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• How to conduct a feasibility study: Tem ...

How to conduct a feasibility study: Templates and examples

Conducting a feasibility study is an important step in successful project management. By evaluating the viability of a proposed project, a feasibility study helps you identify potential challenges and opportunities, ensuring you make informed decisions. In this guide, we’ll walk you through how to conduct a feasibility study with practical templates and real-world examples, designed for project managers seeking to optimize their project planning process.

It can be exciting to run a large, complex project that has a huge potential impact on your organization. On the one hand, you’re driving real change. On the other hand, failure is intimidating. 

What is a feasibility study? 

A feasibility study—sometimes called a feasibility analysis or feasibility report—is a way to evaluate whether or not a project plan could be successful. A feasibility study evaluates the practicality of your project plan in order to judge whether or not you’re able to move forward with the project. 

It does so by answering two questions: 

Does our team have the required tools or resources to complete this project? 

Will there be a high enough return on investment to make the project worth pursuing? 

Benefits of conducting a feasibility study

There are several key benefits to conducting a feasibility study before launching a new project:

Confirms market opportunities and the target market before investing significant resources

Identifies potential issues and risks early on

Provides in-depth data for better decision making on the proposed project's viability

Creates documentation on expected costs and benefits, including financial analysis

Obtains stakeholder buy-in by demonstrating due diligence

Feasibility studies are important for projects that represent significant investments for your business. Projects that also have a large potential impact on your presence in the market may also require a feasibility assessment. 

As the project manager , you may not be directly responsible for driving the feasibility study, but it’s important to know what these studies are. By understanding the different elements that go into a feasibility study, you can better support the team driving the feasibility study and ensure the best outcome for your project.

When should you conduct a feasibility analysis?

A feasibility study should be conducted after the project has been pitched but before any work has actually started. The study is part of the project planning process. In fact, it’s often done in conjunction with a SWOT analysis or project risk assessment , depending on the specific project. 

Feasibility studies help: 

Confirm market opportunities before committing to a project

Narrow your business alternatives

Create documentation about the benefits and disadvantages of your proposed initiative

Provide more information before making a go-or-no-go decision

You likely don’t need a feasibility study if:

You already know the project is feasible

You’ve run a similar project in the past

Your competitors are succeeding with a similar initiative in market

The project is small, straightforward, and has minimal long-term business impact

Your team ran a similar feasibility analysis within the past three years

One thing to keep in mind is that a feasibility study is not a project pitch. During a project pitch, you’re evaluating whether or not the project is a good idea for your company and whether the goals of the project are in line with your overall strategic plan. Typically, once you’ve established that the project is a good idea, you'll run a feasibility study to confirm that the project is possible with the tools and resources you have at your disposal. 

Types of feasibility studies

There are five main types of feasibility studies: technical feasibility, financial feasibility, market feasibility (or market fit), operational feasibility, and legal feasibility. Most comprehensive feasibility studies will include an assessment of all five of these areas.

Technical feasibility

A technical feasibility study reviews the technical resources available for your project. This study determines if you have the right equipment, enough equipment, and the right technical knowledge to complete your project objectives . For example, if your project plan proposes creating 50,000 products per month, but you can only produce 30,000 products per month in your factories, this project isn’t technically feasible. 

Financial feasibility

Financial feasibility describes whether or not your project is fiscally viable. A financial feasibility report includes a cost-benefit analysis of the project. It also forecasts an expected return on investment (ROI) and outlines any financial risks. The goal at the end of the financial feasibility study is to understand the economic benefits the project will drive. 

Market feasibility

The market feasibility study is an evaluation of how your team expects the project’s deliverables to perform in the market. This part of the report includes a market analysis, a market competition breakdown, and sales projections.

Operational feasibility

An operational feasibility study evaluates whether or not your organization is able to complete this project. This includes staffing requirements, organizational structure, and any applicable legal requirements. At the end of the operational feasibility study, your team will have a sense of whether or not you have the resources, skills, and competencies to complete this work. 

Legal feasibility

A legal feasibility analysis assesses whether the proposed project complies with all relevant legal requirements and regulations. This includes examining legal and regulatory barriers, necessary permits, licenses, or certifications, potential legal liabilities or risks, and intellectual property considerations. The legal feasibility study ensures that the project can be completed without running afoul of any laws or incurring undue legal exposure for the organization.

Feasibility assessment checklist

Most feasibility studies are structured in a similar way. These documents serve as an assessment of the practicality of a proposed business idea. Creating a clear feasibility study helps project stakeholders during the decision making process. 

The essential elements of a feasibility study are: 

An executive summary describing the project’s overall viability

A description of the product or service being developed during this project

Any technical considerations , including technology, equipment, or staffing

The market survey , including a study of the current market and the marketing strategy 

The operational feasibility study evaluates whether or not your team’s current organizational structure can support this initiative

The project timeline

Financial projections based on your financial feasibility report

6 steps to conduct a feasibility study

You likely won’t be conducting the feasibility study yourself, but you will probably be called on to provide insight and information. To conduct a feasibility study, hire a trained consultant or, if you have an in-house project management office (PMO) , ask if they take on this type of work. In general, here are the steps they’ll take to complete this work: 

1. Run a preliminary analysis

Creating a feasibility study is a time-intensive process. Before diving into the feasibility study, it’s important to evaluate the project for any obvious and insurmountable roadblocks. For example, if the project requires significantly more budget than your organization has available, you likely won’t be able to complete it. Similarly, if the project deliverables need to be live and in the market by a certain date but won’t be available for several months after that, the project likely isn’t feasible either. These types of large-scale obstacles make a feasibility study unnecessary because it’s clear the project is not viable.

2. Evaluate financial feasibility

Think of the financial feasibility study as the projected income statement for the project. This part of the feasibility study clarifies the expected project income and outlines what your organization needs to invest—in terms of time and money—in order to hit the project objectives. 

During the financial feasibility study, take into account whether or not the project will impact your business's cash flow. Depending on the complexity of the initiative, your internal PMO or external consultant may want to work with your financial team to run a cost-benefit analysis of the project. 

3. Run a market assessment

The market assessment, or market feasibility study, is a chance to identify the demand in the market. This study offers a sense of expected revenue for the project and any potential market risks you could run into. 

The market assessment, more than any other part of the feasibility study, is a chance to evaluate whether or not there’s an opportunity in the market. During this study, it’s critical to evaluate your competitor’s positions and analyze demographics to get a sense of how the project will go. 

4. Consider technical and operational feasibility

Even if the financials are looking good and the market is ready, this initiative may not be something your organization can support. To evaluate operational feasibility, consider any staffing or equipment requirements this project needs. What organizational resources—including time, money, and skills—are necessary in order for this project to succeed? 

Depending on the project, it may also be necessary to consider the legal impact of the initiative. For example, if the project involves developing a new patent for your product, you will need to involve your legal team and incorporate that requirement into the project plan.

5. Review project points of vulnerability

At this stage, your internal PMO team or external consultant have looked at all four elements of your feasibility study—financials, market analysis, technical feasibility, and operational feasibility. Before running their recommendations by you and your stakeholders, they will review and analyze the data for any inconsistencies. This includes ensuring the income statement is in line with your market analysis. Similarly, now that they’ve run a technical feasibility study, are any liabilities too big of a red flag? (If so, create a contingency plan !) 

