Feasibility Analysis in Business and Entrepreneurship Quiz

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.

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.