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How to conduct a feasibility study: Template and examples

essay on feasibility study

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

How To Conduct A Feasibility Study: Template And Examples

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.

essay on feasibility study

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essay on feasibility study

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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How to use a feasibility study in project management

Julia Martins contributor headshot

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. 

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  • 11.3 Conducting a Feasibility Analysis
  • Introduction
  • 1.1 Entrepreneurship Today
  • 1.2 Entrepreneurial Vision and Goals
  • 1.3 The Entrepreneurial Mindset
  • Review Questions
  • Discussion Questions
  • Case Questions
  • Suggested Resources
  • 2.1 Overview of the Entrepreneurial Journey
  • 2.2 The Process of Becoming an Entrepreneur
  • 2.3 Entrepreneurial Pathways
  • 2.4 Frameworks to Inform Your Entrepreneurial Path
  • 3.1 Ethical and Legal Issues in Entrepreneurship
  • 3.2 Corporate Social Responsibility and Social Entrepreneurship
  • 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
  • 4.1 Tools for Creativity and Innovation
  • 4.2 Creativity, Innovation, and Invention: How They Differ
  • 4.3 Developing Ideas, Innovations, and Inventions
  • 5.1 Entrepreneurial Opportunity
  • 5.2 Researching Potential Business Opportunities
  • 5.3 Competitive Analysis
  • 6.1 Problem Solving to Find Entrepreneurial Solutions
  • 6.2 Creative Problem-Solving Process
  • 6.3 Design Thinking
  • 6.4 Lean Processes
  • 7.1 Clarifying Your Vision, Mission, and Goals
  • 7.2 Sharing Your Entrepreneurial Story
  • 7.3 Developing Pitches for Various Audiences and Goals
  • 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
  • 7.5 Reality Check: Contests and Competitions
  • 8.1 Entrepreneurial Marketing and the Marketing Mix
  • 8.2 Market Research, Market Opportunity Recognition, and Target Market
  • 8.3 Marketing Techniques and Tools for Entrepreneurs
  • 8.4 Entrepreneurial Branding
  • 8.5 Marketing Strategy and the Marketing Plan
  • 8.6 Sales and Customer Service
  • 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
  • 9.2 Special Funding Strategies
  • 9.3 Accounting Basics for Entrepreneurs
  • 9.4 Developing Startup Financial Statements and Projections
  • 10.1 Launching the Imperfect Business: Lean Startup
  • 10.2 Why Early Failure Can Lead to Success Later
  • 10.3 The Challenging Truth about Business Ownership
  • 10.4 Managing, Following, and Adjusting the Initial Plan
  • 10.5 Growth: Signs, Pains, and Cautions
  • 11.1 Avoiding the “Field of Dreams” Approach
  • 11.2 Designing the Business Model
  • 11.4 The Business Plan
  • 12.1 Building and Connecting to Networks
  • 12.2 Building the Entrepreneurial Dream Team
  • 12.3 Designing a Startup Operational Plan
  • 13.1 Business Structures: Overview of Legal and Tax Considerations
  • 13.2 Corporations
  • 13.3 Partnerships and Joint Ventures
  • 13.4 Limited Liability Companies
  • 13.5 Sole Proprietorships
  • 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
  • 13.7 Mitigating and Managing Risks
  • 14.1 Types of Resources
  • 14.2 Using the PEST Framework to Assess Resource Needs
  • 14.3 Managing Resources over the Venture Life Cycle
  • 15.1 Launching Your Venture
  • 15.2 Making Difficult Business Decisions in Response to Challenges
  • 15.3 Seeking Help or Support
  • 15.4 Now What? Serving as a Mentor, Consultant, or Champion
  • 15.5 Reflections: Documenting the Journey
  • A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

  • Describe the purpose of a feasibility analysis
  • Describe and develop the parts of a feasibility analysis
  • Understand how to apply feasibility outcomes to a new venture

As the name suggests, a feasibility analysis is designed to assess whether your entrepreneurial endeavor is, in fact, feasible or possible. By evaluating your management team, assessing the market for your concept, estimating financial viability, and identifying potential pitfalls, you can make an informed choice about the achievability of your entrepreneurial endeavor. A feasibility analysis is largely numbers driven and can be far more in depth than a business plan (discussed in The Business Plan ). It ultimately tests the viability of an idea, a project, or a new business. A feasibility study may become the basis for the business plan, which outlines the action steps necessary to take a proposal from ideation to realization. A feasibility study allows a business to address where and how it will operate, its competition, possible hurdles, and the funding needed to begin. The business plan then provides a framework that sets out a map for following through and executing on the entrepreneurial vision.

Organizational Feasibility Analysis

Organizational feasibility aims to assess the prowess of management and sufficiency of resources to bring a product or idea to market Figure 11.12 . The company should evaluate the ability of its management team on areas of interest and execution. Typical measures of management prowess include assessing the founders’ passion for the business idea along with industry expertise, educational background, and professional experience. Founders should be honest in their self-assessment of ranking these areas.

Resource sufficiency pertains to nonfinancial resources that the venture will need to move forward successfully and aims to assess whether an entrepreneur has a sufficient amount of such resources. The organization should critically rank its abilities in six to twelve types of such critical nonfinancial resources, such as availability of office space, quality of the labor pool, possibility of obtaining intellectual property protections (if applicable), willingness of high-quality employees to join the company, and likelihood of forming favorable strategic partnerships. If the analysis reveals that critical resources are lacking, the venture may not be possible as currently planned. 46

Financial Feasibility Analysis

A financial analysis seeks to project revenue and expenses (forecasts come later in the full business plan); project a financial narrative; and estimate project costs, valuations, and cash flow projections Figure 11.13 .

