What Are Feasibility Studies?

Three people standing going over Feasibility Studies

In the field of technical writing, technical writers are assigned to create a wide range of documents, from white papers to business plans, user manuals, and so much more. Today we will discuss another type of document technical writers often create called feasibility studies. In this post, we will briefly talk about what it is and the value it brings to any business venture.

What are feasibility studies?

A feasibility study is a document that describes how well you will succeed or fail at a new business plan or project. Depending on the type of business venture you pursue a feasibility study may include the following key information:

  • Technology – Technological resources are very much needed for your project. It determines if your organization meets the requirements. 
  • Constraints – Identify what challenges your organization may face when executing your plan.
  • Legality – Organizations will have to ensure business plans and projects are compliant with the laws and regulations within their respective industries.
  • Finances – Businesses will need to assess and take into consideration the cost of completing a proposed business plan or project.
  • Schedule – Organize your time with a schedule. Incorporate a timeframe to assess how long a project will take. Also, have plans if operations do not go as planned.
  • Methodology – The course of action needed to complete the plan or project.
  • Solutions/Recommendations – This section will aid in the decision process and determine what is best for the company and its objectives. This may include listing the best solutions or recommendations to the problem. There may be a recommendation not to pursue a business venture because it offers no value to the company.

The Value of a Feasibility Study

Feasibility studies are important because they break down the logistics of a project. This will work before an organization fully commits to it. As a result, businesses save a lot of time, money, and resources if they decide to pursue it or not. Furthermore, it helps businesses assess any problems to figure out a course of action to be successful.

Conclusion

A feasibility study is an essential technical document all organizations need to determine whether their business venture is worth pursuing. With a feasibility study, the decision-making process is easier than ever and most importantly, the insight businesses obtain from a feasibility study ensures only successful investments.

How Can EDC Help?

If you are looking to develop feasibility studies that detail the logistics of any technology, product, or service, EDC has professional technical writers that can make high-quality documents to reduce the risk of failure and help you with the opportunities that fit your operational needs.

Whether you need a team of consultants to produce a complete line of documentation or a single technical writer for a brief project, Essential Data’s Engagement Manager will lead the project from start to finish. At Essential Data Corporation, the quality of our work is guaranteed. Contact us today to get started. (800) 221-0093 or sales@edc.us

Written by Kimberly Jones

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