How can you ensure a feasibility study is comprehensive and accurate?

1 Define the scope and objectives

The first thing you need to do is to clearly define the scope and objectives of your feasibility study. What are you trying to achieve with your project? What are the main questions you want to answer? What are the specific criteria and indicators you will use to measure the feasibility of your project? By defining the scope and objectives, you can focus your study on the most relevant and important aspects of your project, and avoid unnecessary or irrelevant information.

2 Gather reliable data and information

The quality of your feasibility study depends largely on the quality of your data and information. You need to gather reliable, relevant, and up-to-date data and information from various sources, such as market research, industry reports, surveys, interviews, site visits, regulations, standards, and best practices. You also need to verify and validate your data and information, and ensure that they are consistent, accurate, and complete. You should also document your sources and methods of data collection, and cite them properly in your study.

3 Analyze and evaluate alternatives

Once you have gathered enough data and information, you need to analyze and evaluate the different alternatives for your project. You should compare the costs, benefits, risks, and impacts of each alternative, and assess how they align with your objectives and criteria. You should also consider the feasibility of each alternative from different perspectives, such as technical, financial, operational, environmental, social, and legal. You should use appropriate tools and techniques, such as cost-benefit analysis, risk analysis, SWOT analysis, and sensitivity analysis, to support your analysis and evaluation.

4 Present clear and concise findings and recommendations

The final step of your feasibility study is to present your findings and recommendations in a clear and concise manner. You should summarize the main results of your analysis and evaluation, and highlight the strengths and weaknesses of each alternative. You should also provide your recommendations on which alternative is the most feasible and suitable for your project, and justify your choice with evidence and reasoning. You should also outline the limitations and assumptions of your study, and suggest any further actions or research that may be needed.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?