What is the main purpose of conducting a feasibility study?

The main purpose of conducting a feasibility study is to assess whether a project is practical and viable. This comprehensive evaluation aims to analyze various factors, including financial, technical, legal, and operational aspects, to determine if the project can be successfully implemented. By thoroughly examining these elements, stakeholders can understand potential challenges and opportunities, which ultimately helps in making informed decisions about proceeding with the project.

Conducting a feasibility study is critical at the outset of a project because it serves as a foundational analysis that informs all subsequent stages of planning and execution. Ensuring that a project is feasible is essential to avoid investing resources into ideas that may not be achievable or sustainable in the long term. As a result, this process plays a pivotal role in project management and strategic planning, guiding organizations toward effective and efficient project choices.