The financial analysis may typically include these items:

  • A twelve-month profit and loss projection
  • A three- or four-year profit-and-loss projection
  • A cash-flow projection
  • A projected balance sheet
  • A breakeven calculation

The financial analysis should estimate the sales or revenue that you expect the business to generate. A number of different formulas and methods are available for calculating sales estimates. You can use industry or association data to estimate the sales of your potential new business. You can search for similar businesses in similar locations to gauge how your business might perform compared with similar performances by competitors. One commonly used equation for a sales model multiplies the number of target customers by the average revenue per customer to establish a sales projection:

Another critical part of planning for new business owners is to understand the breakeven point , which is the level of operations that results in exactly enough revenue to cover costs (see Entrepreneurial Finance and Accounting for an in-depth discussion on calculating breakeven points and the breakdown of cost types). It yields neither a profit nor a loss. To calculate the breakeven point, you must first understand the two types of costs: fixed and variable. Fixed costs are expenses that do not vary based on the amount of sales. Rent is one example, but most of a business’s other costs operate in this manner as well. While some costs vary from month to month, costs are described as variable only if they will increase if the company sells even one more item. Costs such as insurance, wages, and office supplies are typically considered fixed costs. Variable costs fluctuate with the level of sales revenue and include items such as raw materials, purchases to be sold, and direct labor. With this information, you can calculate your breakeven point—the sales level at which your business has neither a profit nor a loss. 47 Projections should be more than just numbers: include an explanation of the underlying assumptions used to estimate the venture’s income and expenses.

Projected cash flow outlines preliminary expenses, operating expenses, and reserves—in essence, how much you need before starting your company. You want to determine when you expect to receive cash and when you have to write a check for expenses. Your cash flow is designed to show if your working capital is adequate. A balance sheet shows assets and liabilities, necessary for reporting and financial management. When liabilities are subtracted from assets, the remainder is owners’ equity. The financial concepts and statements introduced here are discussed fully in Entrepreneurial Finance and Accounting .

Market Feasibility Analysis

A market analysis enables you to define competitors and quantify target customers and/or users in the market within your chosen industry by analyzing the overall interest in the product or service within the industry by its target market Figure 11.14 . You can define a market in terms of size, structure, growth prospects, trends, and sales potential. This information allows you to better position your company in competing for market share. After you’ve determined the overall size of the market, you can define your target market, which leads to a total available market (TAM) , that is, the number of potential users within your business’s sphere of influence. This market can be segmented by geography, customer attributes, or product-oriented segments. From the TAM, you can further distill the portion of that target market that will be attracted to your business. This market segment is known as a serviceable available market (SAM) .

Projecting market share can be a subjective estimate, based not only on an analysis of the market but also on pricing, promotional, and distribution strategies. As is the case for revenue, you will have a number of different forecasts and tools available at your disposal. Other items you may include in a market analysis are a complete competitive review, historical market performance, changes to supply and demand, and projected growth in demand over time.

Are You Ready?

You’ve been hired by a leading hotel chain to determine the market and financial potential for the development of a mixed-use property that will include a full-service hotel in downtown Orlando, located at 425 East Central Boulevard, in Orlando, Florida. The specific address is important so you can pinpoint existing competitors and overall suitability of the site. Using the information given, conduct a market analysis that can be part of a larger feasibility study.

Work It Out

Location feasibility.

You’re considering opening a boutique clothing store in downtown Atlanta. You’ve read news reports about how downtown Atlanta and the city itself are growing and undergoing changes from previous decades. With new development taking place there, you’re not sure whether such a venture is viable. Outline what steps you would need to take to conduct a feasibility study to determine whether downtown Atlanta is the right location for your planned clothing store.

Applying Feasibility Outcomes

After conducting a feasibility analysis, you must determine whether to proceed with the venture. One technique that is commonly used in project management is known as a go-or-no-go decision . This tool allows a team to decide if criteria have been met to move forward on a project. Criteria on which to base a decision are established and tracked over time. You can develop criteria for each section of the feasibility analysis to determine whether to proceed and evaluate those criteria as either “go” or “no go,” using that assessment to make a final determination of the overall concept feasibility. Determine whether you are comfortable proceeding with the present management team, whether you can “go” forward with existing nonfinancial resources, whether the projected financial outlook is worth proceeding, and make a determination on the market and industry. If satisfied that enough “go” criteria are met, you would likely then proceed to developing your strategy in the form of a business plan.

What Can You Do?

Love beyond walls.

When Terence Lester saw a homeless man living behind an abandoned, dilapidated building, he asked the man if he could take him to a shelter. The man scoffed, replying that Lester should sleep in a shelter. So he did—and he saw the problem through the homeless man’s perspective. The shelter was crowded and smelly. You couldn’t get much sleep, because others would try to steal your meager belongings. The dilapidated building provided isolation away from others, but quiet and security in its own way that the shelter could not. This experience led Lester to voluntarily live as a homeless person for a few weeks. His journey led him to create Love Beyond Walls (www.lovebeyondwalls.org), an organization that aids the homeless, among other causes. Lester didn’t conduct a formal feasibility study, but he did so informally by walking in his intended customers’ shoes—literally. A feasibility study of homelessness in a particular area could yield surprising findings that might lead to social entrepreneurial pursuits.

  • What is a social cause you think could benefit from a formal feasibility study around a potential entrepreneurial solution?
  • 46 Ulrich Kaiser. “A primer in Entrepreneurship – Chapter 3 Feasibility analysis” University of Zurich Institute for Strategy and Business Economics . n.d. https://docplayer.net/7775267-A-primer-in-entrepreneurship-chapter-3-feasibility-analysis.html
  • 47 In a preliminary financial model and business plan, startup costs should be allocated, as they are intended for one-time investments in development; pre-launch costs and other necessary expenses will not carry over once the product/solution has launched.

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Feasibility Study: Critical Analysis Essay

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Table of Contents

What is a feasibility study, understanding a feasibility study, types of feasibility study, importance of feasibility study, benefits of a feasibility study, what is included in a feasibility study report, tools for conducting a feasibility study, examples of a feasibility study, what is the purpose of a feasibility study, how do you write a feasibility study, 7 steps to do a feasibility study, how to conduct a feasibility study, feasibility study vs. business plan, reasons to do or not to do a feasibility study, enroll today with these pgp on project management to enhance your skills, feasibility study and its importance in project management.

Feasibility Study and Its Importance in Project Management

Reviewed and fact-checked by Sayantoni Das

The growth and recognition of project management training have changed significantly over the past few years, and these changes are expected to continue and expand. And with the rise of project management comes the need for a feasibility study.

It can be thrilling to start a complex, large-scale project with a significant impact on your company. You are creating real change. Failure can be scary.  This article will help you get started if you have never done a feasibility study on project management.

Getting certified as a project management professional is simple with Simplilearn's PMP Certification . Take advantage of this opportunity by enrolling now.

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A feasibility study is a comprehensive evaluation of a proposed project that evaluates all factors critical to its success in order to assess its likelihood of success. Business success can be defined primarily in terms of ROI, which is the amount of profits that will be generated by the project.

