Project feasibility study is also known as “Bankable Project Studies” because it is one of the major requirements of lending institutions in processing of commercial, industrial or agricultural loan applications.
A feasibility study contains different chapters that will provides information if the proposed project would be financially, economically, technically and socially feasible. Some components of a feasibility study includes executive summary, background study, objectives, project schedule, project cost, deliverables, constraints and assumption, conclusion, and recommendation
A good feasibility study should know the nature of the proposed project well by having technical assistance from qualified experts. Also, feasibility study should be loaded with statistics, documents, data and information needed for the study from available sources. These data and information should analyze and evaluate correctly. In addition, estimation and projection should always close to realities as possible. Last but not the least organize your feasibility study and write it properly.
Always remember conducting a feasibility study is very beneficial to the project because it gives a clear picture of your idea. These benefits are the following:
- It identifies the objectives to do the project
- It gives you the complete assessment of the project
- It provides the time table for the project
- It helps in decision making of the project
- It delivers documented status to the business