Frequently Asked Questions (FAQs) on Feasibility Study in project management?
Q1. What is feasibility study?
A feasibility study is like a thorough check-up for a project idea. It helps to figure out if the project is a good idea and if it’s possible to do. We look at things like if we have the right technology, enough money, if it’s legal, fits with how we do things, and if we can finish it on time.
Q2. What are the types of feasibility study?
Types of feasibility study are:
- Technical Feasibility
- Economic Feasibility
- Legal Feasibility
- Operational Feasibility
- Scheduling Feasibility
Q3. What is the purpose of feasibility study?
The purpose of a feasibility study is to figure out if a project is a good idea and if it can actually work. It helps people decide if they should go ahead with the project or not.
Who Performs the Feasibility Study in project management?
A feasibility study is essentially checking if a project idea or plan could work. To do this, different aspects are analyzed, like if the technology is available, if there’s enough money, if it follows the rules, if it fits with how things are already done, and if it can be completed on time. By looking at all these factors, the study determines if the project is worth pursuing and if it’s likely to succeed. This article focuses on discussing who performs feasibility studies and what it involves.
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