What Is a Feasibility Report?

A feasibility report is a form of documentation assessing the potential solutions to a specific problem or opportunity. It also classifies which of these recommendations are feasible for further analysis and study. It is a testimony that attempts to get a sort of response. The report helps determine whether or not a particular task is possible with the number of available resources or the need to add resources to complete the plan. These documents are beneficial in various situations and businesses relating to event planning, financing, and even remodeling a structure. Utilizing feasibility reports help sway the decision-making body from one idea to another. It usually starts with a single course of action, but it is essential to have a backup plan, opposed to having only one. A feasibility report is also interchangeable with a feasibility study.

According to a study regarding the feasibility of recruitment and data collection regarding nurses and their use of mobile devices, handoff data collection was acceptable to nurses, with 60 to 80 respondents agreeing to use the mobile devices. The study concludes that the results show that the research protocol is feasible.

Elements of a Feasibility Report

If you are planning on creating a feasibility report, the first thing to remember is the content. Knowing what components the report contains reduces any unnecessary information that will lengthen the process of identifying the solution to a project or plan. It is also necessary to tailor your study depending on the course of the initial project plan. Each feasibility report contains the following elements.

Introduction: The purpose of the introduction is to persuade the decision-maker to consider various alternatives, convincing them that your report and its content is worth reading. It is also advisable to indicate what the sponsors gain by considering your proposed plan.Project Scope: The project scope defines the business problem or opportunity needing immediate attention. In saying this, the project scope must be comprehensive and suitable. Including lengthy narratives and statements serves a minimal purpose in the discussion and can only lead to further confusion. Your project scope also defines the project participants and end-users directly and indirectly affected by the project. It is also necessary to include project sponsors if there are any. A clear project scope produces a reliable feasibility report.Current Analysis: The method evaluates the present arrangement of implementation relating to new products or systems. The purpose of the analysis is to discover the strengths and weaknesses of the existing approach. By identifying the flaws of the system, you can distinguish the adjustments and improvements instead of restarting. The current analysis also helps to identify the pros and cons of the system or product that can help save time and resources in the long run. The figures and findings from the investigation must be on record for future reference.Requirements: The definition of requirements depends on the objective of the study. For example, the requirements for a particular product vary from the requirements of a process. In a feasibility study, defining your requirements accurately and precisely is a critical element in the accuracy of your feasibility report.Approach: The approach represents the appropriate solution or action to satisfy the requirements of the report. There are multiple procedures to reach the requirements, and you can choose which one you think works best. Remember to select the approach that will save time and resources but is still as effective. In terms of finalizing your option, it is critical to ask if the strategy meets the underlying requirements of the report and if it is the most viable and realistic option. Evaluation: The evaluation portion of the report analyzes the cost-effectiveness of the approach you plan to execute and the total cost of the plan or project. There are multiple approaches listed earlier in the paper, and each one needs evaluation for comparative data. Once there is a finality in the total cost estimates, the report must feature an evaluation and cost summary. The information will then be an attachment to the cost-benefit analysis and the return of investments.Review: Upon the completion of all the parts of the report, it is collated into a feasibility report and subject to a formal review. The purpose of the inspection is to verify the accuracy and authenticity of the report to make a final decision. It is during the review that there is approval, rejection, or revision of the feasibility study. Once the document is for approval, the involved parties sign to make the document true, valid, and applicable.

Types of a Feasibility Study

Once a final feasibility study is available, you can create a report of the data and findings. It is crucial to remember that there are various types of feasibility reports, and it is advantageous to know each one. Having this knowledge helps in future studies of various plans and projects.

Technical Feasibility: Technical feasibility focuses on the technical resources available in an organization.  The study aims to determine if the technical systems are working properly and if the team handling these systems is capable of managing them into working performance. It also requires hardware and software evaluations, along with other technical requirements for a real working system.Economic Feasibility: Technical feasibility focuses on technical resources, economic feasibility centers on the cost analysis or benefit analysis of an organization. It helps to determine the validity of costs and benefits of a project before monetary allocation ensues. Economic feasibility serves as a supplementary study to help in project assessments and project authenticity and credibility. The document helps make decisions for positive economic benefits that will assist in company growth.Legal Feasibility: Legal feasibility concentrates on the legal requirements of a proposed project, relating to statutory, local, and state laws that cover data protection, social media, or zoning. A feasibility study helps determine whether the proposed plan violates statutes that can be costly to the organization’s time and resources.Operational Feasibility: The study focuses on analyzing and determining whether and how well the plan’s application meets the business’ needs upon its completion. Aside from that, it also measures how the system satisfies the emphasized requirements during the analysis period of the project development.Scheduling Feasibility: This study centers on the timeline of a project. It determines whether the proposed term is enough for the completion of the plan. Through the scheduling feasibility, the organization can estimate the project period. Creating a visual roadmap is also helpful in this study as it visualizes different phases for the project.

