How to do a successful feasibility study for a project in just 5 steps
Before you begin any project you should be sure of the safety of this project, and identify any risks or losses you will bear if it fails, and here shows the importance of a successful feasibility study for a project, it is a full study of the idea of ??the project before it is actually implemented, Final feasibility study You will get your decision about your project if it works or not.
First: The meaning of a feasibility study for a project:
A feasibility study for a project is a study that you must do before you start to implement your project, whatever its size and type. The result is to answer two questions: First question: Can you implement your project, that is to say, accept implementation? If your answer is yes, go to the second question: How will you implement the project? What steps should you take to implement the project in detail? A project is a group of activities or activities that consume resources, in order to obtain a result.
Second: The importance of the feasibility study for the project:
The feasibility study of the project seeks to achieve many goals, namely: the development of different methods help you deal with your project in modern and sophisticated methods. It helps you understand terms related to economic projects, such as financial value terms, technical tools, or means of investment. A general case study of the market, which helps you to identify the volume of demand for things extracted from your project. Measure any effects of the project on you and on the economy in general, and contribute to your determination of your potential in your project continuation, or your choice of project instead. The selection and employment of individuals with experience in the field of economic projects, which will provide professional support for all stages of the implementation of your project.
Fourth: How to conduct a feasibility study for a successful project:
A successful feasibility study for a group of steps includes:
1. Thinking about creating a project:
By identifying all the needs in the whole environment surrounding your project, you should examine the needs of unsatisfied people in some people and target them through your project because your dependence on saturated needs may result in your project failing and not achieving its goal and success. For your project, and be different from any ideas for other projects, you must move away from your repetition of already existing project ideas, so it is very important to look for an idea of ??what any person thinks earlier.
2. Collection of economic data:
Economic data are simple data and do not require any significant cost or expense to compile, but the data may need to be analyzed accurately and in detail for the market you are targeting, and measure the supply and demand ratio, and competition from other projects. These data are designed to make sure that there are no major problems preventing you from actually implementing your project. Economic data include a key information package that provides full support for the project, such as how much people need it to what extent individuals need it in our community. The material needed by the project includes: money, staff, location such as building, office, shop or other locations, as well as the goods or materials you need to start your project. Your project starts at a small scale on a trial basis, then moves from stage to stage, growing to size, and it also happens with the profits you expect to achieve after all the stages of your project’s success. It will help you estimate the costs that you have allocated to your project, which depends primarily on your available owner’s head and your financial plan to implement all stages of your project, which helps you know the value of your expenses and revenue.
3. Develop some alternatives:
Is a stage whose purpose is to provide some alternatives that you can use instead of the rejected data, which are difficult to apply because of an economic, financial or investment constraint, and each data alternative must be equal to the same value of the data type But should be different from them in terms of their financial value or the method of their application in the economic feasibility study plan. They should be careful to evaluate the alternatives before and after implementation so as to ensure that they are in line with the project and that they will perform the required task.
4. Your application of the feasibility study results:
This is the last stage of a feasibility study. It decides whether or not this project is worth doing. This phase has more complete, final and detailed data and information and applies these steps: Study the market or the area of ??your project that you want to deal with . Consider all the project’s requirements and material requirements in detail by making a financial assessment of your project. Your staff and professionals in the areas of management, marketing, planning, accounting and others to gather the necessary information to calculate and analyze them accurately. Begin your project.
5. Important advice for the success of the feasibility study:
When you work to study the feasibility of a successful project you should not rush to implement; because failure in your project in the study on paper will be easier than failure during the implementation; because your failure on paper is less expensive material and you can correct the disadvantages of the project easily, has written many books and articles On the feasibility study, which has helped many investors to undertake a feasibility study for their projects.
Fifth: Steps to work a successful feasibility study for your project:
1. Prepare a plan:
The person responsible for the feasibility study should prepare a plan for all aspects of your different project and prepare alternative plans.
2. Recruit staff according to your need:
Some entrepreneurs hire engineers who have a lot of experience and are able to do a proper feasibility study for your project and are skilled in data analysis, but you have to trust the ability of these engineers to work efficiently before you authorize them to do the job.
3. Perform the study
Feasibility: When preparing and planning all the important points in the main project on paper here ends the role of the engineer in preparing for it and comes your turn to implement the plan in fact.
4. Write down the results of the feasibility study:
You should write down all the results until you reach them continuously and put them in a single report as the report will be the final result of the feasibility study of your project that you planned and prepared.
5. Provide staff with feasibility study of the project:
Feasibility study is not a hidden secret for employees because it will not achieve the purpose for which it has been prepared. Therefore, the project feasibility study should be published and distributed to employees to help them improve work performance and make appropriate and correct decisions.