Prepare a detailed feasibility study discussing what is needed to complete a fea
ID: 393912 • Letter: P
Question
Prepare a detailed feasibility study discussing what is needed to complete a feasibility study for a new start up based on the template in Figure 3.1.
Include the following:
The Business Problem and Opportunity Statement
The Feasibility Study Requirements
Assumptions
Alternative ranking (as needed)
Conclusion/decision
Appendix (feasibility study) and references
Resource: Figure 3.1
Product/service feasibility Yes in all four areas Proceed with business plan Industry/Target Market feasibility Spending the time and resources necessary to move forward with the business idea depends on . . . Proposed business venture Organizational feasibility Drop or No in one or morerethink areas business idea Financial feasibilityExplanation / Answer
Answer:
Feasibility study for the below start up is as below based on above Figure.
Proposed Business Venture: For the feasibility study, we need to assess the proposed business venture and understand the business model we are planning to start. We need to have careful assessment for the business venture.
Time & Resource: We need to carry out the feasibility study by understanding the need of time and resources for the proposed business venture. We need to understand whether we will be able to devote this much time and resource for the upcoming business venture.
Product /Service Feasibility – As per the feasibility study we need to carry out the feasibility of the product and service so that we can review whether the product is feasible or not and its service falls under the feasibility category or not.
Industry Market feasibility: We need to carry out the feasibility of the target industry market to understand the demand and our capability is selling in the target market. Market feasibility is very essential and is a big impact on business decision.
Organizational Feasibility: We need to carry out the organizational feasibility which will assess whether the organization will be able to execute the business proposal with its time and resources.
Financial Feasibility: The financial feasibility is the top most critical feasibility as the project budget needs to be organized. We need to review the budget allotment for the project so that the project can be executed as per plan and does not suffer due to financial issues.
The Business Problem and Opportunity Statement : We need to define the business statement and opportunity statement for the proposed business, so that we are sure that what we are targeting as the business model.
Assumptions – We need to keep key assumptions that we will be able to compete in the market and we will be able to acquire key skill sets required for the proposed business model. Our organization will be able to allot the budget, time and resources for the proposed business.
Alternative ranking (as needed) –Ranking system can be used for the ranking the key feasibility inputs and can priorities the feasibility inputs based on the ranking of feasibility.
Conclusion/decision – based on the above feasibility study, we can conclude whether the proposed business model will be feasible for the organization or not feasible for the organization.