Washington Feasibility Study Outline
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How to fill out Feasibility Study Outline?
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The five critical aspects of a feasibility study include market, technical, financial, operational, and legal feasibility. Each aspect plays a vital role in determining the overall project's viability. For example, the market aspect evaluates potential demand, while technical feasibility assesses whether your project can be completed with existing technology. Integrating these findings into your Washington Feasibility Study Outline will provide a robust foundation for your project.
The five elements of a feasibility study are the project description, market analysis, technical analysis, financial analysis, and conclusions and recommendations. Each element serves a unique purpose, providing critical insights into various factors affecting the project. By adhering to the Washington Feasibility Study Outline, you ensure a structured and thorough investigation of each element.
Define the project and alternative scenariosDescribe the type and quality of product(s) or service(s) to be marketed. Outline the general business model (i.e. how the business will make money). Include the technical processes including size, location, kind of inputs, etc.
Economics. The most important part of a feasibility study is the economics. Economics is the reason most projects are undertaken (with some exceptions for government and non-profit projects in which a cost benefit analysis is the primary tool).
Contents of a Feasibility StudyTechnology Considerations. Product or Service Marketplace. Identification of Specific Market.
Define the project and alternative scenariosDescribe the type and quality of product(s) or service(s) to be marketed. Outline the general business model (i.e. how the business will make money). Include the technical processes including size, location, kind of inputs, etc.
For example, an automobile prototype is a tool for the feasibility study, an experiment on rats to develop a new medicine is a procedure of feasibility analysis, checking the configuration and features before purchasing a laptop resembles feasibility tests.
How to conduct a feasibility studyStep 1: Conduct the preliminary analysis.Step 2: Create a project scope outline.Step 3: Perform your market research.Step 4: Calculate the financial cost.Step 5: Review your research and present your findings to the project stakeholders.
Contents of a Feasibility ReportTechnology Considerations. Product/ Service Marketplace. Identification of the Specific Market. Marketing Strategy.