The goal of a feasibility study is that the strengths and weaknesses of an existing company or new undertaker, possibilities and environmental hazards, the necessary resources to be realized, and finally success can be discovered objectively and rationally. The two factors for assessing the feasibility in the simplest terms are costs and value.
The historic background of a company or project, a description of the products and services, accounts, operational and managerial details, marketing research and policies, financial information, legal requirements, and tax duties should be included in a properly constructed feasibility study. The feasibility studies usually precede the creation and execution of the project.
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Tests for Feasibility:
1. OP is a measure of how well the solution in the company is going to work. The way people feel about the system/project is also a measurement.
2. Technical practicability is a measure of the practicality and availability of technical resources and knowledge of a particular technical solution.
3. The functioning schedule is one measure of the adequacy of the project schedule.
4. The cost-effectiveness of a project or solution is a measure of economic feasibility.
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Designing a Feasibility Report:
One of the major actions at the initiation phase of the project is a feasibility study. This aims in terms of technical feasibility, business viability, and economic efficacy to examine and justify the project. The study serves to demonstrate the reasonableness of the project and to support the necessity of its introduction.
Once the study is completed, an FSR should be drawn out to summarise the work and to state whether the particular project is viable and practical.
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Importance of Feasibility Report
The report writing process is known as reporting on feasibility. The project manager is often responsible for controlling such a procedure.
· It helps to provide legal and technical proof of the vitality, sustainability, and cost-efficiency of the project.
· The reporting process enables senior management to obtain the necessary information to make crucial budgetary and planning decisions.
· A well-written template for a feasibility study will help generate project analysis solutions
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· FSR helps link the efficiency of the project to the cost of the project.
· Helps mitigate risk since it supports the establishment of risk management and contingency planning strategies.
· Senior management may use the report for the identification and acquisition and training of staffing needs.
Contents of a Feasibility Report:
The content of the sample feasibility report is formatted and structured according to a variety of criteria, but there are typical suggestions, which are mentioned below.
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1. Front Matter or Title Page
Firstly, to construct a sample feasibility report, the name of the authors, email, work position, and also organization for which the report is to be written is to be created, and the title page gives a descriptive but succinct title. Then you have to include a detailed list of contents with headings and subheadings ordered in the same way as in the reporting body.
2. Body of the Report
The body of the feasibility study report has numerous different styles and requirements and it may be hard to choose the proper formats.
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· Summary - a description of the problem, the objective, and the significance of research for your target audience highlighted in the study.
· Background – More extensive description of the feasibility study, who was performed, and if elsewhere.
· Analysis - a method for examining and assessing the feasibility study
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4. End Matter or Last Page
Finally, it should be noted that the report should have a reference page, which identifies all the references mentioned on your document, including publications, books, web pages, journals, and reports. This page should be properly designed.
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NPCS assist a startup or entrepreneur in examining every critical part of the company decision process through its numerous solutions, such as detailed project studies, project identification, and market research studies. Demand analysis, current players, regulatory environment, and market potential of a project are all included in our market research and project identification studies. Our detailed project reports, on the other hand, go into great detail about the financial aspects of the project.
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