What is a primary goal of conducting a feasibility study?

Conducting a feasibility study primarily aims to evaluate the potential of a proposed project and its viability by considering various constraints such as technical, economic, legal, operational, and scheduling factors. This comprehensive assessment helps stakeholders understand whether the project is achievable and worth pursuing before committing significant resources.

During the feasibility study, various aspects are analyzed, including the market demand for the project's outcomes, available resources, potential return on investment, and any regulatory requirements that may impact the project. By performing this analysis upfront, organizations can make informed decisions, reducing the risk of project failure and ensuring that only viable projects move forward into the planning and implementation phases. This foundational step is crucial in strategic project management.