What is a feasibility study in project management?

A feasibility study in project management serves as a critical tool for evaluating the project's viability. This involves a comprehensive assessment that addresses whether the proposed project can be successfully undertaken based on various factors, including technical, economic, legal, operational, and scheduling considerations. By conducting a feasibility study, project managers can identify potential challenges and opportunities, thereby informing decision-makers whether to proceed with the project or explore alternatives.

This process allows for the gathering of necessary data and insights to ensure that all aspects of the project are considered, ultimately guiding strategic planning and resource allocation. The focus on determining the practicality and likelihood of success makes this option the most accurate representation of what a feasibility study entails.