How to Create a Feasibility Report

Regardless of the length or scope of your feasibility report, it is essential to consider the proper way of creating the document. It is helpful for organizations to know the guidelines to help make a credible feasibility report. Project managers are mostly responsible for writing a feasibility report, but it is convenient to gain an insight on it as possible. Below are steps you can use to write a coherent feasibility report.

Step 1: Deeply Understand the Problem

You cannot start collecting information if you do not comprehend the question presented before you. It is wise to gain a full understanding of your problem first and foremost. Start by going through the details and instructions on a topic, especially if you have not encountered it in the past. It is also advisable to narrow down the topics of a research question by focusing on the organization’s problem. The questions a business presents need sufficient research materials, whether the topic is simple or complex.

Step 2: Construct a Proper Introduction

As with any feasibility report, you have to provide alternate solutions to an organization’s problem. Identifying viable yet realistic alternatives for your introduction makes your sponsor read through your report, not only making it interesting but also successful. The purpose of the introduction is to hold your client’s attention for your proposed ideas to his problem, and constructing a strong introduction makes sure they read through it.

Step 3: Indicate the Background Information and the Project Description

Describing your background information and project description tells your readers that you understand their problem. It is also necessary that your client easily understand the details you provide. Some of your readers might not know what you’re trying to convey if your words are jargon or hifalutin. It is critical to keep your content meaningful, at the same time, keeping your words easily comprehensible.

Step 4: Emphasize the Purpose of the Feasibility Report

In taking on constructing a feasibility report, you emphasize providing viable solutions to your client’s problems. As such, you have to present your readers with clear solutions to their problems. It is vital to focus on one problem at a time before you go on listing solutions for the next questions. A comprehensive feasibility report also takes into consideration the needs of its audience. After providing clear solutions to their problems, you can finally elaborate on the steps and requirements you have to initiate the plan.

Step 5: Define Possible and Reliable Evaluation Criteria

Having a set criterion help with assessing your findings and find possible conclusions for the report. Remember that each report comes with unique requirements, depending on the objective of your study, and this is a critical portion of your document. The basis of the evaluation criteria must stem from the pieces of evidence collated during the research because it supports your theories with feasible proof.

Step 6: Follow the Appropriate Format for Your Report

Finally, you have to adhere and check if you followed all the necessary formatting conditions for the report’s construction. It is best to look back on these standards several times, guaranteeing you have a grasp on the idea. Aside from that, it is vital for you to proofread your work; ensure there are no grammatical errors, spelling mistakes, and punctuation discrepancies. This helps your report to be easily readable.

FAQs

What is the objective of a feasibility report?

The objective of constructing a feasibility report is to determine if a particular action plan produces anticipated results. It also evaluates if the plan will work and if it is economically enforceable. Another objective of the feasibility report is to show the results of the actions through an evaluation process to confirm the viability of a plan to produce the expected outcomes.

What is the importance of conducting feasibility reports?

For one, feasibility reports determine the viability of your vision. In creating a landscape of your vision and including the role of customers and your competition, you can view the likelihood of attaining your idea. Feasibility studies also help you determine your goals and objectives because it clarifies the goals you have to achieve for your project to be successful. It also enables you to formulate a plan. Through conducting feasibility reports, you provide the information you need to have a clear understanding of the next steps to take. Since you understand how everything works, you now have the opportunity to execute your idea.

How do you know if your arguments are necessary and appropriate?

When deciding if your study is essential, it is necessary to identify your audience or your reader. In a professional setting, an organization expects your argument or study to focus on the organization’s goals and needs, their future, and their growth. It is also necessary for your audience to know your criteria in terms of creating the study. It is critical to make your study reasonable, relating it with your planned implementation or the change you foresee happening. It is also appropriate to include data and facts in your study. Remember to include your sources and that they must be reliable. This is important because your audience will want to have credible references within the industry.

In any industry, planning and constructing feasibility reports are helpful before executing an action plan. Through collecting credible sources and insights, you can formulate an effective feasibility report that can help achieve an organization’s goals and objectives. The report gives a rationale of the study following the recommendations and suggestions given by the decision-makers. In the words of Rene Descartes, “Divide each difficulty into as many parts as is feasible and necessary to resolve it.” Guarantee that your company produces a comprehensive feasibility study by using and downloading the feasibility report samples available above.