What is a feasibility study?
“A feasibility study is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to support the process of decision making” (Wikipedia.com).
Without the use of Wikipedia defining feasibility study would fall on understanding the two words it compresses. Feasibility or the root word feasible means a degree to which something can be achieved or put into the effect, therefore something feasible is something that can be carried out or put into an effect. Study means to learn or discover the facts about a given subject. Now combining the two words, feasibility study would mean to study a given subject, discover the facts to come up with a decision whether of not to some it would be degree achievable or effective.
Companies make feasibility studies in order to determine if a proposed project can be carried out. In order to do so, the feasibility study should be as thorough, clear, precise, and complete with all the strengths and weaknesses of the project as humanly possible. And just like any other study it should answer the basic questions of who, what, when, where, why and how. Who should answer who are people involved in the project, who would be affected, and who are the potential clients of the project. What answers questions about the project; what is the project, how big it is, what is the strength and dangers (if any) of the project, what is the cost and what are the resources needed for the project, what are the effects of the project to the company and the market, what are the effects of the project to the environment. When considers the time of operation of the project to maximize the profit, when would the project start and when would it end. Where tells us the location of the project. Why provides the convincing part, why should the project the pushed on, and it should answer all the other why questions that would be raised in the other questions. How...
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