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How to conduct a feasibility study: Template and examples

Opportunities are everywhere. Some opportunities are small and don’t require many resources. Others are massive and need further analysis and evaluation.

One of your key responsibilities as a product manager is to evaluate the potential success of those opportunities before investing significant money, time, and resources. A feasibility study, also known as a feasibility assessment or feasibility analysis, is a critical tool that can help product managers determine whether a product idea or opportunity is viable, feasible, and profitable.

So, what is a feasibility analysis? Why should product managers use it? And how do you conduct one?

What is a feasibility study?

A feasibility study is a systematic analysis and evaluation of a product opportunity’s potential to succeed. It aims to determine whether a proposed opportunity is financially and technically viable, operationally feasible, and commercially profitable.

A feasibility study typically includes an assessment of a wide range of factors, including the technical requirements of the product, resources needed to develop and launch the product, the potential market gap and demand, the competitive landscape, and economic and financial viability.

Based on the analysis’s findings, the product manager and their product team can decide whether to proceed with the product opportunity, modify its scope, or pursue another opportunity and solve a different problem.

Conducting a feasibility study helps PMs ensure that resources are invested in opportunities that have a high likelihood of success and align with the overall objectives and goals of the product strategy .

What are feasibility analyses used for?

Feasibility studies are particularly useful when introducing entirely new products or verticals. Product managers can use the results of a feasibility study to:

• Assess the technical feasibility of a product opportunity — Evaluate whether the proposed product idea or opportunity can be developed with the available technology, tools, resources, and expertise
• Determine a project’s financial viability — By analyzing the costs of development, manufacturing, and distribution, a feasibility study helps you determine whether your product is financially viable and can generate a positive return on investment (ROI)
• Evaluate customer demand and the competitive landscape — Assessing the potential market size, target audience, and competitive landscape for the product opportunity can inform decisions about the overall product positioning, marketing strategies, and pricing
• Identify potential risks and challenges — Identify potential obstacles or challenges that could impact the success of the identified opportunity, such as regulatory hurdles, operational and legal issues, and technical limitations
• Refine the product concept — The insights gained from a feasibility study can help you refine the product’s concept, make necessary modifications to the scope, and ultimately create a better product that is more likely to succeed in the market and meet users’ expectations

How to conduct a feasibility study

The activities involved in conducting a feasibility study differ from one organization to another. Also, the threshold, expectations, and deliverables change from role to role.

For a general set of guidelines to help you get started, here are some basic steps to conduct and report a feasibility study for major product opportunities or features.

1. Clearly define the opportunity

Imagine your user base is facing a significant problem that your product doesn’t solve. This is an opportunity. Define the opportunity clearly, support it with data, talk to your stakeholders to understand the opportunity space, and use it to define the objective.

2. Define the objective and scope

Each opportunity should be coupled with a business objective and should align with your product strategy.

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Determine and clearly communicate the business goals and objectives of the opportunity. Align those objectives with company leaders to make sure everyone is on the same page. Lastly, define the scope of what you plan to build.

3. Conduct market and user research

Now that you have everyone on the same page and the objective and scope of the opportunity clearly defined, gather data and insights on the target market.

Include elements like the total addressable market (TAM) , growth potential, competitors’ insights, and deep insight into users’ problems and preferences collected through techniques like interviews, surveys, observation studies, contextual inquiries, and focus groups.

4. Analyze technical feasibility

Suppose your market and user research have validated the problem you are trying to solve. The next step should be to, alongside your engineers, assess the technical resources and expertise needed to launch the product to the market.

Dig deeper into the proposed solution and try to comprehend the technical limitations and estimated time required for the product to be in your users’ hands.

5. Assess financial viability

If your company hasa product pricing team, work closely with them to determine the willingness to pay (WTP) and devise a monetization strategy for the new feature.

Conduct a comprehensive financial analysis, including the total cost of development, revenue streams, and the expected return on investment (ROI) based on the agreed-upon monetization strategy.

6. Evaluate potential risks

Now that you have almost a complete picture, identify the risks associated with building and launching the opportunity. Risks may include things like regulatory hurdles, technical limitations, and any operational risks.

7. Decide, prepare, and share

Based on the steps above, you should end up with a report that can help you decide whether to pursue the opportunity or not. Either way, prepare your findings, including any recommended modifications to the product scope, and present your final findings and recommendations to your stakeholders.

Make sure to prepare an executive summary for your C-suite; they will be the most critical stakeholders and the decision-makers at the end of the meeting.

Feasibility study example

Imagine you’re a product manager at a digital software company that specializes in building project management tools.

Your team has identified a potential opportunity to expand the product offering by developing a new AI-based feature that can automatically prioritize tasks for users based on their deadlines, workload, and importance.

To assess the viability of this opportunity, you can conduct a feasibility study. Here’s how you might approach it according to the process described above:

• Clearly define the opportunity — In this case, the opportunity is the development of an AI-based task prioritization feature within the existing project management software
• Define the objective and scope — The business objective is to increase user productivity and satisfaction by providing an intelligent task prioritization system. The scope includes the integration of the AI-based feature within the existing software, as well as any necessary training for users to understand and use the feature effectively
• Conduct market and user research — Investigate the demand for AI-driven task prioritization among your target audience. Collect data on competitors who may already be offering similar features and determine the unique selling points of your proposed solution. Conduct user research through interviews, surveys, and focus groups to understand users’ pain points regarding task prioritization and gauge their interest in the proposed feature
• Analyze technical feasibility — Collaborate with your engineering team to assess the technical requirements and challenges of developing the AI-based feature. Determine whether your team has the necessary expertise to implement the feature and estimate the time and resources required for its development
• Assess financial viability — Work with your pricing team to estimate the costs associated with developing, launching, and maintaining the AI-based feature. Analyze the potential revenue streams and calculate the expected ROI based on various pricing models and user adoption rates
• Evaluate potential risks — Identify any risks associated with the development and implementation of the AI-based feature, such as data privacy concerns, potential biases in the AI algorithm, or the impact on the existing product’s performance
• Decide, prepare, and share — Based on your analysis, determine whether the AI-based task prioritization feature is a viable opportunity for your company. Prepare a comprehensive report detailing your findings and recommendations, including any necessary modifications to the product scope or implementation plan. Present your findings to your stakeholders and be prepared to discuss and defend your recommendations

Feasibility study template

The following feasibility study template is designed to help you evaluate the feasibility of a product opportunity and provide a comprehensive report to inform decision-making and guide the development process.

Remember that each study will be unique to your product and market, so you may need to adjust the template to fit your specific needs.

• Briefly describe the product opportunity or feature you’re evaluating
• Explain the problem it aims to solve or the value it will bring to users
• Define the business goals and objectives for the opportunity
• Outline the scope of the product or feature, including any key components or functionality
• Summarize the findings from your market research, including data on the target market, competitors, and unique selling points
• Highlight insights from user research, such as user pain points, preferences, and potential adoption rates
• Detail the technical requirements and challenges for developing the product or feature
• Estimate the resources and expertise needed for implementation, including any necessary software, hardware, or skills
• Provide an overview of the costs associated with the development, launch, and maintenance of the product or feature
• Outline potential revenue streams and calculate the expected ROI based on various pricing models and user adoption rates
• Identify any potential risks or challenges associated with the development, implementation, or market adoption of the product or feature
• Discuss how these risks could impact the success of the opportunity and any potential mitigation strategies
• Based on your analysis, recommend whether to proceed with the opportunity, modify the scope, or explore other alternatives
• Provide a rationale for your recommendation, supported by data and insights from your research
• Summarize the key findings and recommendations from your feasibility study in a concise, easily digestible format for your stakeholders

Overcoming stakeholder management challenges

The ultimate challenge that faces most product managers when conducting a feasibility study is managing stakeholders .

Stakeholders may interfere with your analysis, jumping to conclude that your proposed product or feature won’t work and deeming it a waste of resources. They may even try to prioritize your backlog for you.

Here are some tips to help you deal with even the most difficult stakeholders during a feasibility study:

• Use hard data to make your point — Never defend your opinion based on your assumptions. Always show them data and evidence based on your user research and market analysis
• Learn to say no — You are the voice of customers, and you know their issues and how to monetize them. Don’t be afraid to say no and defend your team’s work as a product manager
• Build stakeholder buy-in early on — Engage stakeholders from the beginning of the feasibility study process by involving them in discussions and seeking their input. This helps create a sense of ownership and ensures that their concerns and insights are considered throughout the study
• Provide regular updates and maintain transparency — Keep stakeholders informed about the progress of the feasibility study by providing regular updates and sharing key findings. This transparency can help build trust, foster collaboration, and prevent misunderstandings or misaligned expectations
• Leverage stakeholder expertise — Recognize and utilize the unique expertise and knowledge that stakeholders bring to the table. By involving them in specific aspects of the feasibility study where their skills and experience can add value, you can strengthen the study’s outcomes and foster a more collaborative working relationship

Final thoughts

A feasibility study is a critical tool to use right after you identify a significant opportunity. It helps you evaluate the potential success of the opportunity, analyze and identify potential challenges, gaps, and risks in the opportunity, and provides a data-driven approach in the market insights to make an informed decision.

By conducting a feasibility study, product teams can determine whether a product idea is profitable, viable, feasible, and thus worth investing resources into. It is a crucial step in the product development process and when considering investments in significant initiatives such as launching a completely new product or vertical.

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What Is a Feasibility Study and How to Conduct It? (+ Examples)

Appinio Research · 26.09.2023 · 28min read

Are you ready to turn your project or business idea into a concrete reality but unsure about its feasibility? Whether you're a seasoned entrepreneur or a first-time project manager, understanding the intricate process of conducting a feasibility study is vital for making informed decisions and maximizing your chances of success.

This guide will equip you with the knowledge and tools to navigate the complexities of market, technical, financial, and operational feasibility studies. By the end, you'll have a clear roadmap to confidently assess, plan, and execute your project.

What is a Feasibility Study?

A feasibility study is a systematic and comprehensive analysis of a proposed project or business idea to assess its viability and potential for success. It involves evaluating various aspects such as market demand, technical feasibility, financial viability, and operational capabilities. The primary goal of a feasibility study is to provide you with valuable insights and data to make informed decisions about whether to proceed with the project.

Why is a Feasibility Study Important?

Conducting a feasibility study is a critical step in the planning process for any project or business. It helps you:

• Minimize Risks: By identifying potential challenges and obstacles early on, you can develop strategies to mitigate risks.
• Optimize Resource Allocation: A feasibility study helps you allocate your resources more efficiently, including time and money.
• Enhance Decision-Making: Armed with data and insights, you can make well-informed decisions about pursuing the project or exploring alternative options.
• Attract Stakeholders: Potential investors, lenders, and partners often require a feasibility study to assess the project's credibility and potential return on investment.

Now that you understand the importance of feasibility studies, let's explore the various types and dive deeper into each aspect.

Types of Feasibility Studies

Feasibility studies come in various forms, each designed to assess different aspects of a project's viability. Let's delve into the four primary types of feasibility studies in more detail:

1. Market Feasibility Study

Market feasibility studies are conducted to determine whether there is a demand for a product or service in a specific market or industry. This type of study focuses on understanding customer needs, market trends, and the competitive landscape. Here are the key elements of a market feasibility study:

• Market Research and Analysis: Comprehensive research is conducted to gather market size, growth potential , and customer behavior data. This includes both primary research (surveys, interviews) and secondary research (existing reports, data).
• Target Audience Identification: Identifying the ideal customer base by segmenting the market based on demographics, psychographics, and behavior. Understanding your target audience is crucial for tailoring your product or service.
• Competitive Analysis : Assessing the competition within the market, including identifying direct and indirect competitors, their strengths, weaknesses, and market share.
• Demand and Supply Assessment: Analyzing the balance between the demand for the product or service and its supply. This helps determine whether there is room for a new entrant in the market.

2. Technical Feasibility Study

Technical feasibility studies evaluate whether the project can be developed and implemented from a technical standpoint. This assessment focuses on the project's design, technical requirements, and resource availability. Here's what it entails:

• Project Design and Technical Requirements: Defining the technical specifications of the project, including hardware, software, and any specialized equipment. This phase outlines the technical aspects required for project execution.
• Technology Assessment: Evaluating the chosen technology's suitability for the project and assessing its scalability and compatibility with existing systems.
• Resource Evaluation: Assessing the availability of essential resources such as personnel, materials, and suppliers to ensure the project's technical requirements can be met.
• Risk Analysis: Identifying potential technical risks, challenges, and obstacles that may arise during project development. Developing risk mitigation strategies is a critical part of technical feasibility.

3. Financial Feasibility Study

Financial feasibility studies aim to determine whether the project is financially viable and sustainable in the long run. This type of study involves estimating costs, projecting revenue, and conducting financial analyses. Key components include:

• Cost Estimation: Calculating both initial and ongoing costs associated with the project, including capital expenditures, operational expenses, and contingency funds.
• Revenue Projections: Forecasting the income the project is expected to generate, considering sales, pricing strategies, market demand, and potential revenue streams.
• Investment Analysis: Evaluating the return on investment (ROI), payback period, and potential risks associated with financing the project.
• Financial Viability Assessment: Analyzing the project's profitability, cash flow, and financial stability to ensure it can meet its financial obligations and sustain operations.

4. Operational Feasibility Study

Operational feasibility studies assess whether the project can be effectively implemented within the organization's existing operational framework. This study considers processes, resource planning, scalability, and operational risks. Key elements include:

• Process and Workflow Assessment: Analyzing how the project integrates with current processes and workflows, identifying potential bottlenecks, and optimizing operations.
• Resource Planning: Determining the human, physical, and technological resources required for successful project execution and identifying resource gaps.
• Scalability Evaluation: Assessing the project's ability to adapt and expand to meet changing demands and growth opportunities, including capacity planning and growth strategies.
• Operational Risks Analysis: Identifying potential operational challenges and developing strategies to mitigate them, ensuring smooth project implementation.

Each type of feasibility study serves a specific purpose in evaluating different facets of your project, collectively providing a comprehensive assessment of its viability and potential for success.

How to Prepare for a Feasibility Study?

Before you dive into the nitty-gritty details of conducting a feasibility study, it's essential to prepare thoroughly. Proper preparation will set the stage for a successful and insightful study. In this section, we'll explore the main steps involved in preparing for a feasibility study.

1. Identify the Project or Idea

Identifying and defining your project or business idea is the foundational step in the feasibility study process. This initial phase is critical because it helps you clarify your objectives and set the direction for the study.

• Problem Identification: Start by pinpointing the problem or need your project addresses. What pain point does it solve for your target audience?
• Project Definition: Clearly define your project or business idea. What are its core components, features, or offerings?
• Goals and Objectives: Establish specific goals and objectives for your project. What do you aim to achieve in the short and long term?
• Alignment with Vision: Ensure your project aligns with your overall vision and mission. How does it fit into your larger strategic plan?

Remember, the more precisely you can articulate your project or idea at this stage, the easier it will be to conduct a focused and effective feasibility study.

2. Assemble a Feasibility Study Team

Once you've defined your project, the next step is to assemble a competent and diverse feasibility study team. Your team's expertise will play a crucial role in conducting a thorough assessment of your project's viability.

• Identify Key Roles: Determine the essential roles required for your feasibility study. These typically include experts in areas such as market research, finance, technology, and operations.
• Select Team Members: Choose team members with the relevant skills and experience to fulfill these roles effectively. Look for individuals who have successfully conducted feasibility studies in the past.
• Collaboration and Communication: Foster a collaborative environment within your team. Effective communication is essential to ensure everyone is aligned on objectives and timelines.
• Project Manager: Designate a project manager responsible for coordinating the study, tracking progress, and meeting deadlines.
• External Consultants: In some cases, you may need to engage external consultants or specialists with niche expertise to provide valuable insights.

Having the right people on your team will help you collect accurate data, analyze findings comprehensively, and make well-informed decisions based on the study's outcomes.

3. Set Clear Objectives and Scope

Before you begin the feasibility study, it's crucial to establish clear and well-defined objectives. These objectives will guide your research and analysis efforts throughout the study.

Steps to Set Clear Objectives and Scope:

• Objective Clarity: Define the specific goals you aim to achieve through the feasibility study. What questions do you want to answer, and what decisions will the study inform?
• Scope Definition: Determine the boundaries of your study. What aspects of the project will be included, and what will be excluded? Clarify any limitations.
• Resource Allocation: Assess the resources needed for the study, including time, budget, and personnel. Ensure that you allocate resources appropriately based on the scope and objectives.
• Timeline: Establish a realistic timeline for the feasibility study. Identify key milestones and deadlines for completing different phases of the study.

Clear objectives and a well-defined scope will help you stay focused and avoid scope creep during the study. They also provide a basis for measuring the study's success against its intended outcomes.

4. Gather Initial Information

Before you delve into extensive research and data collection, start by gathering any existing information and documents related to your project or industry. This initial step will help you understand the current landscape and identify gaps in your knowledge.

• Document Review: Review any existing project documentation, market research reports, business plans, or relevant industry studies.
• Competitor Analysis: Gather information about your competitors, including their products, pricing, market share, and strategies.
• Regulatory and Compliance Documents: If applicable, collect information on industry regulations, permits, licenses, and compliance requirements.
• Market Trends: Stay informed about current market trends, consumer preferences, and emerging technologies that may impact your project.
• Stakeholder Interviews: Consider conducting initial interviews with key stakeholders, including potential customers, suppliers, and industry experts, to gather insights and feedback.

