Improved feasibility study: What the main objective is

Improved feasibility study: What the main objective is – At a glance, here are the types of feasibility study, parts of the feasibility study, and a sample of a feasibility study of a business detailing the importance of feasibility study for your business. We present the Improved feasibility study: What the main objective is.

Specifically, here are the objectives of the feasibility study in entrepreneurship. So, you have the objective of the feasibility study in construction, trading, manufacturing, estate business, and agro-processing businesses.

Cessummit.com Business info:

Cessummit.com offers you a feasibility study in research with examples and templates. With our feasibility analysis auto-generated tools, we produce your, economic, financial, and technical objectives for a feasibility study. Just keep on with Cessummit.com.

Improved feasibility study: What the main objective is

Types of the feasibility study

Here, we explain the concept of feasibility studies’ success or failure and the main objective of a feasibility study. In addition, we express the importance of a feasibility study detailing its advantages with a feasibility study example.

Technical Feasibility.

This is where you consider whether an existing or new product can be manufactured and delivered using the company’s present manufacturing architecture. You also consider if the shipping or delivery resources can accommodate the product being produced. Then you will be faced with a consideration as to embark on a technological upgrade or implementation of an entirely new technology. Get the Improved feasibility study: What the main objective is

Operational Feasibility.

This type of feasibility study will focus on the operational capacities of the company. So, in manufacturing or service delivery, you have to consider how the product or services are produced. It considers the type of resources required for the operational or workshop or manufacturing process.

Economic Feasibility.

This cuts across every other segment of the business feasibility study. This is because the company must confirm that the product’s expected rate of return is sufficient to cover production costs and earn a profit. This is what you must achieve by calculating various break-even points based on different unit prices, sales volumes, and costs. Again, this will enable you to fix your product or service profit margin.

Improved feasibility study: What the main objective is

Market Feasibility:

To complete the market analysis, you must determine your company’s industry. That will enable you to know how large or small the industry and the market are. It will also help you identify your business competition and potential customers. And, then enables you to project sales revenues for the period concerned.

Furthermore, it’s not good to produce a product that nobody buys. So, you must ensure that there is a market for your product or service. This you must do before committing your resources to produce or stock a product or service. You must do this by estimating the product or service demand and therefrom calculate the product’s probable market share. Read more about Improved feasibility study: What the main objective is

Legal Feasibility.

Legal feasibility analysis ensures that the project is legally okay as per the laws of the land. And conforms with the regulatory framework for the industry in which you intend investing in. This will help you facilitate risk management. This showcases the risks and obstacles that need to be addressed within the technical analyses and the financial and managerial feasibility studies.

Schedule Feasibility:

Here talks about the timeline for all the project phases. So, here you estimate how much time the project or each phase of the project will take to complete. This feasibility analysis helps identify any constraints the proposed project may face. And if the project will suffer from Internal Project Constraints like Technical, Technology, Budget, Resources, etc., this study will show it to enable their respective feasibility analysis to be done well.

Improved feasibility study: What the main objective is

Management Team Feasibility study:

There is no way you can embark on a large project or expansion without considering the management team’s capacity to execute the program. So, managerial and environmental feasibility studies come into focus here. This study determines if your management team has the capabilities and commitment required to introduce a new and successful product or service.

An environmental feasibility study can be a big separate study also. And has to be done properly.

Steps when conducting a feasibility study:

• Conduct a Preliminary Analysis – Simple samplings to enable you to understand the depth of your intended studies.
• Prepare a Projected CAPEX and OPEX plus Income Statement
• Market Survey, or Perform Market Research – must be elaborate
• Plan Business Operations – this is the workshop floor management
• Plant Business Organization – this is for the overall business management
• Get ready for an Opening Day Balance Sheet
• Cross-check All Data
• Make a Go or a No-Go Decision
• Ask for our Improved feasibility study: What the main objective is

What are the main objectives of the feasibility study?

We have taken the time above to narrate the objectives of a feasibility study. However, in summary, it’s good to note that a feasibility study helps you to determine whether or not your plan of action will work or not. It determines whether the project will produce the anticipated result or not. In other words, it tells you whether or not the project is worth doing economically.
Furthermore, the feasibility study arms you with good Market research, Cash flow, Income projection, and Growth Possibilities. Check out on our Improved feasibility study: What the main objective is

Cessummit.com will generally use your business research variables to produce your economic and financial feasibility parameters as in the table above. And, I tell you, we go forward to apply these in our templates to produce your cash flow, profit or loss statement, and other business information as you wish.

Improved feasibility study: What the main objective is

Recommended topics:

1. Small Capital businesses: which one can I start now?
2. What are cottage industries: Here are the lucrative ones
3. What are the top 10 businesses to start now now?

Ask for Help:

Yes, ask for help from cessummit.com. for your business plans and feasibility analysis. Cessummit.com business development and support services will register your business with CAC and obtain other essential licenses for you. Contact us today at +234 905 313 0518, or [email protected] if you have any queries. Thanks for reading through the Improved feasibility study: What the main objective is.