Feasibility

Feasibility is the practical assessment of a plan or project, determining whether it is capable of being accomplished successfully, considering factors such as technical capabilities, financial resources, market demand, legal and regulatory constraints, and social acceptability. It involves analyzing all relevant aspects to ascertain if the proposed endeavor is realistic, viable, and worth pursuing, and often includes examining potential risks, benefits, and associated costs to support informed decision-making. The ultimate goal is to evaluate the likelihood of a project's success.

Feasibility meaning with examples

• The company conducted a thorough market analysis to assess the feasibility of launching its new product line. They researched consumer demand, competitor analysis, and potential distribution channels to gauge if their venture was likely to succeed. This rigorous evaluation helped them determine if the project was practically achievable within their budget and timeline and minimize the risk of failure, supporting their goal of successful market entry.
• Before investing in a solar power plant, the government commissioned a detailed feasibility study. The study included evaluating solar resource availability, land acquisition costs, and environmental impact. The project's financial models predicted rates of return and payback periods to determine if the construction was economically viable and aligned with their long-term energy goals, assessing its practicality.
• Engineers evaluated the feasibility of constructing a new bridge across a wide river. They analyzed soil conditions, the necessary span, the construction materials, and traffic projections. They had to make sure the materials were available and could be safely secured. Assessing the structural integrity and environmental impact determined if the project was technically possible and met safety requirements, minimizing project risk and maximizing utility.
• A non-profit organization examined the feasibility of opening a community center in a low-income neighborhood. They assessed the availability of funding, the existing needs of residents, and potential community support. To evaluate the possibility of the undertaking's success, they also considered building and staffing costs to ensure it was practically achievable and served community members' requirements. The assessment prioritized social benefit.
• Researchers studied the feasibility of developing a new vaccine for a rare disease. Their project included assessing the scientific viability of the approach, the availability of the necessary resources, and the regulatory hurdles. They examined the efficacy and safety through clinical trials, to determine if the venture's goals of creating the vaccine were practically attainable and met healthcare regulations, to meet safety regulations.