what is feasibility

Feasibility refers to the assessment of the practicality and likelihood of success of a proposed project or system. It involves objectively and rationally uncovering the strengths and weaknesses of the project, opportunities and threats present in the environment, the resources required, and the prospects for success. A feasibility study typically includes a historical background of the business or project, a description of the product or service, financial data, legal requirements, and other relevant details. It aims to help decision-makers determine whether the proposed project or investment is likely to be successful by evaluating its potential for success, operational feasibility, and economic justification. Feasibility studies are crucial in determining the viability of an idea and are an important first step in starting a new business or project.