Feasibility

Feasibility refers to the degree to which a proposed project or idea is practical and likely to succeed within the given constraints. It is typically assessed through a feasibility study conducted early in the project lifecycle to inform decision-making and resource allocation. The study examines multiple dimensions: technical feasibility, economic feasibility, legal feasibility, and operational feasibility, with schedule feasibility sometimes included as well.

Technical feasibility evaluates whether the necessary technology, infrastructure, and expertise exist or can be acquired, and whether the system can integrate with current processes. Economic feasibility assesses whether the expected benefits justify the costs, using methods such as net present value, internal rate of return, payback period, and sensitivity analysis. Legal feasibility checks regulatory requirements, licenses, contracts, data privacy, and potential liabilities. Operational feasibility considers whether the organization can support the new system or process, including staffing, training, change management, and alignment with current operations. Schedule feasibility evaluates whether the project can be completed within the required time frame.

The assessment follows a typical sequence: identify objectives, gather data, consider alternatives, model outcomes, compare options, and produce a report with a go/no-go decision or recommendations for revisions. The outcome of a feasibility study is guidance for stakeholders on whether to proceed, modify, or terminate the project, and it often informs the business case and funding decisions.

Examples include evaluating a software development project, a production facility expansion, or launching a new product in a regulated market. While feasibility does not guarantee success, it helps identify risks and constraints early.