Feasibility Study is an analysis and evaluation of a proposed business project to determine whether it
- is technically feasible,
- infeasible in terms of cost and pricing
- will be profitable in future
Feasibility studies are done to determine whether or not a proposed business project can be implemented successfully.
Importance of Feasibility study in Dubai
It’s only after a feasibility study in Dubai has shown that the project is both feasible and profitable—not before then —that it can actually be implemented.
A feasibility study is a plan for establishing and running a business—not merely the first step in that process, but also an outline of what still needs to be done. A feasibility study consists of five key components: market research, financial research, management analysis (which includes scheduling and technical considerations).
In the marketing research conducted before starting a new project, consultants evaluate whether the project is suited for current and future organizational culture by collecting data on overall impact on business structure. Identifying the target consumers, knowing their demand and understanding the market characteristics are all part of marketing research.
Financial planning is necessary for any business to operate within budget. Financial researchers assess the total capital requirements of a business, examine sales and price levels, evaluate break-even output amounts—all in order to determine how much product must be sold to attain profitability. It helps entrepreneurs to get a clear understanding of how much money they will need in order to conduct their business successfully.
Management research is conducted to determine the overall resources required for a project’s successful completion. Some kinds of projects, like manufacturing ones, will require more physical resources while others—like IT-based ones —will need lots of human resources.
After conducting a feasibility study, researchers can better determine how much time and resources are required in order to finish the project on time. You need to hire a management consulting firm if you want an effective report. Gulf Resources is one of the most respected business management consulting firms in UAE. They conduct a Feasibility study for clients from various fields like healthcare, food engineering cosmetics and body care shop