Importance of feasibility study

by Najib Sayegh Writer

A feasibility study is conducted in order to determine the success  and minimize  the risks related  to the project. When it becomes certain that the specific project could be carried out profitably, it is only then it could be implemented. The feasibility study  is not  merely a project research, but a framework or a plan on how to establish and run business successfully in the long run.

 

A feasibility study contains five essential components, including market research, financial research, management research, schedule determination and technical research.

 

Marketing Study

 

Marketing study is conducted to evaluate whether the project is suited for the current and future organizational culture. In this process, the consultants will look in finding data on overall impact on business structure, employees an organization. Sale projection is also one of the vital part of market research.  The main objective of marketing research is to identify the target consumers, know the demand of the consumers, understand the market characteristics and evaluate the factors that provide a great impact on the buying decisions.

 

Financial study

 

Financial planning is very important to handle the different operations of the organization within the budget limits. In financial research, the  researchers cover the assessment of total capital requirements, sales and prices, break even outputs, amount of sales required to attain profit in the business.  It  helps entrepreneurs to get  an idea about how much money is required for handling a business project successfully.

 

Technical study

 

Technical feasibility analysis  helps in evaluating whether the organization has all the resources needed to complete the project successfully. The manufacturing process, production schedule, plant size, raw materials, machineries, plant location and design, technical tools and  waste disposal systems are few elements that are taken care of when it comes to technical research.

  

Management study

 

Management research is conducted to determine the overall resources required for the successful completion of the project. Some projects, like manufacturing will require more physical resource while some IT project requires lots of human resources.

 

Schedule study

 

Schedule feasibility is conducted to determine how much time and resources are  required to finish the project on time.

 

As the feasibility research plays a vital role in the successful completion of the project. You need to hire professional management consulting firms in order to get the right and effective report.  

 

Gulf Resources is one of the top business  management consulting firm that conduct a Feasibility study in UAE for clients from various fields like healthcare, food, engineering, cosmetic and body care shop.

 

Article Source:- http://www.articlesbase.com/management-articles/importance-of-feasibility-study-7140052.html

 

Gulf-resources are one of the best Business Management Consultancy Firm in Dubai, UAE. We Provide Service related to Feasibility study in UAE, Mergers & Acquisitions, Business Advisory Services, Investment Opportunities, Consultancy, and Corporate Training.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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