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UNDERSTANDING TYPES OF FEASIBILITY STUDY, AND ITS IMPORTANCE

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Created on February 19, 2021

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Understanding Types of Feasibility Study, and Its Importance

What is Feasibility Study?

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.

Types of Feasibility Study 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.

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.

1. Technical Feasibility 2. Economic Feasibility 3. Legal Feasibility 4. Operational Feasibility 5. Scheduling Feasibility

bibliographic source:https://www.simplilearn.com/feasibility-study-article