1. ‘Feasibility’ is the study of the profitability, strengths, and weaknesses of an existing business or proposed venture while ‘viability’ is the study of the existing or proposed business’s profitability. ‘Viability’ deals with strategies on how to make the business grow and succeed.
What is a feasibility and viability study?
Put simply; a feasibility study looks at whether something can be done, while a viability study looks at whether it is worth doing. However, a growing number of feasibility studies today also include an analysis of the expected profitability of a project or idea.
What do you mean by viability study?
A Viability study is an in depth investigation of the profitability of the business idea to be converted into a business enterprise.
What does viable and feasible mean?
Feasible – “Possible and practical to do easily or conveniently.” Viable – “capable of working successfully; feasible.” For example; – “This is a very feasible way to do things” and “this is a very viable way to do things” are both correct.
How do you develop a viability study?
STEPS TO CONDUCTING A FEASIBILITY STUDY
- First, you want to outline the planned idea or action.
- Second, you should examine the market space and the commercial viability of the action.
- Third, you should examine the unique characteristics of the idea and whether they are strength or a weakness.
What should be included in a viability study?
Common areas under a viability study include studies on the market, technical aspects, business model, and management. Other aspects may also have inclusion in the analysis depending on the idea and potential for unsuccessful implementation.
What is viability in design?
The end goal of a Design Thinking work process is to create a solution that is desirable, feasible, and viable. This means that your product or solution should not only satisfy the needs of a user but be easy to implement and have a commercial model as well.