A feasibility study evaluates a project's or system's practicality. As part of a feasibility study, the objective and rational analysis of a potential business or venture is conducted to determine its strengths and weaknesses, potential opportunities and threats, resources required to carry out, and ultimate success prospects. Two criteria should be considered when judging feasibility: the required cost and expected value.

As the name implies, a feasibility analysis is used to determine the viability of an idea, such as ensuring a project is legally and technically feasible as well as economically justifiable. It tells us whether a project is worth the investment—in some cases, a project may not be doable. There can be many reasons for this, including requiring too many resources, which not only prevents those resources from performing other tasks but also may cost more than an organization would earn back by taking on a project that isn’t profitable.

A well-designed study should offer a historical background of the business or project, such as a description of the product or service, accounting statements, details of operations and management, marketing research and policies, financial data, legal requirements, and tax obligations. Generally, such studies precede technical development and project implementation.

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Project management is the process of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives. A feasibility study is a preliminary exploration of a proposed project or undertaking to determine its merits and viability. A feasibility study aims to provide an independent assessment that examines all aspects of a proposed project, including technical, economic, financial, legal, and environmental considerations. This information then helps decision-makers determine whether or not to proceed with the project.

The feasibility study results can also be used to create a realistic project plan and budget. Without a feasibility study, it cannot be easy to know whether or not a proposed project is worth pursuing.

A feasibility analysis evaluates the project’s potential for success; therefore, perceived objectivity is an essential factor in the credibility of the study for potential investors and lending institutions. There are five types of feasibility study—separate areas that a feasibility study examines, described below.

1. Technical Feasibility

This assessment focuses on the technical resources available to the organization. It helps organizations determine whether the technical resources meet capacity and whether the technical team is capable of converting the ideas into working systems. Technical feasibility also involves the evaluation of the hardware, software, and other technical requirements of the proposed system. As an exaggerated example, an organization wouldn’t want to try to put Star Trek’s transporters in their building—currently, this project is not technically feasible.

2. Economic Feasibility

This assessment typically involves a cost/ benefits analysis of the project, helping organizations determine the viability, cost, and benefits associated with a project before financial resources are allocated. It also serves as an independent project assessment and enhances project credibility—helping decision-makers determine the positive economic benefits to the organization that the proposed project will provide.

3. Legal Feasibility

This assessment investigates whether any aspect of the proposed project conflicts with legal requirements like zoning laws, data protection acts or social media laws. Let’s say an organization wants to construct a new office building in a specific location. A feasibility study might reveal the organization’s ideal location isn’t zoned for that type of business. That organization has just saved considerable time and effort by learning that their project was not feasible right from the beginning.

4. Operational Feasibility

This assessment involves undertaking a study to analyze and determine whether—and how well—the organization’s needs can be met by completing the project. Operational feasibility studies also examine how a project plan satisfies the requirements identified in the requirements analysis phase of system development.

5. Scheduling Feasibility

This assessment is the most important for project success ; after all, a project will fail if not completed on time. In scheduling feasibility, an organization estimates how much time the project will take to complete.

When these areas have all been examined, the feasibility analysis helps identify any constraints the proposed project may face, including:

  • Internal Project Constraints: Technical, Technology, Budget, Resource, etc.
  • Internal Corporate Constraints: Financial, Marketing, Export, etc.
  • External Constraints: Logistics, Environment, Laws, and Regulations, etc.

The importance of a feasibility study is based on organizational desire to “get it right” before committing resources, time, or budget. A feasibility study might uncover new ideas that could completely change a project’s scope. It’s best to make these determinations in advance, rather than to jump in and to learn that the project won’t work. Conducting a feasibility study is always beneficial to the project as it gives you and other stakeholders a clear picture of the proposed project. 

Below are some key benefits of conducting a feasibility study:

  • Improves project teams’ focus
  • Identifies new opportunities
  • Provides valuable information for a “go/no-go” decision
  • Narrows the business alternatives
  • Identifies a valid reason to undertake the project
  • Enhances the success rate by evaluating multiple parameters
  • Aids decision-making on the project
  • Identifies reasons not to proceed

Apart from the approaches to feasibility study listed above, some projects also require other constraints to be analyzed -

Feasibility Study Infographic

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Preparing a project's feasibility study is an important step that may assist project managers in making informed decisions about whether or not to spend time and money on the endeavor. Feasibility studies may also help a company's management avoid taking on a tricky business endeavor by providing them with critical information.

An additional advantage of doing a feasibility study is that it aids in the creation of new ventures by providing information on factors such as how a company will work, what difficulties it could face, who its competitors are, and how much and where it will get its funding from. These marketing methods are the goal of feasibility studies, which try to persuade financiers and banks whether putting money into a certain company venture makes sense.

When starting a business, one of the most important steps is to conduct a feasibility study. This study will help to determine if your business idea is viable and has the potential to be successful. Several factors need to be considered when conducting a feasibility study, including the marketability of your product or service, the competition, the financial stability of your company, and more. A feasibility study should cover the amount of technology, resources required, and ROI.

The results of your feasibility studies study are summarized in a feasibility report, which typically comprises the following sections.

  • Executive summary
  • Specifications of the item or service
  • Considerations for the future of technology
  • The marketplace for goods and services
  • Approach to marketing
  • Organization/staffing
  • The financial forecasts
  • Recommendations based on research

Suggested Best Practices

While every project has its own goals and needs, the following are best practices for conducting a feasibility study.

  • Do a preliminary analysis. This includes getting feedback from relevant stakeholders on the new project. Also, look for other business scenarios.
  • To ensure that the data is solid, determine and ask queries about it in the initial phase.
  • Take a market survey to identify market demand and opportunities for the new concept or business.
  • Create an organizational, operational, or business plan. This includes identifying how much labor is required, what costs, and how long.
  • Make a projected income statement that involves revenue, operating expenses, and profit.
  • Create an opening day balance sheet.
  • You will need to identify and address any vulnerabilities or obstacles.
  • Take an initial decision to go ahead with the plan.

