A feasibility study is an important step in the planning process of any project, be it a business venture, product development, or infrastructure project. There are several feasibility studies and all types of feasibility study focuses on specific aspects of a project. Below is a detailed overview of the most common types of feasibility study:
Social Cost-Benefit Analysis (SCBA) is a useful approach to assess whether decisions or choices that affect the use of scarce resources promote efficiency. Considering a specific policy and relevant alternatives, the analysis involves systematic identification of policy consequences, followed by valuation of social benefits and costs and then application of the appropriate decision criterion.
An incentive is something that influences people to act in certain ways. An incentive system is a collection of incentives and a set of procedures for using them. Organisations use incentive systems to motivate their employees.
Project planning is the art and science of using historical data, archived information, personal expertise, institutional memory, organisational knowledge, and project scope statements to predict a project’s resource expenditures, total cost, and duration.
The demographic environment refers to the study and analysis of the characteristics of a specific population or target market. It includes various factors such as age, gender, income, education level, occupation, ethnicity, etc.
The consumer adoption process involves the steps individuals take when deciding to buy and use a new product or service. Understanding this process is vital for businesses because it directly affects their marketing strategies and overall success.