Depending on the complexity of your project, there won’t always be a clear answer. A feasibility analysis doesn’t provide a black-and-white decision for a complex problem. Rather, it helps you come to the table with the right questions—and answers—so you can make the best decision for your project and for your team.

6. Propose a decision

The final step of the feasibility study is an executive summary touching on the main points and proposing a solution. 

Depending on the complexity and scope of the project, your internal PMO or external consultant may share the feasibility study with stakeholders or present it to the group in order to field any questions live. Either way, with the study in hand, your team now has the information you need to make an informed decision.

Feasibility study examples

To better understand the concepts behind feasibility assessments, here are two hypothetical examples demonstrating how these studies can be applied in real-world scenarios.

Example 1: New product development

A consumer goods company is considering launching a new product line. Before investing in new product development, they conduct a feasibility study to assess the proposed project.

The feasibility study includes:

Market research to gauge consumer interest, assess competitor offerings, and estimate potential market share for the target market.

Technological considerations, including R&D requirements, production processes, and any necessary patents or certifications.

In-depth financial analysis projects sales volumes, revenue, costs, and profitability over a multi-year period.

Evaluation of organizational readiness, including the skills of the current management team and staff to bring the new product to market.

Assessment of legal feasibility to ensure compliance with regulations and identify any potential liability issues.

The comprehensive feasibility study identifies a promising market opportunity for the new business venture. The company decides to proceed with the new project, using the feasibility report as a template for their business development process. The study helps secure funding from key decision-makers, setting this start-up product initiative up for success.

Example 2: Real estate development deal

A property developer is evaluating the feasibility of purchasing land for a new residential community. They commission a feasibility study to determine the viability of this real estate development project.

The feasibility assessment covers:

Detailed analysis of the local housing market, including demand drivers, comparable properties, pricing, and absorption rates.

Site planning to assess the property's capacity, constraints, and technological considerations.

In-depth review of legal feasibility, including zoning, permitting, environmental regulations, and other potential legal hurdles.

Financial analysis modeling various development scenarios and estimating returns on investment.

Creation of an opening day balance sheet projecting the assets, liabilities, and equity for the proposed project.

Sensitivity analysis to evaluate the impact of changes in key assumptions on the project's scope and profitability.

The feasibility study concludes that while the real estate start-up is viable, it carries significant risk. Based on these findings, the developer makes an informed decision to move forward, but with a revised project's scope and a phased approach to mitigate risk. The comprehensive feasibility analysis proves critical in guiding this major investment decision.

Which phase of the project management process involves feasibility studies?

Feasibility studies are a key part of the project initiation and planning phases. They are typically conducted after a project has been conceptualized but before significant resources are invested in detailed planning and execution.

The purpose of a feasibility assessment is to objectively evaluate the viability of a proposed project, considering factors such as technical feasibility, market demand, financial costs and benefits, legal requirements, and organizational readiness. By thoroughly assessing these aspects, a feasibility study helps project stakeholders make an informed go-or-no-go decision.

While feasibility studies are a critical tool in the early stages of project management, they differ from other planning documents like project charters, business cases, and business plans. Here's a closer look at these key differences:

Feasibility study vs. project charter

A project charter is a relatively informal document to pitch your project to stakeholders. Think of the charter as an elevator pitch for your project objectives, scope, and responsibilities. Typically, your project sponsor or executive stakeholders review the charter before ratifying the project. 

A feasibility study should be implemented after the project charter has been ratified. This isn’t a document to pitch whether or not the project is in line with your team’s goals—rather, it’s a way to ensure the project is something you and your team can accomplish.

Feasibility study vs. business case

A business case is a more formalized version of the project charter. While you’d typically create a project charter for small or straightforward initiatives, you should create a business case if you are pitching a large, complex initiative that will make a major impact on the business. This longer, more formal document will also include financial information and typically involve more senior stakeholders. 

After your business case is approved by relevant stakeholders, you'll run a feasibility study to make sure the work is doable. If you find it isn’t, you might return to your executive stakeholders and request more resources, tools, or time in order to ensure your business case is feasible.

Feasibility study vs. business plan

A business plan is a formal document outlining your organization’s goals. You typically write a business plan when founding your company or when your business is going through a significant shift. Your business plan informs a lot of other business decisions, including your three- to five-year strategic plan . 

As you implement your business and strategic plan, you’ll invest in individual projects. A feasibility study is a way to evaluate the practicality of any given individual project or initiative.

Achieve project success with Asana

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Feasibility Study Blueprint for Project Success & Beyond

Discover the power of feasibility studies and learn how to create a strong project blueprint. Explore the steps, examples, and benefits of feasibility studies.

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Imagine investing time, effort, and capital into a project only to realize it's rotten with flaws and limitations. The consequences can be detrimental, ranging from financial setbacks to damaged reputations.

Enter the feasibility study — an indispensable tool to evaluate your project and any risks. A feasibility study helps plan flawless products and services and address limitations early.

In this blueprint, we explore the power of feasibility studies and unveil the steps for creating one. We'll guide you through the principles and best practices and show you examples.

Let's jump right in.

What is a feasibility study?

A feasibility study looks at a project’s potential before spending resources.

Consider it a detective’s investigation that uncovers potential problems you could face and if it’s worth it.

The key parts of a feasibility study include:

• Analyzing the project's technical needs
• Checking if it makes financial sense
• Identifying risks and challenges
• And considering any legal or rule-related factors

Let’s say your new business venture is to open a gym. Here; a feasibility study would involve the following:

• Examining the location
• Estimating the initial investment required
• Analyzing the target market
• Assessing competition

It'd also consider factors like zoning regulations, environmental impact, and potential risks.

When do you need a feasibility study?

A feasibility study happens before starting work on a project to assess its viability. However, let’s first focus on situations outside of project management where a feasibility study comes into play.

Entrepreneurs use feasibility studies to decide if their new business or product ideas are realistic and can be done. These studies are also called business plans in this setting.

In construction, a feasibility study is a part of valuing the practicality of projects. They use it to identify  resources needed vs. available , the overall cost, and return on investment (ROI).

Feasibility studies are also common in market entry strategies. Here they study market conditions, competition, and user stories.

In these scenarios, they can also fulfill the role of an investment proposal tool or a  plan of action  to guide ventures later.

When do you need a feasibility study in project management?

In project management, you should do the feasibility study after pitching the project but before starting.

‎In project management, feasibility studies help highlight whether the project aligns with the business’s  goals . It also helps them to see if they can accomplish the goals within the given constraints.

In Agile project management, feasibility studies may differ, but the purpose remains the same. For  Agile  feasibility studies, the focus is more concentrated and lightweight than in traditional methodologies. They are carried out before the initial project iteration and then done as the project progresses.

However, in certain projects and situations, a feasibility study isn’t necessary. These are:

• If the project is of a trivial or mundane nature.
• When the project has extensive research and validity behind it.

What benefits are there with a feasibility study?

Other than the stated advantage of clarity before tackling a project, this study has many other benefits. Let's explore these advantages a little deeper.

Risk reduction:  Feasibility studies help spot potential risks and challenges early on.

Efficient use of resources:  Doing a feasibility study lets managers see how they might use resources. And whether the resources needed would be made available. They can then plan the resource allocation (once the ball gets rolling).

