Advantages and disadvantages of feasibility study?

Answer 1

A feasibility study is a crucial step in assessing the viability of a proposed project or business venture. Advantages of conducting a feasibility study include identifying potential risks and challenges early on, allowing for informed decision-making, and providing a roadmap for successful project implementation. However, disadvantages may include the time and resources required to conduct a thorough study, as well as the possibility of unforeseen variables impacting the accuracy of the study's conclusions.

Answer 2

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.

Answer 3

what are the disadvantages to a feasibility study