Suggested Components

Here are the some suggested components for conducting a feasibility study:

  • Executive Summary: Write a narrative describing the project, product, or service.
  • Technological considerations: Ask yourself what it will take. Are you able to afford it? How much will it cost?
  • Current marketplace: Find out the market for your product, service, or plan in the local and global markets.
  • Marketing strategy: Define in the detailed description.
  • Required staff: What human resources are needed for this project?
  • Timeline and schedule: Use important interim markers to indicate when the project will be completed.
  • Project financials. Project financials are the different ways managers can account for money spent and earned on projects. One of the most important aspects of financial management is creating and tracking accurate project financials.

A local university was concerned about the state of the science building, which was built in the 1970s. School officials sought to determine the costs and benefits of expanding and upgrading the building, given the scientific and technological advances over the past 20 years. A feasibility study was therefore conducted.

School officials looked at several options and weighed the costs and benefits of updating and expanding the science building. There were concerns expressed by school officials about the project's cost and public reaction. The proposed new science building will be larger than the current one. The community board rejected similar proposals in the past. The feasibility study will address these concerns and any possible legal or zoning issues.

The feasibility study examined the technology requirements of the proposed concept(new science building), the potential benefits for students, and its long-term viability. Modernizing the science facility will increase the scientific research potential and ameliorate its modules. It also would allure new students.

Financial projections provided information about the scope & cost of this project and also provided information on raising funds. This covers issuing an investor's bonds and tapping into its endowment. Projections also help determine how the new science program attracts more fresh students to enroll in offered programs, increasing tuition and fees revenue.

The feasibility study proved that the proposed concept was feasible, which allowed for the expansion and modernization of the science building. The feasibility study would not have allowed school administrators to know if the expansion plans were feasible without it.

A feasibility study is an important first step in starting a new business. It is a detailed examination of whether or not a proposed business venture is likely to be successful. A feasibility study aims to provide information that will help business owners make informed decisions about their new venture.

The feasibility study will answer important questions about the proposed business, including:

  • What is the target market for this business?
  • Who are the competitors?
  • What are the costs associated with starting and running this business?
  • What are the potential risks and rewards associated with this venture?
  • How much revenue can this business generate?
  • What are the estimated profits and losses for this business?
  • What is the potential for growth in this industry?

This feasibility study will outline why your business idea is worth pursuing and will also help you identify any potential risks or problems that could occur. When writing a feasibility study, there are a few key things to keep in mind:

  • Outline your target market and how you plan to reach them.
  • Discuss your product or service in detail and explain why it is unique and needed.
  • Outline your financial projections and explain how you plan to make a profit.

1. Conduct a Preliminary Analysis

A preliminary investigation is necessary to determine whether a full feasibility study is warranted. During this stage, key information will be gathered to assess the project's potential and make a preliminary decision about its feasibility. This should include a review of relevant documents, interviews with key personnel, and surveys of potential customers or users.

2. Prepare a Projected Income Statement

To do a feasibility study, you must create a projected income statement. Your projected income statement will show how much money your business is expected to make in the coming year. It will include both your estimated revenue and your estimated expenses. This document will be essential in helping you make informed decisions about your business.

3. Conduct a Market Survey, or Perform Market Research

Conducting market research is an important step in any feasibility study. By understanding the needs and wants of your potential customers, you can determine if there is a market for your product or service. You can also get an idea of what your competition is doing and how to best position your business to meet the needs of your target market.

There are a variety of ways to conduct market research. One popular method is to conduct a survey. You can survey potential customers directly or use data from secondary sources such as surveys conducted by other organizations. You can also use focus groups or interviews to get feedback from potential customers.

Once you have gathered your data, you can use it to create a profile of your ideal customer. This will help you understand your target market and how to reach them.

4. Plan Business Organization and Operations

When starting a business, one of the first things you need is to plan your organization and operations. This involves creating a structure for your company and figuring out the logistics of how you will run it. There are many factors to consider when planning your organization and operations, such as:

  • Company Structure: What type of company will you be (sole proprietorship, partnership, corporation, etc.)? What will the hierarchy look like?
  • Location: Where will your business be located? Will you have a physical storefront or operate online only?
  • Marketing: How will you promote your business?

5. Prepare an Opening Day Balance Sheet

The opening day balance sheet is a snapshot of the company's financial position at the beginning of the business venture. The purpose of the opening day balance sheet is to give an idea of the amount of money that the company has to work with and track its expenses and income as they occur. This information is vital to making sound business decisions. The opening day balance sheet will include the following:

  • Cash on hand
  • Accounts receivable
  • Prepaid expenses
  • Fixed assets
  • Accounts payable
  • Notes payable
  • Long-term liabilities

6. Review and Analyze All Data

The feasibility study should include reviewing and analyzing all data relevant to the proposed project. The data collected should be verified against source documentation, and any discrepancies should be noted. The purpose of the feasibility study is to provide a basis for making a decision, and the data should be sufficient to support that decision.

The analysis should consider both the positive and negative aspects of the proposed project. The financial analysis should be thorough, and all assumptions should be documented. The risk assessment should identify any potential risks and mitigation strategies. The team assigned to the project should review the feasibility study and recommend the organization's leadership.

Organizational leadership should decide whether to proceed with the project based on the feasibility study's findings. If the project is approved, the organization should develop a project plan that includes a detailed budget and timeline

7. Make a Go/No-Go Decision

It is important to know when to cut your losses when starting a business. The go/no-go decision in a feasibility study comes in. The go/no-go decision is a key part of a feasibility study, and it can help you determine whether or not your business idea is worth pursuing.

Making the go/no-go decision is all about risk assessment. You need to weigh the risks and rewards of starting your business and decide whether the potential rewards are worth the risks. If the risks are too high, you may want to reconsider your business idea.

Now, let's discuss a few of the steps we take in order to do the feasibility study.

  • To begin, we do a preliminary study of the business case to define what is included and what we are examining and attempting to find is realistic.
  • Following that, we generate a forecasted income statement. We need to understand the revenue sources; how are we going to profit from this? Where does the income originate? Additionally, we must do a market study.
  • We need to find out whether this is a demand for our product. How much demand does this have? Is there a market for this product or service?
  • Plan your company's structure and operations, which is the fourth step. Specifically, what type of organization do we need, and what resources do we have? Do we have any specific personnel needs?
  • We also plan to generate a balance sheet on the first day. What are the income and expenses, and how can we be confident we'll be able to decide whether we're going to make our ROI?
  • As a result, we plan to go through and examine all of our data before making a final decision on whether or not to go forward. In other words, are we going to pursue this project or business opportunity?