By starting with a strong foundation of existing knowledge, you'll be better prepared to identify gaps that require further investigation during the feasibility study. This proactive approach ensures that your study is comprehensive and well-informed from the outset.

How to Conduct a Market Feasibility Study?

The market feasibility study is a crucial component of your overall feasibility analysis. It focuses on assessing the potential demand for your product or service, understanding your target audience, analyzing your competition, and evaluating supply and demand dynamics within your chosen market.

Market Research and Analysis

Market research is the foundation of your market feasibility study. It involves gathering and analyzing data to gain insights into market trends, customer preferences, and the overall business landscape.

• Data Collection: Utilize various methods such as surveys, interviews, questionnaires, and secondary research to collect data about the market. This data may include market size, growth rates, and historical trends.
• Market Segmentation: Divide the market into segments based on factors such as demographics, psychographics , geography, and behavior. This segmentation helps you identify specific target markets .
• Customer Needs Analysis: Understand the needs, preferences, and pain points of potential customers . Determine how your product or service can address these needs effectively.
• Market Trends: Stay updated on current market trends, emerging technologies, and industry innovations that could impact your project.
• SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify internal and external factors that may affect your market entry strategy.

In today's dynamic market landscape, gathering precise data for your market feasibility study is paramount. Appinio offers a versatile platform that enables you to swiftly collect valuable market insights from a diverse audience.

With Appinio, you can employ surveys, questionnaires, and in-depth analyses to refine your understanding of market trends, customer preferences, and competition.

Enhance your market research and gain a competitive edge by booking a demo with us today!

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Target Audience Identification

Knowing your target audience is essential for tailoring your product or service to meet their specific needs and preferences.

• Demographic Analysis: Define the age, gender, income level, education, and other demographic characteristics of your ideal customers.
• Psychographic Profiling: Understand the psychographics of your target audience, including their lifestyle, values, interests, and buying behavior.
• Market Segmentation: Refine your target audience by segmenting it further based on shared characteristics and behaviors.
• Needs and Pain Points: Identify your target audience's unique needs, challenges, and pain points that your product or service can address.
• Competitor's Customers: Analyze the customer base of your competitors to identify potential opportunities for capturing market share.

Competitive Analysis

Competitive analysis helps you understand the strengths and weaknesses of your competitors, positioning your project strategically within the market.

• Competitor Identification: Identify direct and indirect competitors within your industry or market niche.
• Competitive Advantage: Determine the unique selling points (USPs) that set your project apart from competitors. What value can you offer that others cannot?
• SWOT Analysis for Competitors: Conduct a SWOT analysis for each competitor to assess their strengths, weaknesses, opportunities, and threats.
• Market Share Assessment: Analyze each competitor's market share and market penetration strategies.
• Pricing Strategies: Investigate the pricing strategies employed by competitors and consider how your pricing strategy will compare.

Leveraging the power of data collection and analysis is essential in gaining a competitive edge. With Appinio , you can efficiently gather critical insights about your competitors, their strengths, and weaknesses. Seamlessly integrate these findings into your market feasibility study, empowering your project with a strategic advantage.

Demand and Supply Assessment

Understanding supply and demand dynamics is crucial for gauging market sustainability and potential challenges.

• Market Demand Analysis: Estimate the current and future demand for your product or service. Consider factors like seasonality and trends.
• Supply Evaluation: Assess the availability of resources, suppliers, and distribution channels required to meet the expected demand.
• Market Saturation: Determine whether the market is saturated with similar offerings and how this might affect your project.
• Demand Forecasting: Use historical data and market trends to make informed projections about future demand.
• Scalability: Consider the scalability of your project to meet increased demand or potential fluctuations.

A comprehensive market feasibility study will give you valuable insights into your potential customer base, market dynamics, and competitive landscape. This information will be pivotal in shaping your project's direction and strategy.

How to Conduct a Technical Feasibility Study?

The technical feasibility study assesses the practicality of implementing your project from a technical standpoint. It involves evaluating the project's design, technical requirements, technological feasibility, resource availability, and risk analysis. Let's delve into each aspect in more detail.

1. Project Design and Technical Requirements

The project design and technical requirements are the foundation of your technical feasibility study. This phase involves defining the technical specifications and infrastructure needed to execute your project successfully.

• Technical Specifications: Clearly define the technical specifications of your project, including hardware, software, and any specialized equipment.
• Infrastructure Planning: Determine the physical infrastructure requirements, such as facilities, utilities, and transportation logistics.
• Development Workflow: Outline the workflow and processes required to design, develop, and implement the project.
• Prototyping: Consider creating prototypes or proof-of-concept models to test and validate the technical aspects of your project.

2. Technology Assessment

A critical aspect of the technical feasibility study is assessing the technology required for your project and ensuring it aligns with your goals.

• Technology Suitability: Evaluate the suitability of the chosen technology for your project. Is it the right fit, or are there better alternatives?
• Scalability and Compatibility: Assess whether the chosen technology can scale as your project grows and whether it is compatible with existing systems or software.
• Security Measures: Consider cybersecurity and data protection measures to safeguard sensitive information.
• Technical Expertise: Ensure your team or external partners possess the technical expertise to implement and maintain the technology.

3. Resource Evaluation

Resource evaluation involves assessing the availability of the essential resources required to execute your project successfully. These resources include personnel, materials, and suppliers.

• Human Resources: Evaluate whether you have access to skilled personnel or if additional hiring or training is necessary.
• Material Resources: Identify the materials and supplies needed for your project and assess their availability and costs.
• Supplier Relationships: Establish relationships with reliable suppliers and consistently assess their ability to meet your resource requirements.

4. Risk Analysis

Risk analysis is a critical component of the technical feasibility study, as it helps you anticipate and mitigate potential technical challenges and setbacks.

• Identify Risks: Identify potential technical risks, such as hardware or software failures, technical skill gaps, or unforeseen technical obstacles.
• Risk Mitigation Strategies: Develop strategies to mitigate identified risks, including contingency plans and resource allocation for risk management.
• Cost Estimation for Risk Mitigation: Assess the potential costs associated with managing technical risks and incorporate them into your project budget.

By conducting a thorough technical feasibility study, you can ensure that your project is technically viable and well-prepared to overcome technical challenges. This assessment will also guide decision-making regarding technology choices, resource allocation, and risk management strategies.

How to Conduct a Financial Feasibility Study?

The financial feasibility study is a critical aspect of your overall feasibility analysis. It focuses on assessing the financial viability of your project by estimating costs, projecting revenue, conducting investment analysis, and evaluating the overall financial health of your project. Let's delve into each aspect in more detail.

1. Cost Estimation

Cost estimation is the process of calculating the expenses associated with planning, developing, and implementing your project. This involves identifying both initial and ongoing costs.

• Initial Costs: Calculate the upfront expenses required to initiate the project, including capital expenditures, equipment purchases, and any development costs.
• Operational Costs: Estimate the ongoing operating expenses, such as salaries, utilities, rent, marketing, and maintenance.
• Contingency Funds: Allocate funds for unexpected expenses or contingencies to account for unforeseen challenges.
• Depreciation: Consider the depreciation of assets over time, as it impacts your financial statements.

2. Revenue Projections

Revenue projections involve forecasting the income your project is expected to generate over a specific period. Accurate revenue projections are crucial for assessing the project's financial viability.

• Sales Forecasts: Estimate your product or service sales based on market demand, pricing strategies, and potential growth.
• Pricing Strategy: Determine your pricing strategy, considering factors like competition, market conditions, and customer willingness to pay.
• Market Penetration: Analyze how quickly you can capture market share and increase sales over time.
• Seasonal Variations: Account for any seasonal fluctuations in revenue that may impact your cash flow.

3. Investment Analysis

Investment analysis involves evaluating the potential return on investment (ROI) and assessing the attractiveness of your project to potential investors or stakeholders.

• Return on Investment (ROI): Calculate the expected ROI by comparing the project's net gains against the initial investment.
• Payback Period: Determine how long it will take for the project to generate sufficient revenue to cover its initial costs.
• Risk Assessment: Consider the level of risk associated with the project and whether it aligns with investors' risk tolerance.
• Sensitivity Analysis: Perform sensitivity analysis to understand how changes in key variables, such as sales or costs, affect the investment's profitability.

4. Financial Viability Assessment

A financial viability assessment evaluates the project's ability to sustain itself financially in the long term. It considers factors such as profitability, cash flow, and financial stability.

• Profitability Analysis: Assess whether the project is expected to generate profits over its lifespan.
• Cash Flow Management: Analyze the project's cash flow to ensure it can cover operating expenses, debt payments, and other financial obligations.
• Break-Even Analysis: Determine the point at which the project's revenue covers all costs, resulting in neither profit nor loss.
• Financial Ratios: Calculate key financial ratios, such as debt-to-equity ratio and return on equity, to evaluate the project's financial health.

By conducting a comprehensive financial feasibility study, you can gain a clear understanding of the project's financial prospects and make informed decisions regarding its viability and potential for success.

How to Conduct an Operational Feasibility Study?

The operational feasibility study assesses whether your project can be implemented effectively within your organization's operational framework. It involves evaluating processes, resource planning, scalability, and analyzing potential operational risks.

1. Process and Workflow Assessment

The process and workflow assessment examines how the project integrates with existing processes and workflows within your organization.

• Process Mapping: Map out current processes and workflows to identify areas of integration and potential bottlenecks.
• Workflow Efficiency: Assess the efficiency and effectiveness of existing workflows and identify opportunities for improvement.
• Change Management: Consider the project's impact on employees and plan for change management strategies to ensure a smooth transition.

2. Resource Planning

Resource planning involves determining the human, physical, and technological resources needed to execute the project successfully.

• Human Resources: Assess the availability of skilled personnel and consider whether additional hiring or training is necessary.
• Physical Resources: Identify the physical infrastructure, equipment, and materials required for the project.
• Technology and Tools: Ensure that the necessary technology and tools are available and up to date to support project implementation.

3. Scalability Evaluation

Scalability evaluation assesses whether the project can adapt and expand to meet changing demands and growth opportunities.

• Scalability Factors: Identify factors impacting scalability, such as market growth, customer demand, and technological advancements.
• Capacity Planning: Plan for the scalability of resources, including personnel, infrastructure, and technology.
• Growth Strategies: Develop strategies for scaling the project, such as geographic expansion, product diversification, or increasing production capacity.

4. Operational Risk Analysis

Operational risk analysis involves identifying potential operational challenges and developing mitigation strategies.

• Risk Identification: Identify operational risks that could disrupt project implementation or ongoing operations.
• Risk Mitigation: Develop risk mitigation plans and contingency strategies to address potential challenges.
• Testing and Simulation: Consider conducting simulations or testing to evaluate how the project performs under various operational scenarios.
• Monitoring and Adaptation: Implement monitoring and feedback mechanisms to detect and address operational issues as they arise.

Conducting a thorough operational feasibility study ensures that your project aligns with your organization's capabilities, processes, and resources. This assessment will help you plan for a successful implementation and minimize operational disruptions.

How to Write a Feasibility Study?

The feasibility study report is the culmination of your feasibility analysis. It provides a structured and comprehensive document outlining your study's findings, conclusions, and recommendations. Let's explore the key components of the feasibility study report.

1. Structure and Components

The structure of your feasibility study report should be well-organized and easy to navigate. It typically includes the following components:

• Executive Summary: A concise summary of the study's key findings, conclusions, and recommendations.
• Introduction: An overview of the project, the objectives of the study, and a brief outline of what the report covers.
• Methodology: A description of the research methods , data sources, and analytical techniques used in the study.
• Market Feasibility Study: Detailed information on market research, target audience, competitive analysis, and demand-supply assessment.
• Technical Feasibility Study: Insights into project design, technical requirements, technology assessment, resource evaluation, and risk analysis.
• Financial Feasibility Study: Comprehensive information on cost estimation, revenue projections, investment analysis, and financial viability assessment.
• Operational Feasibility Study: Details on process and workflow assessment, resource planning, scalability evaluation, and operational risks analysis.
• Conclusion: A summary of key findings and conclusions drawn from the study.

Recommendations: Clear and actionable recommendations based on the study's findings.

2. Write the Feasibility Study Report

When writing the feasibility study report, it's essential to maintain clarity, conciseness, and objectivity. Use clear language and provide sufficient detail to support your conclusions and recommendations.

• Be Objective: Present findings and conclusions impartially, based on data and analysis.
• Use Visuals: Incorporate charts, graphs, and tables to illustrate key points and make the report more accessible.
• Cite Sources: Properly cite all data sources and references used in the study.
• Include Appendices: Attach any supplementary information, data, or documents in appendices for reference.

3. Present Findings and Recommendations

When presenting your findings and recommendations, consider your target audience. Tailor your presentation to the needs and interests of stakeholders, whether they are investors, executives, or decision-makers.

• Highlight Key Takeaways: Summarize the most critical findings and recommendations upfront.
• Use Visual Aids: Create a visually engaging presentation with slides, charts, and infographics.
• Address Questions: Be prepared to answer questions and provide additional context during the presentation.
• Provide Supporting Data: Back up your findings and recommendations with data from the feasibility study.

4. Review and Validation

Before finalizing the feasibility study report, conducting a thorough review and validation process is crucial. This ensures the accuracy and credibility of the report.

• Peer Review: Have colleagues or subject matter experts review the report for accuracy and completeness.
• Data Validation: Double-check data sources and calculations to ensure they are accurate.
• Cross-Functional Review: Involve team members from different disciplines to provide diverse perspectives.
• Stakeholder Input: Seek input from key stakeholders to validate findings and recommendations.

By following a structured approach to creating your feasibility study report, you can effectively communicate the results of your analysis, support informed decision-making, and increase the likelihood of project success.

Feasibility Study Examples

Let's dive into some real-world examples to truly grasp the concept and application of feasibility studies. These examples will illustrate how various types of projects and businesses undergo the feasibility assessment process to ensure their viability and success.

Example 1: Local Restaurant

Imagine you're passionate about opening a new restaurant in a bustling urban area. Before investing significant capital, you'd want to conduct a thorough feasibility study. Here's how it might unfold:

• Market Feasibility: You research the local dining scene, identify target demographics, and assess the demand for your cuisine. Market surveys reveal potential competitors, dining preferences, and pricing expectations.
• Technical Feasibility: You design the restaurant layout, plan the kitchen setup, and assess the technical requirements for equipment and facilities. You consider factors like kitchen efficiency, safety regulations, and adherence to health codes.
• Financial Feasibility: You estimate the initial costs for leasing or purchasing a space, kitchen equipment, staff hiring, and marketing. Revenue projections are based on expected foot traffic, menu pricing, and seasonal variations.
• Operational Feasibility: You create kitchen and service operations workflow diagrams, considering staff roles and responsibilities. Resource planning includes hiring chefs, waitstaff, and kitchen personnel. Scalability is evaluated for potential expansion or franchising.
• Risk Analysis: Potential operational risks are identified, such as food safety concerns, labor shortages, or location-specific challenges. Risk mitigation strategies involve staff training, quality control measures, and contingency plans for unexpected events.

Example 2: Software Development Project

Now, let's explore the feasibility study process for a software development project, such as building a mobile app:

• Market Feasibility: You analyze the mobile app market, identify your target audience, and assess the demand for a solution in a specific niche. You gather user feedback and conduct competitor analysis to understand the competitive landscape.
• Technical Feasibility: You define the technical requirements for the app, considering platforms (iOS, Android), development tools, and potential integrations with third-party services. You evaluate the feasibility of implementing specific features.
• Financial Feasibility: You estimate the development costs, including hiring developers, designers, and ongoing maintenance expenses. Revenue projections are based on app pricing, potential in-app purchases, and advertising revenue.
• Operational Feasibility: You map out the development workflow, detailing the phases from concept to deployment. Resource planning includes hiring developers with the necessary skills, setting up development environments, and establishing a testing framework.
• Risk Analysis: Potential risks like scope creep, technical challenges, or market saturation are assessed. Mitigation strategies involve setting clear project milestones, conducting thorough testing, and having contingency plans for technical glitches.

These examples demonstrate the versatility of feasibility studies across diverse projects. Whatever type of venture or endeavor you want to embark on, a well-structured feasibility study guides you toward informed decisions and increased project success.

In conclusion, conducting a feasibility study is a crucial step in your project's journey. It helps you assess the viability and potential risks, providing a solid foundation for informed decision-making. Remember, a well-executed feasibility study not only enables you to identify challenges but also uncovers opportunities that can lead to your project's success.

By thoroughly examining market trends, technical requirements, financial aspects, and operational considerations, you are better prepared to embark on your project confidently. With this guide, you've gained the knowledge and tools needed to navigate the intricate terrain of feasibility studies.

How to Conduct a Feasibility Study in Minutes?

Speed and precision are paramount for feasibility studies, and Appinio delivers just that. As a real-time market research platform, Appinio empowers you to seamlessly conduct your market research in a matter of minutes, putting actionable insights at your fingertips.

Here's why Appinio stands out as the go-to tool for feasibility studies:

• Rapid Insights: Appinio's intuitive platform ensures that anyone, regardless of their research background, can effortlessly navigate and conduct research, saving valuable time and resources.
• Lightning-Fast Responses: With an average field time of under 23 minutes for 1,000 respondents, Appinio ensures that you get the answers you need when you need them, making it ideal for time-sensitive feasibility studies.
• Global Reach: Appinio's extensive reach spans over 90 countries, allowing you to define the perfect target group from a pool of 1,200+ characteristics and gather insights from diverse markets.

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What is a feasibility study: step-by-step guide.

