What is meant by feasibility study and what is it meant to achieve?

Answer 1

In basic terms, a person in charge of a business, or people looking to start a business of any kind, need to know the relationship between the COST of starting/maintaining the business, and the VALUE of the business once it is in place. By value I mean the projected income that the business will produce. In order to have the best possible estimates of these things, the people involved need to look at cost of engineering and design that has to go into the business, costs of raw materials and other kinds of resources that will be needed for building and for whatever product will be made, the availability of a work-force, and also the MARKET for the product-- are there people/companies who will buy what you are proposing to make? Is the location appropriate? Can you reasonably rely on a NEED for the product over a foreseeable time span? Can you sell the product at a competitive price, given what you will have to be spending in overhead?

To achieve something is to get it, to attain it. If you want to create a successful business, and then you actually CREATE it, you have achieved your goal-- or at least your short-term goal.