A feasibility study is an appraisal of a business proposal designed to determine the difficulty in carrying out a designated task. Developing a feasibility study template will make your feasibility study look professional and save your time.
Feasibility Study Overview
Before the company decide to do investment in a joint venture or a project, it usually initiate a feasible research studying the strengths and weaknesses, opportunities and threats etc. a good feasibility study should provide a background of the business or project, description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations.
Feasibility study different aspects of business or project operations. feasibility study usually conduct the cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a project and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. An entrepreneur must accurately weigh the cost versus benefits before taking an action.
Operation and time are another important factor to consider in the analysis. Operational feasibility is a measure of how well a proposed system solves the problems, and takes advantage of the opportunities identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system development. A project will fail if it takes too long to be completed before it is useful. Typically this means estimating how long the system will take to develop, and if it can be completed in a given time period using some methods like payback period.
Before you begin designing your own personalized feasibility template, you need to know the purpose of your feasibility study. Feasibility studies address things like where and how the business will operate. They provide in-depth details about the business to determine if and how it can succeed, and serve as a valuable tool for developing a winning business plan. The information you gather and present in your feasibility study will help you develop your strategies to convince a bank or investor that your business is worth considering as an investment
Feasibility Study Template
During the course of building your feasibility study template, there are some guidelines you need to consider
Feasibility Study Template Scope: the scope part is used to define the business problem and/or opportunity to be addressed. The scope should be definitive and to the point;
Feasibility Study Template Analysis: the part is used to define and understand the current method of implementation, such as a system, a product, etc. the strengths and weaknesses of the current approach are identified.
Feasibility study template Requirements and solution section - how requirements are defined depends on the object of the project's attention. and the recommended solution or course of action to satisfy the requirements.
Feasibility study template evaluation and review part: this part examines the cost effectiveness of the approach selected. This begins with an analysis of the estimated total cost of the project. In addition to the recommended solution, other alternatives are estimated in order to offer an economic comparison.