Importance of feasibility study
A feasibility study is conducted in order to determine the success and
minimize the risks related to the project. When it becomes certain that the
specific project could be carried out profitably, it is only then it could be
implemented. The feasibility study is not merely a project research, but a
framework or a plan on how to establish and run business successfully in the
A feasibility study contains five essential components, including market
research, financial research, management research, schedule determination
and technical research.
Marketing study is conducted to evaluate whether the project is suited for
the current and future organizational culture. In this process, the consultants
will look in finding data on overall impact on business structure, employees
an organization. Sale projection is also one of the vital parts of market
research. The main objective of marketing research is to identify the target
consumers, know the demand of the consumers, understand the market
characteristics and evaluate the factors that provide a great impact on the
Financial planning is very important to handle the different operations of the
organization within the budget limits. In financial research, the researchers
cover the assessment of total capital requirements, sales and prices, break
even outputs, amount of sales required to attain profit in the business. It
helps entrepreneurs to get an idea about how much money is required for
handling a business project successfully.
Management research is conducted to determine the overall resources
required for the successful completion of the project. Some projects, like
manufacturing will require more physical resource while some IT project
requires lots of human resources.
Schedule feasibility is conducted to determine how much time and resources
are required to finish the project on time.
As the feasibility research plays a vital role in the successful completion of
the project. You need to hire professional management consulting firms in
order to get the right and effective report.
Gulf Resources is one of the top business management consulting firm that
conduct a Feasibility study in UAE for clients from various fields like
healthcare, food, engineering, cosmetic and body care shop. For more
details visit @ http://www.gulf-resources.ae/