Project feasibility study: Feasibility study is an analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling, and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money. It is used to find out the viability of an idea, such as ensuring a project is lawfully and technically feasible as well as economically justifiable.
The feasibility study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to support the process of decision making. It is a document containing a detailed explanation of the project, followed by a set of dissimilar feasibility areas. Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.