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Feasibility Study is an integral part of the business process and is conducted to assist decision makers to assess and analyze all the implications of the proposed project with a focus on the potential impact, based upon which the organization decides if the project should be implemented or not.
A project feasibility study, also known as a project study, is an inquiry that determines the viability and merit of an existing or new project. It is frequently used to obtain financial support for the completion of a project. It assists project promoters, business managers, finance executives, and other interested parties in deciding the steps that must be taken in order for a project to be completed successfully.
A feasibility study must include problem identification and definition in order to be practical. The gathering of important data for all aspects of the project, the analysis of that data, and the creation of recommendations based on the analysis.