Project Feasibility Study Quiz

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Questions and Answers

What is the primary purpose of a project feasibility study?

To provide necessary information to decide whether to begin a project (correct)

To identify the stakeholders involved in a project

To determine the budget for a project

To commence a project immediately

What is a key aspect of technical feasibility?

Project scope and timeline

Availability of technical resources and expertise (correct)

Project budget and financial resources

Pricing model and market competition

What is a crucial step in a project feasibility study?

Determining the project budget

Describing the project purpose and goals (correct)

Creating a detailed project timeline

Conducting market research

What is a key consideration in organizational or managerial feasibility?

Skilled individuals for the project Signup and view all the answers

What is a potential consequence of a project with low technical feasibility?

Project is likely to fail Signup and view all the answers

What is an essential aspect of market feasibility?

Pricing model and market competition Signup and view all the answers

What is a key consideration in financial or economic feasibility?

Sufficient budget for the project Signup and view all the answers

What is a consequence of a project with low market feasibility?

Project will likely fail due to lack of demand Signup and view all the answers

What is the primary purpose of a feasibility plan?

To determine if a business can meet its operating expenses Signup and view all the answers

What is the primary goal of a feasibility study?

To help a budding entrepreneur turn a good idea into a successful business Signup and view all the answers

What is the purpose of market research in a feasibility plan?

To ensure there is a demand for the product or service Signup and view all the answers

What is the benefit of conducting a feasibility study?

To uncover opportunities and threats in the market Signup and view all the answers

What is the purpose of a competitive analysis in a feasibility plan?

To differentiate the business from its competitors Signup and view all the answers

What is the purpose of financial analysis in a feasibility plan?

To determine how much it costs to run the business on an ongoing basis Signup and view all the answers

What is the outcome of conducting a feasibility study?

A decision on whether to proceed with the business venture Signup and view all the answers

What is the purpose of organizational competence in a feasibility plan?

To ensure the company stays innovative Signup and view all the answers

Study Notes

Project Feasibility Study

A document that provides a detailed description of a project, including its technical, financial, and organizational aspects.
Helps determine whether a project is viable and likely to succeed.

Feasibility Study Areas

Technical feasibility: assesses whether the project is technically possible.
Financial feasibility: evaluates whether the project has sufficient budget and resources.
Organizational feasibility: examines whether the project has the necessary personnel and skills.
Market feasibility: determines whether there is a market demand for the project's product or service.

Steps to a Project Feasibility Study

Description of the project:
- Purpose and goals
- Project scope and stakeholders
- Timeline and task breakdown
- Expected outcome and deliverables
Market feasibility:
- Identify target market and competition
- Analyze market demand and pricing
Technical feasibility:
- Assess necessary expertise and technical resources
- Evaluate logistical and geographical requirements
Financial feasibility:
- Determine budget and resource allocation
- Evaluate financial viability and potential revenue
Organizational feasibility:
- Identify necessary personnel and skills
- Determine management and task assignments

Feasibility Plan and Research

Determines the viability of a business idea and helps decide whether to proceed.
Main purpose: to determine whether a business can meet operating expenses.
Feasibility research involves:
- Market research: analyze target market, competition, and demand.
- Competitive analysis: differentiate from competitors.
- Organizational competence: ensure innovation and adaptation.
- Financial analysis: evaluate costs, revenue, and profitability.

Purpose of Feasibility Study

Helps entrepreneurs assess the viability of their business idea.
Benefits:
- Examines strengths and weaknesses of an idea.
- Uncovers market opportunities and threats.
- Identifies necessary resources and potential pitfalls.

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Description

Test your knowledge about project feasibility studies, a crucial step in determining a project's viability. Learn how to evaluate projects and make informed decisions.