A feasibility study allows us to analyse how successful and practical a project is likely to be, looking at the 4 key aspects; economic, technical, operational and schedule feasibility.
The four aspects of a feasibility study:
- Economic Feasibility
Looking at what the projects associated cost benefits & savings will be along with determining the timescales for an acceptable return on investment for the business.
- Technical Feasibility
To assess the risks and solutions, so considers the size of the proposed facility, its location, pollution issues and capacity.
- Operational Feasibility
Reviewing the control measure of how well the proposed solution or system resolves any problems along with taking advantage of improvement opportunities determined during the definition phase.
- Schedule Feasibility
Validation of the estimation on timelines and whether the project has enough resources to deliver the project to the desired plan.
What are the advantages to carrying out a feasibility study?
- Cost effective approach
Spending a small amount of capital at the Front End of a project, to see whether the project is viable prior to further project development & execution.