Feasibility Study
An feasibility research, just as its name implies, is designed to determine if a plan or project can be implemented. It’s a test of the viability of a plan or project that is being considered.
The feasibility analysis is an essential part of the design phase of any plan or project. It’s done in order to discover what strengths as well as weaknesses in the proposed project or a business that is already in operation. It is a great way to discover and evaluate the threats and opportunities in the natural world and the resources required to complete the project, and the chances of the project’s success.
Steps in a Feasibility Study
Conducting a feasibility study involves the following steps:
Conduct preliminary analysis.
Create a projected income report. What is the possibility of revenue that the project could generate?
Conduct a market study. Does the project result in an item or service that is demanded on the marketplace? What price will consumers be prepared to shell out for the product or service?
Create the organizational structure for your new venture. What are the requirements for staffing? What is the number of employees needed? Which other sources are required?
Make an opening day account of the projected balance of expenses and revenues.
Analyze and review the vulnerabilities that are within the project and which can be eliminated or controlled.
Choose whether or not to continue with the plan or project.
Contents of a Feasibility Report
An analysis of feasibility should contain the sections below:
Recording and Reconciling Payroll Transactions.
Description of the Product/Service
Technology Considerations
Product/ Service Marketplace
Identification of the Specific Market
Marketing Strategy
Organizational Structure
Schedule
Financial Projections
