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project some time not be unsuccessful if it is not finished 3. Details of findings- an outline of the proposed
in its bounded time frame [18]. Here we may predict the methods and procedures of the desired plan undertaken
time requirement to complete various task of the entire to complete task with all possible finding. This report
project [19]. also included the possible structures, costs estimation
and benefits of the desire projects.
III. E LEMENTS OF A GOOD FEASIBILITY S TUDY 4. Recommendations and final conclusions- Few
specific advice and recommendations based on its
In successful business feasibility study of projects is outcome along with the personnel assignments,
a critical factor. Sometimes we noticed that a number of projected costs and target dates.
projects be unsuccessful because of their incorrect facts Basically it is a predictable project that demonstrate
or incorrect assumptions. Therefore, the basic features in conclusion of the assessment, examine and evaluation of
any feasibility study must be ensuring that we are a designed method and terminate if this method is
working with accurate information, exact statement, and accurately feasible, profitable and productive.
the latest financial records [20]. The main objective of
feasibility study is to evaluate three types of feasibility;
technical, operational and economic feasibility. In this IV. CONCLUSION
stage, only the project cost of the development and Careful reviews of any proposal are essential before
implementation cost of the project is considered. its design and development phase. The formal agreement
Feasibility study may also depend on the numerous may lead the process for actual implementations of the
factors, like the risks of the project before and after process. It may be a crucial and many projects may be
project and potential returns of the investments. incomplete due to lack of feasibility study in its
Over all expendature and the funds, implementation phase. Changes in the proposal after
availablality of the fund. inciting the process may be leading the project die.
Priorities of the other busness and running Depending on the initial investigation result, the survey
projects of the realted firm. may be extended feasibility study. The feasibility study
Target users. is a systematic proposal depending work characteristics.
It is in simply verify the changes before the project This study also measures the impact on the business
design. Importance of performing a Feasibility Study organization, help to meet user demands, and proper
Some major benefits of conducting a feasibility study utilization of resources.
are the following. Conduct a feasibility study is always
important because of it gives a clear idea of the dreamed
project [21]. It helps to identify the valid and proper
reason to select the project. With the support of
feasibility study project teams members become more REFERENCES
focused. It helps to decision-making on the project.
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1. Brief statement of the proposed project – a [5] Mukherjee, K. (2016). The Psychology of the
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Momin Mukherjee and Sahadev Roy, “Feasibility Studies and Important Aspect of Project Management,” International Journal of Advanced
Engineering and Management, Vol. 2, No. 4, pp. 98-100, 2017.
International Journal of Advanced Engineering and Management
www.ijoaem.org
Momin Mukherjee and Sahadev Roy, “Feasibility Studies and Important Aspect of Project Management,” International Journal of Advanced
Engineering and Management, Vol. 2, No. 4, pp. 98-100, 2017.