When starting a business, you must create two very important documents: a feasibility study and a business plan. While they may seem similar, they are two different things with different purposes.

A feasibility study is a preliminary document that assesses the feasibility of a proposed business. It looks at the market potential, the competition, the costs and benefits of starting the business, and the risks and rewards involved.

On the other hand, a business plan is a more detailed document that outlines how a business will be run and what its goals are. It includes information about its mission statement, its products and services, its target market, its finances, and its management team.

There are many factors to consider when deciding whether or not to conduct a feasibility study. The most important question is whether the study will help you make a better decision.

Some reasons to do a feasibility study include:

  • You are considering a major change or investment
  • You want to assess the viability of a new business or product
  • You need to understand the risks and potential rewards associated with a project

On the other hand, some reasons not to do a feasibility study include:

  • You are pressed for time and don't think the study will provide enough value to justify the time commitment.
  • You are confident that your idea is feasible, and a study will only confirm what you already believe.
  • The change or investment is not significant enough to warrant the study.
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This article introduces the concept of a feasibility study and provides a few tips on conducting one. A feasibility study is an important tool for evaluating a project before starting it. By understanding the feasibility of a project, you can make better decisions about whether to move forward.

We hope this helped you understand the concept of feasibility study better. To learn more about similar project management concepts , explore our library of Project Management articles or check out our Post Graduate Program in Project Management that covers new trends, emerging practices, tailoring considerations, and core competencies required of a Project Management professional .

Q1. What Is the Main Objective of a Feasibility Study?

Feasibility study helps decision makers to determine the success or failure of a proposed project or investment. It evaluates the predicted cost and benefits of the proposed project. 

Q2. What Are the Steps in a Feasibility Study?

The first step in a feasibility study is to conduct the primary analysis and create the projected income statement. Followed by doing a market survey and accordingly planning business operations. The last step is to create a balance sheet to review and analyze data. Based on your analysis, you can decide whether to go or not go ahead with the proposed statement. 

Q3. Who Conducts a Feasibility Study?

Feasibility study is done by the senior management of the organization. Sometimes, they take help from mid-senior employees to complete the analysis in short span of time. 

Q4. What Are the 5 Types of Feasibility?

The 5 types of feasibility study are Scheduling Feasibility, Operational Feasibility, Legal Feasibility, Economic Feasibility, and Technical Feasibility. 

Q5. Why is a Feasibility Study Important?

A feasibility study helps in identifying the financial, market and logistical challenges of a proposed project. It is done by evaluating the estimated funds for the project and return of investment.

Q6. When is the Feasibility Study Done?

The feasibility study is done before the business plan is created. 

Q7. What is the Primary Purpose of Conducting a Feasibility Analysis?

The objective of feasibility study is to assess the financial viability of developed plan and whether it will be successful or not.

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Feasibility Study Essay

Type of paper: Essay

Topic: Food , Steak , Competition , Hospitality , Restaurants , Information , Hotels , City

Published: 12/03/2020

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Benn Steak-Hailey

Hospitality and Restaurant Management Introduction This Feasibility Study was written to evaluate the future success of the restaurant Benn Steak, which is located at 4545 N Idaho, within the Idaho Resort. This study will cover the following functions: Gathering data, Concept development, Site analysis, Competitor analysis, Review of competitive Position and Projecting Customer Volume 1) Gathering Market Data In order for one to comprehend the potential consumer base for Benn Steak and restaurants in North Idaho, census data was evaluated to get population totals. The following data was obtained from http://www.city-data.com/city/Hailey-Idaho.html and pertains census data most recently updated in 2013 It is imperative to notice that though the number of inhabitants in the area is only a small percent, it is due to the zone being in a small land area. Nevertheless, some of the other areas neighboring the town holds almost a quarter of Idaho’s employment opportunities. This depicts that there will be a lot of business associates in the area. The Idaho Park will bring people to this side of town as well as the other recreational facilities that are provided by the city. 2) Concept Development The concept of Benn Steak is that of an authentic indigenous establishment. The target market is holidaymakers who want to treat themselves to a deluxe experience. The Idaho Park in which Benn Steak is located is a stroke of genius in architecture and modelling; this creates an atmosphere that is different from the buzzing city life. The establishment will create and use local mesquite wood, famous for their flavor in Idaho, for grilling the steaks and other foods that the locals consider as indigenous in the area. Benn Steak will ensure that it hires the individuals who will promise to deliver a memorable and gratifying experience for each guest, and will integrate craft cocktails and an extensive wine list to enhance the dinner experience. To ensure quality and execution, operating hours are dinner only, 5-10 pm, with Happy Hour to draw guests in from 5-6pm. Although Benn Steak restaurant offers indigenous foods, the aim is to make the guest comfy. Consequently, Benn Steak will use candles on each table, no tablecloths, dim lighting and comfortable banquettes. The tables will be made from locally sourced materials. 3) Site Analysis In terms of location, I believe that the restaurant is placed in an area that is best suited to achieve its objectives of success. Since the restaurant is highly rated in terms of the international rating standards of AAA 5 Diamond, its reputation all over the world will ensure that it receives guests from all over the word constantly. Additionally, the food that the restaurant prepares is in coordination with environmental sustainability due to the various eco-themed events that the hotel will be hosting. Additionally, since the restaurant is located in a park, there are many locals who come to rest in the park and are bound to offer additional market to the restaurant. Next to the restaurant, there is a stadium that provides sporting activities that are adjacent to the park. The only downside to the location of Benn Steak Restaurant is that there is minimum traffic in the area, so the possibility of walk-in guests is diminished. 4) Competitor Analysis The availability of restaurants offering indigenous foods in the area is minimal. Most of the restaurants offer fast foods. Additionally, the fact that the restaurant offers foods in an eco-friendly environment attracts clients who want to sample the different food items that people deem sustainable in terms of how the food is prepared. However, being an establishment that offers food, there are bound to be competition. The different menu products that are served in different themed night’s means that the restaurant will attract customers from other outlets who want to have different experiences. Competition from the restaurants that are located just outside the Park will be considered as most of the guests who visit the park see the restaurants as they walk to the park. These restaurants include The Towett restaurant and the Mc Donald’s café situated on the drive in just before one enters the park. 5) Review of Competitive Position Based on the above tables, it is evident that Benn Steak restaurant offers one of the best experience, and this increases its chances of its competitors. There are however other sections such as the number of dining rooms that have to be increased so that the restaurant can match its competitors. 6) Projecting Customer Volume Through the marketing strategy that the hotel will use, there will be many clients especially in the months of February to May. The tourism numbers are expected to increase during the summer as most people will have time to visit the recreational areas. The hotel expects to receive over 40, 000 guests during the peak season and about 15, 000 during the low season. The hotel expects that the different marketing strategies will increase the customer numbers in all seasons.

