Podcast
Questions and Answers
What is the purpose of conducting a feasibility study?
What is the purpose of conducting a feasibility study?
When should a feasibility analysis be conducted?
When should a feasibility analysis be conducted?
What is primary research in the context of feasibility analysis?
What is primary research in the context of feasibility analysis?
What does a feasibility analysis allow ample opportunity for?
What does a feasibility analysis allow ample opportunity for?
Signup and view all the answers
What does secondary research involve in feasibility analysis?
What does secondary research involve in feasibility analysis?
Signup and view all the answers
Study Notes
Purpose of a Feasibility Study
- Evaluates the viability of a project or business idea by assessing various factors such as technical, economic, legal, operational, and scheduling considerations.
- Aims to identify potential problems or obstacles that could hinder implementation.
Timing for Conducting Feasibility Analysis
- Should be conducted before significant investments are made in a project, ideally during the planning phase.
- Useful for determining if a project is worth pursuing, thereby guiding decision-making processes.
Primary Research in Feasibility Analysis
- Involves the collection of new, firsthand data directly related to the project's specific context.
- Methods include surveys, interviews, focus groups, and observations to gather insights from potential customers or stakeholders.
Opportunities Provided by Feasibility Analysis
- Allows for thorough evaluation of a project’s strengths and weaknesses, as well as its potential to succeed in the market.
- Provides a platform for stakeholders to voice concerns and suggestions, fostering collaborative input on project development.
Secondary Research in Feasibility Analysis
- Involves the utilization of existing information and data from previous studies, reports, and published sources.
- Includes analysis of market reports, industry statistics, academic journals, and competitor analyses to inform decision-making.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on feasibility analysis in business and entrepreneurship with this quiz. Learn about the process of determining if a business idea is viable and why feasibility studies are conducted.
