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What is economic feasibility How do you know if a project is economically feasible?
Wiki User
∙ 9y ago
Economic feasibility is the analysis of a project's benefits and costs. The purpose is to help management decide whether or not they should continue. If the future benefits outweigh the estimated cost of developing or acquiring the new system then it is economically feasible.
Wiki User
∙ 9y ago
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Explain all the inter-related types of feasibility studies?
What are the Types of Feasibility StudiesThere are many different types of feasibility studies; here is a list of some of the most common:Technical Feasibility - does the company have the technological resources to undertake the project? Are the processes and procedures conducive to project success?Schedule Feasibility - does the company currently have the time resources to undertake the project? Is the project completable in the available time?Economic Feasibility - given the financial resources of the company, is the project something that can be completed? The economic feasibility study is more commonly called the cost/benefit analysis.Cultural Feasibility - what will the impact on both local and general cultures be? What sort of environmental implications does the feasibility study have?Legal/Ethical Feasibility - what are the legal implications of the project? What sort of ethical considerations are there? You need to make sure that any project undertaken will meet all legal and ethical requirements before the project is on the table.Resource Feasibility - do you have enough resources, what resources will be required, what facilities will be required for the project, etc.Operational Feasibility - this measures how well your company will be able to solve problems and take advantage of opportunities that are presented during the course of the projectMarketing Feasibility - will anyone want the product once its done? What is the target demographic? Should there be a test run? Is there enough buzz that can be created for the product?Real Estate Feasibility - what kind of land or property will be required to undertake the project? What is the market like? What are the zoning laws? How will the business impact the area?Comprehensive Feasibility - this takes a look at the various aspects involved in the project - marketing, real estate, cultural, economic, etc. When undertaking a new business venture, this is the most common type of feasibility study performed.Arun Agrawal9456261654
What is economically feasible?
Economic Feasibility means ,the project benefit of the proposed system outweigh .The estimated cost usually considered the whole cost of ownership(TOC) WHICH MUST INCLUDES : 1 - Ongoing support 2 - Maintenance cost 3-Acquisition cost to determine TCO , the analyst must estimated cost in each following areas: People, include IT staff and user Hardware and equipment Sofware, house development, purchase from vendors Formal and informal training Licenses and feeds Consulting expenses Facility costs Tangible benefits and intangible benefits
Explain feasibility study detail with suitable example?
A feasibility study is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to give full comfort to the decisions makers.
Advantages and disadvantages of feasibility study?
Some strength I wrote for given case study in my assignment There are various strengths to carrying out a feasibility study, which essentially evaluates the viability of a strategy or plan to achieve improved outcomes. Feasibility studies are frequently used by businesses to increase earnings and prevent potential future losses. Feasibility studies have the following strengths: i Can improve earnings and save money Feasibility studies may be performed to examine consumer demand for a good or service and provide people with the information they need to decide if a venture will be profitable. E-Solution private limited may be able to reduce production costs if there is insufficient demand for a good or service. Only a feasibility study will be able to determine the level of demand from potential clients. If a product is in demand, E-Solution Private Limited might boost earnings by producing the item in accordance with the majority of client requirements. ii The efficient utilization of resources E-Solution Private Limited can make efficient use of resources thanks to feasibility studies, which ultimately saves the organization money and time. CEOs or project managers can utilize their own resources instead of spending money on things they might not require, as revealed by a feasibility study. iii Marketing is made simple. A feasibility study can help the project team understand the market and present demand for E-Solution Private Limited's goods and services. As a result, the project team will be able to promote E-Solution Private Limited's goods or services more effectively and target niche markets that will be more strength to the company. iv Deadlines By using feasibility studies, the project team is able to set deadlines for each stage of the project and offer E-Solution Private Limited a goal to strive for. This helps the project team stay on task and offers them a better understanding of how to advance the project's goals. v Making wise decisions One of the key strength of feasibility studies is that they help the project team make educated decisions about their plans, which are frequently the best ones for pushing the E-Solution Private Limited project forward.
What do you mean by Economic life of a project?
It means to do your project or work well that it has no value
What are the feasibility study and define each?
Feasibility study is the evaluation of a proposed project. This is to determine if the project is technically feasible, feasible within estimated cost, and will be profitable.
What is project feasibility?
