What is the purpose of a feasibility study?

The purpose of a feasibility study is fundamentally to assess the viability of a project before it begins. This study critically evaluates whether the proposed project is practical and likely to succeed, taking into account various factors such as technical requirements, financial implications, legal considerations, and market demand. By conducting a feasibility study, stakeholders can gain insights into potential risks, resource needs, and overall project alignment with strategic objectives, thus enabling informed decision-making.

While reviewing project costs, defining project scope, and establishing team roles and responsibilities are important components of project management, they are typically addressed after a project's viability has been confirmed through a feasibility study. The study serves as a preliminary step that informs all subsequent project planning activities, ensuring that resources are allocated appropriately and that the project has a solid foundation for success.