Key takeaways

• A feasibility study is an essential analytical tool that evaluates the viability of a proposed project on multiple fronts, such as financials, technical requirements, and market demand.
• Conducted during the project initiation phase, this type of study serves as an early checkpoint to identify potential roadblocks and assess risks.
• Feasibility studies act as the first line of defense against project failure, saving time, money, and resources.

In this article...

What is a feasibility study?

A feasibility study is an analytical tool used to evaluate the practicality of a proposed project or business idea. It assesses various factors such as financial viability, technical requirements, legal constraints, and market demand. The study aims to answer the question “Are the goals of this project realistically attainable?” by examining data, studies, and other relevant information.

A feasibility study is a crucial step to take before diving into any project and is generally performed during the project initiation phase of project management . It helps identify potential roadblocks, assess risks, and estimate resource allocation; skipping this step can lead to project failure, wasted resources, and financial losses.

Feasibility studies represent one of the many intricacies of project planning . Understanding the other requirements of this crucial step can give you a well-rounded view of how to set your project up for success.

Steps to conduct a feasibility study

Successfully executing a project hinges on thorough planning and risk assessment. Following this step-by-step guide for conducting a feasibility study will help you meticulously evaluate the viability of your project from the outset.

Step 1: Conduct preliminary analysis

This is where you take a good, hard look at your project to determine whether it’s worth pursuing. At this stage, you should also decide if a more detailed feasibility study is necessary.

A few key criteria usually come into play during this initial assessment. First, consider a general sense of the market demand for your project, the resources you have at your disposal, and some ballpark figures for initial costs. If it’s difficult to get clear estimates, it may be worthwhile to invest additional time and resources in a more comprehensive feasibility study. If no significant roadblocks pop up in this preliminary analysis, then you have the green light to proceed.

Some project management software includes useful features that can help you efficiently collect and organize all this data. These features can be very helpful in decision-making, especially when you’re looking at multiple variables.

Step 2: Create a projected income statement

This vital component of the feasibility study involves forecasting the income, expenses, and profitability associated with the proposed project. The projected income statement is akin to peering into a financial crystal ball to see how the numbers might align.

There are several approaches you can take to assess a project’s financial impact. Historical data and industry benchmarks, for example, can serve as reliable guides. These projections are important for assessing financial feasibility and making informed decisions.

The significance of these forecasts cannot be overstated — they help stakeholders understand the project’s potential ROI and ultimately make the go/no-go decision for the project.

Step 3: Survey the market

The market survey stage involves rolling up your sleeves to gather valuable data and insights about your target market(s) and audience(s). Think of it as your project’s reconnaissance mission: You’re scouting the terrain to understand what you’re getting into.

To start, you’ll want to learn your customers’ preferences to see if your project will fulfill a need or solve a problem they currently face. For example, a software company’s research might reveal customer demand for a new feature that aligns with the project’s goals.

Also consider if your project is timely and whether it will make a significant impact now or in the near future, depending on emerging market trends. It may be useful to conduct competitor research as well; knowing what and who you’re up against can help stakeholders decide whether you should move forward with the project and, if so, how you will approach it.

Surveys and interviews are ideal for firsthand quantitative and qualitative data. However, don’t underestimate the power of existing market reports. This preexisting data can offer a broad market landscape view, helping you make data-driven decisions. You can also leverage other research and data collection methods, such as focus groups and publicly available databases like Statista and the U.S. Census Bureau .

Step 4: Review and analyze the data

With all of the necessary information in hand, use tools like a SWOT analysis to evaluate the project’s strengths, weaknesses, opportunities, and threats. A risk assessment is another go-to method that can help you identify potential pitfalls that could derail your project.

At this point in the feasibility study, weigh key metrics and indicators like projected ROI, milestone dates, market penetration rates, and possible vulnerabilities. These gauges, when reviewed in tandem, paint a broader picture of your project’s viability and value.

Step 5: Determine the next steps

Use your research-backed analysis to decide whether the project you’ve proposed is the best way to address the problems it intends to address. If the metrics are favorable and the risks are manageable, you should feel confident advancing to the planning phase. Too many red flags, however, may mean you need to go back to the drawing board.

Here’s a little tech tip to make this decision easier: Many project management software dashboards can compile your key metrics and findings neatly in one visual package. It’s like having a project feasibility snapshot right at your fingertips, which makes it much easier for stakeholders to understand important data and make informed decisions.

Types of feasibility studies

There are different types of feasibility studies that each focus on a unique aspect of projects and project planning . By understanding the nuances of each, you’ll become better equipped to make well-informed decisions, mitigate risks, and ultimately steer your project toward success.

Technical feasibility

Technical feasibility digs into the nuts and bolts of the project. You’re looking at what kind of technology you’ll need, whether it’s available, and if it can be integrated into your current systems. It’s like checking if you have all the ingredients you need before cooking a specific recipe.

Economic feasibility

This study is all about the money — how much the project will cost and what kinds of economic or profitability benefits it will bring forth. With an economic feasibility study, you’re most often doing a cost-benefit analysis to see if the financials add up in your favor. It’s like weighing the pros and cons but in dollar signs. 

Legal feasibility

This is your legal checkpoint. You’re looking at any laws or regulations that might create risks or restrict your project. This feasibility study could also involve checking compliance with industry-specific or regional regulations.

Operational feasibility

An operational feasibility study will help you see how the project fits into your current operations and operational goals and resources. After completing this type of study, you should know if your project will require new workflows and if your team can handle project tasks alongside their current workloads.

This study also evaluates whether the organization has the expertise to accomplish all project goals.

Scheduling feasibility

This feasibility study is all about time. You’re considering how long the project will take and whether you can afford any delays. Gantt charts , a feature commonly found in project management software, can be convenient in this type of study.

These visual timelines allow you to map out the entire project schedule, set milestones, and identify potential bottlenecks. You can also easily see if your project’s timeline is realistic or if you need to make adjustments to avoid delays.

Feasibility study examples

Feasibility studies add value to the project lifecycle across diverse industries. With each of these examples, the feasibility study is a critical preliminary step to identify potential roadblocks and assess the likelihood of project success.

Construction

A construction project feasibility study might focus on land evaluation, zoning laws, and material costs to determine if a new housing development is viable. In this example, the study helps avoid legal snags and ensure profitable land use.

A healthcare feasibility study may assess the demand for a new medical facility in a specific location by looking at factors like local population health statistics and existing healthcare infrastructure. This type of research helps determine whether a new facility would serve the community appropriately and utilize resources effectively.

Information technology

An IT feasibility study might analyze the technical requirements, cost, and market demand for a new software application to understand whether the development effort would offer a reasonable return on investment. This information helps project teams avoid sinking time and money into software that no one wants or needs.

Free feasibility study template

Download our feasibility study template for free:

Why are feasibility studies crucial in project management?

In project management, feasibility studies help you gauge whether your project is a go or a no-go, saving you time, money, and a lot of headaches in the long run. But it’s not just about giving your project a thumbs-up or down.

Feasibility studies are also invaluable for decision-making and risk assessment. They provide the data and insights you need to make informed choices. Whether it’s deciding on the project scope, budget, or timeline, these studies offer a comprehensive view of what you’re up against.

Plus, feasibility studies help you identify potential roadblocks and risks, allowing you to prepare effective contingency plans. Operating with a feasibility study as your project’s foundation is like giving your team both a roadmap and a weather forecast to help you better navigate your project journey.

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How to Do a Feasibility Study

May 20, 2022 - 7 min read

Before committing time, energy, and resources to a new project , PMs and executives want to know: Can this project succeed? And even if the project is successful, will the outcomes justify the cost and effort it took to achieve them? These questions, and ultimately the fate of the project, can be determined through a feasibility study .

So, what is a feasibility study ? In this article, we’re answering that question, and we’re also examining how to do a feasibility study to help you and your management team make better-informed decisions regarding which projects get funded and which get tabled or scrapped altogether. 

What is a feasibility study?

A feasibility study analyzes the practicality of a proposed project and assesses how likely the project is to succeed. Typically, feasibility studies are prepared for executives who will decide whether to greenlight the project based on the feasibility analysis. Feasibility studies identify key project goals and relevant factors, examine the market research, and detail the resources and budget needed to successfully execute the project.

The seven feasibility study steps

Feasibility studies should include the following steps:

• Preliminary analysis Just as the feasibility study determines whether a proposed project is worth the effort, the preliminary analysis determines whether the feasibility study itself is justified. The fact is that conducting a feasibility study is an intensive, time-consuming process, and the preliminary analysis will look to uncover any roadblocks that would render the feasibility study useless. 
• Defining the scope Before you can determine the potential impact of a project, you have to get clear on the project’s scope . This includes defining the project’s goals, tasks, phases, costs, deliverables, and deadlines. The project scope also identifies internal stakeholders as well as external clients and customers.
• Market research Is there a demand for this particular venture in the market it seeks to serve? This is critical information to know before committing to a project, and it’s precisely what market research seeks to answer. Market research also gives insight into the current competitive landscape and helps identify factors like geographic influence on the market, the market’s overall value, and demographics.
• Financial assessment Naturally, the feasibility study will break down and analyze the financial costs and risks involved with the project . Costs may include human resources, equipment, material, software, hardware, facilities, and third-party services. Additionally, the financial assessment will look at the potential impact that project failure will have on the bottom line. 
• Roadblocks and alternative solutions What are the potential problems and circumstances that could lead to project delays or even failure? What are some alternative solutions that would circumvent those problems? Most feasibility studies will include an assessment of these factors, too. 
• Reassessment  At this step, you should seek a reassessment of the entire feasibility study from top to bottom by a fellow PM, a manager, or someone else in your organization. Having a fresh set of eyes on the study will help ensure you don’t miss any key elements or miscalculate potential project impacts. 
• Go or no-go decision When it’s all said and done, the feasibility study comes down to one decision: Is the project approved to move forward or not?

Feasibility study examples

While conducting a feasibility study may sound complicated, there are actually thousands of real-world examples happening all around you all the time. It helps to understand the different kinds of feasibility studies first, which include:

• Technical feasibility: Whether you have the technology and knowledge of how to use it to complete your project.
• Legal feasibility: Whether your project meets all necessary legal requirements.
• Operational feasibility: Whether your project can be carried out according to your organization's capacity, resources, and operational processes. 
• Time feasibility: Whether your project timeline fits with the rest of your organization's schedules.

Any and all of these feasibility studies can be found in real-world examples. Consider the following:

• A busy father is running errands and figures out whether he can complete the weekly grocery shop in between dropping his son off for chess practice and picking his daughter up from a party. He has just conducted a time feasibility analysis.
• A teenager is choosing a new phone to buy, and researches which model will be the most compatible with his most-used apps and platform. He has just conducted a technical feasibility analysis.

The amount of detail included in your feasibility analysis depends on your organization and your chosen project. To make the most of your next feasibility analysis, let's take a look at some best practices.

What are the best practices of a feasibility analysis?

In order to make sure you get the most from your feasibility study, there are a few best practices you can follow. For instance, soliciting feedback from seasoned colleagues or managers can give you insight into the factors you have listed, and help you fill in elements you hadn’t considered. Additionally, you’ll want to verify the data and intel you’ve collected to make sure it’s accurate. 

Another best practice is to follow a feasibility analysis template so that you don’t have to reinvent the wheel with each project. If your organization conducts projects regularly, then you can probably access a feasibility study example or template to work from. 

What should be included in a feasibility report?

After conducting the necessary research, performing your due diligence, and compiling all the data, it’s time to put together the feasibility report. The core elements of this analysis may vary slightly depending on the type of project you’re undertaking, but they’ll generally include:

• The executive summary
• Technological considerations and requirements
• Existing marketplace assessment
• Marketing strategy
• Resources and staffing
• Project timeline and schedule
• Findings and recommendations

How Wrike helps you with your feasibility analysis

When conducting a feasibility study, it helps to have a single, centralized source for filing and organizing all the data you collect, the analyses and impact statements you prepare, and all the other resources and references you compile in the course of the study. With Wrike, not only will you have a dedicated space for each project you undertake, but you’ll be able to share your feasibility reports easily with team members, managers, executives, and stakeholders who will weigh in on or be impacted by the project.

To see all the ways in which Wrike can help you with feasibility reports and project management in your organization, start your free trial today!

Jeremy McAbee

Jeremy is a former contributor of Wrike.

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From Idea to Innovation: What Is a Feasibility Study In Research

Learn the process behind feasibility study in research, how it helps research projects, and the factors that make up a successful project.

Have you ever thought of doing something but wondered whether it’s doable or not? Obviously, there will be several constraints when we wish to do something unique. To understand all these constraints and to check whether the idea that we have in our mind is beneficial or not, we do this preparatory work called a feasibility study.

A feasibility study is like a reality check for your idea, helping you determine if it’s really worth pursuing. In this article, we will discuss what is a feasibility study in research , various aspects of the feasibility study, how it is engaged, how it has to be checked, and how it helps us create a perfect model for our idea.

What is a Feasibility Study in Research? 

A feasibility study is an in-depth assessment conducted to determine the practicality and viability of a proposed project or idea. It involves evaluating various factors such as technical, economic, legal, operational, and scheduling aspects to ascertain whether the project can be successfully implemented.

The purpose of a feasibility study is to provide objective and unbiased information to decision-makers, enabling them to make informed choices regarding the project’s future. It helps identify potential risks, challenges, and opportunities associated with the undertaking, allowing stakeholders to gauge its potential outcomes.

By conducting a feasibility study, decision-makers can determine if the project aligns with organizational goals, identify potential hurdles, and develop contingency plans. This systematic assessment ensures that resources are allocated efficiently and that projects with a high chance of success are pursued.  

What is the Purpose of the Feasibility Study?

A feasibility study serves as a vital tool for assessing the practicality and viability of a proposed project or initiative before committing significant resources to its implementation. It is a comprehensive evaluation that considers various factors such as technical, economic, legal, operational, and scheduling aspects, providing stakeholders with crucial insights to make informed decisions.

First and foremost, a feasibility study helps identify the project’s objectives and determine whether they align with the organization’s overall goals. It allows stakeholders to assess the project’s potential benefits and weigh them against the associated risks. By conducting a feasibility study, decision-makers can gain a clearer understanding of the project’s potential impact on the organization’s resources, capabilities, and market position.

Examination of technical feasibility

One key aspect of a feasibility study is the examination of technical feasibility. This involves evaluating whether the proposed project can be implemented using available technology, infrastructure, and expertise. It helps identify potential technical constraints or challenges that may arise during project execution and allows for appropriate contingency planning.

Furthermore, a feasibility study evaluates the economic viability of a project. It involves conducting a detailed cost-benefit analysis to determine the financial implications associated with the project. This analysis helps stakeholders understand the potential return on investment, project profitability, and the timeline for cost recovery.

Related Article: What is Geospatial Analysis? The Plan Before the Actual Plan

Types of Feasibility Studies

There are several types of feasibility studies, each with its own specific focus and objectives. Some of the most common types of feasibility studies include:

• Technical feasibility study: This type of study assesses whether the proposed project can be implemented using available technology, infrastructure, and expertise. It identifies potential technical constraints or challenges that may arise during project execution and allows for appropriate contingency planning.
• Economic feasibility study: This type of study involves conducting a detailed cost-benefit analysis to determine the financial implications associated with the project. It helps stakeholders understand the potential return on investment, project profitability, and the timeline for cost recovery.
• Legal feasibility study: This type of study examines the legal and regulatory requirements associated with the project. By identifying any legal hurdles or compliance issues early on, organizations can ensure that the project aligns with legal frameworks and minimizes the risk of legal complications down the line.
• Operational feasibility study: This type of study assesses whether the project can be smoothly integrated into existing systems and processes. It examines factors such as staffing requirements, training needs, and potential impacts on day-to-day operations.
• Scheduling feasibility study: This type of study helps establish a realistic timeline for project completion. It considers the availability of resources, dependencies, and potential bottlenecks, allowing stakeholders to develop a well-structured project plan and set achievable milestones.
• Market feasibility study: This type of study evaluates the potential demand for the proposed project in the marketplace. It examines factors such as customer preferences, competition, and market trends to determine whether the project is likely to be successful.
• Environmental feasibility study: This type of study assesses the potential environmental impacts of the proposed project. It examines factors such as air and water quality, habitat destruction, and waste management to ensure that the project is sustainable and environmentally responsible.

Overall, the type of feasibility study conducted will depend on the specific objectives of the proposed project and the information needed to make informed decisions about its implementation.

How to Conduct a Feasibility Study?

A feasibility study is an important step in evaluating the viability of a proposed project or business venture. The study is typically conducted before any significant investment is made to determine whether the project is feasible, both financially and operationally. Here are the general steps to conduct a feasibility study:

Step 1 – Define the scope of the study

Clearly define the objectives of the feasibility study and the specific questions that need to be answered. Identify the stakeholders who will be involved in the study and their roles and responsibilities.

Step 2 – Conduct market research

Research the market and competition to determine the potential demand for the product or service, as well as the size and characteristics of the target market. Analyze the existing competition and identify any gaps in the market that the proposed project could fill.

Step 3 – Evaluate the operational feasibility

Assess the operational feasibility of the proposed project, including the availability of resources, skills, and expertise needed to execute the project.

Step 4 – Identify potential risks

Identify potential risks and challenges that could impact the success of the proposed project. Develop contingency plans to mitigate these risks.

Step 5 – Make recommendations

Based on the results of the feasibility study, make recommendations about whether or not to move forward with the proposed project and, if so, what steps should be taken to ensure its success.

