Feasibility refers to the extent to which something is practical or achievable. It can be evaluated on a scale ranging from easy to impossible, and can be assessed for any strategy, decision, or plan through the conduct of a feasibility study. A feasibility study is an evaluation of the potential success of a project, plan, or idea, and involves analyzing the resources, constraints, and risks associated with the project to determine whether it is likely to be successful. By conducting a feasibility study, businesses and organizations can make more informed decisions about whether to pursue a particular course of action, and can identify any potential challenges or issues that may need to be addressed in order to increase the likelihood of success. The following are common types of feasibility.
Something that is literally impossible based on first principles in areas such as physics, chemistry, biology or economics.
Something that is impossible based on the capabilities of a particular tool, machine, system or platform. Technical feasibility also includes the question of whether a solution can be found that meets requirements or solves a technical problem.
The realistic limits of an organization based on its current capabilities and culture. For example, something that is feasible for your strongest competitor may not be feasible for you.
Access to the skills required to execute a plan.
The ability to secure resources such as procurement of parts.
The ability to pull things together such as people, facilities and supplies such that everything is where it needs to be at the right time.
Financial feasibility is mostly about cost and benefits. A project may be prohibitively expensive or may have an unattractive return on investment.
Market conditions such as the demand for a product or service in a particular city.
The potential for competition to disrupt your plans. For example, it may be feasible to launch an improved product but it may not be feasible to launch it before the competition improves their product.
The needs, preferences and knowledge of a customer base, target market or target audience. For example, the feasibility of migrating banking customers to self-service tools.
Legal risk and compliance to laws and regulations.
The feasibility of meeting a deadline or completing something fast enough to meet your objectives.
The feasibility of a design. For example, a feasibility study to test new materials for an aircraft design.
The feasibility of day-to-day processes. For example, the feasibility of operating an unusually large aircraft at airports around the world.