Smart decision-making:  This research can give you the knowledge you need to make wise project choices in the future.

Financial planning:  Feasibility studies help managers ‌estimate costs, predict income, and check ROI.

Meeting rules:  Feasibility studies look at a project's legal and compliance aspects (often overlooked). Doing this early instead of at a product launch can save countless headaches.

It helps gain support from important stakeholders:  Showing them a well-thought-out plan will help you to gain their confidence and set their expectations early.

4 types of feasibility studies

Feasibility studies come in 4 different types, each geared at helping you know what you are getting into.

‎Let's explore the four main types.

Financial feasibility

A financial feasibility study determines whether a project is financially viable and can make enough profit. It looks at the costs, revenues, and financial implications of the whole project.

Let's look at an example financial feasibility study for a new Italian restaurant. It’d center around the costs of ingredients, rent, equipment, and employee salaries and compare them to projected profit.

Market feasibility

Market feasibility studies assess the potential market demand and acceptance for a product or service. They examine market size, customer preferences, competition, and market trends.

For instance, a market feasibility study for the restaurant might analyze the demand for similar cuisine. They could study consumer preferences for Italian dishes and preferred pricing. Doing this will also help the restaurant avoid overstocking products (ingredients) because they can anticipate the level of demand.

Technical feasibility

Technical feasibility studies determine the likelihood of success from a technical perspective. They assess factors like available technology, required resources, and technical expertise.

Let’s continue with the restaurant example and see how the technical study looks. The study will check if launching the restaurant is possible within the specified timeframe. It will also check if the necessary stoves are available and if the head chef has the required cooking skills.

Operational feasibility

Operational feasibility determines whether businesses can implement the project within themselves. It examines available resources, required skills, and existing infrastructure.

Let’s imagine the restaurant is planning to introduce a delivery service. The study would assess if the restaurant has enough staff for delivery (or would outsource it) and if the kitchen can handle additional orders. It can also check if the planned POS system can integrate with the delivery platform.

Conduct a feasibility study in 8 steps

Next up, let’s look at how to conduct a complete feasibility study. We’ve broken down the general process into eight steps, which you can apply across most industries.

1. Gather the data (pre-analysis)

Gathering relevant data and information is a prerequisite for a successful feasibility study.

Here, you focus on collecting the necessary facts and details to analyze and use in the study later. Focus on data that applies to the four types of feasibility studies and gather the information you need for each of those.

You can gather primary data by conducting firsthand surveys, interviews, or observations. You can also get secondary data from existing sources like reports, databases, or industry publications.

Using both sources gives you a more comprehensive understanding of the project's feasibility.

2. Conduct market analysis

Now let’s go over the bases you need to cover for a market analysis:

• Explore market aspects such as size, trends, customer preferences, and competition.
• Examine current market statistics to understand the potential demand for your product or service.
• Evaluate the competitive landscape to identify existing players and their strategies.

‎For your market feasibility study to be successful, your product or service should be competitive. Your business should also be able to match ‌current market demand (or scale to meet them).

3. Evaluate technical feasibility

Next, assess the technical feasibility of the project requirements and constraints.

Consider factors such as:

• Available technology

Then specify if the required infrastructure and tools are in place or if more is needed. Ask questions like, what impact does missing a few staff have on output and sales? How much downtime can you afford because of technical problems?

Also, use this study to examine potential solutions if needed. For example, can you afford another hire if you don’t have enough staff? How long will it take? Is there a way to avoid delays? Can upskilling a few staff help?

4. Perform financial analysis

Next, evaluate the projected costs, potential revenue streams, and ROI.

Then compare ‌the above against funding sources, timeline, and budget.

5. Assess legal and regulatory factors

Next, evaluate the legal and regulatory aspects that may impact your project's feasibility.

Consider compliance requirements, permits, licenses, and any potential legal obstacles. Try to find reliable outside sources if the need arises to help you do this. It would be a shame if your product or service goes to market only to fail because of poor compliance.

6. Analyze environmental and social impacts

In this step, you should check the environmental and social impact of your proposed business.

‎Think about the project’s influence on environmental regulations and corporate social responsibility. Consider things like resource usage, garbage control and their effect on the public.

7. Identify and evaluate risks

Next, we identify, evaluate, and plan for potential risks and challenges.

Why do a risk analysis in a feasibility study? The answer is that sometimes risks can be too big to take (and cause project failure).

8. Summarize findings and recommendations

Finally, it's time to summarize and give recommendations.

Make the summary concise, as you might use it to give insights to stakeholders and decision-makers.

Let’s use our Italian restaurant example again and assume you conducted a feasibility study. After all the evaluations, you found a high demand for the proposed cuisine. The necessary resources and expertise are available, and the financial projections indicate profitability. However, you did identify the risk of stiff competition in the local area. Based on this, you recommend that the restaurant strategize ways to differentiate itself from competitors.

Examples of feasibility studies

Let’s explore a couple of examples to show you the power of the feasibility study.

Marketing feasibility study

We will illustrate a situation where a firm plans to introduce a new type of product to the market.

To assess  technical feasibility , they analyze factors like software tools and hardware infrastructure.

For  operational feasibility , they determine if they can execute the marketing plan. They check factors like experienced staff availability,  capacity , and potential operational challenges.

In the  financial study , the company would analyze projected costs and potential revenue streams. They consider production, marketing, and ad costs and assess the expected ROI.

For the  market study , they research the audience, trends, and competitors.

Software development feasibility study

Let us shift our focus and contemplate an alternative situation. This organization makes new software for task management and want to know if their new app is a good idea.

In the  technical analysis , they evaluate if they possess the necessary software engineers, coding dialects, and software applications.

For  operational feasibility , they think about staff training, the potential impact on existing systems, and ease of integration.

In the  financial study , they analyze costs such as hiring programmers and ongoing maintenance. They also assess potential revenue streams like software licensing fees or subscriptions.

For the  market study , they research the target market and the competitors.

Motion helps with feasibility studies

Motion is a project management tool that can boost the effectiveness and precision of your feasibility assessment.

The app can help you construct an organized timeline for your studies. With a clear timeline, you can better analyze and plot out the feasibility of the project before doing it.

‎Motion has color-coded tasks and events to track the progress of your feasibility study. It can also manage and track the progress of various tasks and subtasks in your feasibility study.

‎Motion's collaboration features can help coordinate work among team members. It can also share calendars, schedule meetings, and allocate resources for you.

It also has time-blocking features to allocate dedicated time for focused work, analysis, and research.

Sign up now for your  7-day free trial  of Motion.

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What Is a Feasibility Study: Step-by-Step Guide

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Key takeaways

• A feasibility study is an essential analytical tool that evaluates the viability of a proposed project on multiple fronts, such as financials, technical requirements, and market demand.
• Conducted during the project initiation phase, this type of study serves as an early checkpoint to identify potential roadblocks and assess risks.
• Feasibility studies act as the first line of defense against project failure, saving time, money, and resources.

What is a feasibility study?

A feasibility study is an analytical tool used to evaluate the practicality of a proposed project or business idea. It assesses various factors such as financial viability, technical requirements, legal constraints, and market demand. The study aims to answer the question “Are the goals of this project realistically attainable?” by examining data, studies, and other relevant information.

