What is the purpose of a feasibility study?

The purpose of a feasibility study is to determine the viability of a proposed project or solution. This involves evaluating various factors such as technical feasibility, economic viability, legal requirements, operational needs, and scheduling. By conducting a feasibility study, stakeholders can identify potential risks and challenges that may affect the project's success while also understanding the resources required and the likelihood of achieving desired outcomes. This thorough analysis helps in making informed decisions about whether to move forward with the project, revise it, or abandon it altogether.

Other options do not align with the primary focus of a feasibility study. Analyzing the effectiveness of previous projects is related to performance evaluation rather than assessing new proposals. Assessing stakeholder satisfaction pertains to understanding stakeholders' views on ongoing or concluded projects instead of examining the prospective outcome of new initiatives. Developing project timelines and schedules is more about project planning and execution rather than exploring the feasibility or practicality of the project concept itself.