18 Free Feasibility Study Examples & Templates

Feasibility Study Example

Project plans are built on a foundation called the feasibility study or feasibility study. This analysis tells you whether or not your project is viable and, consequently, whether you should go ahead with it, amend it, or cancel it altogether. In this post, we review this important tool, tell you the role it plays in the success of your project, and look at how Feasibility Study Examples can help you.

What Is a Feasibility Study?

A feasibility study is a technical analysis of the relevant factors involved in a project, such as the legal, technical, scheduling, and economic considerations, to determine whether the project can be completed successfully. Generally, you are checking whether the project will be worth the time, money, and workhour investment by reviewing factors like cost and ROI.

What Is a Feasibility Study Template?

A feasibility study template is a downloadable, fillable sheet or document that can help you assess the viability of a proposed operation or project.

Feasibility Study Examples and Templates

How Can Feasibility Study Examples Help You?

Feasibility study examples show you how real-life projects and systems were analyzed to determine viability. By studying them, you can learn the important factors to consider when evaluating your own projects so you don’t initiate projects that will not be successful.

Why Should You Conduct a Feasibility Study?

The primary purpose of conducting a feasibility study is to determine whether or not you should invest time and resources in a given project. The analysis may also unearth new concepts or challenges that could change the project scope. As such, it is important to run this analysis before you begin your project to either ensure you don’t waste any time or start only to discover new problems later.

What Is an Example of a Feasibility Study?

Consider a school looking to expand its administration block by adding a new wing to it. Before beginning this project, they should conduct a feasibility analysis to determine whether the new wing is a good idea. Here are the steps they will take:

  • The school must calculate the cost of labor and materials. They must then evaluate the level of disruption the construction will cause to the teachers and students.
  • Next, they must gauge the popular opinion of the parents and community about the project. This involves asking the parents what they think about the expansion.
  • Now, they must discuss the idea with the school directors and stakeholders and gauge the response.
  • The last step is to create a list of pros and cons drawn from the previous steps, then weigh both sides. The school can then decide whether or not to proceed.

Essential Factors for Preparing the Feasibility Report

Performing a feasibility study beforehand prevents you from starting something that you won’t be able to finish or that won’t yield the expected results. When preparing this analysis, you should consider the following technical factors:

  • Policy Alignment – How does the project correspond with your company’s policies, mission, and vision? If it doesn’t, it might not be the project for you.
  • Economic – How much will it cost to implement the project? What is the expected ROI? Who is the target market? Is the market saturated? Answering these questions will tell you whether you should make a financial investment in the project.
  • System and Technology: Here, you check whether you have the system and technology to produce the project deliverables. Do you need to hire or purchase machines?
  • Operational: Does the solution provided by the project solve the customer’s problem? If the solution provided is only tangential, the project might not be viable.
  • Legal: Are there any company policies, government regulations, or infringement policies that will be violated by going through with the project?
  • Schedule: Will the project affect company timelines and extra costs?
  • Resources: Do you have enough resources to push through with the project?

Essential Elements of a Feasibility Report

If your company asks you to come up with Feasibility Study Examples for a proposed plan, here are the details you should include in your report:

  • Project Scope: Describe the project scope and the problem the project will address. Mention any parts of the business that could be directly or indirectly affected by the project.
  • Project Requirements: What resources, tools, and skills do you need to complete the project?
  • Project Approach: Determine whether the recommended approach will yield the expected project results.
  • Current Analysis: Determine and define the strengths and weaknesses and strengths of the current approach and how you might improve it.
  • Cost Evaluation: How cost-effective is the current approach? What will be the total cost? Are the alternative options? And if so, how much will they cost?
  • Review: Now, consider all the information you have gathered and review the feasibility of the plan in detail. This is your study review, which will determine the viability of the project.

How to Write a Feasibility Study Report

If you have ever worked on a feasibility analysis before, then you know that it is no walk in the park. This is a complete study of your project, and the details can get very technical. However, the process doesn’t have to be difficult. Here is a guide to help you write a feasibility study report:

  • Step 1: Create an executive summary that highlights all the important information provided in each section. You can place it at the beginning or end of your feasibility report.
  • Step 2: Come up with an outline that will guide you as you write the report.
  • Step 3: Calculate the estimated labor and materials costs. You should also include information such as whether you can get a discount for buying materials in bulk and where you plan to get them.
  • Step 4: If you need to hire a freight or trucking company to ship or transport some materials or equipment, indicate how much this will cost.
  • Step 5: Describe the marketing requirements, i.e., what you will need to reach the target market.
  • Step 6: Review the technology you will need to implement the project.
  • Step 7: Indicate the projected project dates.
  • Step 8: Review the budget and attach supporting documents for the financial data.

Conclusion

Simply put, a feasibility study is an assessment whose results tell you whether or not to proceed with a proposed project plan. It accomplishes this by analyzing the legal, economical, operational, technical, and time factors related to the project. Most Feasibility Study Examples ask questions like, ‘Can you complete the project on time?’ ‘Do you have the required resources, people, tools, and technology?’ and ‘will the project return the expected ROI?’

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