Good business planning is essential and necessary for the success of a business. Without proper planning, a business may fall unless appropriate and corrective actions are taken. A feasibility report is more like a business and strategic plan that steers your business into the right direction towards success.
As the name implies, feasibility report is used to determine if the project is viable and acceptable. No matter how elaborate this report is, one must prepare and develop before deciding to undertake any business or expands their investments. This report can be carried out for anything or everything, be it software development or a project plan.
A feasibility report is a document that details the study of the profitability, feasibility, effectiveness of a proposed investment, and to evaluate the imminent business problem or opportunity.
The purpose of this report is to determine project parameters and define solutions to the problem that Further needs analysis.
Below is a common format of a feasibility report:
Unlike feasibility report, a technical feasibility report only assesses the details of how your company will deliver a particular product or service. You don’t have to include financial statement information on your technical feasibility report, but the component must support your financial data.
These are the basic things included in a business feasibility technical report:
A feasibility report of projects defines the problem and opportunities of the project that is studied. The main objective of a project feasibility report executive summary is to ensure that the project is legally and technically feasible, economically justifiable and to determine the viability of an idea to a project.
Some reasons why most organizations conduct a feasibility report to a project are as follows.
A good feasibility report must have these six essential elements: