Project feasibility study
If you are a marketer you know how much study needs to do while researching for the target audience and suitable brand for a product. Not only this, a company needs to plan different projects for the product. It requires a deep study of market analysis and other aspects.
That is why the project feasibility study is required. It shows the project will be successful or not. It elaborates on the most relevant results of the project. Due to this study, the project planners get an idea of project succession. It also gives alternative ideas for the project.
What is the feasibility study?
Feasibility is a study that is done by an organization or company to know about the project which is given and the survival of the project on certain situations and conditions. The requirements are different in every situation. For example money worthy, if the product is good enough for selling in the market or we can say that it is an overall study of the market before selling products in the market. It shows the potency and weakness of the project. It is basically to see how the project will survive in different situations. Feasibility study ensures that the project of the marketing covered all the aspects like economic, technical, and legal.
The feasible study shows all the areas of product management studies. For example, if the company wants to introduce a product in the market they need to study the target audience and the other things. The price strategy and research, market analysis and competitors, product management, public relations, and many more. After this, the product is launched in the market. But in between this research and all. there is a feasibility study of the planned project.
This study will help the company to understand better the plan its accessibility, weakness and what will be the results. That is why this study is necessary forproject planning and execution.
There are five areas of The Feasibility Study
The project plan needs to go from technical, legal, operational, and scheduling feasibility study. So here is some explanation about this area which covers the feasibility study.
The technical feasibility
The technical feasibility is nothing but the relation of technical assessments like programs, hardware, software, and other IT-related stuff. This feasibility shows the company that the plan or project is technically perfect or not. If the project is not efficient on the technical level it will not survive in the market.
For example, if the company ‘A’ is working for a product of chocolate for many years but recently its product is not having that much of sell and popularity. So technically the company is in the loss. However, after some time they stopped their product. This means they are technically stopped working on the product. Their technical team chunks are not working properly even if there are many ideas. They cannot just execute the ideas in the company. This is a technical error of the company. So technical feasibility suspects and research this error in the projects if it is there.
Financial feasibility study
Finance, as the name suggests, is related to money, price strategy and profit of the company which comes from the plan. If the project plan is failed to achieve the basic profit, it is not usable for marketing. The project plan should always be profit-oriented. If the given resources are not working properly then the plan is faulty. The plan should always achieve its goals and motives. The financial feasibility also improves decision making and its rate of growth.
Legal feasibility study
Imagine you are working in the company and you have to decide on whether I should choose that advertisement or this advertisement for my brand. But then suddenly, the advertisement you chose is not good for your brand and it tangled you in a series of legal processes. Your decision making or the project plan got failed due to some bad advertisement. The legal feasibility study makes this task easier. If the company goes through this study they will get better options for their plan. This will make less loss for the company and profit growth will be raised again.
This area is an important area for feasibility. All other aspects got covered but this last feasibility will tell you how time affects your project planning and finance planning and how your company handles legal matters. Time is an essential factor in our life scheduling is a project also tells about the profit and results of the project.
If an organization wants to promote their product. And they need the plan. The pan is made but it is not attracting customers as per their assumptions. Operational feasibility covers these loopholes and gives the best solution and analysis for the project, it shows the needs or the requirements of the plan. It covers the things which are left ignored.
Benefits of the feasibility study
The very first benefit of the feasibility study is to make the project perfect without any loopholes and faults. This feasibility study is done before confirming a plan for a project or brand or the product.
It is beneficial for financial market shareholders and stakeholders. There are certainly major benefits that get after a study of the feasibility, for example, good research skills, time management. The focus on the problems, team’s performance, and new targets and opportunities, etc. and also improves decision making personality.
It increases profit rates. It is studied for its perfect decision-makers and it also helps the policymakers from future loss. The feasibility is done for avoiding making future mistakes.
The feasibility study template
We now know what is the feasibility study and its various areas. Do you know there are many online templates for the feasibility study? To help and assist you in your project management study there are many study templates are available.
It covers parts like economic, social factors that affect projects while making the project. As you know, a project should cover all the topics and sectors. A project should never have the loopholes. Even if there are some loopholes you need to find a fair alternative for it. So feasibility study helps project planners to avoid minor mistakes and loopholes in the project management.