The feasibility study is a kind of analysis that is used to examine the feasibility or viability of ideas about the legalization of the project, technical factors, and the economical justifications as well. It also helps the students about the worth of their project, that whether they should do investment on the project or not. Sometimes projects are no worthy and doable so through feasibility analysis students can recognize the facts and figures about their projects. There are so many reasons for the liability of the project like; having or requiring several resources and this causes too much cost for the students that they cannot afford.
With the help of a feasibility study or analysis, you can find out about many things for your project. Like you can check about the money they are supposed to spent on the project, check if the product that you made will sell or not, and also if you have enough human resources for the project or not. This article by experts of dissertation proposal writing services aims to provide the students with the best guidelines about the feasibility study. And also explain the types of the feasibility study that students must know.
Types of Feasibility Study:
There are different types of the feasibility study that students should be aware of. They must know about these types before start working on their project to make it smooth and valuable. These types include technical feasibility, schedule feasibility, economic feasibility, cultural feasibility, legal/ethical feasibility, resource feasibility, operational feasibility, marketing feasibility, real estate feasibility, and comprehensive feasibility. Let us discuss these types for the students in detail.
Technical Feasibility:
In this type of feasibility study, you study the technologies and the resources used in the project and if you have access to those resources or not. And also if the process you wanted to uses for your project is conducive for the success of the project or not.
Schedule Feasibility:
In this type, you tend to discuss your condition, if you have the time and proper resources to bear the undertaking of the project. Also, the time you are left is enough to complete your project or not. Scheduling is very important while performing any task.
Economic Feasibility:
According to this type of feasibility study, you ought to check your financial resources to start working on your project. You have enough money to bear the expenses of your project. This study is also known as the cost or the benefit analysis.
Cultural Feasibility:
This study allows you to discuss the impact of your project on general and local cultures. You need to check the environmental implication that you have regarding the feasibility study.
Legal or Ethical Feasibility:
In this study, you have to check the legal implications of your project. Make sure that your project must meet all the legal and ethical requirements before reaching the table.
Resource Feasibility:
According to this type of feasibility study, one must have enough resources to start the project. And this study helps you to check the list of resources and facilities you may need while working on your project.
Operational Feasibility:
In this study, you come to know about your worth of solving the issues and problems regarding your project. And taking advantage of the given opportunities that are mentioned while the course of the project.
Marketing Feasibility:
According to this type of feasibility study you have to set a target about the demographic system. You need to check that if the product is complete and ready if anyone will buy it, and if you can create any buzz regarding your product or not.
Real Estate Feasibility:
In this study, your focus is on the property or the area required for the project, the type of market, the laws of the areas, and the impact of business on that specific area.
Comprehensive Feasibility:
This study discusses the different aspects of the project like, marketing, economics, real estate, culture, etc. this is taken as the most common type of feasibility study while working on the project.
Conclusion:
In a nutshell, it is concluded that all the above types will help students to create their projects in a better way and maintain their reliability. A good and strategic feasibility study helps students to manage their goals, make proper plans, and budget for their project before they start working on it. Research before starting any project always helps students to avoid the extra expense and enhance their project in different ways.