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Feasibility Study Essay

Feasibility Study Essay

Internet is changing the way consumers shop and buy goods and services, and has fast evolved into a global experience. Many companies have started using the Internet with the aim of cutting marketing costs, thereby reducing the price of their products and services in order to stay ahead in highly competitive markets. Companies also use the Internet to convey, communicate and spread information, to sell the product, to take feedback and also to conduct satisfaction surveys with customers.

Customers use the Internet not only to buy the product online, but also to compare prices, product features and after sale service facilities they will receive if they purchase the product from a particular store. In addition to the tremendous potential of the Ecommerce market, the Internet provides a unique opportunity for companies to more efficiently reach existing and potential customers. Although most of the revenue of online transactions comes from business-to-business commerce, the practitioners of business-to-consumer commerce should not lose confidence. Online shopping has become a popular way for consumers.

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This new innovative pattern of shopping not only brings a great number and wide range of merchandise to consumers; it also offers a huge market and numerous business opportunities. In the past twenty years, we have witnessed the rapid development of the Internet and the geometric growth of the Internet users. Although the number of Asian Internet users was the highest in the world, the Internet penetration rate of Asia was lower than elsewhere. The penetration rate of Internet users in Asia was just higher than Africa, as at 30 June 2010, according to the Internet World Statistics (2012).

We have been clearly feeling the tremendous change that was brought by the Internet, which has penetrated every corner of the world. From communication, education, and finance to entertainment, we can clearly see the application of the Internet. The Internet has resulted in a great revolution for every industry. The working efficiency, information transmission, and even cultural exchange have been unprecedentedly improved. Without doubt the Internet has influenced our lives deeply in which it plays an indispensable and irreplaceable role. Online shopping provides a good example of the business revolution.

E-commerce is currently experiencing a period of rapid development; the large number of Internet users provides a good foundation for the expansion of the online shopping market. In this study, website design, customer service quality, reliability/fulfilment and trust/security were used for analysis. Conceptual Framework OUTPUT PROCESS INPUT The schematic diagram below exhibited the terms assumed between the relationships among the major variables of the study. Presented is an Input-Process-Output (IPO) process that would further elaborate the relationships and would facilitate better understanding of the undertaken study.

Consumers’ attitudes towards online shopping Survey Method/ Checklist Web-Based Shopping Statement of the Problem The study aims to know the consumers’ attitudes towards online shopping as revealed by the selected online buyers of Lucena City. Specifically, the study will seek to find answers to the following questions: 1. What is the demographic profile of the respondents according to: a. Age b. Sex c. Status d. Occupation 2. What is the level of consumers’ attitude towards online shopping? 3. What are the factors that could influence consumers’ negative attitude to adopting online shopping in terms of: e. Website design f. Customer service . Reliability/Fulfilment h. Trust/Security 4. What implication can be derived from this study? Statement of the Hypothesis/ Assumptions Significance of the Study The researchers decided to pursue this study about consumers’ attitudes towards online based shopping. The beneficiaries of the study are the people in the community, especially those who’s actively taking part in the said study. It also contains significant basis about the factors that could influence consumers’ attitudes to adopting online shopping. The respondents will be aware whether which contributing factor influences the consumers’ attitudes towards online shopping the most.

Upon conducting this study, the researcher benefits are they will know which factor is influencing the willingness of consumers’ to engage in online shopping. Also the researchers, who will become future marketing professionals, they will understand about the web-based shopping or e-business/e-commerce. Scope and Delimitation The coverage of this study is about the consumers’ attitudes towards online shopping. It also covers the factors influencing consumers’ attitude to adopting online shopping in terms of; website design, customer service, reliability/fulfilment and trust/security.

The researchers limited this research to the responses of thirty (30) selected residents of Lucena City who have already experienced or experiencing online shopping. The respondents are chosen by means of purposive technique in which a questionnaire is the main instrument of the researchers in collecting the data for the study. Definition of Terms * Internet is a global system of interconnected computer networks that use the standard Internet protocol suite (TCP/IP) to serve billions of users worldwide. * Ecommerce (or electric commerce) refers to the buying and selling of goods and services via electronic channels, primarily the Internet. Online Shopping or online retailing is a form of electronic commerce allowing consumers to directly buy goods or services from a seller over the Internet without an intermediary service. An online shop, e-shop, e-store, Internet shop, web-shop, web-store, online store, or virtual store evokes the physical analogy of buying products or services at a bricks-and-mortar retailer or shopping center.

* Customers (also known as a client, buyer, or purchaser) is the recipient of a good, service, product, or idea, obtained from a seller, vendor, or supplier for a monetary or other valuable consideration. Business A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities. * Penetration the proportion of the total number of potential purchasers of a product or service who either are aware of its existence or actually buy it * Tremendous Very great in amount, scale, or intensity. * Revenue or turnover is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. * Merchandise is any practice which contributes to the sale of products to a retail consumer. Unprecedentedly without previous instance; never before known or experienced; unexampled or unparalleled: anunprecedented event. * Indispensable is any practice which contributes to the sale of products to a retail consumer. Chapter II REVIEW OF RELATED LITERATURE AND RELATED STUDIES This chapter presents the literature and related studies which have direct bearing on this study. This set of reviewed facts served as guide in undertaking and organizing the whole study and also in making questionnaire necessary in conducting the study. RELATED LITERATURE

The World Wide Web can change human behaviour and human interactions to a very large extent. Web based shopping behaviour is one major example to point out the trends in this direction. Today most consumers are looking for ways to streamline their shopping. Therefore, consumers tend to want to get items quickly without bargaining on price or quality, hence, e-shopping has become an important consideration. Consumers can order an amazing variety of products via the internet. Customers like online shopping, because online shopping saves time.

Online shopping is indoor shopping, no need to go outside. By rapid access customers get information quickly. Online shopping eliminates of physical appearance. On over all, online shopping is the easiest way to purchase products. Online shopping in the western countries is very common to all but for Malaysia it is very challenging. In Malaysia, online shopping is something new, therefore the transactions are very limited. The Malaysian people still believe that online transactions are not secured enough to protect the payment method such as credit card and also disclosure of information.