A feasibility study is a crucial step to take before diving into any project and is generally performed during the project initiation phase of project management . It helps identify potential roadblocks, assess risks, and estimate resource allocation; skipping this step can lead to project failure, wasted resources, and financial losses.

Feasibility studies represent one of the many intricacies of project planning . Understanding the other requirements of this crucial step can give you a well-rounded view of how to set your project up for success.

Steps to conduct a feasibility study

Successfully executing a project hinges on thorough planning and risk assessment. Following this step-by-step guide for conducting a feasibility study will help you meticulously evaluate the viability of your project from the outset.

Step 1: Conduct preliminary analysis

This is where you take a good, hard look at your project to determine whether it’s worth pursuing. At this stage, you should also decide if a more detailed feasibility study is necessary.

A few key criteria usually come into play during this initial assessment. First, consider a general sense of the market demand for your project, the resources you have at your disposal, and some ballpark figures for initial costs. If it’s difficult to get clear estimates, it may be worthwhile to invest additional time and resources in a more comprehensive feasibility study. If no significant roadblocks pop up in this preliminary analysis, then you have the green light to proceed.

Some project management software includes useful features that can help you efficiently collect and organize all this data. These features can be very helpful in decision-making, especially when you’re looking at multiple variables.

Step 2: Create a projected income statement

This vital component of the feasibility study involves forecasting the income, expenses, and profitability associated with the proposed project. The projected income statement is akin to peering into a financial crystal ball to see how the numbers might align.

There are several approaches you can take to assess a project’s financial impact. Historical data and industry benchmarks, for example, can serve as reliable guides. These projections are important for assessing financial feasibility and making informed decisions.

The significance of these forecasts cannot be overstated — they help stakeholders understand the project’s potential ROI and ultimately make the go/no-go decision for the project.

Step 3: Survey the market

The market survey stage involves rolling up your sleeves to gather valuable data and insights about your target market(s) and audience(s). Think of it as your project’s reconnaissance mission: You’re scouting the terrain to understand what you’re getting into.

To start, you’ll want to learn your customers’ preferences to see if your project will fulfill a need or solve a problem they currently face. For example, a software company’s research might reveal customer demand for a new feature that aligns with the project’s goals.

Also consider if your project is timely and whether it will make a significant impact now or in the near future, depending on emerging market trends. It may be useful to conduct competitor research as well; knowing what and who you’re up against can help stakeholders decide whether you should move forward with the project and, if so, how you will approach it.

Surveys and interviews are ideal for firsthand quantitative and qualitative data. However, don’t underestimate the power of existing market reports. This preexisting data can offer a broad market landscape view, helping you make data-driven decisions. You can also leverage other research and data collection methods, such as focus groups and publicly available databases like Statista and the U.S. Census Bureau .

Step 4: Review and analyze the data

With all of the necessary information in hand, use tools like a SWOT analysis to evaluate the project’s strengths, weaknesses, opportunities, and threats. A risk assessment is another go-to method that can help you identify potential pitfalls that could derail your project.

At this point in the feasibility study, weigh key metrics and indicators like projected ROI, milestone dates, market penetration rates, and possible vulnerabilities. These gauges, when reviewed in tandem, paint a broader picture of your project’s viability and value.

Step 5: Determine the next steps

Use your research-backed analysis to decide whether the project you’ve proposed is the best way to address the problems it intends to address. If the metrics are favorable and the risks are manageable, you should feel confident advancing to the planning phase. Too many red flags, however, may mean you need to go back to the drawing board.

Here’s a little tech tip to make this decision easier: Many project management software dashboards can compile your key metrics and findings neatly in one visual package. It’s like having a project feasibility snapshot right at your fingertips, which makes it much easier for stakeholders to understand important data and make informed decisions.

Types of feasibility studies

There are different types of feasibility studies that each focus on a unique aspect of projects and project planning . By understanding the nuances of each, you’ll become better equipped to make well-informed decisions, mitigate risks, and ultimately steer your project toward success.

Technical feasibility

Technical feasibility digs into the nuts and bolts of the project. You’re looking at what kind of technology you’ll need, whether it’s available, and if it can be integrated into your current systems. It’s like checking if you have all the ingredients you need before cooking a specific recipe.

Economic feasibility

This study is all about the money — how much the project will cost and what kinds of economic or profitability benefits it will bring forth. With an economic feasibility study, you’re most often doing a cost-benefit analysis to see if the financials add up in your favor. It’s like weighing the pros and cons but in dollar signs. 

Legal feasibility

This is your legal checkpoint. You’re looking at any laws or regulations that might create risks or restrict your project. This feasibility study could also involve checking compliance with industry-specific or regional regulations.

Operational feasibility

An operational feasibility study will help you see how the project fits into your current operations and operational goals and resources. After completing this type of study, you should know if your project will require new workflows and if your team can handle project tasks alongside their current workloads.

This study also evaluates whether the organization has the expertise to accomplish all project goals.

Scheduling feasibility

This feasibility study is all about time. You’re considering how long the project will take and whether you can afford any delays. Gantt charts , a feature commonly found in project management software, can be convenient in this type of study.

These visual timelines allow you to map out the entire project schedule, set milestones, and identify potential bottlenecks. You can also easily see if your project’s timeline is realistic or if you need to make adjustments to avoid delays.

Feasibility study examples

Feasibility studies add value to the project lifecycle across diverse industries. With each of these examples, the feasibility study is a critical preliminary step to identify potential roadblocks and assess the likelihood of project success.

Construction

A construction project feasibility study might focus on land evaluation, zoning laws, and material costs to determine if a new housing development is viable. In this example, the study helps avoid legal snags and ensure profitable land use.

A healthcare feasibility study may assess the demand for a new medical facility in a specific location by looking at factors like local population health statistics and existing healthcare infrastructure. This type of research helps determine whether a new facility would serve the community appropriately and utilize resources effectively.

Information technology

An IT feasibility study might analyze the technical requirements, cost, and market demand for a new software application to understand whether the development effort would offer a reasonable return on investment. This information helps project teams avoid sinking time and money into software that no one wants or needs.

Free feasibility study template

Download our feasibility study template for free:

Why are feasibility studies crucial in project management?

In project management, feasibility studies help you gauge whether your project is a go or a no-go, saving you time, money, and a lot of headaches in the long run. But it’s not just about giving your project a thumbs-up or down.

Feasibility studies are also invaluable for decision-making and risk assessment. They provide the data and insights you need to make informed choices. Whether it’s deciding on the project scope, budget, or timeline, these studies offer a comprehensive view of what you’re up against.

Plus, feasibility studies help you identify potential roadblocks and risks, allowing you to prepare effective contingency plans. Operating with a feasibility study as your project’s foundation is like giving your team both a roadmap and a weather forecast to help you better navigate your project journey.

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• Open access
• Published: 31 October 2020

Guidance for conducting feasibility and pilot studies for implementation trials

• Nicole Pearson   ORCID: orcid.org/0000-0003-2677-2327 1 , 2 ,
• Patti-Jean Naylor 3 ,
• Maureen C. Ashe 5 ,
• Maria Fernandez 4 ,
• Sze Lin Yoong 1 , 2 &
• Luke Wolfenden 1 , 2  

Pilot and Feasibility Studies volume  6 , Article number:  167 ( 2020 ) Cite this article

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Implementation trials aim to test the effects of implementation strategies on the adoption, integration or uptake of an evidence-based intervention within organisations or settings. Feasibility and pilot studies can assist with building and testing effective implementation strategies by helping to address uncertainties around design and methods, assessing potential implementation strategy effects and identifying potential causal mechanisms. This paper aims to provide broad guidance for the conduct of feasibility and pilot studies for implementation trials.

