion, new product or service launch, product development and starting up a business.
The questions that require answering as part of the commercial feasibility study include: What are the strengths and weaknesses of your business?
What are the potential sales volumes of the product or service? What are the sensitivity points for your business in terms of sales? What is the ROI? Furthermore, if you are conducting a feasibility study as part of launching a business, you also need to answer the following questions: How long can your business survive without a sale?
How long before you break even with the product or service?I T Feasibility Study Words | 7 Pages. The Feasibility Study The Feasibility study is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative.
A feasibility study is an analysis used in measuring the ability and likelihood to complete a project successfully including all relevant factors. A feasibility study is only one step in the business idea assessment and business development process (Information File C).
Reviewing this process and reading the information below will help put the role of the feasibility study in perspective. Evaluate Alternatives. FEASIBILITY STUDY TEMPLATE. This Feasibility Study Template is free for you to copy and use on your project and within your organization.
We hope that . I T Feasibility Study. The Feasibility Study The Feasibility study is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It can decide whether a process be carried out by a new system more efficiently than the existing one.
Feasibility Study is an assessment of the practicality of a proposed project or system. Over-view. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the.