It’s important to note that the specific steps and level of detail required for a feasibility study may vary depending on the nature and complexity of the project. A feasibility study is a critical step in the decision-making process and should be conducted thoroughly and objectively to ensure that all aspects of the proposed project have been evaluated.

How to Write a Feasibility Study?

Writing a feasibility study involves conducting a systematic analysis to determine the viability and potential success of a proposed project or initiative. Here are the steps to help you write a feasibility study: 

• Executive Summary: Provide a brief overview of the project, its objectives, and the purpose of the feasibility study.
• Introduction : Describe the background and context of the project, including its goals, scope, and any relevant background information.
• Project Description: Provide a detailed description of the project, outlining its objectives, deliverables, and expected outcomes. Include information on the target audience or beneficiaries.
• Market Analysis: Assess the market conditions and demand for the proposed project. Identify the target market, competitors, and potential customers. Analyze market trends, growth prospects, and any potential challenges or risks.
• Technical Feasibility: Evaluate the technical aspects of the project, such as the required infrastructure, technology, resources, and expertise. Determine if the necessary resources and capabilities are available or can be acquired within the project’s constraints.
• Financial Feasibility: Conduct a thorough financial analysis of the project. Estimate the initial investment costs, operational expenses, and projected revenues. Evaluate the project’s profitability, return on investment (ROI), payback period, and other financial indicators. Consider potential funding sources and financing options.
• Organizational Feasibility: Assess the project’s compatibility with the existing organizational structure and capabilities. Evaluate the availability of skilled personnel, management support, and any potential impact on the organization’s operations. Consider any legal, regulatory, or compliance requirements.
• Risk Analysis: Identify and evaluate potential risks and uncertainties associated with the project. Analyze both internal and external factors that may impact the project’s success. Develop risk mitigation strategies and contingency plans.
• Implementation Plan: Outline a detailed plan for implementing the project. Define the necessary steps, timelines, and responsibilities. Consider resource allocation, project management methodologies, and any potential challenges during the implementation phase.
• Summarize your findings: Write a clear and concise summary of your findings and conclusions. This should include an assessment of the project’s overall feasibility, a description of any risks or challenges, and a recommendation on whether or not to proceed with the project.

Examples of Feasibility Studies

It typically examines various aspects such as technical, economic, legal, operational, and scheduling factors. Here are some examples of feasibility studies conducted for different purposes: 

• New Business Venture: A study to determine the feasibility of opening a new restaurant, including analysis of market demand, location suitability, competition, and financial projections.
• Real Estate Development: An evaluation of the feasibility of constructing a shopping mall, considering factors such as land availability, market demand, construction costs, potential tenants, and expected return on investment.
• Renewable Energy Project: Assessing the feasibility of establishing a solar power plant, including examination of solar resources, land requirements, grid connectivity, financial analysis, and environmental impact.
• Information Technology System: A study to determine the feasibility of implementing a new software system within an organization, analyzing factors like system requirements, compatibility, cost-benefit analysis, and potential impact on existing operations.

These are some examples of feasibility studies and it is very important to note that though the process looks the same for every domain of work, the concept will be different for each one of them so it is important to analyze the domain before getting to work on it.

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About Sowjanya Pedada

Sowjanya is a passionate writer and an avid reader. She holds MBA in Agribusiness Management and now is working as a content writer. She loves to play with words and hopes to make a difference in the world through her writings. Apart from writing, she is interested in reading fiction novels and doing craftwork. She also loves to travel and explore different cuisines and spend time with her family and friends.

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Feasibility Study Blueprint for Project Success & Beyond

Discover the power of feasibility studies and learn how to create a strong project blueprint. Explore the steps, examples, and benefits of feasibility studies.

Imagine investing time, effort, and capital into a project only to realize it's rotten with flaws and limitations. The consequences can be detrimental, ranging from financial setbacks to damaged reputations.

Enter the feasibility study — an indispensable tool to evaluate your project and any risks. A feasibility study helps plan flawless products and services and address limitations early.

In this blueprint, we explore the power of feasibility studies and unveil the steps for creating one. We'll guide you through the principles and best practices and show you examples.

Let's jump right in.

What is a feasibility study?

A feasibility study looks at a project’s potential before spending resources.

Consider it a detective’s investigation that uncovers potential problems you could face and if it’s worth it.

The key parts of a feasibility study include:

• Analyzing the project's technical needs
• Checking if it makes financial sense
• Identifying risks and challenges
• And considering any legal or rule-related factors

Let’s say your new business venture is to open a gym. Here; a feasibility study would involve the following:

• Examining the location
• Estimating the initial investment required
• Analyzing the target market
• Assessing competition

It'd also consider factors like zoning regulations, environmental impact, and potential risks.

When do you need a feasibility study?

A feasibility study happens before starting work on a project to assess its viability. However, let’s first focus on situations outside of project management where a feasibility study comes into play.

Entrepreneurs use feasibility studies to decide if their new business or product ideas are realistic and can be done. These studies are also called business plans in this setting.

In construction, a feasibility study is a part of valuing the practicality of projects. They use it to identify  resources needed vs. available , the overall cost, and return on investment (ROI).

Feasibility studies are also common in market entry strategies. Here they study market conditions, competition, and user stories.

In these scenarios, they can also fulfill the role of an investment proposal tool or a  plan of action  to guide ventures later.

When do you need a feasibility study in project management?

In project management, you should do the feasibility study after pitching the project but before starting.

‎In project management, feasibility studies help highlight whether the project aligns with the business’s  goals . It also helps them to see if they can accomplish the goals within the given constraints.

In Agile project management, feasibility studies may differ, but the purpose remains the same. For  Agile  feasibility studies, the focus is more concentrated and lightweight than in traditional methodologies. They are carried out before the initial project iteration and then done as the project progresses.

However, in certain projects and situations, a feasibility study isn’t necessary. These are:

• If the project is of a trivial or mundane nature.
• When the project has extensive research and validity behind it.

What benefits are there with a feasibility study?

Other than the stated advantage of clarity before tackling a project, this study has many other benefits. Let's explore these advantages a little deeper.

Risk reduction:  Feasibility studies help spot potential risks and challenges early on.

Efficient use of resources:  Doing a feasibility study lets managers see how they might use resources. And whether the resources needed would be made available. They can then plan the resource allocation (once the ball gets rolling).

Smart decision-making:  This research can give you the knowledge you need to make wise project choices in the future.

Financial planning:  Feasibility studies help managers ‌estimate costs, predict income, and check ROI.

Meeting rules:  Feasibility studies look at a project's legal and compliance aspects (often overlooked). Doing this early instead of at a product launch can save countless headaches.

It helps gain support from important stakeholders:  Showing them a well-thought-out plan will help you to gain their confidence and set their expectations early.

4 types of feasibility studies

Feasibility studies come in 4 different types, each geared at helping you know what you are getting into.

‎Let's explore the four main types.

Financial feasibility

A financial feasibility study determines whether a project is financially viable and can make enough profit. It looks at the costs, revenues, and financial implications of the whole project.

Let's look at an example financial feasibility study for a new Italian restaurant. It’d center around the costs of ingredients, rent, equipment, and employee salaries and compare them to projected profit.

Market feasibility

Market feasibility studies assess the potential market demand and acceptance for a product or service. They examine market size, customer preferences, competition, and market trends.

For instance, a market feasibility study for the restaurant might analyze the demand for similar cuisine. They could study consumer preferences for Italian dishes and preferred pricing. Doing this will also help the restaurant avoid overstocking products (ingredients) because they can anticipate the level of demand.

Technical feasibility

Technical feasibility studies determine the likelihood of success from a technical perspective. They assess factors like available technology, required resources, and technical expertise.

Let’s continue with the restaurant example and see how the technical study looks. The study will check if launching the restaurant is possible within the specified timeframe. It will also check if the necessary stoves are available and if the head chef has the required cooking skills.

Operational feasibility

Operational feasibility determines whether businesses can implement the project within themselves. It examines available resources, required skills, and existing infrastructure.

Let’s imagine the restaurant is planning to introduce a delivery service. The study would assess if the restaurant has enough staff for delivery (or would outsource it) and if the kitchen can handle additional orders. It can also check if the planned POS system can integrate with the delivery platform.

Conduct a feasibility study in 8 steps

Next up, let’s look at how to conduct a complete feasibility study. We’ve broken down the general process into eight steps, which you can apply across most industries.

1. Gather the data (pre-analysis)

Gathering relevant data and information is a prerequisite for a successful feasibility study.

Here, you focus on collecting the necessary facts and details to analyze and use in the study later. Focus on data that applies to the four types of feasibility studies and gather the information you need for each of those.

You can gather primary data by conducting firsthand surveys, interviews, or observations. You can also get secondary data from existing sources like reports, databases, or industry publications.

Using both sources gives you a more comprehensive understanding of the project's feasibility.

2. Conduct market analysis

Now let’s go over the bases you need to cover for a market analysis:

• Explore market aspects such as size, trends, customer preferences, and competition.
• Examine current market statistics to understand the potential demand for your product or service.
• Evaluate the competitive landscape to identify existing players and their strategies.

‎For your market feasibility study to be successful, your product or service should be competitive. Your business should also be able to match ‌current market demand (or scale to meet them).

3. Evaluate technical feasibility

Next, assess the technical feasibility of the project requirements and constraints.

Consider factors such as:

• Available technology

Then specify if the required infrastructure and tools are in place or if more is needed. Ask questions like, what impact does missing a few staff have on output and sales? How much downtime can you afford because of technical problems?

Also, use this study to examine potential solutions if needed. For example, can you afford another hire if you don’t have enough staff? How long will it take? Is there a way to avoid delays? Can upskilling a few staff help?

4. Perform financial analysis

Next, evaluate the projected costs, potential revenue streams, and ROI.

Then compare ‌the above against funding sources, timeline, and budget.

5. Assess legal and regulatory factors

Next, evaluate the legal and regulatory aspects that may impact your project's feasibility.

Consider compliance requirements, permits, licenses, and any potential legal obstacles. Try to find reliable outside sources if the need arises to help you do this. It would be a shame if your product or service goes to market only to fail because of poor compliance.

6. Analyze environmental and social impacts

In this step, you should check the environmental and social impact of your proposed business.

‎Think about the project’s influence on environmental regulations and corporate social responsibility. Consider things like resource usage, garbage control and their effect on the public.

7. Identify and evaluate risks

Next, we identify, evaluate, and plan for potential risks and challenges.

Why do a risk analysis in a feasibility study? The answer is that sometimes risks can be too big to take (and cause project failure).

8. Summarize findings and recommendations

Finally, it's time to summarize and give recommendations.

Make the summary concise, as you might use it to give insights to stakeholders and decision-makers.

Let’s use our Italian restaurant example again and assume you conducted a feasibility study. After all the evaluations, you found a high demand for the proposed cuisine. The necessary resources and expertise are available, and the financial projections indicate profitability. However, you did identify the risk of stiff competition in the local area. Based on this, you recommend that the restaurant strategize ways to differentiate itself from competitors.

Examples of feasibility studies

Let’s explore a couple of examples to show you the power of the feasibility study.

Marketing feasibility study

We will illustrate a situation where a firm plans to introduce a new type of product to the market.

To assess  technical feasibility , they analyze factors like software tools and hardware infrastructure.

For  operational feasibility , they determine if they can execute the marketing plan. They check factors like experienced staff availability,  capacity , and potential operational challenges.

In the  financial study , the company would analyze projected costs and potential revenue streams. They consider production, marketing, and ad costs and assess the expected ROI.

For the  market study , they research the audience, trends, and competitors.

Software development feasibility study

Let us shift our focus and contemplate an alternative situation. This organization makes new software for task management and want to know if their new app is a good idea.

In the  technical analysis , they evaluate if they possess the necessary software engineers, coding dialects, and software applications.

For  operational feasibility , they think about staff training, the potential impact on existing systems, and ease of integration.

In the  financial study , they analyze costs such as hiring programmers and ongoing maintenance. They also assess potential revenue streams like software licensing fees or subscriptions.

For the  market study , they research the target market and the competitors.

Motion helps with feasibility studies

Motion is a project management tool that can boost the effectiveness and precision of your feasibility assessment.

The app can help you construct an organized timeline for your studies. With a clear timeline, you can better analyze and plot out the feasibility of the project before doing it.

‎Motion has color-coded tasks and events to track the progress of your feasibility study. It can also manage and track the progress of various tasks and subtasks in your feasibility study.

‎Motion's collaboration features can help coordinate work among team members. It can also share calendars, schedule meetings, and allocate resources for you.

It also has time-blocking features to allocate dedicated time for focused work, analysis, and research.

Sign up now for your  7-day free trial  of Motion.

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Assess Project Viability With a Feasibility Study

Before committing to a project, you will first want to analyze the risks and projections associated with it. In other words, you will want to find out whether a proposed project is truly viable and achievable. A feasibility study will help you determine and analyze the specific factors that will affect your project before you commit any time, resources, or budget.

What is a Feasibility Study?

How many times have you asked yourself “will this plan work?” before taking any action? A feasibility study is an in-depth analysis of the viability of a project. It’s an initial assessment that outlines the risks of an idea , to determine a project’s viability and success. For project managers, a feasibility study is a powerful tool that helps them figure out whether or not to commit to a project by analyzing the concept and the business case. 

Before committing any resources, a feasibility study will help you determine the specific factors that will affect your projects, such as the technology involved, marketplace, strategy, schedule, and financial projections. By taking the time to conduct a feasibility project beforehand, you will not only be mitigating unnecessary risk but will also be analyzing different scenarios and identifying possible issues that could potentially hurt your success later down the road. 

A feasibility study should be a part of every project cycle. Just as the name implies, you will be asking yourself, “Is this project feasible?”, and working from there. 

Benefits of a Feasibility Study

Project managers know how helpful and important a feasibility study is. It’s a comprehensive and convenient tool that helps companies research and take action based on relevant information. What are some of the main benefits of conducting a feasibility study and why you should take the time to conduct one before undertaking any new projects?

• Stakeholders benefit from it by gaining a clearer picture of the project.
• Your team’s commitment improves by gaining a higher sense of focus.
• They help to make well-grounded decisions and they are easily scalable, which means they can be applied to any kind of project
• Project failure is minimized through logical assessment.
• Analyzing the different options helps to simplify the decision-making process.

Steps To Conduct a Feasibility Study

What are the steps you need to consider when conducting a feasibility study? Let’s review. 

1. Conduct a preliminary analysis. At this point, you need to outline your plan and it’s always a good idea to focus on any distinct advantages your project, product, or service has. Then, you need to identify whether or not there are any risks associated with it. For example, if it’s too expensive, or if there are simply too many competitors. Identify and analyze strengths and weaknesses, and make sure to make any necessary modifications to your plan when identifying issues. 

2. Project scope. This section analyzes the business opportunity. Think of it as defining why this project should exist. You’re going to ask yourself “Who is this project for?”, “Is there a need for this idea?”, “Who are my competitors?”, etc. 

3. Project requirements. This section should analyze and describe what you will need in order to complete your project; materials, resources, budget, and skills necessary for project completion.

4. Approach. This is where you detail how your project will approach your business case or your proposal. Examine alternatives and describe different courses of action. By analyzing these routes, you will determine whether or not your proposal is achievable and practical. 

5. Perform market research. This step is crucial to your study because it gives you a clear picture of the revenue you can expect from the project. Consider geographics, demographics, competitors, and the value of the market.

6. Project evaluation . This is where you analyze the cost and projected income of the project. But keep in mind you also need to take into consideration the money you will spend by performing the project: labor fees, income streams, and any other necessary resource. After the total cost has been calculated, you’re then going to evaluate it by conducting a cost-benefit analysis.

7. Review the information. At this point, you’re going to reexamine your previous steps and determine if there’s something that needs to be adjusted. Next, set out your findings and review your feasibility study with all interested parties. 

8. Make a decision. You now have enough information to make a decision. This is where you determine whether or not your project is feasible. A few aspects to consider before making the final decision is whether the idea is worth the overall effort and money as well as if it’s aligned with your company’s strategic long-term goals. 

Use the Right Tools to Conduct Your Company’s Feasibility Studies

Before committing to projects, you first need to assess them. Feasibility studies are a fundamental tool for project managers, but gathering the information requires the right tools. If you want your feasibility studies to be accurate, you need to a clear understanding of all its moving parts. After all, being able to gather information and analyze your findings is what will help you determine whether or not your project is viable. 

Instagantt, our project management Gantt chart software , helps you manage your entire project, from beginning to end. With Instagantt, you can create a plan, document information, and track all these different aspects over time. You can also communicate work and notify the right people along the way, making sure everyone is always informed.

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188 free feasibility report topics and quick ideas.

August 5, 2021

Importance of Great Feasibility Report Topics Ideas

You probably already know what is feasibility report, but do you know which feasibility report topics ideas are the best? Probably not. This is why you will be thrilled to learn that our experienced academic writers have dedicated countless hours of their time to creating this list. And best of all, all these topics for feasibility report papers are 100 percent free. You can use them in any way you like. And yes, you can even reword them. There is no need to give us any credits either.