We convened a group with a mutual interest in the use of feasibility and pilot trials in implementation science including implementation and behavioural science experts and public health researchers. We conducted a literature review to identify existing recommendations for feasibility and pilot studies, as well as publications describing formative processes for implementation trials. In the absence of previous explicit guidance for the conduct of feasibility or pilot implementation trials specifically, we used the effectiveness-implementation hybrid trial design typology proposed by Curran and colleagues as a framework for conceptualising the application of feasibility and pilot testing of implementation interventions. We discuss and offer guidance regarding the aims, methods, design, measures, progression criteria and reporting for implementation feasibility and pilot studies.

Conclusions

This paper provides a resource for those undertaking preliminary work to enrich and inform larger scale implementation trials.

Peer Review reports

The failure to translate effective interventions for improving population and patient outcomes into policy and routine health service practice denies the community the benefits of investment in such research [ 1 ]. Improving the implementation of effective interventions has therefore been identified as a priority of health systems and research agencies internationally [ 2 , 3 , 4 , 5 , 6 ]. The increased emphasis on research translation has resulted in the rapid emergence of implementation science as a scientific discipline, with the goal of integrating effective medical and public health interventions into health care systems, policies and practice [ 1 ]. Implementation research aims to do this via the generation of new knowledge, including the evaluation of the effectiveness of implementation strategies [ 7 ]. The term “implementation strategies” is used to describe the methods or techniques (e.g. training, performance feedback, communities of practice) used to enhance the adoption, implementation and/or sustainability of evidence-based interventions (Fig. 1 ) [ 8 , 9 ].

Conceptual role of implementation strategies in improving intervention implementation and patient and public health outcomes

While there has been a rapid increase in the number of implementation trials over the past decade, the quality of trials has been criticised, and the effects of the strategies for such trials on implementation, patient or public health outcomes have been modest [ 11 , 12 , 13 ]. To improve the likelihood of impact, factors that may impede intervention implementation should be considered during intervention development and across each phase of the research translation process [ 2 ]. Feasibility and pilot studies play an important role in improving the conduct and quality of a definitive randomised controlled trial (RCT) for both intervention and implementation trials [ 10 ]. For clinical or public health interventions, pilot and feasibility studies may serve to identify potential refinements to the intervention, address uncertainties around the feasibility of intervention trial methods, or test preliminary effects of the intervention [ 10 ]. In implementation research, feasibility and pilot studies perform the same functions as those for intervention trials, however with a focus on developing or refining implementation strategies, refining research methods for an implementation intervention trial, or undertake preliminary testing of implementation strategies [ 14 , 15 ]. Despite this, reviews of implementation studies appear to suggest that few full implementation randomised controlled trials have undertaken feasibility and pilot work in advance of a larger trial [ 16 ].

A range of publications provides guidance for the conduct of feasibility and pilot studies for conventional clinical or public health efficacy trials including Guidance for Exploratory Studies of complex public health interventions [ 17 ] and the Consolidated Standards of Reporting Trials (CONSORT 2010) for Pilot and Feasibility trials [ 18 ]. However, given the differences between implementation trials and conventional clinical or public health efficacy trials, the field of implementation science has identified the need for nuanced guidance [ 14 , 15 , 16 , 19 , 20 ]. Specifically, unlike traditional feasibility and pilot studies that may include the preliminary testing of interventions on individual clinical or public health outcomes, implementation feasibility and pilot studies that explore strategies to improve intervention implementation often require assessing changes across multiple levels including individuals (e.g. service providers or clinicians) and organisational systems [ 21 ]. Due to the complexity of influencing behaviour change, the role of feasibility and pilot studies of implementation may also extend to identifying potential causal mechanisms of change and facilitate an iterative process of refining intervention strategies and optimising their impact [ 16 , 17 ]. In addition, where conventional clinical or public health efficacy trials are typically conducted under controlled conditions and directed mostly by researchers, implementation trials are more pragmatic [ 15 ]. As is the case for well conducted effectiveness trials, implementation trials often require partnerships with end-users and at times, the prioritisation of end-user needs over methods (e.g. random assignment) that seek to maximise internal validity [ 15 , 22 ]. These factors pose additional challenges for implementation researchers and underscore the need for guidance on conducting feasibility and pilot implementation studies.

Given the importance of feasibility and pilot studies in improving implementation strategies and the quality of full-scale trials of those implementation strategies, our aim is to provide practice guidance for those undertaking formative feasibility or pilot studies in the field of implementation science. Specifically, we seek to provide guidance pertaining to the three possible purposes of undertaking pilot and feasibility studies, namely (i) to inform implementation strategy development, (ii) to assess potential implementation strategy effects and (iii) to assess the feasibility of study methods.

A series of three facilitated group discussions were conducted with a group comprising of the 6 members from Canada, the U.S. and Australia (authors of the manuscript) that were mutually interested in the use of feasibility and pilot trials in implementation science. Members included international experts in implementation and behavioural science, public health and trial methods, and had considerable experience in conducting feasibility, pilot and/ or implementation trials. The group was responsible for developing the guidance document, including identification and synthesis of pertinent literature, and approving the final guidance.

To inform guidance development, a literature review was undertaken in electronic bibliographic databases and google, to identify and compile existing recommendations and guidelines for feasibility and pilot studies broadly. Through this process, we identified 30 such guidelines and recommendations relevant to our aim [ 2 , 10 , 14 , 15 , 17 , 18 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 ]. In addition, seminal methods and implementation science texts recommended by the group were examined. These included the CONSORT 2010 Statement: extension to randomised pilot and feasibility trials [ 18 ], the Medical Research Council’s framework for development and evaluation of randomised controlled trials for complex interventions to improve health [ 2 ], the National Institute of Health Research (NIHR) definitions [ 39 ] and the Quality Enhancement Research Initiative (QUERI) Implementation Guide [ 4 ]. A summary of feasibility and pilot study guidelines and recommendations, and that of seminal methods and implementation science texts, was compiled by two authors. This document served as the primary discussion document in meetings of the group. Additional targeted searches of the literature were undertaken in circumstances where the identified literature did not provide sufficient guidance. The manuscript was developed iteratively over 9 months via electronic circulation and comment by the group. Any differences in views between reviewers was discussed and resolved via consensus during scheduled international video-conference calls. All members of the group supported and approved the content of the final document.

The broad guidance provided is intended to be used as supplementary resources to existing seminal feasibility and pilot study resources. We used the definitions of feasibility and pilot studies as proposed by Eldridge and colleagues [ 10 ]. These definitions propose that any type of study relating to the preparation for a main study may be classified as a “feasibility study”, and that the term “pilot” study represents a subset of feasibility studies that specifically look at a design feature proposed for the main trial, whether in part of in full, that is being conducted on a smaller scale [ 10 ]. In addition, when referring to pilot studies, unless explicitly stated otherwise, we will primarily focus on pilot trials using a randomised design. We focus on randomised trials as such designs are the most common trial design in implementation research, and randomised designs may provide the most robust estimates of the potential effect of implementation strategies [ 46 ]. Those undertaking pilot studies that employ non-randomised designs need to interpret the guidance provided in this context. We acknowledge, however, that using randomised designs can prove particularly challenging in the field of implementation science, where research is often undertaken in real-world contexts with pragmatic constraints.

