A feasibility study aims to help you determine if a new product or service is viable. The methods used in a feasibility study should address critical questions. While focus groups and interviews are subjective, public-domain data and social media listening provide more objective information. Professional feasibility study consultants in UAE conduct several different types of feasibility studies. We will discuss these types below.
A cost-benefit analysis of a new project or idea can be very valuable. It allows you to evaluate the risks and benefits of the idea without bias and can help you simplify difficult business decisions. In addition to weighing the financial benefits and risks, it forces you to consider all costs, including intangible and indirect costs.
The cost-benefit analysis of a new project or idea can help you understand whether or not the project is feasible. The total costs should not exceed the benefits. In other words, you should not proceed unless you are sure it will bring in the desired results.
Market research feasibility studies come in different types. The first is exploratory, which involves asking the target audience open-ended questions to understand the problem better. It is conducted using a small sample of people and is usually conducted via interviews. The results of an exploratory study are used to formulate a demand model. The next type is specific, which is more precise and is designed to solve specific problems.
In feasibility studies, limited-efficacy testing is conducted to determine if a new intervention will be useful in addressing a particular social or health problem. This type of study is typically conducted before larger-scale evaluations. It helps identify potential obstacles to intervention and refine the design. It also helps reduce the likelihood of bias and threats to validity. Limitations in a health intervention can limit enthusiasm about implementing the intervention and thus may reduce the effectiveness of the intervention.
Managerial feasibility studies are used to determine the feasibility of a business proposal. They analyze different aspects of a project and consider whether it will be financially viable, meet business objectives, and meet the stakeholders’ requirements. Depending on the type of study, it may also consider the project’s impact on society, economy, or culture. This study aims to help the business owner decide if the project is worth the effort and investment.