This list of feasibility analysis topics is updated periodically. We go to great lengths to replace some of the older topics with new ones and to add to the list whenever possible. This way, we can help as many students as possible with top notch topics for their next feasibility reports. Take a look at our list and use any topic you like for free:

Interesting Feasibility Report Topics Ideas

Do you want to make sure you get some bonus points on your next feasibility report? If so, you should pick one of these highly interesting feasibility report topics ideas:

• Setting up a new space mining operation
• Sending people to one of Europa’s moons
• Developing a new anti-cancer vaccine
• Setting up a new 5G network in your area
• Having a digital currency for the European Union
• Setting up a new toy factory in your neighborhood
• Do we need a new nuclear power plant in the UK?
• Building a space port in the United States
• Creating a new material that can replace concrete
• Developing medication that can reverse aging
• Creating a new type of jeans

Topics for a Feasibility Report for High School

High school students shouldn’t pick overly complex topics to avoid making mistakes. Here are some excellent topics for a feasibility report for high school:

• Developing a new vaccine for COVID-19
• Setting up a new school in your area
• Building a robot that can do your homework for you
• Setting up a new playground in your area
• Foresting a new area in Michigan, US
• Building a high-rise building in East London
• Creating the world’s first transformer robot
• Setting up a new kindergarten in your area
• Creating a brand new soccer team
• Developing a system that captures CO2 from the atmosphere
• Writing a program that learns by itself

Feasibility Report Topics for Software Engineering

Software engineering is definitely a very interesting field. It’s also one of the fastest growing fields in the world. Take a look at these awesome feasibility report topics for software engineering:

• Developing a new programming language
• Creating a new email protocol and client
• Setting up encrypted instant messaging systems across the US
• Developing new database technology
• The most effective cryptocurrency mining software
• Building the worlds’ most powerful supercomputer in the United Kingdom
• Discovering a new type of embedded system
• Making all our cars smart
• Creating a 100% digital stock market
• Creating a new search engine
• Setting up computer-aided manufacturing in the weapons industry

Information Technology Feasibility Report Topics

Do you want to write about a topic in information technology? If you do, you can simply pick one of these great information technology feasibility report topics:

• Building an unhackable Internet
• Developing the first 6G mobile network
• The development of anti-aging drugs
• Building the first quantum computer
• Using 3D printers in toy factories
• The development of tiny AI
• Using 100% digital money in the UK
• Equipping all schools with state of the art computers
• Launching a new mega-constellation of satellites
• Setting up 5G in the United Kingdom

Excellent Feasibility Report Ideas

We know you are probably looking for the most interesting ideas for your next paper. Why not choose of the our excellent feasibility report ideas:

• Setting up a new educational facility in your area
• Establishing a new football team in your state
• Creating an energy-efficient supercomputer
• Setting up a new sports facility in your area
• Creating a new amusement part in New York
• Setting up a new discount store on your block
• 100% net zero emissions in the US by 2030
• Setting up a new business in your area
• Building large multi-family buildings in London, UK
• Setting up a new railroad in the United States

Easy Feasibility Study Topics

If you don’t want to spend a lot of time working on your feasibility study, you should definitely take a closer look at our list of easy feasibility study topics:

• Setting up a new storage facility in your area
• Creating a new LLC in your state
• Setting up a new bus line in your area
• Establishing a new furniture factory
• Building a new healthcare center in your neighborhood
• Setting up a new metro line in your area
• Building a new aquarium in London, UK
• Building a new vegan store
• Creating a new school in your area
• Achieving financial independence by the time you are 30

Social Networks Feasibility Report Ideas

Want to talk about social networks? No problem! Our experts have created a list of social networks feasibility report ideas just for you:

• Creating a new social network
• Is it feasible to block Facebook in the UK?
• Eliminating social networks from the Internet
• Virtual reality in social networking
• Establishing tighter regulations on social networks
• Artificial intelligence in social networks
• Replacing real human interactions with social media interactions
• Eliminating AI targeted marketing from social networks
• The feasibility of having a single social media network across the world
• Fund raising through social media
• Public trials on social media

Architecture Feasibility Report Topics

Talking about architecture is never an easy thing to do. However, the topic you choose is very important. Here are a few architecture feasibility report topics you can try:

• Setting up a new landmark in your neighborhood
• Is it feasible to build an Eiffel Tower in the United States?
• Building a new apartment complex in your area
• Constructing a new shopping mall in your neighborhood
• Setting up a new tourist attraction in your area
• Building a new city hall in Sheffield, UK
• Constructing a new railroad in Montana, US
• Building an Arch of Triumph in Massachusetts
• Constructing the tallest office building on Earth in the UK

Entertainment Feasibility Report Ideas

Want to start writing your paper right away? Here are some great entertainment feasibility report ideas that you can choose from right now:

• Setting up a new shopping center in your area
• Building a shopping mall in your neighborhood
• Setting up a new cinema in your area
• Establishing a network of public baths
• Setting up a new circus in your area
• Setting up a new aquarium in your area
• Does your neighborhood need a bullring?
• Setting up a new auditorium in your area
• Establishing an arena in your area
• Setting up a new bowling alley in your area
• Building a new art house in your area

Green Energy Feasibility Report

The topic of green energy is extremely important for our society. Your professor will appreciate it if you write a nice green energy feasibility report. Here are some ideas:

• Building a new solar panel manufacturing plant
• Setting up an ecological landfill in New York City
• Switching to nuclear power plants for our energy consumption needs
• Building a new wind farm in Arkansas, US
• Harvesting geothermal energy in the UK
• Net zero emissions in the European Union
• Setting up a collection point for used electronics
• Building a zero-emissions waste removal plant
• Harvesting 100% of our energy from the sun
• Hydropower plants in Asia
• Building a new nuclear power plant in the United Kingdom

Feasibility Report on the Environment

If you want to write a feasibility report on the environment, you have arrived at the right place. We have a whole list of ideas for you below:

• The feasibility of stopping the use of fossil fuels
• Replacing fossil fuels with green energy sources
• Sending nuclear waste to space
• Replacing all wood with other materials in furniture
• Setting up a new solar farm in the state of Illinois, US
• Achieving net zero emissions in just 10 years in the UK
• Building a new wind farm near Great Manchester, UK
• The feasibility of a large-scale tree-planting operation in Europe
• Building ecological landfills in Africa
• Sending our garbage to space

Feasibility Report on Space

It can be very interesting to write about space (or space exploration). Here are a few ideas for your next feasibility report on space:

• Building a new launch facility in the United States
• Launching 100 new weather satellites
• Is it feasible to send humans to Mars?
• Harvesting rare metals from asteroids
• Should we try to achieve light speed?
• The colonization of our Moon
• Sending humans to Europa’s moons
• Building a new International Space Station
• How feasible is the colonization of Mars?
• Harvesting rare materials from comets
• Setting up a meteorite defense system

Feasibility Report on Computers

Computers are constantly changing. New breakthroughs are happening every week. Here are some very interesting ideas if you want to write your feasibility report on computers:

• Is buying a high end laptop a feasible idea?
• Upgrading all the computers in UK universities
• Building laptops for all students in the United States
• Setting up a super computer in each US school
• The feasibility of developing a quantum computer
• Does your computer really need an expensive upgrade?
• Do we need more efficient computers in our homes?
• The cost of upgrading the Internet
• Setting up 5G wireless coverage all over the UK
• Setting up an artificial intelligence defense system in the US
• Cloud computing for everyone in the European Union

Feasibility Report on Transportation

Why not write your feasibility report on transportation? Our PhD writers have put together an original list of transportation topics you can write your report about:

• Setting up a new metro station in your area
• Establishing a green transportation system
• Setting up a new trucking terminal
• Is building a new refueling depot a good idea?
• Is it feasible to add a new bus stop in your neighborhood?
• Building a new warehouse in the City of Chester
• Is it feasible to build a seaport in your area?
• Setting up a new railroad in a city in the United Kingdom
• Building a new airport around London, UK

Feasibility Report Ideas in the Medical Industry

Are you looking for some of the best feasibility report ideas in the medical industry? Take a look at these wonderful ideas and pick the one you like right now:

• Setting up a new oncology clinic in your area
• Establishing a new pharmacy in your area
• The feasibility of a new palliative care unit
• Setting up a new children’s hospital in your area
• Does your neighborhood need a new medical clinic?
• Setting up a new general hospital in your area
• Establishing a new doctor’s office in your area
• Setting up a new medical office building
• Is it feasible to build a new ambulatory surgical center in London, UK?
• Setting up a new general practitioner’s office in your area
• Establishing a new birthing center in a small US city

Feasibility Report in the Sports Industry

Want to write a feasibility report in the sports industry? Here are some ideas that should get you started right away:

• Study the feasibility of a new football stadium in your area
• Study the feasibility of a new sports hall in Michigan
• Does your area need a new basketball field?
• Study the feasibility of building an Olympic-size swimming pool
• Study the feasibility of a new tennis field
• Is it feasible to establish a new sports team in Arkansas, USA?
• Is building a handball pitch in your neighborhood a good idea?
• The feasibility of fabric-covered indoor sports buildings
• Creating a new tennis team in your area
• Building a small swimming pool in your neighborhood

Feasibility Report on Consumer Goods

Yes, you can definitely write a very nice feasibility report in consumer goods. Just select one of these topics and start writing:

• Setting up a new vegan store in your area
• Setting up a new furniture factory in your area
• The feasibility of building a second hand clothes store
• Setting up a new pickup point for electronic waste
• Building a new shopping mall in London, UK
• Setting up a discount store chain in the United States
• Is it feasible to build a grocery store in your neighborhood?
• The establishment of a new market in London, UK
• Does your area need a new shopping area?

Feasibility Report Ideas for College Students

College students need topics that are a bit more complex. Here are some wonderful feasibility report ideas for college students:

• Building an apartment block in Asheville, North Carolina
• Setting up a new port in your area
• Building a new police station in Detroit, Michigan
• Building a fire station in Stirling, Scotland
• Setting up a new city hall in your area
• The feasibility of building a new landmark
• Does your area need a new train station?
• Does your area need a new metro line?

Need a Great Feasibility Analysis Example?

College and university students need to make sure their feasibility analysis papers are of the highest possible quality. After all, you want to get a top grade on your work, don’t you? Our helpful writers and editors are online right now, if you need a great feasibility analysis example. Remember, all our feasibility study examples are written from scratch and are never resold or reused in any way. This means you can get professional writing help and use parts of the example in your own paper. Get a custom example written just for you fast!

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What Is a Feasibility Study?

Understanding a feasibility study, how to conduct a feasibility study.

• Feasibility Study FAQs

The Bottom Line

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Feasibility Study

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

A feasibility study is a detailed analysis that considers all of the critical aspects of a proposed project in order to determine the likelihood of it succeeding.

Success in business may be defined primarily by return on investment , meaning that the project will generate enough profit to justify the investment. However, many other important factors may be identified on the plus or minus side, such as community reaction and environmental impact.

Although feasibility studies can help project managers determine the risk and return of pursuing a plan of action, several steps should be considered before moving forward.

Key Takeaways

• A company may conduct a feasibility study when it's considering launching a new business, adding a new product line, or acquiring a rival.
• A feasibility study assesses the potential for success of the proposed plan or project by defining its expected costs and projected benefits in detail.
• It's a good idea to have a contingency plan on hand in case the original project is found to be infeasible.

Investopedia / Lara Antal

A feasibility study is an assessment of the practicality of a proposed plan or project. A feasibility study analyzes the viability of a project to determine whether the project or venture is likely to succeed. The study is also designed to identify potential issues and problems that could arise while pursuing the project.

As part of the feasibility study, project managers must determine whether they have enough of the right people, financial resources, and technology. The study must also determine the return on investment, whether this is measured as a financial gain or a benefit to society, as in the case of a nonprofit project.

The feasibility study might include a cash flow analysis, measuring the level of cash generated from revenue versus the project's operating costs . A risk assessment must also be completed to determine whether the return is enough to offset the risk of undergoing the venture.

When doing a feasibility study, it’s always good to have a contingency plan that is ready to test as a viable alternative if the first plan fails.

Benefits of a Feasibility Study

There are several benefits to feasibility studies, including helping project managers discern the pros and cons of undertaking a project before investing a significant amount of time and capital into it.

Feasibility studies can also provide a company's management team with crucial information that could prevent them from entering into a risky business venture.

Such studies help companies determine how they will grow. They will know more about how they will operate, what the potential obstacles are, who the competition is, and what the market is.

Feasibility studies also help convince investors and bankers that investing in a particular project or business is a wise choice.

The exact format of a feasibility study will depend on the type of organization that requires it. However, the same factors will be involved even if their weighting varies.

Preliminary Analysis

Although each project can have unique goals and needs, there are some best practices for conducting any feasibility study:

• Conduct a preliminary analysis, which involves getting feedback about the new concept from the appropriate stakeholders
• Analyze and ask questions about the data obtained in the early phase of the study to make sure that it's solid
• Conduct a market survey or market research to identify the market demand and opportunity for pursuing the project or business
• Write an organizational, operational, or business plan, including identifying the amount of labor needed, at what cost, and for how long
• Prepare a projected income statement, which includes revenue, operating costs, and profit
• Prepare an opening day balance sheet
• Identify obstacles and any potential vulnerabilities, as well as how to deal with them
• Make an initial "go" or "no-go" decision about moving ahead with the plan

Suggested Components

Once the initial due diligence has been completed, the real work begins. Components that are typically found in a feasibility study include the following:

• Executive summary : Formulate a narrative describing details of the project, product, service, plan, or business.
• Technological considerations : Ask what will it take. Do you have it? If not, can you get it? What will it cost?
• Existing marketplace : Examine the local and broader markets for the product, service, plan, or business.
• Marketing strategy : Describe it in detail.
• Required staffing : What are the human capital needs for this project? Draw up an organizational chart.
• Schedule and timeline : Include significant interim markers for the project's completion date.
• Project financials .
• Findings and recommendations : Break down into subsets of technology, marketing, organization, and financials.

Examples of a Feasibility Study

Below are two examples of a feasibility study. The first involves expansion plans for a university. The second is a real-world example conducted by the Washington State Department of Transportation with private contributions from Microsoft Inc.

A University Science Building

Officials at a university were concerned that the science building—built in the 1970s—was outdated. Considering the technological and scientific advances of the last 20 years, they wanted to explore the cost and benefits of upgrading and expanding the building. A feasibility study was conducted.

In the preliminary analysis, school officials explored several options, weighing the benefits and costs of expanding and updating the science building. Some school officials had concerns about the project, including the cost and possible community opposition. The new science building would be much larger, and the community board had earlier rejected similar proposals. The feasibility study would need to address these concerns and any potential legal or zoning issues.

The feasibility study also explored the technological needs of the new science facility, the benefits to the students, and the long-term viability of the college. A modernized science facility would expand the school's scientific research capabilities, improve its curriculum, and attract new students.

Financial projections showed the cost and scope of the project and how the school planned to raise the needed funds, which included issuing a bond to investors and tapping into the school's endowment . The projections also showed how the expanded facility would allow more students to be enrolled in the science programs, increasing revenue from tuition and fees.

The feasibility study demonstrated that the project was viable, paving the way to enacting the modernization and expansion plans of the science building.

Without conducting a feasibility study, the school administrators would never have known whether its expansion plans were viable.

A High-Speed Rail Project

The Washington State Department of Transportation decided to conduct a feasibility study on a proposal to construct a high-speed rail that would connect Vancouver, British Columbia, Seattle, Washington, and Portland, Oregon. The goal was to create an environmentally responsible transportation system to enhance the competitiveness and future prosperity of the Pacific Northwest.

The preliminary analysis outlined a governance framework for future decision-making. The study involved researching the most effective governance framework by interviewing experts and stakeholders, reviewing governance structures, and learning from existing high-speed rail projects in North America. As a result, governing and coordinating entities were developed to oversee and follow the project if it was approved by the state legislature.

A strategic engagement plan involved an equitable approach with the public, elected officials, federal agencies, business leaders, advocacy groups, and indigenous communities. The engagement plan was designed to be flexible, considering the size and scope of the project and how many cities and towns would be involved. A team of the executive committee members was formed and met to discuss strategies, lessons learned from previous projects and met with experts to create an outreach framework.

The financial component of the feasibility study outlined the strategy for securing the project's funding, which explored obtaining funds from federal, state, and private investments. The project's cost was estimated to be between $24 billion to $42 billion. The revenue generated from the high-speed rail system was estimated to be between $160 million and $250 million.

The report bifurcated the money sources between funding and financing. Funding referred to grants, appropriations from the local or state government, and revenue. Financing referred to bonds issued by the government, loans from financial institutions, and equity investments, which are essentially loans against future revenue that needs to be paid back with interest.

The sources for the capital needed were to vary as the project moved forward. In the early stages, most of the funding would come from the government, and as the project developed, funding would come from private contributions and financing measures. Private contributors included Microsoft Inc., which donated more than $570,000 to the project.

The benefits outlined in the feasibility report show that the region would experience enhanced interconnectivity, allowing for better management of the population and increasing regional economic growth by $355 billion. The new transportation system would provide people with access to better jobs and more affordable housing. The high-speed rail system would also relieve congested areas from automobile traffic.

The timeline for the study began in 2016 when an agreement was reached with British Columbia to work together on a new technology corridor that included high-speed rail transportation. The feasibility report was submitted to the Washington State land Legislature in December 2020.

What Is the Main Objective of a Feasibility Study?

A feasibility study is designed to help decision-makers determine whether or not a proposed project or investment is likely to be successful. It identifies both the known costs and the expected benefits.

In business, "successful" means that the financial return exceeds the cost. In a nonprofit, success may be measured in other ways. A project's benefit to the community it serves may be worth the cost.

What Are the Steps in a Feasibility Study?

A feasibility study starts with a preliminary analysis. Stakeholders are interviewed, market research is conducted, and a business plan is prepared. All of this information is analyzed to make an initial "go" or "no-go" decision.

If it's a go, the real study can begin. This includes listing the technological considerations, studying the marketplace, describing the marketing strategy, and outlining the necessary human capital, project schedule, and financing requirements.

