The role of the stage in which a feasibility study is carried out cannot be overlooked because the feasibility study and the evaluation of the project will determine whether the project will be started and whether it will be rejected from the outset. Although the feasibility study and evaluation of the project varies depending on the nature of the project, there are a number of key steps that can be taken regardless of the type or nature of the project.
Study and preliminary analysis
The initial analysis is designed to study project ideas before exhausting the time, effort, and money invested. The expected services, their advantages and target markets are examined, the service to be provided to clients will be determined and the project will be evaluated and evaluated. To compete with other projects in terms of design, price, location, and the initial study includes all the potential problems and challenges of the project and the chance of success.
Calculation of financial costs
The calculation of the expected financial costs of the project is one of the most important steps of the feasibility study. Regardless of the quality of the project, the calculation of the expected financial cost is the main point of determining the value of the project and its feasibility. Since the first rule of any successful project is to obtain sufficient income and profits, Finance may lead to a failure of the project, so you should examine the implications of any activity, to know the overall returns of the project.
The successful survey of markets is very important, and the main objective is to capture the expected revenues of the project. If the project cannot conduct the survey in person, it can delegate the task to a competent external company. The market survey includes the following points:
- Evaluation of target geographic areas
- Study population trends, demographic data, cultures, and the extent to which they are interested in purchasing.
- Analyze the services provided by competitors to identify strengths and weaknesses, monitor pricing, production lines, promotional campaigns, and customer satisfaction.
- Determine the total market size and approximate market share.
- Assessing the possibility of expansion by assessing customer responsiveness to new services.
Select a schedule
The feasibility study may include the project stages which may take a long time. If the initial analysis results in the quality of the project, it means the need for further detailed study, which requires the completion of tasks in a specific time to avoid procrastination and delays that includes project tasks, arranged in order, with a specific day and date.
Review and analyze data
The feasibility study should be reviewed and discussed at the end of the project study. The essence of this step lies in thinking prior to conclusion. The risk assessment, market variables, review of project conditions, and the economic situation are evaluated before implementation.