In online shopping, sometimes consumers are not satisfied with the manner in which products and services are sold in the online environment. Sometimes items purchased from online do not deliver on time even though online message is very clear to deliver the item within 24 hours to the customer. The strategies that marketers are using have not adequately addressed the changing demands of the consumer to ensure customer satisfaction. The marketing function limits the scope of marketing strategies in operating successfully online.

New electronic communication marketing variables have exploded the alternatives available to customers globally. These changes have redefined many of the old views of marketing, trade and power. Furthermore, many researchers recognize and accept that customer satisfaction is a logical measurement of success in market exchanges. (www. ccsenet. org/ijbm) When ecommerce was in its infancy, consumers used the Internet to purchase basic items such as books and CDs that usually didn’t involve size, quality, color, or style issues. Shoppers knew what they were getting and choices were based almost solely on price.

Slowly, the array of goods expanded to computers and consumer electronics and online shopping became the domain of males. Not until apparel, accessories, and personal care items began selling online did women become a recognizable and sizeable audience. Now women spend more money online than men in all but three categories: electronics/computing, event/movie tickets, and flower/greeting cards/gifts — according to digital marketing research firm comScore. While females comprise 71 percent of apparel, accessory, and jewelry purchases, males are increasingly making their presence known, especially in the luxury category.

And their interest in high-end items is not limited to apparel and accessories. Cars, technology gadgets, travel, and health and wellness rank high for males shopping online. People have been using their computers to shop for over a decade now. It’s easy to do and it’s mostly safe, although some people are still a little nervous. Benefits of Online Shopping: * It is brilliant for ’commodity’ products such as books, CDs, clothes – stuff that’s going to be identical, no matter where you get it from. * Many supermarkets offer an online shopping service with delivery and most are excellent.

Bear in mind that you won’t be able to sort through fruit and veg to look for the best, and the sell-by dates on the cold stuff will be out of your control. * Auctions are another way of shopping. You can set up an account with an online money transfer account and link it to your bank or debit/credit details. PayPal currently has a monopoly on this kind of service. Finally, if a website doesn’t give you an address and doesn’t give you a procedure on what to do if there’s a problem and you need to return goods, it’s in breach of the Distance Selling Regulations (consumer protection law) and shouldn’t be used. (WebWiseTeam 2010)

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Feasibility Study vs. Cost-Benefit Analysis Essay

A cost-benefit analysis is a tool used by businesses in their decision-making. It typically involves evaluating the potential rewards from specific actions and situations when compared to the total costs of taking said action (Mishan & Quah, 2020). It typically involves assigning monetary values to certain actions and intangible services, such as employee morale or customer satisfaction. A positive cost-benefit analysis is typically a prerequisite to pursuing a specific action.

A feasibility study is a much broader tool that considers an entire project or a business and provides a viewpoint of different considerations that may work for or against the success of the proposed venture. Some of the factors considered in feasibility studies include the return on investment, the possibility of generating revenue and projected consumer sales (Mishan & Quah, 2020). In addition, a feasibility study estimates whether the end goal of the venture is achievable at all, which may go beyond mere monetary gains (Mishan & Quah, 2020). Overall, feasibility studies are similar to cost-benefit analyses as they allow project managers to estimate the risks and returns of pursuing specific ventures, as well as determine best practices to be considered before advancing forward.

These preliminary evaluations have to tie to the organizational strategic plan. Without the overarching view of the matters, even if estimations of success are positive, they may amount to nothing because they went against the general direction the company is going towards. In a hypothetical e-commerce company, the cost-benefit analysis would focus on whether the shop will be able to acquire a positive return on investments in one year versus the costs of running the site as well as acquiring and transporting goods to customers (Mishan & Quah, 2020). Advertising will also be considered part of the total costs to estimate in this evaluation.

Mishan, E. J., & Quah, E. (2020). Cost-benefit analysis . Routledge.

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Comparison and Feasibility Study of Hexanol/Diesel/Pongamia Biodiesel Blend on Engine Characteristics of a Common Rail Direct Injection Diesel Engine 2023-01-5155

In this work, the impact of hexanol/diesel/biodiesel blend on engine characteristics of a common rail direct injection (CRDI) diesel engine was studied. Biodiesel is more viscous in nature and higher cetane count, hexanol has a lower viscosity and cetane count. The drawbacks of both biodiesel and hexanol can be overcome by blending both hexanol and biodiesel with diesel fuel in the right proportion. Tests were carried out using a 4-stroke CRDI engine with two cylinders. Biodiesel and 1-hexanol were blended in a ratio of 10% each by volume with diesel and compared with B10D90 and B20D80 blends. It was noted that the addition of hexanol enhances the combustion characteristics of the engine. At 20% load H10B10D80 showed71.34 bar which is highest compared to other fuels in the test. The blends had a positive effect on emissions, there was drastic reduction in NOx was noticed, also HC and CO emission was lower than diesel emissions. The lowest CO, and HC emission is obtained for H10B10D80, which is 66%, 92% lower at 60% load compared to baseline readings. However, the blend had a slight negative effect on performance in contrast to diesel. The higher latent heat of vaporization of hexanol led to low temperature combustion contributing to the lowest NOx emissions. The combination of both hexanol and Pongamia biodiesel with diesel showed an effective reduction in greenhouse gases. Which will also reduce the dependency on fossil fuels. The lower carbon content of 1-hexanol contributes towards carbon neutrality. Overall, the hexanol and biodiesel are sustainable alternatives to the diesel fuel.

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  1. How to conduct a feasibility study: Template and examples

    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.

  2. Feasibility Study

    The feasibility study is the second major phase in the Software Development Life Cycle. This study is of great importance since once a rough specification of the information system has been drawn up, it is important to access whether it is possible to implement such a system. We will write a custom essay on your topic 809 writers online Learn More

  3. Feasibility Study Essay

    Feasibility Study Essay Decent Essays 692 Words 3 Pages Open Document Feasibility Study: A feasibility study looks at the viability of an idea with an emphasis on identifying potential problems and attempts to answer one main question: Will the idea work and should you proceed with it?

