At EL-Mufadil, we carry out feasibility study to determine the viability of an idea. The objective of such a study is to ensure a project is legally and technically feasible and economically justifiable. It tells us whether a project is worth the investment. 

Feasibility studies are useful to businesses in many ways. Some of the reasons why feasibility studies remain important and needful are as follows:  

  • Not every project is doable.
  • Not every project should be taken up. This will engage otherwise useful resources and block their use on other tasks.
  • Not every project makes effective use of the resources of an organization.

Benefits of Conducting a Feasibility Study

Conducting a feasibility study is always beneficial to the project as it gives you and other stakeholders a clear picture of your idea. Below are the key benefits of conducting a feasibility study:

  • Gives project teams more focus and provides an alternative outline.
  • Narrows the business alternatives.
  • Identifies a valid reason to undertake the project.
  • Enhances the success rate by evaluating multiple parameters.
  • Aids decision-making on the project.