Who Conducts a Feasibility Study?

A feasibility study may be conducted by a team of the organization's senior managers. If they lack the expertise or time to do the work internally it may be outsourced to a consultant.

What Are the 4 Types of Feasibility?

The study considers the feasibility of four aspects of a project:

Technical: A list of the hardware and software needed, and the skilled labor required to make them work.

Financial: An estimate of the cost of the overall project and its expected return.

Market: An analysis of the market for the product or service, the industry, competition, consumer demand, sales forecasts, and growth projections

Organizational: An outline of the business structure and the management team that will be needed.

Feasibility studies help project managers determine the viability of a project or business venture by identifying the factors that can lead to its success. The study also shows the potential return on investment and any risks to the success of the venture.

A feasibility study contains a detailed analysis of what's needed to complete the proposed project. The report may include a description of the new product or venture, a market analysis, the technology and labor needed, as well as the sources of financing and capital. The report will also include financial projections, the likelihood of success, and ultimately, a go-or-no-go decision.

Washington State Department of Transportation. " Ultra-High-Speed Rail Study ."

Washington State Department of Transportation. " Cascadia Ultra High Speed Ground Transportation Framework for the Future ."

Washington State Department of Transportation. " Ultra-High-Speed Rail Study: Outcomes ."

Washington State Department of Transportation. " Ultra-High-Speed Ground Transportation Business Case Analysis ." Page ii.

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What Is a Feasibility Study? How to Conduct One for Your Project

Table of Contents

What is a feasibility study, what’s the importance of a feasibility study, what is included in a feasibility study report, types of feasibility study.

• 7 Steps To Do a Feasibility Study

Feasibility Study Examples

Why is a feasibility study so important in project management? For one, the feasibility study or feasibility analysis is the foundation upon which your project plan resides. That’s because the feasibility analysis determines the viability of your project. Now that you know the importance, read on to learn what you need to know about feasibility studies.

A feasibility study is simply an assessment of the practicality of a proposed project plan or method. This is done by analyzing technical, economic, legal, operational and time feasibility factors. Just as the name implies, you’re asking, “Is this feasible?” For example, do you have or can you create the technology that accomplishes what you propose? Do you have the people, tools and resources necessary? And, will the project get you the ROI you expect?

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Feasibility study template

Use this free Feasibility Study Template for Word to manage your projects better.

A project feasibility study should be done during the project management life cycle after the business case has been completed. So, that’s the “what” and the “when” but how about the “why?” Why is it important to conduct a feasibility study?

An effective feasibility study points a project in the right direction by helping decision-makers have a holistic view of the potential benefits, disadvantages, barriers and constraints that could affect its outcome. The main purpose of a feasibility study is to determine whether the project can be not only viable but also beneficial from a technical, financial, legal and market standpoint.

The findings of your project feasibility study are compiled in a feasibility report that usually includes the following elements.

• Executive summary
• Description of product/service
• Technology considerations
• Product/service marketplace
• Marketing strategy
• Organization/staffing
• Financial projections
• Findings and recommendations

Free Feasibility Study Template

Use this free feasibility study template for Word to begin your own feasibility study. It has all the fundamental sections for you to get started, and it’s flexible enough to adapt to your specific needs. Download yours today.

There are many things to consider when determining project feasibility, and there are different types of feasibility studies you might conduct to assess your project from different perspectives.

Pre-Feasibility Study

A pre-feasibility study, as its name suggests, it’s a process that’s undertaken before the feasibility study. It involves decision-makers and subject matter experts who will prioritize different project ideas or approaches to quickly determine whether the project has fundamental technical, financial, operational or any other evident flaws. If the project proposal is sound, a proper feasibility study will follow.

Technical Feasibility Study

A technical feasibility study consists in determining if your organization has the technical resources and expertise to meet the project requirements . A technical study focuses on assessing whether your organization has the necessary capabilities that are needed to execute a project, such as the production capacity, facility needs, raw materials, supply chain and other inputs. In addition to these production inputs, you should also consider other factors such as regulatory compliance requirements or standards for your products or services.

Economic Feasibility Study

Also called financial feasibility study, this type of study allows you to determine whether a project is financially feasible. Economic feasibility studies require the following steps:

• Before you can start your project, you’ll need to determine the seed capital, working capital and any other capital requirements, such as contingency capital. To do this, you’ll need to estimate what types of resources will be needed for the execution of your project, such as raw materials, equipment and labor.
• Once you’ve determined what project resources are needed, you should use a cost breakdown structure to identify all your project costs.
• Identify potential sources of funding such as loans or investments from angel investors or venture capitalists.
• Estimate the expected revenue, profit margin and return on investment of your project by conducting a cost-benefit analysis , or by using business forecasting techniques such as linear programming to estimate different future outcomes under different levels of production, demand and sales.
• Estimate your project’s break-even point.
• Conduct a financial benchmark analysis with industrial averages and specific competitors in your industry.
• Use pro forma cash flow statements, financial statements, balance sheets and other financial projection documents.

Legal Feasibility Study

Your project must meet legal requirements including laws and regulations that apply to all activities and deliverables in your project scope . In addition, think about the most favorable legal structure for your organization and its investors. Each business legal structure has advantages and disadvantages when it comes to liability for business owners, such as limited liability companies (LLCs) or corporations, which reduce the liability for each business partner.

Market Feasibility Study

A market feasibility study determines whether your project has the potential to succeed in the market. To do so, you’ll need to analyze the following factors:

• Industry overview: Assess your industry, such as year-over-year growth, identify key direct and indirect competitors, availability of supplies and any other trends that might affect the future of the industry and your project.
• SWOT analysis: A SWOT analysis allows organizations to determine how competitive an organization can be by examining its strengths, weaknesses and the opportunities and threats of the market. Strengths are the operational capabilities or competitive advantages that allow an organization to outperform its competitors such as lower costs, faster production or intellectual property. Weaknesses are areas where your business might be outperformed by competitors. Opportunities are external, such as an underserved market, an increased demand for your products or favorable economic conditions. Threats are also external factors that might affect your ability to do well in the market such as new competitors, substitute products and new technologies.
• Market research: The main purpose of market research is to determine whether it’s possible for your organization to enter the market or if there are barriers to entry or constraints that might affect your ability to compete. Consider variables such as pricing, your unique value proposition, customer demand, new technologies, market trends and any other factors that affect how your business will serve your customers. Use market research techniques to identify your target market, create buyer personas, assess the competitiveness of your niche and gauge customer demand, among other things.

7 Steps to Do a Feasibility Study

If you’re ready to do your own feasibility study, follow these 7 steps. You can use this free feasibility study template to help you get started.

1. Conduct a Preliminary Analysis

Begin by outlining your project plan . You should focus on an unserved need, a market where the demand is greater than the supply and whether the product or service has a distinct advantage. Then, determine if the feasibility factors are too high to clear (i.e. too expensive, unable to effectively market, etc.).

2. Prepare a Projected Income Statement

This step requires working backward. Start with what you expect the income from the project to be and then what project funding is needed to achieve that goal. This is the foundation of an income statement. Factor in what services are required and how much they’ll cost and any adjustments to revenues, such as reimbursements, etc.

Related: Free Project Management Templates

3. Conduct a Market Survey or Perform Market Research

This step is key to the success of your feasibility study, so make your market analysis as thorough as possible. It’s so important that if your organization doesn’t have the resources to do a proper one, then it is advantageous to hire an outside firm to do so.

Market research will give you the clearest picture of the revenues and return on investment you can realistically expect from the project. Some things to consider are the geographic influence on the market, demographics, analyzing competitors, the value of the market and what your share will be and if the market is open to expansion (that is, in response to your offer).

4. Plan Business Organization and Operations

Once the groundwork of the previous steps has been laid, it’s time to set up the organization and operations of the planned project to meet its technical, operational, economic and legal feasibility factors. This isn’t a superficial, broad-stroke endeavor. It should be thorough and include start-up costs, fixed investments and operating costs.

These costs address things such as equipment, merchandising methods, real estate, personnel, supply availability, overhead, etc.

5. Prepare an Opening Day Balance Sheet

This includes an estimate of the assets and liabilities, one that should be as accurate as possible. To do this, create a list that includes items, sources, costs and available financing. Liabilities to consider are such things as leasing or purchasing land, buildings and equipment, financing for assets and accounts receivables.

6. Review and Analyze All Data

All of these steps are important, but the review and analysis are especially important to ensure that everything is as it should be and that nothing requires changing or tweaking. Take a moment to look over your work one last time.

Reexamine your previous steps, such as the income statement, and compare them with your expenses and liabilities. Is it still realistic? This is also the time to think about risk and come up with any contingency plans .

7. Make a Go/No-Go Decision

You’re now at the point to make a decision about whether or not the project is feasible. That sounds simple, but all the previous steps lead to this decision-making moment. A couple of other things to consider before making that binary choice are whether the commitment is worth the time, effort and money and whether it aligns with the organization’s strategic goals and long-term aspirations.

Here are some simple feasibility study examples so you have a better idea of what a feasibility study is used for in different industries.

Construction Feasibility Study

For this construction feasibility study example, let’s imagine a large construction company that’s interested in starting a new project in the near future to generate profits.

• Pre-Feasibility Study: The first step is to conduct a preliminary feasibility study. It can be as simple as a meeting where decision-makers will prioritize projects and discuss different project ideas to determine which poses a bigger financial benefit for the organization.
• Technical Feasibility Study: Now it’s time to estimate what resources are needed to execute the construction project, such as raw materials, equipment and labor. If there’s work that can’t be executed by the company with its current resources, a subcontractor will be hired to fill the gap.
• Economic Feasibility Study: Once the construction project management team has established what materials, equipment and labor are needed, they can estimate costs. Cost estimators use information from past projects, construction drawings and documents such as a bill of quantities to come up with an accurate cost estimate. Then, based on this estimate, a profit margin and financial forecasts will be analyzed to determine if there’s economic feasibility.
• Legal Feasibility Study: Now the company needs to identify all potential regulations, building codes and laws that might affect the project. They’ll need to ask for approval from the local government so that they can begin the construction project .
• Market Feasibility Study: Market feasibility will be determined depending on the nature of the project. For this feasibility example, let’s assume a residential construction project will be built. To gauge market potential, they’ll need to analyze variables such as the average income of the households in the city, crime rate, population density and any trends in state migration.

Manufacturing Feasibility Study

Another industry that uses feasibility studies is manufacturing. It’s a test run of the steps in the manufacturing production cycle to ensure the process is designed properly. Let’s take a look at what a manufacturing feasibility study example would look like.

• Feasibility Study: The first step is to look at various ideas and decide which is the best one to pursue. You don’t want to get started and have to stop. That’s a waste of time, money and effort. Look at what you intend to manufacture, does it fill an unserved need, is the market able to support competition and can you manufacture a quality product on time and within your budget?
• Financial Feasibility Study: Find out if your estimated income from the sale of this product is going to cover your costs, both direct and indirect costs. Work backward from the income you expect to make and the expenses you’ll spend for labor, materials and production to determine if the manufacturing of this product is financially feasible.
• Market Feasibility Study: You’ve already determined that there’s a need that’s not being served, but now it’s time to dig deeper to get realistic projections of revenue. You’ll want to define your target demographic, analyze the competitive landscape, determine the total market volume and what your market share will be and estimate what market expansion opportunities there are.
• Technical Feasibility Study: This is where you’ll explore the production , such as what resources you’ll need to produce your product. These findings will inform your financial feasibility study as well as labor, material, equipment, etc., costs have to be within your budget. You’ll also figure out the processes you’ll use to produce and deliver your product to the market, including warehousing and retail distribution.

There could be other feasibility studies you’ll have to make depending on the product and the market, but these are the essential ones that all manufacturers have to look at before they can make an educated decision as to whether to go forward or abandon the idea.

Best Practices for a Feasibility Study

• Use project management software like ProjectManager to organize your data and work efficiently and effectively
• Use templates or any data and technology that gives you leverage
• Involve the appropriate stakeholders to get their feedback
• Use market research to further your data collection
• Do your homework and ask questions to make sure your data is solid

If your project is feasible, then the real work begins. ProjectManager helps you plan more efficiently. Our online Gantt chart organizes tasks, sets deadlines, adds priority and links dependent tasks to avoid delays. But unlike other Gantt software, we calculate the critical path for you and set a baseline to measure project variance once you move into the execution phase.

Watch a Video on Feasibility Studies

There are many steps and aspects to a project feasibility study. If you want yours to be accurate and forecast correctly whether your project is doable, then you need to have a clear understanding of all its moving parts.

Jennifer Bridges, PMP, is an expert on all aspects of project management and leads this free training video to help you get a firm handle on the subject.

Here’s a screenshot for your reference!

Pro tip: When completing a feasibility study, it’s always good to have a contingency plan that you test to make sure it’s a viable alternative.

ProjectManager Improves Your Feasibility Study

A feasibility study is a project, so get yourself a project management software that can help you execute it. ProjectManager is an award-winning software that can help you manage your feasibility study through every phase.

Once you have a plan for your feasibility study, upload that task list to our software and all your work is populated in our online Gantt chart. Now you can assign tasks to team members, add costs, create timelines, collect all the market research and attach notes at the task level. This gives people a plan to work off of, and a collaborative platform to collect ideas and comments.

If you decide to implement the project, you already have it started in our software, which can now help you monitor and report on its progress. Try it for yourself with this free 30-day trial.

Transcription

Today we’re talking about How to Conduct A Feasibility Study, but first of all, I want to start with clarifying what a feasibility study is.

Feasibility Analysis Definition

Basically, it’s an assessment of the practicality of a proposed plan or method. Basically, we’ll want to want to know, is this feasible. Some of the questions that may generate this or we can hear people asking are, “Do we have or can we create the technology to do this? Do we have the people resource who can produce this and will we get our ROI, our Return On Investment?”

When to Do a Feasibility Study

So when do we do the feasibility study? So it’s done during a project lifecycle and it’s done after the business case because the business case outlines what we’re proposing. Is it a product or service that we’re proposing?

So why do we do this? The reason we do this is that we need to determine the factors that will make the business opportunity a success.

How to Conduct a Feasibility Study

Well, let’s talk about a few steps that we do in order to conduct the feasibility study.

Well, first of all, we conduct a preliminary analysis of what all’s involved in the business case and what we’re analyzing and what we’re trying to determine is feasible.

Then we prepare a projected income statement. We need to know what are the income streams, how are we gonna make money on this. Where’s the revenue coming from? We also need to conduct a market survey.

We need to know, is this a demand? Is there a market for this? Are customers willing to use this product or use this service?

The fourth one is to plan the business organization and operations. What is the structure, what kind of resources do we need? What kind of staffing requirements do we have?

We also want to prepare an opening day balance sheet. What are the…how again, what are the expenses, what’s the revenue and to ensure that being able to determine if we’re gonna make our ROI.

So we want to review and analyze all of the data that we have and with that, we’re going to determine, we’re going to make a go, no-go decision. Meaning, are we going to do this project or this business opportunity or not.

Well, here are some of the best practices to use during your feasibility study.

One is to use templates, tools and surveys that exist today. The great news is, data is becoming more and more prevalent. There are all kinds of technologies. There are groups that they do nothing but research. Things that we can leverage today.

We want to involve the appropriate stakeholders to ensure that input is being considered from the different people involved.

We also want to use again the market research to ensure we’re bringing in good, reliable data.

Do your homework, meaning act like is if this is your project, if it’s your money. So do your homework and do it well and make sure you give credible data.

What Is a Feasibility Report?

So ultimately in the end what we’re doing is, we’re producing and we’re providing a feasibility report. So in that report, think of this is like a template.

So what you’re gonna do is give it an executive summary of the business opportunity that you’re evaluating and the description of the product or the service.

You want to look at different technology considerations. Is it technology that you’re going to use? Are you going to build the technology?

What kind of product and service marketplace and being able again, to identify the specific market you’re going to be targeting? Also, what is the marketing strategy you’re going to use to target the marketplace?

And also what’s the organizational structure? What are the staffing requirements? What people do you need to deliver the product or service and even support it?

So also we want to know the schedule to be able to have the milestones to ensure that as we’re building things, that as we’re spending money that we’re beginning to bring in income to pay and knowing when we’re going to start recuperating some of the funding. Again, which also ties into the financial projections.

Ultimately in this report, you’re going to provide the findings and the recommendations.

Again, we’ll probably talk about technology. Are you going to build it? Are you going to buy it? What are the marketing strategies for the specific marketplace organization? You may have some recommendations for whether you’re going to insource the staff, maybe you are going to outsource some staff and what that looks like and also financial recommendation.

If you’ve been looking for an all-in-one tool that can help with your feasibility study, consider ProjectManager. We offer five project views and countless features that make it seamless to plan projects, organize tasks and stay connected with your team. See what our software can do for you by taking this free 30-day trial.

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Why Feasibility Studies Matter (With Examples)

Published: November 11, 2022

As a business leader, you want your projects to generate a return on investment. So before you begin any new venture, it’s a good idea to complete a feasibility study.

Feasibility studies help to determine the success (or failure) of your proposed project or plan. These types of studies help you make better, informed business decisions. As a result, you can save time and money by starting a plan or a project that you know has a high ROI.

Here, you’ll learn how to run feasibility studies. This post includes:

What is a feasibility study?

Feasibility study benefits, types of feasibility studies, how to write a feasibility study, feasibility study examples.

A feasibility study analyzes a potential project’s benefits, risks, costs, and potential outcomes. After completing a feasibility study, you and your team will have enough information to determine if the proposed project is a worthy investment.

