What is a feasibility study? According to our trusted free encyclopedia, Wikipedia, it is a practicality assessment of a proposed project or system. This may seem extremely broad but it is … Feasibility studies are used across industries to evaluate a project's potential for success. They balance project costs and the prospective value to be attained. The rationale is to look at both strengths and weaknesses as a way of determining whether the proposed project should move forward, be reworked or dismissed altogether.
No matter the industry consideration is given to external project risks, known as the Four Ps (Plan, Processes, People, and Power) alongside what are termed POVs, or points of vulnerability. While organizations and developers have little control over the external risks, such as weather, government structure, environmental issues and sociocultural factors, they are able to more readily control and/or eliminate POVs. The unique risks and POVs for every project should be closely evaluated for possible solutions.