4ENTP002W : Creating New Business - Westminster Business School

‘A Business Feasibility Study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem. The Business Feasibility Study is used to support the decision-making process based on a cost benefit analysis of the actual business or project viability. The feasibility study is conducted during the deliberation phase of the business development cycle prior to commencement of a formal Business Plan. It is an analytical tool that includes recommendations and limitations, which are utilized to assist the decision-makers when determining if the Business Concept is viable’.