Question

What are the four steps in a feasibility study and describe each one?

Answer 1

A feasibility study is conducted when they want to find out whether the particular plan or idea is practically possible or not. This is generally a part of the project management study of a company. There are four steps in carrying out a feasibility study. They are:

1) Research: The first and foremost activity that needs to be done is to understand the problem that we are trying to solve and carrying out research to find out more about the solutions to the problem. The main business drivers have to be identified as well. This is important for planning a fruitful solution to the problem keeping the business in mind

2) Finding alternative solutions: The business problem has now been understood properly, the alternative solutions have to be designed using this understanding.

3) Determine feasibility: The feasibility of all the alternatives should be studied and identified. This will give an idea about the practicality of the alternative solutions.

4) Choosing the most feasible solution: The most practically implementable alternative has to be chosen and implemented.