Category: Other Services
Written by Rivary Finan Hernawan on 22/06/2022
The author’s views are entirely their own and may not always reflect the views of Putranto Alliance.
Feasibility Study (FS) is an analytical technique used to assess the quality of a project’s factors. In the world of project management, this is a very important measuring tool. Each team require this study to assess the feasibility of the project. In addition, it also values human resources and logistics requirements. Furthermore, it can also analyze the company’s or organizer’s achievable return on investment by the company or the organizers.
With this service, we can help you to conduct market research to collect enhanced data as a basis for our projections. We will discuss with experienced predecessors in the industry, analyze and ask questions to ensure the validity of our data.
One of the definitions in the Ministerial Regulation (“Permen”) of Bappenas Number 1 of 2009 concerning Procedures for Planning, Submission, and Assessment of Activities Financed with Domestic Loans states that Feasibility Study is the result of research made by experts from the Ministry/Institution/Regional Government/BUMN. Furthermore, the relevant State Ministry/Institution/Regional Government/BUMN contracts the study as a basis for decision making in doing the project. It also provides a thorough illustration of whether an activity is appropriate or not based on aspects deemed necessary.
Companies usually do a feasibility study early in the project stage and it is one part of the main design stage during the planning period. On the other hand, large companies perform Feasibility Study to objectively reveal the strengths and weaknesses of the proposed project. The results of the analysis can help project managers to identify and assess the opportunities and threats that could exist in the environment, the resources needed, and the prospects for success. Therefore, the main factors in the analysis process include Economic, Technical, Legal, and Operational.
Businesses conduct Feasibility Study because they need to know who will buy their goods. After all, new product failure rates usually range from 70% to 80%. Therefore, corporations conduct a new product feasibility study to demonstrate demand for the new product and to make data-driven suggestions for the following steps in the market entry process. Companies frequently set aside funds in their budgets for new product development research to ensure that they will obtain the best potential return on their investment.
An in-depth business feasibility study can even help you carry out critical elements of a business because this study provides an overview of the business situation that a company will face later. Well-known companies usually use feasibility studies to evaluate and test the weaknesses and strengths of a project plan in actuality.
Companies build projects differently, as they depend on the scale, sector, and other factors. However, a feasibility study commonly achieves similar outputs
Feasibility Study is important for companies. It helps them to thoroughly understand all aspects of a project, concept, or plan.
In project management, businesses’ desire to get the project right before investing resources in the form of time and money determines the value of a feasibility study. A feasibility study uncovers new ideas that alter the project’s plan and scope completely. This method allows clients to plan ahead of time rather than jumping in and afterward regretting a project that doesn’t work. A feasibility study is beneficial since it provides consumers with a clear picture of the project they have chosen.
The following are some of the most important advantages of doing a feasibility report in project management:
There are several researchable basic aspects when conducting a business feasibility study. Such asopects include management, financial, legal, economic and cultural, market and marketing, as well as technical and operating aspects. The detailed explanation is as follows:
The possibility to see the broad scope of a project makes Feasibility Study important for business owners. This study can act as a pointer for companies if the business they run is still competitive in the market or not.
A Feasibility Study is needed when a company wants to initiate a project and needs insights into the project’s prospects (especially if the project is new). The optimal time for the company to conduct a feasibility study is in the early stages of the project, especially during the planning design stage. This way, a company can have a good grasp of the project before committing any resources to them.
A Feasibility study is generally conducted at the beginning of the project initiation. The main purpose of a business feasibility study is to assess the business project opportunities, and whether the project is worth continuing or not. If the project is indeed worth continuing, then business can plan the steps needed to avoid the risk of loss in advance.
To summarize, Feasibility Study is about finding and explaining the importance of the project and finding out its usefulness for those who want to realize the idea of a project and its expected output. The report is handed over to the project owner to study it further and get acquainted with all its aspects.
Hiring a third-party market research agency for Feasibility Study has several advantages. One of them is an opportunity to view the project from the outer perspective. This lowers bias when designing the study, interpreting the findings, and making suggestions for the project. As such, it is highly recommended to hire a third-party market research firm to conduct a feasibility study of new projects.
With our expertise, we will guide you in conducting a feasibility study for your projects. We will help you examine every possible improvement and brainstorm solutions if you have problems in the planning of your projects. Feel free to contact us if you require.
Pentingnya Melakukan Studi Kelayakan Bisnis – Masoem University ❯
What is The Importance of a Feasibility Study in Project Management – University of Colorado ❯
Feasibility Study Atau Prafeasibility Study Bukan Business Case – KPBU Kemenkeu ❯
Studi Kelayakan Bisnis, Pelajari Pengertian, Tujuan, dan Tahapannya – KEMENKOPUKM ❯
Concept Planning generates the project’s concept, while Feasibility Study assesses the concept’s viability. To ensure impartial judgment and transparent processes, independent parties usually carry out the two processes out separately.
While it is usually varies depending on the project’s aims and demands, a feasibility study usually follows these practices:
Some of the components that are often found in a feasibility study report are, but are not limited to:
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