  4. How to Do a Feasibility Study?

    The main objective of the paper is to provide the reader with detailed instructions on conducting a feasibility study. The intended audience of the paper may be the persons interested in creating their own business project and not knowing how to start, as well as the entrepreneurs who need to make some important business decisions and seek the instructions to substantiate them.

  5. How To Write Feasibility Studies (With Tips and Examples)

    A feasibility study is a report that aims to determine the practicality, strengths and weaknesses of a proposed project, existing system or corporation as a whole. Further, feasibility studies also help professionals do the following: Plan a course of events to complete the project Identify the challenges that could arise

  6. Using Feasibility Studies in Project Management [2023] • Asana

    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:

  7. 11.3 Conducting a Feasibility Analysis

    Describe and develop the parts of a feasibility analysis. Understand how to apply feasibility outcomes to a new venture. As the name suggests, a feasibility analysis is designed to assess whether your entrepreneurial endeavor is, in fact, feasible or possible. By evaluating your management team, assessing the market for your concept, estimating ...

  8. Feasibility Study: Critical Analysis Essay

    Myers, D. (2016) Feasibility Study: Critical Analysis Essay, no. 24. Introduction: The functionality and purpose of a feasibility study is widely understood as a means of testing the practicality and likelihood of success of a proposed project for a business. While the practice of feasibility studies is regular in the for profit sector, the non ...

  9. Feasibility Study and Its Importance in Project Management

    A feasibility study is a preliminary exploration of a proposed project or undertaking to determine its merits and viability. A feasibility study aims to provide an independent assessment that examines all aspects of a proposed project, including technical, economic, financial, legal, and environmental considerations.

  10. A PRACTICAL GUIDE TO WRITING A FEASIBILITY STUDY

    The purpose of the book is to provide practical guide to write a feasibility study to determine the viability of a specific project. Specifically, this will book will provide the description of ...

  11. What Is a Feasibility Study? Definition, Benefits and Types

    A feasibility study is an assessment that determines the likelihood of a proposed project being successful, such as a new product line or technical system. The study analyzes the project's relevant factors, such as technical, economic and legal considerations, to assess whether the project is worth an investment.

  12. Feasibility study for a new business

    Stern, J., & Chew, D. (2003). The revolution in corporate finance. Malden: Blackwell Publishing Ltd. This expository essay, "Feasibility study for a new business" is published exclusively on IvyPanda's free essay examples database. You can use it for research and reference purposes to write your own paper.

  13. Feasibility Study On The Practicality Of A Project Essay

    P1. Purpose of Feasibility. Feasibility study is looking at a project and assess the practicality of a project. A Feasibility study aims to look at the strengths and weaknesses and the positive and the negative points of a new or existing current company system, the resources needed for making the project successful and the prospects for success.

  14. What is a feasibility study and why is it important?

    A feasibility study is an analysis that assesses all aspects of a business proposal. This includes economic, legal and technical aspects. Accounting for these elements means that businesses can ascertain whether they can complete a project successfully and whether the yielded results justify the use of resources.

  15. Feasibility Study

    1. Feasibility Study The Feasibility study is a study of possible alternate solutions to a problem and a recommendation on the best alternative. (Randall, B. et. al, 2010) It can decide whether a process be carried out by a new system more efficiently than the existing one. 1.1. Economic feasibility:

  16. 48 Feasibility Study Examples & Templates (100% Free)

    A feasibility report example or a feasibility analysis example shows the analysis and evaluation of a specific proposed system or project. The study aims to determine whether or not the project is financially and technically feasible. To help you understand better, let's have a feasibility study example. For instance, a hospital wants to ...

  17. Essay On Feasibility Study

    Feasibility Study Essay Type of paper: Essay Topic: Food, Steak, Competition, Hospitality, Restaurants, Information, Hotels, City Pages: 3 Words: 850 Published: 12/03/2020 ORDER PAPER LIKE THIS Benn Steak-Hailey Hospitality and Restaurant Management Introduction

  18. Feasibility Study vs. Business Plan

    A feasibility study determines the mass and features of the projected market, the key players and all present blockages to operating in the market. It investigates the environmental factors that might influence the effectiveness of the venture, such as advance technology expenses, government policies, and waste disposal matters. The business ...

  19. ⇉Feasibility Study Essay Essay Example

    Feasibility Study Essay Internet is changing the way consumers shop and buy goods and services, and has fast evolved into a global experience. Many companies have started using the Internet with the aim of cutting marketing costs, thereby reducing the price of their products and services in order to stay ahead in highly competitive markets.

  20. Essay

    Feasibility studies have numerous advantages, including assisting project managers in determining the advantages and disadvantages of their intended business before engaging in it. It keeps them from wasting time, money, and effort. A feasibility study also gives the company valuable information that will help them in avoiding a risky venture.

  21. Essay on Feasibility Study

    Essay on Feasibility Study; Essay on Feasibility Study. Decent Essays. 5265 Words; 22 Pages; Open Document. BACKGROUND The United States has a quite different educational system than China. In China, there is not something like GMAT or GRE in the process of application. After the students pass the national exams for English politics and math ...

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    In the plan section of your feasibility study, State clearly the objectives and description of the project. Duration to complete the project is also included. It is usually answers the questions what, why and how about the project. Indicate the cost of equipment and facilities needed for the project.

  23. Feasibility Study vs. Cost-Benefit Analysis Essay

    In addition, a feasibility study estimates whether the end goal of the venture is achievable at all, which may go beyond mere monetary gains (Mishan & Quah, 2020). Overall, feasibility studies are similar to cost-benefit analyses as they allow project managers to estimate the risks and returns of pursuing specific ventures, as well as determine ...

  24. Comparison and Feasibility Study of Hexanol/Diesel/Pongamia Biodiesel

    Browse Publications Technical Papers 2023-01-5155. 2024-02-23. Comparison and Feasibility Study of Hexanol/Diesel/Pongamia Biodiesel Blend on Engine Characteristics of a Common Rail Direct Injection Diesel Engine 2023-01-5155. In this work, the impact of hexanol/diesel/biodiesel blend on engine characteristics of a common rail direct injection ...

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    Therefore, in this study we comprehensively evaluated the feasibility and end-product quality of compost and vermicompost produced from SS under different C/N ratios. SS was mixed with pelletized wheat straw (PWS) at various proportions to produce C/N ratios of 6:1, 18:1, 28:1, and 38:1, then pre-composted for 14 days followed by ...