An analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money.

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For example, if a private school wanted to expand its campus to alleviate overcrowding, it could conduct a feasibility study to determine whether to follow through. This study might look at where additions would be built, how much the expansion would cost, how the expansion would disrupt the school year, how students' parents feel about the proposed expansion, how students feel about the proposed expansion, what local laws might affect the expansion, and so on.

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