What is the main purpose of conducting a feasibility study?

The main purpose of conducting a feasibility study is to analyze the viability of a project or development. This process assesses various factors such as economic, technical, legal, and operational aspects to determine whether a proposed project is practical and achievable. In essence, it evaluates the potential for success and identifies any challenges or risks that may arise during the implementation of the project.

A feasibility study is crucial for decision-makers as it provides a structured way to explore the implications of a project before significant resources are invested. It helps in understanding if a project can be pursued effectively and sustainably, thereby guiding stakeholders in making informed choices.

While gathering community opinions, designing architectural plans, and securing funding are important components of project development, these tasks are often informed by the conclusions drawn from the feasibility study. The study serves as a foundation upon which these other activities are built, making it a critical starting point in the project development process.