Feasibility study
Feasibility Study
A Feasibility Study (pronunciation: /ˌfiːzəˈbɪlɪti ˈstʌdi/) is a preliminary study undertaken to determine and document a project's viability. The results of this study are used to make a decision whether to proceed with the project, or choose an alternative.
Etymology
The term "Feasibility Study" is derived from the word "feasible", which originates from the Latin word "faisibilis", meaning "doable" or "possible", and the word "study", which comes from the Old French "estudie", meaning "application of the mind to the acquisition of knowledge".
Related Terms
- Project Management: The practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
- Business Plan: A formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.
- Market Research: The action or activity of gathering information about consumers' needs and preferences.
- Risk Assessment: The identification, evaluation, and estimation of the levels of risks involved in a situation, with the aim of determining what measures to take to manage or mitigate them.
- Cost-Benefit Analysis: A systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings.
See Also
External links
- Medical encyclopedia article on Feasibility study
- Wikipedia's article - Feasibility study
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