Do we really need feasibility study before starting our business or company?

[Mataracy]

Before we start any business or sited a company feasibility study need to be considered first. This is done because business can not operate on it own without its environment.

PURPOSE OF A FEASIBILITY STUDY

A feasibility study is the first stage in a project to develop a new information technology.

The purpose is the different options that exist for a new system. The study should also consider the different options and recommend one of these.

THE STEERING COMMITTEE AND THE FEASIBILITY STUDY GROUP.

The project committee should be responsible for supervising and controlling the development of new information system or information technology system.

The committee should consist of senior managers with information technology expertise,financial project management expertise and business knowledge.

There must be a sponsors; that is the person with overall responsibility for new system and may be the head of the steering committee.
The sponaorvshould be the project champions.

The steering committee establishes the terms of reference for the feasibility study.
These should includes.
(1) A statement of the purpose and objectives of the new system

(2) The scope of the feasibilities study

(3) The budget limits for the project, if these can be decided before the study.

(4) The time scale for the study and the report.

Stages in a feasibility study:

(1) Formation of the study group and setting the terms of reference for the study.

(2) planning the study.The time scales for reporting must be agreed with target date for submission of the feasibility report to the project steering committee.

(3) A feasibility study budget should be agreed by the steering committee.

(4) identify alternative system.


(5) Each alternative for a new system should be evaluated,using test of (1) Technical feasibility (2) operational feasibility (3) social feasibility (4) Economical feasibility.

This is what we need to put in to consideration before starting a company or business.
What did understand about this?

 

[Joy101]

Yes, is very good before going into business or starting a website it is very good to study about the business you are about to start, because it will help one to know more business in order not to loss in the business as much, so is very important to study about business before thinking about to start it.

 

[funmi]

Feasibility study is very important while planning a business. Without feasibility study one may not have the real knowledge of about the business. It is good to know everything that the business entails before going into the business. Without having good knowledge about the business you want to do, one may end up not doing well in the business.

 

[Kingsley]

Most certainly, feasibility study gives an insight as to the prons and cons of the business, it spells out the challenges that one might likely encounter during the course of running the business. It gives the investor an insight to the amount of profit or loss that could likely be made from the business. And it also gives an insight to the strength of the business too.

 

[Good luck]

Feasibility study is very important in all areas of business.It create an avenue for a good thinking and idea to follow in doing any kind of business.Without a feasibility study,there won't be proper planning and such business will be struggling to survive.

 

[Augusta]

Before we start any business or sited a company feasibility study need to be considered first. This is done because business can not operate on it own without its environment.

PURPOSE OF A FEASIBILITY STUDY

A feasibility study is the first stage in a project to develop a new information technology.

The purpose is the different options that exist for a new system. The study should also consider the different options and recommend one of these.

THE STEERING COMMITTEE AND THE FEASIBILITY STUDY GROUP.

The project committee should be responsible for supervising and controlling the development of new information system or information technology system.

The committee should consist of senior managers with information technology expertise,financial project management expertise and business knowledge.

There must be a sponsors; that is the person with overall responsibility for new system and may be the head of the steering committee.
The sponaorvshould be the project champions.

The steering committee establishes the terms of reference for the feasibility study.
These should includes.
(1) A statement of the purpose and objectives of the new system

(2) The scope of the feasibilities study

(3) The budget limits for the project, if these can be decided before the study.

(4) The time scale for the study and the report.

Stages in a feasibility study:

(1) Formation of the study group and setting the terms of reference for the study.

(2) planning the study.The time scales for reporting must be agreed with target date for submission of the feasibility report to the project steering committee.

(3) A feasibility study budget should be agreed by the steering committee.

(4) identify alternative system.


(5) Each alternative for a new system should be evaluated,using test of (1) Technical feasibility (2) operational feasibility (3) social feasibility (4) Economical feasibility.

This is what we need to put in to consideration before starting a company or business.
What did understand about this?

Taking out time for a feasibility studies before starting a business can’t be over-emphasized. This is because you would be doing yourself and your business a world of good. It is pertinent to find every bit of information about your business before going into it to avoid had I known situation in future

 

[Alexandoy]

We made a feasibility study in college of a simple business of retailing. From what I understand the feasibility study is full of research to dig the details of the business operation. It can greatly help a start up if the owner is new to the type of business. But if you are familiar then you may not need a feasibility study anymore.

 

[Sherman198]

Inorder to have an effective and smooth running of a business, you need to do a feasibility study. Feasibility study comprises of so many things which will help the business in the long run. Without this viable study, you may be opening your business at the wrong location, you may be producing the wrong products, you may wrongly be targeting the wrong traffics etc.....

 

[Lens1000]

If you start a company or business without a feasibility study, you are inviting danger to your the financial health of the business . The feasibility studies is like taking a dip look into the future of the business or better still , knowing whether the business will survive or not. It's a very important thing to do

 

[Deleted member 28127]

If you start a company or business without a feasibility study, you are inviting danger to your the financial health of the business . The feasibility studies is like taking a dip look into the future of the business or better still , knowing whether the business will survive or not. It's a very important thing to do

For many cases idea seems feasible however it is in reality not feasible because when you go to practice the idea you will find financial problem or law problem or for example lazy employee not doing well their work or for example unwanted loses like for example concurrent are selling less than you. For many cases idea seems hard or not feasible but when you practice it you find it with some difficulties but you finish by solve all problem and run your project hardly. So it varies. Predictions are not like practice.

 

[Josemendez]

The feasibility study is indeed a very important thing to consider before starting a business. Most times people think that having an idea is quite enough to make money from it , they forget that it comes with a lot of planning to make the idea fruitful .
People who carried out a business feasibility plan before starting their business most times succeed

 

[Josemendez]

The feasibility study is indeed a very important thing to consider before starting a business. Most times people think that having an idea is quite enough to make money from it , they forget that it comes with a lot of planning to make the idea fruitful .
People who carried out a business feasibility plan before starting their business most times succeed