- July 18, 2022
- Posted by:
- Category: Business Guide
8 Steps and components in writing a feasibility report
WHAT IS A FEASIBILITY REPORT.
The term ‘feasibility’ can be defined as the degree of practicality or doability attached to a proposed subject matter. Hence, a feasibility report or study is a written piece aimed at providing a critical or detailed assessment regarding a given project. The term ‘project’ in this context could refer to a proposed or existing business venture, pressing issues in a natural environment, proposed resources required to embark on the actualization of an ideology and so on.
During the course of a feasibility study or report, the weaknesses and strengths of the proposed subject matter in the study are singled out and critically examined. Hence, the ultimate goal of a feasibility study is to ascertain whether or not the proposed project should be amended, embarked upon, redesigned or dropped entirely.
WHAT ARE THE BENEFITS OF A FEASIBILITY REPORT.
The key benefits of a feasibility report include:
- To ascertain the doability and practicality of the proposed project.
- It serves as a means of properly equipping the researcher or writer with adequate knowledge regarding the subject matter in the proposed project.
- It narrows down the business alternatives or plans revolving around the proposed project.
- It serves as a means of identifying the ideal strengths and weaknesses regarding a proposed project.
- It serves of ascertaining the entire decisions regarding the proposed project.
WHAT SHOULD BE INCLUDED IN A FEASIBILITY REPORT.
A well-structured feasibility report ought to include the following:
- Title Page
- Table of contents
- Executive Summary.
- Market feasibility.
- Technical feasibility.
- Financial feasibility.
- Organizational feasibility.
- Appendix and reference page.
The title page of a feasibility report is the first part of the report that a reader or an examiner sees. Thus, it ought to be written in a clear and uniform manner that will give the reader an insight into what the study is all about. Depending on the nature of the feasibility report, after the title comes the name of the project leader as well as other subsidiary members with their job titles.
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If it is in an academic setting, after the concise title of the study, the name of the student as well as the name of the lecturer as well as the field of study will be aptly stated. The date on which the study began and the date it ended ought to be included in the title page as well.
TABLE OF CONTENTS.
The general essence of a table of contents in any written piece is to give the reader a proper insight on the contents of the written piece and also provide an easier method of accessing the topics or subheadings curtailed in the piece. That is also the use of the table of contents in a feasibility study. In order to avoid unnecessary mistakes, the table of contents should be written after the feasibility study has been conducted.
The executive summary is the most important component of the feasibility report. This is so because it provides the readers with a summarized view of what the feasibility report is all about. Therefore, the executive summary ought to introduce the subject matter of the feasibility report, the essence of such introduction and a brief overview of the history surrounding the particular proposed research as well as a brief overview of the findings revolving around the subject matter of the proposed project.
Think of the executive summary in a feasibility report as the introductory part of a descriptive essay. Such type of essay will, first of all, provide the subject matter of the essay, a brief summary of it as well as the inclusion of the topic sentences of each paragraph. That is basically what the executive summary of a feasibility report entails.
Composing and including market feasibility depends entirely on the nature of the study or report. However, market feasibility, in a nutshell, is simply an estimation of the results conducted regarding the market situation of the proposed project. In other words, the market feasibility helps the readers to identify or ascertain the market competition of the subject matter as well as its subsidiary competition and entire market analysis.
Market feasibility commences with a brief overview of the history revolving around the emergence or growth of the proposed project followed by its current and future practices. After stating these, the writer can go ahead and identify the market standings of the proposed project. As fore mentioned in this section, this could include the market competition, analysis as well as general market overview of the proposed project.
This section is aimed at outlining the external or internal factors which influence either the growth or decrease of the proposed subject matter. It could include the availability or scarcity of singular items, the location of the subject matter and so on. The composition of this section also depends heavily on the nature of the subject matter.
The essence of technical feasibility in a feasibility study to provide a necessary foundation regarding the financial feasibility of the subject matter(also depending on the nature of the subject matter) and also to give both the readers and writer a basic understanding or insight regarding the subject matter.
The aim of this section is to outline the financial standings of the subject matter. This could include its gross net worth over the years, the total monetary input and output yearly as well as its assets and liabilities. The writer can also explain to the reader why the figures are the way it is, hence the findings from the technical feasibility section can be summarized and included in this section as well.
The financial feasibility section of a feasibility study serves as a means of convincing or discouraging the readers from venturing into the proposed project or ideology.
This section describes the ethical practices revolving around the proposed subject matter. It also varies depending on the nature of the feasibility study conducted. If it is a feasibility study about a particular business venture, the organizational feasibility in the study could commence with short biodata on the direct founders of the business as well as the procedures embarked upon by the venture as a means of maintaining ethics and general growth.
The essence of this section is to ascertain whether or not the current standing of the subject matter complements or supports it.
The conclusion of a feasibility report is the last part of the report. It ought to contain a brief summary of all the previous sections written in the report. Th writer should also highlight recommendations to alleviate or press further the issues revolving around the subject matter of the proposed project. If these recommendations are too much, the writer can create a chapter or a section for it before the conclusion.
APPENDIX AND REFERENCE PAGES.
The oxford dictionary defines an appendix as a section or table of subsidiary matter (additional note) situated at the end of a book or document. Hence, it is optional to the writer and beneficial to the reader. This is so because the appendix section might provide information about the feasibility report which the reader might find useful.
Regardless of whether or not an appendix section is included in the feasibility report, the writer must include a reference section. This is the total estimate of all the sources used as a basis for the writer’s research. A referencing section is not only restricted to books, other materials can be included, like an interview from a person or a portfolio about the subject matter or proposed project.
Indeed Career Guide(2021) How To Write Feasibility Studies. Retrieved from: