A feasibility study is performed to examine whether a project or idea is viable, as the name implies. It’s a determination of a project’s or plan’s feasibility.
A feasibility study is required as part of the initial design stage of any project or proposal. It is carried out in order to discover objectively the strengths and weaknesses of a new enterprise or an existing firm. It can help with identifying and assessing natural-environment opportunities and risks, as well as the resources required for the project and its chances of success. It is being done in order to answer certain questions which are as follows:
A feasibility study involves a quantitative and qualitative assessment of other important resources, identification of critical points, a rough time frame, and a basic cost estimate.
A detailed analysis of the investment itself as well as the level of current expenditure is required to determine whether a project is viable, that is, whether it can yield an equivalent or better rate of return over its lifetime. The preliminary design is a brief explanation of the imagined idea, together with a list of the most important variables to consider during the investigation.
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