A feasibility study is an essential tool for ensuring the success of a project by providing critical information for decision-making, setting realistic goals, and identifying potential challenges and obstacles. Here are several reasons:

Assess viability: A feasibility study helps to determine whether a project is economically, technically, and legally feasible. This assessment helps to minimize the risks and uncertainties associated with the project by identifying potential challenges and providing recommendations for addressing them.

Identify potential problems: A feasibility study helps to identify potential problems or obstacles that may arise during the project, such as zoning restrictions, environmental concerns, or budget constraints. This information is essential in creating a realistic project plan and budget.

Set realistic goals: A feasibility study helps to set realistic goals for the project, such as the expected returns on investment, the project timeline, and the scope of work. This information helps to ensure that the project is achievable within the given resources and timeframe.

Secure financing: A feasibility study is often required by lenders and investors before providing financing for the project. The study provides a detailed analysis of the project’s potential returns and risks, which helps to mitigate the lender’s or investor’s risks and increase the likelihood of obtaining financing.

Guide decision-making: A feasibility study provides essential information for decision-making, such as whether to proceed with the project or not, what modifications need to be made to the project plan, and what resources are required to achieve the project goals.