The format of a feasibility study may vary in complexity from one proposal or problem to the next. In its most basic form, the feasibility study seeks to answer that question: " Is it feasible?" While the format for a study may change, it still offers a researched opinion on whether or not an idea will prosper. Most of the time, companies or individuals run feasibility studies to decide whether
. or not to proceed with a business opportunity, but they are also useful to evaluate solutions to problems. Despite the length and depth of a feasibility study, it will perform three basic tasks: break down the venture into its component parts, analyze those parts according to various metrics and then offer an educated opinion on the viability of the proposal.The website www.method123.com offers a feasibility study template for $9.95. According to the website, one may use the template to research problems or opportunities, identify possible alternatives, list risks involved in implementation, and finally declare the chosen method to proceed. In addition to these purposes, Method123 also packs the template with practical examples of the solution or problem, a diagram of feasibility assessments and tables to aid in drawing a final conclusion.Iowa State University's Extension and Outreach website at http://www.extension.iastate.edu/agdm/wholefarm/html/c5-65.html lists in more detail what a feasibility report should include. Evaluating Alternatives lies at the beginning of the components and works to flesh out the best possible solution before proceeding. The next new piece is the Pre-Feasibility Study. This step seeks to rule out going forward with the overall project early so as to save time and money before the true feasibility study goes forward. The final new piece to the puzzle here is the Market Assessment. Many good ideas may exist but that does not mean the market will support them. A common example of this comes from television. A show may be deemed " good" in that holds viewers' interest, but it may never garner enough support to continue.Lastly, the USDA has perhaps the most extensive format for a feasibility study. In this case, the USDA and other lenders may offer support to an idea only after a thorough feasibility study. For the USDA study, applicants must be able to prove feasibility in at least the following five areas: economic, market, technical, financial and management feasibility. Find definitions of these types of feasibility at the USDA's website: http://www.rurdev.usda.gov/or/biz/feasibility.pdf.More reference links: http://www.extension.iastate.edu/agdm/wholefarm/html/c5-65.html http://www.rurdev.usda.gov/or/biz/feasibility.pdf