We used the effectiveness-implementation hybrid trial design typology proposed by Curran and colleagues as the framework for conceptualising the application of feasibility testing of implementation interventions [ 47 ]. The typology makes an explicit distinction between the purpose and methods of implementation and conventional clinical (or public health efficacy) trials. Specifically, the first two of the three hybrid designs may be relevant for implementation feasibility or pilot studies. Hybrid Type 1 trials are those designed to test the effectiveness of an intervention on clinical or public health outcomes (primary aim) while conducting a feasibility or pilot study for future implementation via observing and gathering information regarding implementation in a real-world setting/situation (secondary aim) [ 47 ]. Hybrid Type 2 trials involve the simultaneous testing of both the clinical intervention and the testing or feasibility of a formed implementation intervention/strategy as co-primary aims. For this design, “testing” is inclusive of pilot studies with an outcome measure and related hypothesis [ 47 ]. Hybrid Type 3 trials are definitive implementation trials designed to test the effectiveness of an implementation strategy whilst also collecting secondary outcome data on clinical or public health outcomes on a population of interest [ 47 ]. As the implementation aim of the trial is a definitively powered trial, it was not considered relevant to the conduct of feasibility and pilot studies in the field and will not be discussed.

Embedding of feasibility and pilot studies within Type 1 and Type 2 effectiveness-implementation hybrid trials has been recommended as an efficient way to increase the availability of information and evidence to accelerate the field of implementation science and the development and testing of implementation strategies [ 4 ]. However, implementation feasibility and pilot studies are also undertaken as stand-alone exploratory studies and do not include effectiveness measures in terms of the patient or public health outcomes. As such, in addition to discussing feasibility and pilot trials embedded in hybrid trial designs, we will also refer to stand-alone implementation feasibility and pilot studies.

An overview of guidance (aims, design, measures, sample size and power, progression criteria and reporting) for feasibility and pilot implementation studies can be found in Table 1 .

Purpose (aims)

The primary objective of hybrid type 1 trial is to assess the effectiveness of a clinical or public health intervention (rather than an implementation strategy) on the patient or population health outcomes [ 47 ]. Implementation strategies employed in these trials are often designed to maximise the likelihood of an intervention effect [ 51 ], and may not be intended to represent the strategy that would (or could feasibly), be used to support implementation in more “real world” contexts. Specific aims of implementation feasibility or pilot studies undertaken as part of Hybrid Type 1 trials are therefore formative and descriptive as the implementation strategy has not been fully formed nor will be tested. Thus, the purpose of a Hybrid Type 1 feasibility study is generally to inform the development or refinement of the implementation strategy rather than to test potential effects or mechanisms [ 22 , 47 ]. An example of a Hybrid Type 1 trial by Cabassa and colleagues is provided in Additional file 1 [ 52 ].

In Hybrid Type 2 trial designs, there is a dual purpose to test: (i) the clinical or public health effectiveness of the intervention on clinical or public health outcomes (e.g. measure of disease or health behaviour) and (ii) test or measure the impact of the implementation strategy on implementation outcomes (e.g. adoption of health policy in a community setting) [ 53 ]. However, testing the implementation strategy on implementation outcomes may be a secondary aim in these trials and positioned as a pilot [ 22 ]. In Hybrid Type 2 trial designs, the implementation strategy is more developed than in Hybrid Type 1 trials, resembling that intended for future testing in a definitive implementation randomised controlled trial. The dual testing of the evidence-based intervention and implementation interventions or strategies in Hybrid Type 2 trial designs allows for direct assessment of potential effects of an implementation strategy and exploration of components of the strategy to further refine logic models. Additionally, such trials allow for assessments of the feasibility, utility, acceptability or quality of research methods for use in a planned definitive trial. An example of a Hybrid Type 2 trial design by Barnes and colleagues [ 54 ] is included in Additional file 2 .

Non-hybrid pilot implementation studies are undertaken in the absence of a broader effectiveness trial. Such studies typically occur when the effectiveness of a clinical or public health intervention is well established, but robust strategies to promote its broader uptake and integration into clinical or public health services remain untested [ 15 ]. In these situations, implementation pilot studies may test or explore specific trial methods for a future definitive randomised implementation trial. Similarly, a pilot implementation study may also be undertaken in a way that provides a more rigorous formative evaluation of hypothesised implementation strategy mechanisms [ 55 ], or potential impact of implementation strategies [ 56 ], using similar approaches to that employed in Hybrid Type 2 trials. Examples of potential aims for feasibility and pilot studies are outlined in Table 2 .

For implementation feasibility or pilot studies, as is the case for these types of studies in general, the selection of research design should be guided by the specific research question that the study is seeking to address [ 57 ]. Although almost any study design may be used, researchers should review the merits and potential threats to internal and external validity to help guide the selection of research design for feasibility/pilot testing [ 15 ].

As Hybrid Type 1 trials are primarily concerned with testing the effectiveness of an intervention (rather than implementation strategy), the research design will typically employ power calculations and randomisation procedures at the health outcome level to measure the effect on behaviour, symptoms, functional and/or other clinical or public health outcomes. Hybrid Type 1 feasibility studies may employ a variety of designs usually nested within the experimental group (those receiving the intervention and any form of an implementation support strategy) of the broader efficacy trial [ 47 ]. Consistent with the aims of Hybrid Type 1 feasibility and pilot studies, the research designs employed are likely to be non-comparative. Cross-sectional surveys, interviews or document review, qualitative research or mix methods approaches may be used to assess implementation contextual factors, such as barriers and enablers to implementation and/or the acceptability, perceived feasibility or utility of implementation strategies or research methods [ 47 ].

Pilot implementation studies as part of Hybrid Type 2 designs can make use of the comparative design of the broader effectiveness trial to examine the potential effects of the implementation strategy [ 47 ] and more robustly assess the implementation mechanisms, determinants and influence of broader contextual factors [ 53 ]. In this trial type, mixed method and qualitative methods may complement the findings of between group (implementation strategy arm versus comparison) quantitative comparisons, enable triangulation and provide more comprehensive evidence to inform implementation strategy development and assessment. Stand-alone implementation feasibility and pilot implementation studies are free from the constraints and opportunities of research embedded in broader effectiveness trials. As such, research can be designed in a way that best addresses the explicit implementation objectives of the study. Specifically, non-hybrid pilot studies can maximise the applicability of study findings for future definitive trials by employing methods to directly test trial methods such as recruitment or retention strategies [ 17 ], enabling estimates of implementation strategies effects [ 56 ] or capturing data to explicitly test logic models or strategy mechanisms.

The selection of outcome measures should be linked directly to the objectives of the feasibility or pilot study. Where appropriate, measures should be objective or have suitable psychometric properties, such as evidence of reliability and validity [ 58 , 59 ]. Public health evaluation frameworks often guide the choice of outcome measure in feasibility and pilot implementation work and include RE_AIM [ 60 ], PRECEDE_PROCEED [ 61 ], Proctor and colleagues framework on outcomes for implementation research [ 62 ] and more recently, the “Implementation Mapping” framework [ 63 ]. Recent work by McKay and colleagues suggests a minimum data set of implementation outcomes that includes measures of adoption, reach, dose, fidelity and sustainability [ 46 ]. We discuss selected measures below and provide a summary in Table 3 [ 46 ]. Such measures could be assessed using quantitative or qualitative or mixed methods [ 46 ].

