Week 5 - What Is Included in a Feasibility Study Report?

Question 1

When starting a business, one of the most important steps is to

Answer 1

conduct a feasibility study

Question 2

will help to determine if your business idea is viable and has the potential to be successful.

Answer 2

Feasibility Study

Question 3

Several factors need to be considered when conducting a feasibility study, including the

Answer 3

marketability of your product or service, the competition, the financial stability of your company, and more.

Question 4

should cover the amount of technology, resources required, and ROI.

Answer 4

A feasibility study

Question 5

The results of your feasibility studies study are summarized in a feasibility report, which typically comprises the following sections.

Answer 5

1. Executive summary
2. Specifications of the item or service
3. Considerations for the future of technology
4. The marketplace for goods and services
5. Approach to marketing
6. Organization/staffing
7. Schedule
8. The financial forecasts
9. Recommendations based on research

Question 6

Tools for Conducting a Feasibility Study While every project has its own goals and needs, the following are best practices for conducting a feasibility study.

Answer 6

1. Do a preliminary analysis. This includes getting feedback from relevant stakeholders on the new project. Also, look for other business scenarios.
2. To ensure that the data is solid, determine and ask queries about it in the initial phase.
3. Take a market survey to identify market demand and opportunities for the new concept or business.
4. Create an organizational, operational, or business plan. This includes identifying how much labor is required, what costs, and how long.
5. Make a projected income statement that involves revenue, operating expenses, and profit.
6. Create an opening day balance sheet. o You will need to identify and address any vulnerabilities or obstacles.

7.Take an initial decision to go ahead with the plan.

Question 7

Suggested Components Here are the some suggested components for conducting a feasibility study:

Answer 7

1. Executive Summary: Write a narrative describing the project, product, or service.
2. Technological considerations: Ask yourself what it will take. Are you able to afford it? How much will it cost?
3. Current marketplace: Find out the market for your product, service, or plan in the local and global markets.
4. Marketing strategy: Define in the detailed description.
5. Required staff: What human resources are needed for this project?
6. Timeline and schedule: Use important interim markers to indicate when the project will be completed.
7. Project financials. Project financials are the different ways managers can account for money spent and earned on projects. One of the most important aspects of financial management is creating and tracking accurate project financials.