What is the main goal of a feasibility study?

The primary purpose of a feasibility study is to evaluate whether proposed solutions or projects are viable and beneficial for the organization. This comprehensive assessment involves analyzing various aspects, such as technical, operational, economic, legal, and schedule feasibility, to ensure that the initiative aligns with the strategic goals and can be effectively implemented.

A feasibility study serves to identify potential obstacles, resource requirements, and the overall impact of the solution on the organization, helping stakeholders make informed decisions. By examining whether the solutions can be successfully executed and will contribute positively to the organization, the study aims to reduce the risks involved in project initiation and execution.

While assessing financial risks is an important component of feasibility studies, it is just one part of a much broader evaluation process focused on the overall viability and benefits of the proposed solutions. Understanding competitor strategies, although valuable for strategic positioning, does not directly relate to evaluating the specific feasibility of a project or solution. Determining organizational structure is also not the main focus of feasibility studies; rather, it pertains to broader strategic planning and human resources considerations.