Two types of sales forecasting data are appropriate for feasibility studies:

• Quantitative forecasting uses historical business data to predict trends.
• Qualitative sales forecasting data takes customers’ opinions, market research, and survey results into account.

The type of feasibility study you run determines which type of data you will need. Consider using qualitative forecasting data to determine how well your audience might receive your product. Quantitative data can help you predict revenue.

As a team leader, it’s your job to ensure your team hits yearly sales revenue goals. That may include deciding to take on a project based on projected sales forecasting data.

However, you do not want to take on a proposed plan or project without being sure the project will benefit your organization. Companies with accurate forecasts are 10% more likely to increase revenue yearly , according to Intangent.

That’s why feasibility studies matter. Combine sales forecasting data with the insight from a feasibility report, and you’ll be able to gauge the success rate of your proposed plan before you start.

Other feasibility benefits include:

• Determining if the project is appropriate for your team.
• Making sound decisions for your team.
• Avoiding mistakes.
• Narrowing the focus of the project.
• Determining project and team needs.
• Determining which departments need to be involved in the project.
• Calculating the amount and source of appropriate funding.
• Assessing the success or failure rate of your project.
• Estimating ROI.

Not only do feasibility studies help determine if a proposed plan or project is viable, but they also help narrow the focus of the project. Overall, feasibility studies can help keep your project on track from the start.

Now that you understand the benefits of feasibility studies, it’s time to determine which kind of feasibility study is best for your team.

Technical Feasibility Study

A technical feasibility study looks at your project’s technical aspects. This type of study answers the question: do you have the specialized resources and capabilities to carry out this project?

You might have the appropriate funding for a project, but a technical feasibility study will help you determine if you have the right processes, systems, and staffing for the job.

Best for: Software development teams and project development teams

Financial or Economic Feasibility Study

Financial feasibility studies can help you determine if you have the funding for your project. Plus, you’ll learn the venture is an overall good investment for your team and your company. These kinds of feasibility studies ask: is the allotted funding amount appropriate for this project?

By completing a financial feasibility study, you’ll have already identified funding sources, expenses, your budget, any potential risks, and expected revenue.

Best for: Financial managers and project managers

Operational Feasibility Study

As the name suggests, an operational feasibility study analyzes whether or not your team is equipped to carry out the proposed plan or project. This feasibility study answers the questions:

• Does your team have the means to complete the project?
• Will the project add value for your team or your customers?

Consider conducting an operational feasibility study if you have developed a solution for a potential problem. This kind of study will help you determine if the solution solves the problem or creates more issues.

Best for: Project managers and stakeholders

Legal Feasibility Study

This feasibility study should be performed to determine if your proposed project is legal and ethical. Legal feasibility studies are designed to keep you and your team aligned with local, state, and federal laws.

If you are unsure if your project is unethical or unlawful, a legal feasibility study will help you make the appropriate decision before you begin.

Best for: Legal departments and project managers

Scheduling Feasibility Study

When starting a new project, you’ll often be asked, “When can we reasonably expect this project to be completed?”

If you and your team are working for clients and are on a deadline, a scheduling feasibility study looks at the project’s timeline. That can help your team determine a reasonable completion date.

After completing a scheduling feasibility study, you might find the plan requires more time than you thought. This is helpful to know before you begin a project.

Best for: Stakeholders, project managers, and their teams

If you are wondering how to write a feasibility study, look no further than our feasibility study template .

Before you jump into writing your own study with our feasibility study template, take a minute to familiarize yourself with each section of the template. Keep in mind, the feasibility study temple can be customized to fit the needs of you and your team.

1. Executive Summary

Your executive summary should be a one-page summary of the entire study. Make sure to include the following:

• The project name.
• A description of the project.
• The goals of the project or plan.
• The target market.

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2. Business Explanation

This section of the feasibility study is your space to introduce the business concept of your project or plan. Consider discussing:

• The purpose of the project or plan.
• Products or services.
• Competitive advantages.
• Experience of its founders.

If your project is feasible, you’ll want to be as specific as possible in this section and discuss the project’s projected success.

3. Market Overview

This section of your feasibility study should discuss your target market and why your project or plan will (or will not) succeed. You’ll want to discuss your target market in-depth, its pain points, and how your proposed product or service will solve the problems.

You’ll want to include valid data in this section. Consider featuring:

• The market size and demographics.
• The market psychographics.
• Competitors and substitutes.

4. Financial Projections

Every good business endeavor is meant to make a profit. Your feasibility study should determine if the project or plan is a financially wise investment. The financial projections section of the feasibility template outlines and discusses critical financial metrics.

Considering including and discussing:

• Capital needs.
• Projected revenue and expenses.
• Projected revenue needed to break even.

5. Feasibility Assessment and Conclusion

In your conclusion, be as clear and specific about your proposed project or plan as possible. Use statements like, “Based on our assessment of (X), we have deemed this business project feasible.”

Feasibility studies can be helpful across your entire organization — from the sales team to the product development team. Here are a few examples of feasibility studies conducted in various industries.

Howard County Public School System

The Howard County Public School System’s feasibility study dives into projected student enrollment over a 10-year period.

What we love: The school system offers an excellent example of a brief, but thorough, executive summary. In this section, Howard County Public Schools also includes specific historical data used throughout the study.

Town of Walpole, Massachusetts

This feasibility study from the Walpole, Massachusetts’ explores the town’s recreation programming and facilities. Throughout, the document includes program recommendations with data that explains how the researchers came to this conclusion.

What we love: This document combines several different types of feasibility studies (financial, technical, and operational) into one comprehensive study. Remember, you can mold your feasibility study to fit your organization’s needs best.

U.S. Fish and Wildlife Service

In this example, the U.S. Fish and Wildlife Service explores the feasibility of reintroducing sea otters to areas of the Pacific coast. This study also provides a model for structuring the objectives section of this document. A good feasibility study is clear and to the point in each section.

What we love: Here, the U.S. Fish and Wildlife Service distinguishes what the study covers (potential options for reintroduction), and what it cannot accomplish (projected population growth from reintroduction).

While your feasibility study seeks to assess a project’s viability, your document will have a limited scope. If you’ll need to gather additional information moving forward, mention that in your feasibility study.

Holdrege Area Public Library

Your feasibility study doesn’t need to be all text. The Holdrege Area Public Library makes use of graphics and charts to convey information in its feasibility study.

What we love: Infographics are easy to read. You can absorb important information with a quick skim.

Running Your Feasibility Study

Accurately predicting the success of a project might seem like a daunting task. But it doesn’t have to be. There are many ways to conduct a feasibility study. Stary by leveraging the tools you already have, like HubSpot’s Forecasting Software and our feasibility study template.

Your job as a sales leader is to help your team increase your organization’s bottom line. With the use of sales forecasting data and feasibility studies, you’ll be able to pursue the projects that will yield the highest ROI.

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How We Design Feasibility Studies

Public health is moving toward the goal of implementing evidence-based interventions. To accomplish this, there is a need to select, adapt, and evaluate intervention studies. Such selection relies, in part, on making judgments about the feasibility of possible interventions and determining whether comprehensive and multilevel evaluations are justified. There exist few published standards and guides to aid these judgments. This article describes the diverse types of feasibility studies conducted in the field of cancer prevention, using a group of recently funded grants from the National Cancer Institute. The grants were submitted in response to a request for applications proposing research to identify feasible interventions for increasing the utilization of the Cancer Information Service among underserved populations.

Introduction

The field of health promotion and disease prevention is moving toward the goal of implementing evidence-based interventions that have been rigorously evaluated and found to be both efficacious and effective. This will encourage the evaluation of the efficacy of additional interventions, using standards of the sort applied in the evidence reviews conducted by the Cochrane Collaboration ( www.cochrane.org ) and the Task Force on Community Preventive Services ( www.thecommunityguide.org ).

By intervention is meant any program, service, policy, or product that is intended to ultimately influence or change people’s social, environmental, and organizational conditions as well as their choices, attitudes, beliefs, and behaviors. Both early conceptual models of health education 1 and more modern versions of health promotion 2 indicate that interventions should focus on changeable behaviors and objectives; be based on critical, empirical evidence linking behavior to health; be relevant to the target populations; and have the potential to meet the intervention’s goals. In cancer prevention and control, intervention efficacy has been defined as meeting the intended behavioral outcomes under ideal circumstances. In contrast, effectiveness studies can be viewed as evaluating success in real-world, non-ideal conditions. 3

Clearly, because of resource constraints, not all interventions can be tested for both efficacy and effectiveness. Guidelines are needed to help evaluate and prioritize those interventions with the greatest likelihood of being efficacious. Feasibility studies are relied on to produce a set of findings that help determine whether an intervention should be recommended for efficacy testing. The published literature does not propose standards to guide the design and evaluation of feasibility studies. This gap in the literature and in common practice needs to be filled as the fields of evidence-based behavioral medicine and public health practice mature.

This article presents ideas for designing a feasibility study. Included are descriptions of feasibility studies from all phases of the original cancer-control continuum: from basic social science to determine the best variables to target, through methods development, to efficacy and effectiveness studies, to dissemination research. The term feasibility study is used more broadly than usual to encompass any sort of study that can help investigators prepare for full-scale research leading to intervention. It is hoped that this article can prove useful both to researchers when they consider their own intervention design and to reviewers of intervention-related grants.

Employing Feasibility Studies

Feasibility studies are used to determine whether an intervention is appropriate for further testing; in other words, they enable researchers to assess whether or not the ideas and findings can be shaped to be relevant and sustainable. Such research may identify not only what—if anything—in the research methods or protocols needs modification but also how changes might occur. For example, a feasibility study may be in order when researchers want to compare different research and recruitment strategies. Gustafson 4 found that African-American women report more mistrust of medical establishments than do white women. A feasibility study might qualitatively examine women’s reactions to a specific intervention handout that attempted to promote the trustworthiness in a medical institution. If women’s reactions were positive and in line with increased trust in the institution, the feasibility study would have served as a precursor to testing the effects of that handout in recruiting women to a randomized prevention trial. 5

Performing a feasibility study may be indicated when:

• community partnerships need to be established, increased, or sustained;
• there are few previously published studies or existing data using a specific intervention technique;
• prior studies of a specific intervention technique in a specific population were not guided by in-depth research or knowledge of the population’s socio-cultural health beliefs; by members of diverse research teams; or by researchers familiar with the target population and in partnership with the targeted communities;
• the population or intervention target has been shown empirically to need unique consideration of the topic, method, or outcome in other research; or
• previous interventions that employed a similar method have not been successful, but improved versions may be successful; or previous interventions had positive outcomes but in different settings than the one of interest.

Appropriate Areas of Focus

It is proposed that there are eight general areas of focus addressed by feasibility studies. Each is described below and summarized in Table 1 .

• Acceptability . This relatively common focus looks at how the intended individual recipients—both targeted individuals and those involved in implementing programs—react to the intervention.
• Demand . Demand for the intervention can be assessed by gathering data on estimated use or by actually documenting the use of selected intervention activities in a defined intervention population or setting.
• Implementation . This research focus concerns the extent, likelihood, and manner in which an intervention can be fully implemented as planned and proposed, 6 often in an uncontrolled design.
• Practicality . This focus explores the extent to which an intervention can be delivered when resources, time, commitment, or some combination thereof are constrained in some way.
• Adaptation . Adaptation focuses on changing program contents or procedures to be appropriate in a new situation. It is important to describe the actual modifications that are made to accommodate the context and requirements of a different format, media, or population. 7
• Integration . This focus assesses the level of system change needed to integrate a new program or process into an existing infrastructure or program. 8 The documentation of change that occurs within the organizational setting or the social/physical environment as a direct result of integrating the new program can help to determine if the new venture is truly feasible.
• Expansion . This focus examines the potential success of an already-successful intervention with a different population or in a different setting.
• Limited-efficacy testing . Many feasibility studies are designed to test an intervention in a limited way. Such tests may be conducted in a convenience sample, with intermediate rather than final outcomes, with shorter follow-up periods, or with limited statistical power.

Key areas of focus for feasibility studies and possible outcomes

Relating to the Real World

Green and Glasgow 9 have pointed out the incongruity between increasing demands for evidence-based practice and the fact that most evidence-based recommendations for behavioral interventions are derived from highly controlled efficacy trials. The highly controlled nature of efficacy research is good in that it is likely more possible to draw causal inferences from the designs used (often randomized trials). But this focus on internal validity can reduce external relevance, and generalizability can decrease, limiting dissemination. Practitioners call for more studies to be conducted in settings where community constraints, for example, are prioritized over optimal conditions and settings—specifically testing the fit of interventions in real-world settings. Feasibility studies should be especially useful in helping to fill this important gap in the research literature, and new criteria and measures have been proposed (e.g., Reach, Efficacy/Effectiveness, Adoption, Implementation, Maintenance [RE-AIM]) to evaluate the relevant outcomes. 10

To ensure that feasibility studies indeed reflect the realities of community and practice settings, it is essential that practitioners and community members be involved in meaningful ways in conceptualizing and designing feasibility research. Adhering to published principles of community-based participatory research 11 , 12 should help in this regard, with the added benefit of helping to determine whether interventions are truly acceptable to their intended audience.

Design Options for Feasibility Studies

The choice of an optimal research design depends upon the selected area of focus. This premise holds equally for feasibility studies and for other kinds of research. As the knowledge base and needs for an intervention progress, different questions come to the fore. In the initial phase of developing an intervention, Can it work? is usually the main question. Given some evidence that a treatment might work, the next question is generally Does it work? , and does it do so under ideal or actual conditions compared to other practices. Those are the questions addressed by efficacy and effectiveness studies. Finally, given evidence that an intervention is efficacious and effective, the question Will it work? is applied to the myriad contexts, settings, and cultures that might translate the intervention into practice. Table 2 outlines possible intervention designs according to the focus of the performed feasibility study.

Sample study designs: phases of intervention development by area of focus

Can It Work?

A variety of different research designs can address appropriately the Can it work? question. Sometimes the idea for an intervention derives from observations of actual practice. A practice-derived treatment hypothesis may be able to be refined efficiently by conducting a case-control feasibility study. Such a study might examine retrospectively whether better outcomes are associated with being exposed versus not being exposed to a tobacco policy. Or the same question might be addressed prospectively via a cohort study. A cohort feasibility study would follow and compare the outcomes of individuals who did or did not hear about the policy. The advantage of the cohort design, compared to the case-control design, is that it establishes the timing and directionality of effects. The disadvantage is that the need for follow-up means that cohort studies take longer to complete. Compared to an RCT, the cohort study’s main disadvantage is that participants are not assigned randomly to treatment. Thus, their outcomes may differ not because of the intervention but because the participants or their circumstances were inherently different from the outset.

Practice-derived research hypotheses are sometimes described as originating trench to bench. The other major pipeline of intervention development proceeds bench to trench by deriving hypotheses about active intervention mechanisms from basic research. Often the study involves a laboratory context that mimics or is analogous to the treatment context. For example, messages may be seen on a computer screen rather than on the ultimately intended billboard. Stated intentions to seek cancer screening may be the outcome instead of the actual performance of screening behaviors.

The drawback of experimental feasibility studies is that they have relatively limited external validity. On balance, however, they have two great advantages. First, experiments permit random or unbiased assignment to intervention conditions. Therefore, some comparison to an unbiased control from the same population is available. Second, experiments afford a very time- and cost-effective means of testing whether an intervention could work. It is the authors’ opinion that the experiment is a vastly underutilized research design for feasibility studies. Small-scale experiments that more closely approximate the clinical or community context of an RCT can also be used to test other aspects of intervention feasibility. Questions about safety; optimal dose (treatment intensity, frequency, duration); and the sequencing of treatment all can be tested efficiently in experiments before the launching of a full-scale clinical trial.

Does It Work?

Eventually preliminary positive results can suggest that an intervention is ready to be tested in a full-scale trial whose results should influence health practice. At that juncture, a variety of new feasibility questions must be addressed. One concern is whether the outcome can be measured reliably and validly. Psychometric studies of test-instrument development and validation could be the kind of feasibility research needed to address that question. In-depth qualitative assessments may be an asset to measure development. A second question is whether the intervention can be clarified and conveyed in a disseminatable format (e.g., a manual or brochure) that permits replication of the treatment.

A major feasibility issue that precedes the mounting of a full evaluation trial is the need to derive an effect-size estimate for the treatment. A small-scale randomized trial that mirrors the intended efficacy study may be valuable here. Such feasibility studies are sometimes called Phase-I or Phase-II clinical trials. Usually the design is an RCT because that study design affords the greatest internal validity (i.e., it maximizes confidence that changes in outcomes can be attributed causally to the treatment). Typically, the Phase-I or -II trial entails a smaller sample size than a full Phase-III efficacy/effectiveness trial. Earlier-phase trials are used, in part, to estimate effect size, power, and sample size for a full Phase-III trial.

Will It Work?

Ideally, a treatment will have been shown to be both efficacious and effective before being implemented broadly. New feasibility questions now arise, as interest shifts to disseminating and implementing broadly the intervention in diverse practice systems. It becomes critical to understand the perspectives of different stakeholders who will affect and be affected by the revised intervention. Those stakeholders form a system whose gears must mesh smoothly for the intervention to be taken up and integrated into practice. Qualitative research methods offer especially useful tools for understanding institutional and community cultures. 13

Other kinds of feasibility questions that may be salient at the dissemination or implementation stage concern the potential extrapolation of the intervention beyond the populations and modalities in which it was studied originally. A frequent feasibility question is whether the treatment can be used for a new demographic subgroup—new in terms of ethnicity, culture, SES, geography, or ethnicity. That question often incorporates two sub-questions. One is whether the treatment will be found acceptable to the new population—a feasibility question best approached through qualitative research. The other sub-question asks whether the treatment retains its efficacy in the new population, in new settings, or with new health outcomes. Sometimes a completely distinct and unintended treatment or intervention emerges from such initial feasibility research and warrants additional study.

