Feasibility analysis - is a detailed study of the workability of the project, solution or any other process. It should be conducted before the implementation stage. Its aim is to detect wether given operation is more likely to be a success or a failure. The study covers different areas of the project, e.g. technical, financial, organisational or legal. The feasibility analysis should be conducted on internal level - focusing on the strengths and weaknesses of the executors which may influence the project, as well as on the external level - taking under consideration the external threats. The analysis methods and examined areas differ among the projects, however the feasibility study can be applied to all kids of proposals. The credibility of the study is of great importance, so as the outcomes are reliable and can be used in the decision making process further on. The results of feasibility study help to asses if the project is reasonable and should be finalised.
Bryce Tim, The Elements of a Good Feasibility Study, 2015