Categories of Feasibility Study We All Must Know
Evaluating a project or plan’s usefulness is said to be a feasibility study. This study is for figuring out the possibility of the project’s success. Many factors are taken into account to know about the probability of a project’s success. This whole study discusses different viabilities through a variety of ways to find whether the plan would be triumphant or not with the available data and resources. The students who’re more interested in determining the success level of any project are likely to pursue their education career in this field. The feasibility study Dubai is quite famous due to the numerous renowned institutions offering the respective degree program. With the rise in the number of projects being executed every other day, the need for feasibility study experts is increasing as well. Have a look at four important branches of the feasibility study.
- The very first branch of the feasibility study is economic feasibility. It is related to the evaluation of benefits and costs related to a certain project. The required cost is calculated and seen to see if it’s sufficient to run a project properly. Then, the possibilities of expected benefits are kept in consideration to identify whether it will be advantageous on a long-term basis or not.
- The other major category is technical feasibility. This study is related to assessing risks and determining their solutions. Any risks that can affect the desired execution of the project are evaluated. In case of seeing more viabilities of various kinds of risks, the project is likely to get terminated as earlier as possible. The solutions to deal with such risks are also discussed and figured out. In case of finding a better way to execute it properly, the work is commenced again on it.
- The third one is operational feasibility. This study is related to getting knowhow of everything linked to operations. The services, efficiency, and control are major factors discussed in operational feasibility. It is checked whether the discussed factors would be best for the project in terms of bringing success. One can’t skip this study because the projects run due to operations.
- The fourth one is schedule feasibility. It is all about the timetables and schedules adjusted to complete each task related to the project. The estimated timelines are made and the completion of certain parts of the project is determined in it. Resources optimization is also identified in this study.
Check out the Knowhow Consultancy to find the best packages for market research and feasibility study. These are major factors to give enormous success to your venture. It is studied to scrutinize the project’s data and figure out the possibilities of a project’s triumphant completion. The feasibility study plays a vital role and it can’t be neglected nowadays to assess the progress level of each plan/project. Therefore, it is recommended to go for the best online source for getting assistance related to this study and market research either on a small or big scale.