A feasibility study is an assessment used to evaluate an idea, plan, or a certain project of a
business. A feasibility study often assists in identifying and outlining certain strengths and weaknesses,
providing businesses with an idea of whether specific plans are feasible or not. It is
Crucial for businesses who are looking for a clear and well-thought-out path to success. These studies are
key in identifying the potential, or the lack of potential of certain aims that businesses may have. After such
a study is conducted, businesses can then make an informed decision on whether to proceed with their
initial intentions or not.
However, it is important to keep in mind that there are several risks and challenges that often
come with feasibility studies. It is crucial for businesses to know these risks and challenges before
becoming reliant or dependent on these feasibility studies. A suggestion would be for this feasibility
Studies to be more of a confidence booster rather than a final decision-maker. Moreover, even if the
results of the study do pan more towards the lack of feasibility, the business can be grateful for the fact
that they were able to save time and resources.
RISK AND CHALLENGES:
Reliance:
In many cases, when a feasibility study produces favorable results, businesses may be prone to
prematurely going through with the project without taking a careful and measured approach. This can
pose a significant risk, as it overlooks the possibility that the study may not be fully accurate. It is
important for businesses to exercise caution and prudence by considering potential obstacles and
contingencies before moving forward on the project.
False Security:
Generally, businesses perceive the feasibility study as the main tool for making critical decisions.
However, it is crucial to recognize that feasibility studies are based on a set of assumptions rather than
empirical evidence. The outcome of a feasibility study can potentially provide a false sense of security,
leading businesses to take reckless and rash actions. Therefore, it is vital for businesses to take
precautionary measures when utilizing the results of a feasibility study, and to take into account other
Necessary factors when making informed decisions.
Therefore, if you or your business are looking for success in a project or plan, a feasibility study can
Definitely assist in your decision-making. However, it is important to not solely rely on this study but to
consider other factors too. Here at Saturn Consultants, we can talk to you about your business needs and
Create a plan for you. Contact us and book a free consultation today.
