What is Feasibility Study?
A feasibility study is a comprehensive assessment conducted during the project initiation phase to determine whether a proposed project is viable and worth pursuing. Using the project’s business case as its foundation, it examines market demand, technical and operational requirements, financial costs and benefits, potential risks, and alternative approaches.
The primary goal of a feasibility study is to provide project sponsors and stakeholders with the information they need to make an informed decision about approving or rejecting the project. It helps ensure that resources are invested in initiatives that are realistic, strategically aligned with business goals, and likely to succeed.
Also referred to as a feasibility analysis or feasibility report, this process is a critical decision-making tool. By identifying challenges early and assessing whether they can be mitigated, a feasibility study increases the chances of securing stakeholder buy-in and delivering successful outcomes.
