Every business owner is aiming for success. When you want to start a business or project, you should be able to have a strategic plan in order to achieve that success. You have to be knowledgeable about the components of a feasibility report. You might not know that it will lead you to a successful business venture. Today, you have to have proper training when you go through major projects. In this article, you will be able to find out more about writing a feasibility report for your business.
A feasibility report enables you to scrutinize or examine a solution and assess if the solution presented is applicable to the given constraints. The problems to be encountered can either be social, legal, technical, financial or even environmental. This can also include things that could make a solution impossible to be implemented.
This type of report is also a testimony that creates an action. It is created to persuade others to decide whether what option to take. It also helps in determining if a certain task is possible to make using the available resources. Feasibility reports are useful during event planning and more.
A feasibility report has seven elements.
Introduction – this is the part where you will be persuading your readers or a certain decision maker to consider alternatives. Tell them what benefit they can get when they will consider your work.
Criteria – this part allows you to have practical decisions. There are two ways on how to present a criteria. First, separating the criteria into its section would be the best thing to do especially when you have an extensive report and you need to have a deep explanation about it. Second, you may incorporate your criteria to make it more relevant. Make sure to introduce first your criteria before deciding which strategy are you going to choose.
Method – state where you got your sources. You may consider writing a reference list on your feasibility report. These sources can be found in interviews, books, etc. To ensure that your work is credible, you have to provide a research method or source.
Alternative Options – highlight the key features of your options. They should be easy to understand and you follow a goal to allow your readers to make good decisions.
Evaluation – evaluate the options using the criteria. You may add graphic organizers such as charts, graphs, tables, etc. This shows that you have come up with a statistics that supports your reasons.
Conclusions – state how you have come up with the evaluation process and what alternative fits in with what your organization is looking for.
Recommendations – use your knowledge to come up with the right recommendation and which option you think is the best thing to choose.
You may start by writing a description of your project by collecting background information. Then, you provide possible solutions to the problems. List down the evaluation criteria and begin writing a feasible solution. Lastly, end your report with a conclusion.
You need to have the title page, details about the writer, list of contents, and materials. It should also follow a specific body format and a reference and appendix page.
Yes. It should be included at the beginning of the report which summarizes the main points of your report.
Remember that in making a project, your feasibility report should help in your decision making process. It sees if your concept is viable or not. Try to look at feasibility report samples and assess each of the components and structures.