Feasibility study in UAE is conducted for a wide variety of reasons. One of the most common reasons is a market research or market review. This type of study may be used by project managers in several ways. The primary purpose of conducting a feasibility study is to gain a competitive advantage. Market research and feasibility studies are conducted before major construction, operation and installation activities. Major projects often include an overall market analysis to determine the most cost-effective combination of technology, materials and labor.
Limitations of Feasibility Study:
An important limitation of feasibility studies is the incomplete knowledge of the project managers. It can be difficult to conduct a full preliminary analysis because of the complexity of the project. It is very important to try to cover as many of the important aspects of the system as possible. In some cases, there are inherent limitations of the system that are not revealed during the feasibility study.
The major limitation is that it cannot provide a complete picture of all the costs, timing, and other factors that affect the overall success or failure of the project. A good example of this is a preliminary analysis performed before hiring a management team. Management team members will spend months on interviewing prospective employees. With a feasibility study, the business scenarios that result can be determined more quickly.
Why Feasibility Study Should be a Top Priority: Some project managers believe that feasibility studies should be completely ignored by business owners. However, there are several good reasons for conducting such an assessment. It provides a baseline of the project’s feasibility. In addition, an effective contingency plan can be developed based on the initial findings. This allows project managers to take corrective measures before they have a negative outcome. Click now to know more about feasibility study.
How Feasibility Study is Important for Businesses: feasibility studies are not designed to replace the need for a comprehensive preliminary analysis. An effective strategic plan can be written using the results of a feasibility study. It is important to review all options available to you and take the necessary actions for your new business development.
Project managers can save a significant amount of time and money with a feasibility study. Moreover, a quality, unbiased overview of your new venture’s feasibility can guide your next decision making. You may find out the vital steps you need to take for your new venture by consulting with a reliable professional.