What is the primary purpose of a feasibility study?

The primary purpose of a feasibility study is to evaluate the practicality of a proposed plan or project. This involves assessing various factors that determine whether the plan can be successfully implemented and how viable it is in terms of financial, technical, legal, and operational aspects. By conducting a feasibility study, stakeholders can identify potential obstacles and challenges, ensuring informed decision-making about whether to proceed with the project.

In the context of its importance, a feasibility study provides a structured approach to explore whether a solution or project aligns with organizational goals and whether it can be accomplished within existing resources and constraints. This thorough evaluation helps mitigate risks and enhances the chances of project success by offering clarity and direction based on systematic analysis.