FEASIBILITY: TYPES, STUDY, EXAMPLES - DUDAS - 2025

The feasibility describes how easy or difficult it can be to do something. When you set a goal at work, you think about the long-term feasibility of achieving what you want. Indicates whether a project is worth investing in.

When you talk about the feasibility of a project, you are really discussing whether it can be achieved or not, how feasible is it? For example, if you wanted to question a man's plan to paint his entire house in a single weekend, he would be told to analyze the feasibility of that task. This will allow you to ask whether it can be done or not.

In some cases, it may happen that a project is not feasible. There could be many reasons for this, including the fact that too many resources are required. This not only prevents those resources from being able to perform other tasks, but also the project could have a higher cost than what an organization would earn by taking on a project that is not profitable.

Types of feasibility

Technical feasibility

It is the evaluation of the technical requirements of a project or product in order to find out what technical resources it needs. It focuses on the hardware and software available to be used in a project.

The technical feasibility will not be completed until the same technical evaluation is carried out in the company, in order to establish that it has the technical capabilities to carry out the implementation of the project until its completion within the required time.

Legal feasibility

It is evaluated if the project meets the existing legal requirements for its implementation. An example would be if a new building meets the legal requirements, if the location was chosen properly and the authorities approve its construction.

It also addresses the ethical aspects of a project. For example, a new plant discharges waste in a way that is disrespectful to the environment.

The project could also be a new company that is not covered by any law, so it must be verified.

Operational feasibility

Determine how well the implementation of a project fits into the organizational structure of the company. The solution to a problem should fit as closely as possible to the organizational structure.

Scheduling feasibility before starting a project means asking the following questions: When is the project due? Are there legal obligations related to the schedule? Within what time is the project feasible? Are the deadlines achievable?

It is an evaluation of the time required to deliver the product and if it will still be necessary after that time.

Economic feasibility

A study is done to see how long it would take for the project to break even. It is similar to a cost benefit analysis.

Each project has a cost and it is sensible to know when to expect returns. In addition, to be able to anticipate the capital required to complete the project.

Feasibility study

It is an analysis that takes into account all the relevant factors of a project, including economic, technical, legal and implementation considerations, to determine the probability of completing the project successfully.

Project managers use feasibility studies to discern the pros and cons of undertaking a project before spending a lot of time and money on it.

It can also provide crucial information to an organization's management, which could prevent the company from blindly entering risky business. It is simply an assessment of the pragmatism of a proposed plan or project.

A well-designed feasibility study should provide the historical background of the business or project, a description of the product or service, the financial statements, details of the operation and management, market research, financial data, legal requirements and tax obligations.

A feasibility study assesses the potential for success of the project. Therefore, the perceived objectivity of the credibility of the study is an important factor for potential investors and lenders.

goals

- Thoroughly understand all aspects of a project, concept or plan.

- Become aware of any potential problems that may occur while the project is being implemented.

- Determine if, after considering all significant factors, the project is viable, that is, if it is worth undertaking.

These studies ask: Is this project feasible? Do you have the people, tools, technology and resources necessary for the project to be successful? Will the project deliver the return on investment that is needed and expected?

Importance

Feasibility studies are important for business development. They allow a company to face where and how it will operate.

They can also identify potential obstacles to your operations, as well as recognize the amount of funds required to establish the business.

These studies support marketing strategies that could help convince investors that investing in a particular project is a good choice.

Examples of feasibility

Expansion of a university

An elite university in a Boston suburb had long wanted to expand its campus. However, he continually postponed the project because management had reservations about the possibility of expanding.

The university also cared about public opinion in the neighborhood, the original domicile of this university for more than a hundred years.

In the past, the community board had rejected similar development proposals. Finally, the university wondered if certain legal and political issues could affect its plan.

All these unknowns and concerns were adequate reasons to proceed with a feasibility study, which the university eventually undertook. As a result, the school is now moving forward with its expansion plan, without needing to leave its historic home.

If they hadn't taken the time and effort to conduct a feasibility study, the university would never have known if their dream expansion could become a feasible reality.

Expansion of a hospital

A hospital can conduct a feasibility study in order to expand; that is, add an extension to the building. The study will determine if the project should go ahead.

The people who carry out the study will take into account labor and material costs. They will also take into account how damaging the project can be to staff and patients.

The study may have to assess public opinion regarding the new extension. Would the local community be for or against such a project?

It is important to determine how all interested parties will respond. These are doctors, nurses, service personnel, patients, hospital visitors, and hospital owners.

Those who carry out the study go through all the pros and cons of the project. Then they weigh them against each other. Finally, they determine if it is a good idea to move on.

References

1. Will Kenton (2019). Feasibility Study. Investopedia. Taken from: investopedia.com.
2. Vocabulary (2019). Feasibility. Taken from: vocabulary.com.
3. Wikipedia, the free encyclopedia (2019). Feasibility study. Taken from: en.wikipedia.org.
4. Simpli Learn (2019). Why a Feasibility Study is Important in Project Management. Taken from: simplilearn.com.
5. Zindzy Grace (2019). Different types of feasibility study. Taken from: tuko.co.ke.
6. Market Business News (2019). What Is A Feasibility Study? Definition And Examples. Taken from: marketbusinessnews.com.