A feasibility study is an analysis that takes all of a project’s relevant factors into account—including economic, technical, legal, and scheduling considerations—to ascertain the likelihood of completing the project successfully. Project managers use feasibility studies to discern the pros and cons of undertaking a project before they invest a lot of time and money .
Feasibility studies also can provide a project’ management with crucial information that could prevent you from entering blindly into risky businesses.
Basmart Health offers feasibility studies for medical and health projects according to international market business standards, and we have a group of experts and partners who form a unique team in the work of accurate feasibility studies.
The goals of feasibility studies are as follows :
- To understand thoroughly all aspects of a project, concept, or plan.
- To become aware of any potential problems that could occur while implementing the project.
- To determine if, after considering all significant factors, the project is viable—that is, worth undertaking.
The Importance of Feasibility Studies :
Feasibility studies are important to business development. They can allow a business to address where and how it will operate. They can also identify potential obstacles that may impede its operations and recognize the amount of funding it will need to get the business up and running. Feasibility studies aim for marketing strategies that could help convince investors or banks that investing in a particular project or business is a wise choice.