What is the purpose of a feasibility study?

The purpose of a feasibility study is to assess the viability and potential success of a project. This involves rigorous analysis of various factors such as technical requirements, legal implications, financial projections, and market conditions. By conducting a feasibility study, organizations can determine whether it is practical and advantageous to proceed with a project. This early assessment helps stakeholders make informed decisions by identifying potential roadblocks and ensuring that there is sufficient justification for moving forward.

In contrast, confirming project timelines and milestones focuses on planning and scheduling rather than determining whether the project itself should be undertaken. Evaluating stakeholder opinions is often part of stakeholder management, but it does not address the project's overall feasibility or practicality. Lastly, finalizing project budgeting and resource allocation occurs after a decision to move forward with a project, as it is part of the implementation phase rather than the preliminary assessment involved in a feasibility study.