Feasibility Study

An assessment of a proposal or planned course of action to provide an indication of its likely success and practicality of implementation. It is a lighter version of a comprehensive evaluative study, but still having well defined outcomes, often acting as a preliminary study where complex projects are being planned.

It is suited for pilot studies, which can evolve into other projects, as well for many routine projects typically encountered within the workplace. A feasibility study can include a SWOT analysis, identifying potential risks involved and to identify further areas for more detailed study and specially to narrow down options and eliminating unrealistic options, for inclusion within a decision-making process.

Different types of feasibility study can be undertaken, which can be quite specific or cover a range of considerations, for example, assessing technical characteristics, financial implications, environmental impacts, organisational structures and business operations, regulatory issues, market possibilities for services and/or products and each may involve evaluations for cost-benefit, cost-effectiveness, value for money, and reputational risk for the organisation.