Measures to assess potential implementation strategy effects

In addition to assessing the effects of an intervention on individual clinical or public health outcomes, Hybrid Type 2 trials (and some non-hybrid pilot studies) are interested in measures of the potential effects of an implementation strategy on desired organisational or clinician practice change such as adherence to a guideline, process, clinical standard or delivery of a program [ 62 ]. A range of potential outcomes that could be used to assess implementation strategy effects has been identified, including measures of adoption, reach, fidelity and sustainability [ 46 ]. These outcomes are described in Table 2 , including definitions and examples of how they may be applied to the implementation component of innovation being piloted. Standardised tools to assess these outcomes are often unavailable due to the unique nature of interventions being implemented and the variable (and changing) implementation context in which the research is undertaken [ 64 ]. Researchers may collect outcome data for these measures as part of environmental observations, self-completed checklists or administrative records, audio recording of client sessions or other methods suited to their study and context [ 62 ]. The limitations of such methods, however, need to be considered.

Measures to inform the design or development of the implementation strategy

Measures informing the design or development of the implementation strategy are potentially part of all types of feasibility and pilot implementation studies. An understanding of the determinants of implementation is critical to implementation strategy development. A range of theoretical determinant frameworks have been published which describe factors that may influence intervention implementation [ 65 ], and systematic reviews have been undertaken describing the psychometric properties of many of these measures [ 64 , 66 ]. McKay and colleagues have also identified a priority set of determinants for implementation trials that could be considered for use in implementation feasibility and pilot studies, including measures of context, acceptability, adaptability, feasibility, compatibility, cost, culture, dose, complexity and self-efficacy [ 46 ]. These determinants are described in Table 3 , including definitions and how such measures may be applied to an implementation feasibility or pilot study. Researchers should consider, however, the application of such measures to assess both the intervention that is being implemented (as in a conventional intervention feasibility and pilot study) and the strategy that is being employed to facilitate its implementation, given the importance of the interaction between these factors and implementation success [ 46 ]. Examples of the potential application of measures to both the intervention and its implementation strategies have been outlined elsewhere [ 46 ]. Although a range of quantitative tools could be used to measure such determinants [ 58 , 66 ], qualitative or mixed methods are generally recommended given the capacity of qualitative measures to provide depth to the interpretation of such evaluations [ 40 ].

Measures of potential implementation determinants may be included to build or enhance logic models (Hybrid Type 1 and 2 feasibility and pilot studies) and explore implementation strategy mechanisms (Hybrid Type 2 pilot studies and non-hybrid pilot studies) [ 67 ]. If exploring strategy mechanisms, a hypothesized logic model underpinning the implementation strategy should be articulated including strategy-mechanism linkages, which are required to guide the measurement of key determinants [ 55 , 63 ]. An important determinant which can complicate logic model specification and measurement is the process of adaptation—modifications to the intervention or its delivery (implementation), through the input of service providers or implementers [ 68 ]. Logic models should specify components of implementation strategies thought to be “core” to their effects and those which are thought to be “non-core” where adaptation may occur without adversely impacting on effects. Stirman and colleagues propose a method for assessing adaptations that could be considered for use in pilot and feasibility studies of implementation trials [ 69 ]. Figure 2 provides an example of some of the implementation logic model components that may be developed or refined as part of feasibility or pilot studies of implementation [ 15 , 63 ].

Example of components of an Implementation logic model

Measures to assess the feasibility of study methods

Measures of implementation feasibility and pilot study methods are similar to those of conventional studies for clinical or public health interventions. For example, standard measures of study participation and thresholds for study attrition (e.g. >20%) rates [ 73 ] can be employed in implementation studies [ 67 ]. Previous studies have also surveyed study data collectors to assess the success of blinding strategies [ 74 ]. Researchers may also consider assessing participation or adherence to implementation data collection procedures, the comprehension of survey items, data management strategies or other measures of feasibility of study methods [ 15 ].

Pilot study sample size and power

In effectiveness trials, power calculations and sample size decisions are primarily based on the detection of a clinically meaningful difference in measures of the effects of the intervention on the patient or public health outcomes such as behaviour, disease, symptomatology or functional outcomes [ 24 ]. In this context, the available study sample for implementation measures included in Hybrid Type 1 or 2 feasibility and pilot studies may be constrained by the sample and power calculations of the broader effectiveness trial in which they are embedded [ 47 ]. Nonetheless, a justification for the anticipated sample size for all implementation feasibility or pilot studies (hybrid or stand-alone) is recommended [ 18 ], to ensure that implementation measures and outcomes achieve sufficient estimates of precision to be useful. For Hybrid type 2 and relevant stand-alone implementation pilot studies, sample size calculations for implementation outcomes should seek to achieve adequate estimates of precision deemed sufficient to inform progression to a fully powered trial [ 18 ].

Progression criteria

Stating progression criteria when reporting feasibility and pilot studies is recommended as part of the CONSORT 2010 extension to randomised pilot and feasibility trials guidelines [ 18 ]. Generally, it is recommended that progression criteria should be set a priori and be specific to the feasibility measures, components and/or outcomes assessed in the study [ 18 ]. While little guidance is available, ideas around suitable progression criteria include assessment of uncertainties around feasibility, meeting recruitment targets, cost-effectiveness and refining causal hypotheses to be tested in future trials [ 17 ]. When developing progression criteria, the use of guidelines is suggested rather than strict thresholds [ 18 ], in order to allow for appropriate interpretation and exploration of potential solutions, for example, the use of a traffic light system with varying levels of acceptability [ 17 , 24 ]. For example, Thabane and colleagues recommend that, in general, the outcome of a pilot study can be one of the following: (i) stop—main study not feasible (red); (ii) continue, but modify protocol—feasible with modifications (yellow); (iii) continue without modifications, but monitor closely—feasible with close monitoring and (iv) continue without modifications (green) (44)p5.

As the goal of Hybrid Type 1 implementation component is usually formative, it may not be necessary to set additional progression criteria in terms of the implementation outcomes and measures examined. As Hybrid Type 2 trials test an intervention and can pilot an implementation strategy, criteria for these and non-hybrid pilot studies may set progression criteria based on evidence of potential effects but may also consider the feasibility of trial methods, service provider, organisational or patient (or community) acceptability, fit with organisational systems and cost-effectiveness [ 17 ]. In many instances, the progression of implementation pilot studies will often require the input and agreement of stakeholders [ 27 ]. As such, the establishment of progression criteria and the interpretation of pilot and feasibility study findings in the context of such criteria require stakeholder input [ 27 ].

