Feasibility study is written to know if the project or business is possible to implement given a certain circumstances. It will show strengths and weaknesses before the project is planned and budgeted for. Through feasibility study, company can save time and money as well as other resources in the long run by preventing projects that are not feasible.
The following are types of feasibility study:
- Marketing Feasibility Study – demonstrate the target demographic. If there is enough consumer in the market place.
- Operational Feasibility Study – evaluates if the system will operates will.
- Resource Feasibility Study – measures if there is enough resources are available such as the facilities to be used.
- Real Estate Feasibility Study – distinguishes if there is available land or property required to undertake the project
- Cultural Feasibility Study – knows the impact on local and general cultures.
- Schedule Feasibility Study – recognizes if the company has available time to complete the project
- Technical Feasibility Study – identifies if the company have technology that deals with the project including the processes and procedures needed for the success of the project
- Legal or Ethical Feasibility Study – reminds the legal implication and ethical consideration of the project
- Economic Feasibility Study – knows if the company has enough financial resources for the project.
- Comprehensive Feasibility Study – it looks all aspects of feasibility study including marketing, cultural, economic, real estate and many more.