What is a project feasibility study?

A project feasibility study is fundamentally an analysis that assesses the practicality and viability of project proposals. This study evaluates multiple aspects, including technical feasibility, economic considerations, legal and regulatory issues, operational requirements, and scheduling constraints. The goal is to determine whether a project is workable and worth pursuing before significant resources are allocated.

By conducting a feasibility study, stakeholders can identify potential challenges and opportunities, making informed decisions about whether to proceed with the project, modify it, or abandon it altogether. This assessment not only helps in determining the likelihood of a project's success but also provides a foundation for developing a robust project plan.

The other choices focus on specific elements that may be part of project planning or management, but they do not encompass the broad scope of a feasibility study. Evaluating a project team's qualifications, summarizing project costs, or analyzing market trends are important activities, yet they are subsets of the comprehensive analysis provided by a feasibility study rather than its full definition.