A final and commonly posed feasibility question is whether a new treatment-delivery channel or intervention method will work. For instance, relevant questions can concern whether the intervention is able to be delivered in group versus individual format, over the telephone instead of face-to-face, or in web- or PDA-based formats. There may be questions about whether paraprofessionals or peers or a computer can deliver the intervention as intended. Usually, these feasibility questions and others will be addressed initially through qualitative interviewing and surveys, followed by experimentation.

This article identifies the construct feasibility as a series of questions and methods. For an intervention to be worthy of testing for efficacy, it must address the relevant questions within feasibility. It is also important to discard or modify those interventions that do not seem to be feasible as a result of data collected during the feasibility-study phase. Using feasibility research in the intervention-research process as a determinant for accepting or discarding an intervention approach is a key way to advance only those interventions that are worth testing (i.e., have a high probability of efficacy).

Scientists who propose feasibility studies are encouraged to do so while keeping in mind the research questions outlined in this article. As with any research, an investigator should choose the area of focus that best matches the needs of the situation. Methodologies to address each area may vary and can be creatively combined to form a package appropriate to the setting, community, or population under study. Reviewers of grants, as well as investigators and grants officials, will also want to pay attention to the varied areas of focus that fall under the umbrella of feasibility. Smaller studies with mixed methods might yield more innovative feasibility results.

Acknowledgments

The projects described were supported by the following six grants from the National Cancer Institute: 1R21CA126325-01, 1R21CA126390-01, 1R21CA126326-01, 1R21CA126373-01, 1R21CA126450-01, and 1R21CA126321-01. The contents of this manuscript are solely the responsibility of the authors and do not necessarily represent the official views of the National Cancer Institute.

No financial disclosures were reported by the authors of this paper.

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• Project planning |
• How to use a feasibility study in proje ...

How to use a feasibility study in project management

It can be exciting to run a large, complex project that has a huge potential impact on your organization. On the one hand, you’re driving real change. On the other, failure is intimidating. 

What is a feasibility study? 

A feasibility study—sometimes called a feasibility analysis or feasibility report—is a way to evaluate whether or not a project plan could be successful. A feasibility study evaluates the practicality of your project plan in order to judge whether or not you’re able to move forward with the project. 

It does so by answering two questions: 

Does our team have the required tools or resources to complete this project? 

Will there be a high enough return on investment to make the project worth pursuing? 

Feasibility studies are important for projects that represent significant investments for your business. Projects that also have a large potential impact on your presence in the market may also require a feasibility study. 

As the project manager , you may not be directly responsible for driving the feasibility study, but it’s important to know what these studies are. By understanding the different elements that go into a feasibility study, you can better support the team driving the feasibility study and ensure the best outcome for your project.

When should you conduct a feasibility study

A feasibility study should be conducted after the project has been pitched but before any work has actually started. The study is part of the project planning process. In fact, it’s often done in conjunction with a SWOT analysis or project risk assessment , depending on the specific project. 

Feasibility studies help: 

Confirm market opportunities before committing to a project

Narrow your business alternatives

Create documentation about the benefits and detriments of your proposed initiative

Provide more information before making a go/no go decision

You likely don’t need a feasibility study if:

You already know the project is feasible

You’ve run a similar project in the past

Your competitors are succeeding with a similar initiative in market

The project is small, straightforward, and has minimal long-term business impact

Your team ran a similar feasibility study within the past three years

One thing to keep in mind is that a feasibility study is not a project pitch. During a project pitch, you’re evaluating whether or not the project is a good idea for your company, and whether the goals of the project are in line with your overall strategic plan. Typically, once you’ve established that the project is a good idea, you’d then run a feasibility study to confirm the project is possible with the tools and resources you have at your disposal. 

Feasibility study vs. project charter

A project charter is a relatively informal document to pitch your project to stakeholders. Think of the charter like an elevator pitch of your project objectives, scope, and responsibilities. Typically, your project sponsor or executive stakeholders reviews the charter before ratifying the project. 

A feasibility study should be implemented after the project charter has been ratified. This isn’t a document to pitch whether or not the project is in line with your team’s goals—rather, it’s a way to ensure the project is something you and your team can accomplish. 

Feasibility study vs. business case

A business case is a more formalized version of the project charter. While you’d typically create a project charter for small or straightforward initiatives, you should create a business case if you are pitching a large, complex initiative that will make a major impact on the business. This longer, more formal document will also include financial information, and typically involves more senior stakeholders. 

After your business case is approved by relevant stakeholders, you’d then run a feasibility study to make sure the work is doable. If you find it isn’t, you might return to your executive stakeholders and request more resources, tools, or time in order to ensure your business case is feasible.

Feasibility study vs. business plan

A business plan is a formal document of your organization’s goals. You typically write a business plan when founding your company, or when your business is going through a significant shift. Your business plan informs a lot of other business decisions, including your three to five year strategic plan . 

As you implement your business and strategic plan, you’ll invest in individual projects. A feasibility study is a way to evaluate the practicality of any given individual project or initiative. 

4 elements of a feasibility analysis

There are four main elements that go into a feasibility study: technical feasibility, financial feasibility, market feasibility (or market fit), and operational feasibility. You may also see these referred to as the four types of feasibility studies, though most feasibility studies actually include a review of all four elements. 

Technical feasibility

A technical feasibility study reviews the technical resources available for your project. This study determines if you have the right equipment, enough equipment, and the right technical knowledge to complete your project objectives . For example, if your project plan proposes creating 50,000 products per month, but you can only produce 30,000 products per month in your factories, this project isn’t technically feasible. 

Financial feasibility

Financial feasibility describes whether or not your project is fiscally viable. A financial feasibility report includes a cost/benefit analysis of the project. It also forecasts an expected return on investment (ROI), as well as outlines any financial risks. The goal at the end of the financial feasibility study is to understand the economic benefits the project will drive. 

Market feasibility

The market feasibility study is an evaluation of how your team expects the project’s deliverables to perform in the market. This part of the report includes a market analysis, market competition breakdown, and sales projections. 

Operational feasibility

An operational feasibility study evaluates whether or not your organization is able to complete this project. This includes staffing requirements, organizational structure, and any applicable legal requirements. At the end of the operational feasibility study, your team will have a sense of whether or not you have the resources, skills, and competencies to complete this work. 

Feasibility study checklist

Most feasibility studies are structured in a similar way. These documents serve as an assessment of the practicality of a proposed business idea. Creating a clear feasibility study helps project stakeholders during the decision making process. 

A feasibility study contains: 

An executive summary describing the project’s overall viability

A description of the product or service being developed during this project

Any technical considerations , including technology, equipment, or staffing

The market survey , including a study of the current market and the marketing strategy 

The operational feasibility study , evaluating whether or not your team’s current organizational structure can support this initiative

The project timeline

Financial projections based on your financial feasibility report

6 steps to conduct a feasibility study

You likely won’t be conducting the feasibility study yourself, but you will probably be called on to provide insight and information. To conduct a feasibility study, hire a trained consultant or, if you have an in-house project management office (PMO) , ask if they take on this type of work. In general, here are the steps they’ll take to complete this work: 

1. Run a preliminary analysis

Creating a feasibility study is a time-intensive process. Before diving into the feasibility study, it’s important to evaluate the project for any obvious and insurmountable roadblocks. For example, if the project requires significantly more budget than your organization has available, you likely won’t be able to complete it. Similarly, if the project deliverables need to be live and in market by a certain date, but they won’t be available for several months after the fact, the project likely isn’t feasible either. These types of large-scale obstacles make a feasibility study unnecessary, because it’s clear the project is not viable. 

2. Evaluate financial feasibility

Think of the financial feasibility study as the projected income statement for the project. This part of the feasibility study clarifies the expected project income and outlines what your organization needs to invest—in terms of time and money—in order to hit the project objectives. 

During the financial feasibility study, take into account whether or not the project will impact your business's cash flow. Depending on the complexity of the initiative, your internal PMO or external consultant may want to work with your financial team to run a cost-benefit analysis of the project. 

3. Run a market assessment

The market assessment, or market feasibility study, is a chance to identify the demand in the market. This study offers a sense of expected revenue for the project, and any potential market risks you could run into. 

The market assessment, more than any other part of the feasibility study, is a chance to evaluate whether or not there’s an opportunity in the market. During this study, it’s critical to evaluate your competitor’s positions and analyze demographics to get a sense of how the project will do. 

4. Consider technical and operational feasibility

Even if the financials are looking good and the market is ready, this initiative may not be something your organization can support. To evaluate operational feasibility, consider any staffing or equipment requirements this project needs. What organizational resources—including time, money, and skills—are necessary in order for this project to succeed? 

Depending on the project, it may also be necessary to consider the legal impact of the initiative. For example, if the project involves developing a new patent for your product, you will need to involve your legal team and incorporate that requirement into the project plan. 

5. Review project points of vulnerability

At this stage, your internal PMO team or external consultant have looked at all four elements of your feasibility study—financials, market analysis, technical feasibility, and operational feasibility. Before running their recommendations by you and your stakeholders, they will review and analyze the data for any inconsistencies. This includes ensuring the income statement is in line with your market analysis. Similarly, now that they’ve run a technical feasibility study, are any liabilities too big of a red flag? (If so, create a contingency plan !) 

Depending on the complexity of your project, there won’t always be a clear answer. A feasibility analysis doesn’t provide a black and white decision for a complex problem. Rather, it helps you come to the table with the right questions—and answers—so you can make the best decision for your project and for your team. 

6. Propose a decision

The final step of the feasibility study is an executive summary touching on the main points and proposing a solution. 

Depending on the complexity and scope of the project, your internal PMO or external consultant may share the feasibility study with stakeholders or present it to the group in order to field any questions live. Either way, with the study in hand, your team now has the information you need to make an informed decision. 

Achieve project success with Asana

Done with your feasibility study? You’re ready to run a project! Set your project up for success by tracking your progress in a work management tool , like Asana. From the small stuff to the big picture, Asana organizes work so teams know what to do, why it matters, and how to get it done. 

Related resources

What is stakeholder analysis and why is it important?

Understanding dependencies in project management

How Asana uses work management to optimize resource planning

Unmanaged business goals don’t work. Here’s what does.

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4.5 Feasibility and importance

Learning objectives.

• Identify the aspects of feasibility that shape a researcher’s ability to conduct research
• Analyze the importance of research projects

Now that you have thought about topics that interest you and you’ve learned how to frame those topics as social work research questions, you have probably come up with a few potential research questions—questions to which you are dying to know the answers. However, even if you have identified the most brilliant research question ever, you are still not ready to begin conducting research. First, you’ll need to think about and come up with a plan for your research design. Once you’ve settled on a research question, your next step is to think about the feasibility of your research question.

There are a few practical matters related to feasibility that all researchers should consider before beginning a research project. Are you interested in better understanding the day-to-day experiences of maximum security prisoners? This sounds fascinating, but unless you plan to commit a crime that lands you in a maximum security prison, gaining access to that facility could be difficult for a student project. Perhaps your interest is in the inner workings of toddler peer groups. If you’re much older than four or five, however, it might be tough for you to access that sort of group. Your ideal research topic might require you to live on a chartered sailboat in the Bahamas for a few years, but unless you have unlimited funding, it will be difficult to make even that happen. The point, of course, is that while the topics about which social work questions can be asked may seem limitless, there are limits to which aspects of topics we can study or at least to the ways we can study them.

One of the most important questions in feasibility is whether or not you have access to the people you want to study. For example, let’s say you wanted to better understand students who engaged in self-harm behaviors in middle school. That is a topic of social importance, to be sure. But if you were a principal in charge of a middle school, would you want the parents to hear in the news about students engaging in self-harm at your school? Building a working relationship with the principal and the school administration will be a complicated task, but necessary in order to gain access to the population you need to study. Social work research must often satisfy multiple stakeholders. Stakeholders are individuals or groups who have an interest in the outcome of the study you conduct. Your goal of answering your research question can only be realized when you account for the goals of the other stakeholders. School administrators also want to help their students struggling with self-harm, so they may support your research project. But they may also need to avoid scandal and panic, providing support to students without making the problem worse.

Assuming you can gain approval to conduct research with the population that most interests you, do you know if that population will let you in? Researchers like Barrie Thorne (1993) who study the behaviors of children, sometimes face this dilemma. In the course of her work, Professor Thorne has studied how children teach each other gender norms. She also studied how adults “gender” children, but here we’ll focus on just the former aspect of her work. Thorne had to figure out how to study the interactions of elementary school children when they probably would not accept her as one of their own. They were also unlikely to be able to read and complete a written questionnaire. Since she could not join them or ask them to read and write on a written questionnaire, Thorne’s solution was to watch the children. While this seems like a reasonable solution to the problem of not being able to actually enroll in elementary school herself, there is always the possibility that Thorne’s observations differed from what they might have been had she been able to actually join a class. What this means is that a researcher’s identity, in this case Thorne’s age, might sometimes limit (or enhance) her ability to study a topic in the way that she most wishes to study it.

In addition to personal characteristics, there are also the very practical matters of time and money that shape what you are able to study or how you are able to study it. In terms of time, your personal time frame for conducting research may be the semester during which you are taking your research methods course. Perhaps, one day your employer will give you an even shorter timeline in which to conduct some research—or perhaps longer. By what time a researcher must complete her work may depend on a number of factors and will certainly shape what sort of research that person is able to conduct. Money, as always, is also relevant. For example, your ability to conduct research while living on a chartered sailboat in the Bahamas may be hindered unless you have unlimited funds or win the lottery. And if you wish to conduct survey research, you may have to think about the fact that mailing paper surveys costs not only time but money—from printing them to paying for the postage required to mail them. Interviewing people face to face may require that you offer your research participants a cup of coffee or glass of lemonade while you speak with them—and someone has to pay for the drinks.

In sum, feasibility is always a factor when deciding what, where, when, and how to conduct research. Aspects of your own identity may play a role in determining what you can and cannot investigate, as will the availability of resources such as time and money.

Another consideration before beginning a research project is whether the question is important enough. For the researcher, answering the question should be important enough to put in the effort, time, and often money required to complete a research project. As discussed in Chapter 1, you should choose a topic that is important to you, one you wouldn’t mind learning about for at least a few months, if not a few years. Your time and effort are your most precious resources, particularly when you are in school. Make sure you dedicate them to topics and projects you consider important.

Your research question should also be important and relevant to the scientific literature in your topic area. Scientific relevance can be a challenging concept to assess. Here’s an example. If you plan to research if cognitive behavioral therapy (CBT) is an effective treatment for depression, you are a little late to be asking that question. Hundreds of scientists have published articles demonstrating its effectiveness at treating depression. If CBT is a therapy of interest to you, perhaps you can consider applying it to a population like older adults for which there may be little evidence for CBT’s effectiveness or to a social problem like mobile phone addiction for which CBT has not been tested. Your project should have something new to say that we don’t already know. For a good reason, Google Scholar’s motto at the bottom of their search page is “stand on the shoulders of giants.” Social science research rests on the work of previous scholars, building off of what they found to learn more about the social world. Ensure that your question will bring our scientific understanding of your topic to new heights.

Finally, your research question should be important to the social world. Social workers conduct research on behalf of target populations. Just as clients in a clinician’s office rely on social workers to help them, target populations rely on social work researchers to help them by illuminating aspects their life. Your research should matter to the people you are trying to help. By helping this client population, your study should be important to society as a whole. In Chapter 3, we discussed the problem statement, which contextualizes your study within a social problem and target population. The purpose of your study is to address this social problem and further social justice. Research projects, obviously, do not need to address all aspects of a problem or fix all of society. Just making a small stride in the right direction is more than enough to make your study of importance to the social world.

If your study requires money to complete, and almost all of them do, you will also have to make the case that your study is important enough to fund. Research grants can be as small as a few hundred or thousand dollars to multi-million dollar grants and anywhere in between. Generally speaking, scientists rarely fund their own research. Instead, they must convince governments, foundations, or others to support their research. Conducting expensive research often involves aligning your research question with what the funder identifies as important. In our previous example on CBT and older adults, you may want to seek funding from an Area Agency on Aging or the American Association of Retired Persons. However, you will need to fit your research into their funding priorities or make the case that your study is important enough on its own merits. Perhaps they are interested in reducing suicides or increasing social connectedness. These funding priorities seem like a natural fit for a study on treating depression. If you’re successful, funders become important stakeholders in the research process. Researchers must take great care not to create conflicts of interest in which the funder is able to dictate the outcome of the study before it is even conducted.

Key Takeaways

• When thinking about the feasibility of their research questions, researchers should consider their own identities and characteristics along with any potential constraints related to time and money.
• Your research question should be important to you, social scientists, the target population, and funding sources.
• Stakeholders- individuals or groups who have an interest in the outcome of the study a researcher conducts

Image attributions

Man-wearing-black-and-white-stripe-shirt-looking-at-white-printer-papers-on-the-wall by startupstockphotos cc-0, important by geralt cc-0.

Guidebook for Social Work Literature Reviews and Research Questions Copyright © 2020 by Rebecca Mauldin and Matthew DeCarlo is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

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