Usually the Project Feasibility Study is the next stage after a project is proposed. Business requirements in projects may cause multiple projects to be proposed. But, it is during the feasibility study stage when experts try to figure out if the project is technically and financially feasible. Only if a project is feasible would it go the next stage where it will be initiated, planned and executed.
What is the difference between project document and project feasibility report?
I believe you mean the Project Initiation Document (not just Project Document). The feasibility study occurs before initiating the project. The project initiation document assumes that the project is approved, is feasible (on all levels), and aligns with the company strategy (as explained by the feasibility study).
Why feasibility study important?
Because, if you do not conduct a proper feasibility study before taking up a new project you wont even know if the project is feasible and can be completed. Taking up such a project is asking for failure to happen.
Why is feasibility study important?
Because, if you do not conduct a proper feasibility study before taking up a new project you wont even know if the project is feasible and can be completed. Taking up such a project is asking for failure to happen.
What is the general objectives of the feasibility study?
Feasibility is the study of whether or not a project is worth doing. The process followed in making this determination is called a feasibility study. The main objective of the feasibility study is to prepare 1) Project Specification 2) Cost Benefit Analysis 3) Prepare Feasibility Report. The project specification has all the information about the project which is more like a guideline for the project. It gives a great insight to the management about the kind of investment involved for undertaking a project along with the manpower, hardware, software and other factors. Cost Benefit analysis is a method to identify the gross benefit involved in the development and implementation of a new system. Basically, it tells the organization whether they are economically prepared for the project. Feasibility Report contains various feasibility studies like:- Technical Feasibility Economic Feasibility Operational Feasibility Social Feasibility Time Feasibility Management Feasibility And Legal Feasibility.
How would you differentiate Project Proposal and Project Feasibilty?
Usually the Project Feasibility Study is the next stage after a project is proposed. Business requirements in projects may cause multiple projects to be proposed. But, it is during the feasibility study stage when experts try to figure out if the project is technically and financially feasible. Only if a project is feasible would it go the next stage where it will be initiated, planned and executed.
What is used to assess the feasibility of each alternative solution and then recommend the most feasible solution for a project?
system proposal
What are the content of the feasibility study?
The feasibility study contents are: market analysis and the scope of the project; social and environment feasibility; technical feasibility; risk studies; preliminary cost assessment; the financial analysis; economic feasibility and project implementation outline. These help in the process of decision making of the proposed project.
What is the comparison between business plan and feasibility study?
Project feasibility study is required to make a decision whether the project proposal is technically and economically feasible? After finilisation of the project feasibilty report by the experts (technical & economical), the decision for going ahead for preparation of Detailed Project Report (DPR) for the project proposal. The answer is not detaial enough. key salient differences was not highlighted.
Why a feasibility study is conducted?
A feasibility study does exactly what it says. The aim is to find whether a project will be feasible: relevant, bringing any profit, achieving aimed result, etc. For example growing corn on Mount Everest is not feasible. Jazz is the King Of wikianswer
Explain all the inter-related types of feasibility studies?
What are the Types of Feasibility StudiesThere are many different types of feasibility studies; here is a list of some of the most common:Technical Feasibility - does the company have the technological resources to undertake the project? Are the processes and procedures conducive to project success?Schedule Feasibility - does the company currently have the time resources to undertake the project? Is the project completable in the available time?Economic Feasibility - given the financial resources of the company, is the project something that can be completed? The economic feasibility study is more commonly called the cost/benefit analysis.Cultural Feasibility - what will the impact on both local and general cultures be? What sort of environmental implications does the feasibility study have?Legal/Ethical Feasibility - what are the legal implications of the project? What sort of ethical considerations are there? You need to make sure that any project undertaken will meet all legal and ethical requirements before the project is on the table.Resource Feasibility - do you have enough resources, what resources will be required, what facilities will be required for the project, etc.Operational Feasibility - this measures how well your company will be able to solve problems and take advantage of opportunities that are presented during the course of the projectMarketing Feasibility - will anyone want the product once its done? What is the target demographic? Should there be a test run? Is there enough buzz that can be created for the product?Real Estate Feasibility - what kind of land or property will be required to undertake the project? What is the market like? What are the zoning laws? How will the business impact the area?Comprehensive Feasibility - this takes a look at the various aspects involved in the project - marketing, real estate, cultural, economic, etc. When undertaking a new business venture, this is the most common type of feasibility study performed.Arun Agrawal9456261654
