What is Feasibility?

What is Feasibility?

What is Feasibility? Jonathan Poland

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.

Fundamental
Something that is literally impossible based on first principles in areas such as physics, chemistry, biology or economics.

Technical
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.

Organizational
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.

Skills
Access to the skills required to execute a plan.

Resources
The ability to secure resources such as procurement of parts.

Logistical
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
Financial feasibility is mostly about cost and benefits. A project may be prohibitively expensive or may have an unattractive return on investment.

Markets
Market conditions such as the demand for a product or service in a particular city.

Competition
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.

Customers
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
Legal risk and compliance to laws and regulations.

Schedule
The feasibility of meeting a deadline or completing something fast enough to meet your objectives.

Design
The feasibility of a design. For example, a feasibility study to test new materials for an aircraft design.

Operational
The feasibility of day-to-day processes. For example, the feasibility of operating an unusually large aircraft at airports around the world.

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Business is the lifeblood of progress and you are the driving force regardless of where you fit in the value chain. People drive profit by bringing useful products and services to market. Profit drives progress by allowing the best ideas to emerge and the best investments to win.

This is the cycle of capital that moves the world forward and that’s why I started Key Bridge, a private membership for the pursuit of profit and progress, a platform for building better assets, tackling global challenges, and advancing the greater good.

Key Bridge

People. Profit. Progress.

Business is the lifeblood of progress and you are the driving force regardless of where you fit in the value chain. People drive profit by bringing useful products and services to market. Profit drives progress by allowing the best ideas to emerge and the best investments to win.

This is the cycle of capital that moves the world forward and that’s why I started Key Bridge, a private membership for the pursuit of profit and progress, a platform for building better assets, tackling global challenges, and advancing the greater good.