If you want to open any project of your own, you have no doubt heard that the best step is to prepare what is known as the "Feasibility Study".
You may wonder what this study means and how it is prepared.
What is the economic feasibility study?
A study designed to reveal whether a project or plan is feasible.
In short, it is an assessment of the feasibility of applying a proposed plan/draft. The feasibility study is part of any project's initial design phase.
They are conducted to objectively detect the strengths and weaknesses of any proposed or already existing project. They can help identify and assess opportunities and threats in the project's surroundings. In addition, this study contributes to knowing the resources required for the project as well as the prospects for success, it often answers the following two questions:
Does the company (individual) have the resources and techniques required to start a particular project or implement a specific plan?
Will the company (individual) get a high and rewarding return for this investment?