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Why
Why
The purpose of a feasibility analysis (or feasibility study) is to evaluate if the project is actually possible to do.
When
When
When you have defined your idea, business model and budgets you should start checking the feasibility.
However, it would make sense to check things like the technical feasibility as soon as you are settled on your idea - or even before.
How
How
First of all identify the potential barriers to succeeding with your project. Some typical topics can be:
- Financial - do your numbers look good and are they realistic?
- Schedule - can you deliver fast enough etc.?
- Technical - can the innovation be made and will it work?
- Market - will you succeed in the market?
- Regulations and standards - can you live up to laws, regulations and standards?
- Organizational - do you have the people and organization to succeed?
- Operations - will you be able to overcome the challenges of daily operations?
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