What is the primary objective of conducting a feasibility study?

The primary objective of conducting a feasibility study is to analyze the practicality and financial implications of a proposed project. This type of study evaluates whether a project is achievable and worth pursuing based on various factors, including economic, technical, legal, operational, and scheduling considerations. By examining these elements, stakeholders can determine if the project aligns with available resources and if it has a reasonable chance of success, enabling informed decision-making.

Conducting a feasibility study helps in minimizing risks by identifying potential challenges early on and assessing the potential return on investment before significant resources are allocated. This process is crucial for ensuring that projects are viable and sustainable in the long run.