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.