It is always a good idea to investigate a new product or creative idea’s practicality in the real world before investing a lot of time or money in it, regardless of how confident you are in it. Do you have a lot of unanswered questions? If yes, it is quite natural. This is where market research comes into play. Feasibility analysis is the process of confirming that a strategy, plan or design is possible and makes sense.
It is a preliminary study undertaken to determine and document a project’s viability. The term feasibility study is also used to refer to the resulting document. These results of this study are used to make a decision whether to proceed with the project, or table it.
A well-structured and executed feasibility analysis will provide a clear history of the business or a venture, a complete study of the product, financial records, attributes of the operation, details of the market research, legal policies, tax, and other financial information.
There are many feasibility study consultants in Singapore who provide services for businesses. At Apeiron, we provide feasibility study services in Singapore which is competitive edge over other consultants. Our comprehensive feasibility study will help transform your business ideas and concepts into reality. The feasibility study services are tailored to the needs of each client. Get in touch with us for devising a perfect plan.
The feasibility analysis is classified into different categories. Listed below are the types of key viability analysis.
Financial Feasibility Analysis
This projects how much start-up capital is needed, sources of capital, returns on investment, and other financial considerations. The study considers how much cash is needed, where it will come from, and how it will be spent. The study is an assessment of the financial aspects of the business.
Market Feasibility Analysis
This is considered as the most important analysis which helps in describing the current market for your product or service, identifying the market competition, and potential market.
Organizational Feasibility Analysis
Organizational viability analysis determines whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business. Two key aspects to consider include management ability and resource sufficiency.
Operational Feasibility Analysis
This assessment involves undertaking a study to analyze and determine whether—and how well—the organization’s needs can be met by completing the project. Operational feasibility studies also examine how a project plan satisfies the requirements identified in the requirements analysis phase of system development.
Scheduling Feasibility Analysis
A project will fail if it is not completed on time. In scheduling feasibility, an organization estimates how much time the project will take to complete.
The feasibility analysis helps in identifying any constrains the project may face.The market feasibility study is an important tool to access the viability and potential of a new business. It is an excellent instrument for predicting the probability of failure or success of a new business venture. The feasibility study report must have the following content:
- Executive Summary
- Defining Your Idea
- Market Analysis
- Profitability and Operating Costs
- Conclusions and Recommendations
Also See: Market-Research related
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