Definition of Feasibility study:
An assessment of the practicality of a proposed plan or method.
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 into it.
Feasibility studies also can provide a company's management with crucial information that could prevent the company from entering blindly into risky businesses.
An analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake. Also called feasibility analysis. See also cost benefit analysis.
How to use Feasibility study in a sentence?
- Major corporations take advantage of the opportunity to conduct a feasibility study on any new investments they make in their strategies.
- A feasibility study into the possibility of harnessing natural water power.
- It's a good idea to have a contingency plan in case of unforeseeable circumstances, or if the original project is not feasible.
- The feasibility study concluded that the project would be able to be implemented to success as it was carefully planned.
- A company may conduct a feasibility study if it's considering launching a new business or adopting a new product line.
- A feasibility study assesses the practicality of a proposed plan or project.
- In order to ensure the manufacturing facility to make a new item the engineers launched a feasibility study to determine the actual steps required to build the product.
Meaning of Feasibility study & Feasibility study Definition