A Feasibility Study is a formal project document that shows the results of the analysis, research, and evaluation of a proposed project and determines if this project is technically feasible, cost-effective and profitable.

The primary goal of a feasibility study is to assess and prove the economic and technical viability of the project idea. We help in ascertaining market dynamics such as needs, size, shape, and characteristics. We use this tool to objectively and rationally uncover the strengths and weaknesses of the proposed venture, as well as the opportunities and threats present in the environment.

If you are planning to investigate whether a project is feasible, you will need to include the following important elements within the study:

1. Project Scope: First step is to clearly define the business problem/opportunity that has to be addressed. The project scope has to be definitive and to the point. This would include project participants and end-users. A well-defined project scope can ensure an accurate feasibility study. Starting a project without a well-defined scope will lead to financial disaster via changes.

2. Market Analysis: This step is critical as it examines the business environment in which the new product or service will be placed. Reviewing the strengths, weaknesses, opportunities, and threats faced by a project helps decision-makers focus on the big picture.

3. Requirements: This step is essential to a feasibility study because it requires an understanding of the two groups of requirements, including technical requirements and organizational requirements that define the project. We help in ascertaining market dynamics such as needs, size, shape, and characteristics.

4. Project Approach: You will next have to consider and choose the recommended solution or course of action to meet your requirements. You can consider various alternatives and then choose a solution that is the most preferable. However, before you finalize on the approach, ask yourself the following questions: Does the approach meet my requirements? Is the approach taken a practical and viable solution?

5. Financial Modeling: Examining the cost-effectiveness of the selected approach, the estimated total cost of the project, and the financial benefit to include return and opportunity cost. It is also helpful to understand the cost of capital and how you plan to combine the capital stack to finance the project.

6. Review: All of the above elements will be assembled into a feasibility study and a formal review will be conducted. Combined, this information allows the end-user to make a more informed decision to either approve, reject or even revise the study.

In all, our goal is to demonstrate the highest and best use of the proposed project site. We manage the investigation and evaluation of the gathered data, and we then analyze the information to help the client make a more informed decision!