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Project Feasibility Studies

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Questions and Answers

What is the purpose of a feasibility study?

To show the contributions the project can offer to the society.

To analyze the viability of an idea.

To determine the probable income of operating the project.

To provide a framework and direction for development and delivery. (correct)

Feasibility studies are conducted to determine the viability of a proposed initiative or service. What is one of the reasons why we do feasibility studies?

To find out the opportunities and threats as presented by the environment.

To find a solution that is well recognized.

To find a solution that is cost effective from a business perspective. (correct)

To find out the probable market for the products.

What is a feasibility study?

A formal analysis of all possible solutions to a problem and a recommendation on the best solution to use.

A process for determining the probable market for the products.

A formal study to decide what type of system can be developed, which best meets the needs of the organization. (correct)

An analysis of the viability of an idea.

What are the benefits of conducting a feasibility study?

<p>Narrows the business alternatives.</p> Signup and view all the answers

What does a feasibility study help determine?

<p>The viability of a proposed initiative or service.</p> Signup and view all the answers

Study Notes

Feasibility Study

A feasibility study is a detailed analysis to determine if a project or initiative is viable.

Purpose of a Feasibility Study

To assess the practicality and potential success of a proposed project.
It helps identify and evaluate factors that could impact the project's viability.

Benefits of a Feasibility Study

Provides a comprehensive understanding of potential risks and challenges.
Helps in decision-making by providing valuable insights into project viability.
Identifies potential opportunities for improvement and enhancement.
Facilitates resource allocation and project planning by providing realistic estimations.

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Description

Test your knowledge on project feasibility studies and learn about the importance of conducting a formal analysis to determine the viability of an idea. Explore topics such as analyzing possible solutions, recommending the best solution, and identifying the needs of an organization.