What is the purpose of conducting a feasibility study?

Conducting a feasibility study primarily aims to assess the viability of a project before execution. This process involves evaluating various factors, such as technical requirements, financial implications, market conditions, legal considerations, and operational impacts. By analyzing these elements, stakeholders can determine whether the proposed project is practical and likely to succeed.

A feasibility study helps identify potential risks and obstacles, allowing organizations to make informed decisions about whether to proceed, modify, or abandon the project. This proactive approach minimizes the chance of costly investments in unfeasible initiatives, ensuring that resources are allocated effectively to projects that have a higher likelihood of success.