What Are The Four Types Of Feasibility Studies?

There are various types of feasibility studies: financial, operational, market, and technical. We’ll look at each in turn and highlight the differences between these types of analysis. While these studies don’t always come to a “black-and-white” conclusion, they can help you make the right decision. An executive summary touches on the main points and offers a suggested solution. I hope, this information will be helpful for you if you are looking to hire feasibility study consultants in UAE.

Financial feasibility:

There are four types of feasibility studies: technical, financial, legal, and economic. Each of them has a specific goal. A technical feasibility study examines the technical resources available for a project. The goal is to determine whether there are sufficient staff, equipment, and technical know-how to successfully carry out the project. It also determines whether the proposed business model can generate a profit. It also evaluates the risks involved.

Operational feasibility:

The operational feasibility study evaluates whether or not a new project fits into the organization’s current structure. It considers factors such as staffing, organizational structure, and legal requirements, and determines whether or not the solution can be applied to other problems. It also identifies any opportunities that may arise during the implementation of the solution. This type of study is particularly valuable in determining the timeline of a project. Those involved in the decision-making process will want to know whether the team can fulfill all of its responsibilities and remain within the project’s budget.

Market feasibility:

First, you should consider the target market. This is the basis of your feasibility study. You should know where the potential market is and what the competition is like. Next, you need to know whether the market is worth it. Finally, you should consider how competitive is the market and whether it is open to expansion. Once you’ve determined these factors, you can proceed with your study. This will allow you to determine if you can afford the investment and whether it will be successful.

Technical feasibility:

A tech feasibility study involves assessing the technical feasibility of a product or project. It considers the company’s current technical capabilities and the availability of resources, such as time, money, and manpower. In addition, the results of a technical feasibility study are important for the early design phase of the project. Technical feasibility studies can be divided into two categories: theoretical and practical. Non-functional requirements are not specific to a particular product or project but are related to its properties.