What aspect does a feasibility study assess?

A feasibility study primarily assesses the technical, legal, and financial viability of a proposed project or business idea. This evaluation helps determine whether the project is a viable option before investing significant resources.

The technical aspect examines whether the technology or processes required for the project are available and feasible. It looks into whether the necessary equipment, systems, and expertise can be sourced and implemented effectively.

The legal aspect assesses compliance with regulations, permits, and legal requirements that could impact the project's execution. This includes understanding any statutory obligations that must be met before moving forward.

The financial viability evaluates the funding requirements, potential revenue, and overall profitability. It includes an analysis of costs involved and whether the expected financial returns outweigh these costs.

By thoroughly examining these three critical aspects, a feasibility study provides a comprehensive overview that guides decision-making. This prevents investments in projects that could ultimately fail due to insurmountable issues in any of these areas.