What is the purpose of conducting a feasibility study?

The purpose of conducting a feasibility study is to assess the viability of a proposed project or solution. This involves evaluating various factors to determine whether the project is practical, achievable, and worth pursuing. A feasibility study typically examines aspects such as technical requirements, financial implications, legal considerations, market demand, and time constraints. By conducting this comprehensive analysis, stakeholders can make informed decisions about whether to proceed, modify, or abandon the project. This step is crucial to mitigate risks and ensure that resources are not wasted on initiatives that are unlikely to succeed or provide a sufficient return on investment.

Other options, while related to project management, do not capture the primary focus of a feasibility study. For instance, finalizing the project team, creating a budget, and assigning roles and responsibilities occur after the feasibility study has confirmed that a project is viable. These tasks rely on the foundational knowledge and insight gained from the feasibility analysis, underscoring its importance in the project planning process.