Reporting suggestions

As formal reporting guidelines do not exist for hybrid trial designs, we would recommend that feasibility and pilot studies as part of hybrid designs draw upon best practice recommendations from relevant reporting standards such as the CONSORT extension for randomised pilot and feasibility trials, the Standards for Reporting Implementation Studies (STaRI) guidelines and the Template for Intervention Description and Replication (TIDieR) guide as well as any other design relevant reporting standards [ 48 , 50 , 75 ]. These, and further reporting guidelines, specific to the particular research design chosen, can be accessed as part of the EQUATOR (Enhancing the QUAility and Transparency Of health Research) network—a repository for reporting guidance [ 76 ]. In addition, researchers should specify the type of implementation feasibility or pilot study being undertaken using accepted definitions. If applicable, specification and justification behind the choice of hybrid trial design should also be stated. In line with existing recommendations for reporting of implementation trials generally, reporting on the referent of outcomes (e.g. specifying if the measure in relation to the specific intervention or the implementation strategy) [ 62 ], is also particularly pertinent when reporting hybrid trial designs.

Concerns are often raised regarding the quality of implementation trials and their capacity to contribute to the collective evidence base [ 3 ]. Although there have been many recent developments in the standardisation of guidance for implementation trials, information on the conduct of feasibility and pilot studies for implementation interventions remains limited, potentially contributing to a lack of exploratory work in this area and a limited evidence base to inform effective implementation intervention design and conduct [ 15 ]. To address this, we synthesised the existing literature and provide commentary and guidance for the conduct of implementation feasibility and pilot studies. To our knowledge, this work is the first to do so and is an important first step to the development of standardised guidelines for implementation-related feasibility and pilot studies.

Availability of data and materials

Not applicable.

Abbreviations

Randomised controlled trial

Consolidated Standards of Reporting Trials

Enhancing the QUAility and Transparency Of health Research

Standards for Reporting Implementation Studies

Strengthening the Reporting of Observational Studies in Epidemiology

Template for Intervention Description and Replication

National Institute of Health Research

Quality Enhancement Research Initiative

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Acknowledgements

Associate Professor Luke Wolfenden receives salary support from a NHMRC Career Development Fellowship (grant ID: APP1128348) and Heart Foundation Future Leader Fellowship (grant ID: 101175). Dr Sze Lin Yoong is a postdoctoral research fellow funded by the National Heart Foundation. A/Prof Maureen C. Ashe is supported by the Canada Research Chairs program.

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Example of a Hybrid Type 1 trial. Summary of publication by Cabassa et al.

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Example of a Hybrid Type 2 trial. Summary of publication by Barnes et al.

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Pearson, N., Naylor, PJ., Ashe, M.C. et al. Guidance for conducting feasibility and pilot studies for implementation trials. Pilot Feasibility Stud 6 , 167 (2020). https://doi.org/10.1186/s40814-020-00634-w

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What Is a Feasibility Study? How to Conduct One for Your Project

Why is a feasibility study so important in project management? For one, the feasibility study or feasibility analysis is the foundation upon which your project plan resides. That’s because the feasibility analysis determines the viability of your project. Now that you know the importance, read on to learn what you need to know about feasibility studies.

What Is a Feasibility Study?

A feasibility study is simply an assessment of the practicality of a proposed project plan or method. This is done by analyzing technical, economic, legal, operational and time feasibility factors. Just as the name implies, you’re asking, “Is this feasible?” For example, do you have or can you create the technology that accomplishes what you propose? Do you have the people, tools and resources necessary? And, will the project get you the ROI you expect?

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Feasibility study template

Use this free Feasibility Study Template for Word to manage your projects better.

What’s the Importance of a Feasibility Study?

A project feasibility study should be done during the project management life cycle after the business case has been completed. So, that’s the “what” and the “when” but how about the “why?” Why is it important to conduct a feasibility study?

An effective feasibility study points a project in the right direction by helping decision-makers have a holistic view of the potential benefits, disadvantages, barriers and constraints that could affect its outcome. The main purpose of a feasibility study is to determine whether the project can be not only viable but also beneficial from a technical, financial, legal and market standpoint.

What Is Included in a Feasibility Study Report?

The findings of your project feasibility study are compiled in a feasibility report that usually includes the following elements.

• Executive summary
• Description of product/service
• Technology considerations
• Product/service marketplace
• Marketing strategy
• Organization/staffing
• Financial projections
• Findings and recommendations

Free Feasibility Study Template

Use this free feasibility study template for Word to begin your own feasibility study. It has all the fundamental sections for you to get started, and it’s flexible enough to adapt to your specific needs. Download yours today.

Types of Feasibility Study

There are many things to consider when determining project feasibility, and there are different types of feasibility studies you might conduct to assess your project from different perspectives.

Pre-Feasibility Study

A pre-feasibility study, as its name suggests, it’s a process that’s undertaken before the feasibility study. It involves decision-makers and subject matter experts who will prioritize different project ideas or approaches to quickly determine whether the project has fundamental technical, financial, operational or any other evident flaws. If the project proposal is sound, a proper feasibility study will follow.

Technical Feasibility Study

A technical feasibility study consists in determining if your organization has the technical resources and expertise to meet the project requirements . A technical study focuses on assessing whether your organization has the necessary capabilities that are needed to execute a project, such as the production capacity, facility needs, raw materials, supply chain and other inputs. In addition to these production inputs, you should also consider other factors such as regulatory compliance requirements or standards for your products or services.

Economic Feasibility Study

Also called financial feasibility study, this type of study allows you to determine whether a project is financially feasible. Economic feasibility studies require the following steps:

• Before you can start your project, you’ll need to determine the seed capital, working capital and any other capital requirements, such as contingency capital. To do this, you’ll need to estimate what types of resources will be needed for the execution of your project, such as raw materials, equipment and labor.
• Once you’ve determined what project resources are needed, you should use a cost breakdown structure to identify all your project costs.
• Identify potential sources of funding such as loans or investments from angel investors or venture capitalists.
• Estimate the expected revenue, profit margin and return on investment of your project by conducting a cost-benefit analysis , or by using business forecasting techniques such as linear programming to estimate different future outcomes under different levels of production, demand and sales.
• Estimate your project’s break-even point.
• Conduct a financial benchmark analysis with industrial averages and specific competitors in your industry.
• Use pro forma cash flow statements, financial statements, balance sheets and other financial projection documents.

Legal Feasibility Study

Your project must meet legal requirements including laws and regulations that apply to all activities and deliverables in your project scope . In addition, think about the most favorable legal structure for your organization and its investors. Each business legal structure has advantages and disadvantages when it comes to liability for business owners, such as limited liability companies (LLCs) or corporations, which reduce the liability for each business partner.

Market Feasibility Study

A market feasibility study determines whether your project has the potential to succeed in the market. To do so, you’ll need to analyze the following factors:

• Industry overview: Assess your industry, such as year-over-year growth, identify key direct and indirect competitors, availability of supplies and any other trends that might affect the future of the industry and your project.
• SWOT analysis: A SWOT analysis allows organizations to determine how competitive an organization can be by examining its strengths, weaknesses and the opportunities and threats of the market. Strengths are the operational capabilities or competitive advantages that allow an organization to outperform its competitors such as lower costs, faster production or intellectual property. Weaknesses are areas where your business might be outperformed by competitors. Opportunities are external, such as an underserved market, an increased demand for your products or favorable economic conditions. Threats are also external factors that might affect your ability to do well in the market such as new competitors, substitute products and new technologies.
• Market research: The main purpose of market research is to determine whether it’s possible for your organization to enter the market or if there are barriers to entry or constraints that might affect your ability to compete. Consider variables such as pricing, your unique value proposition, customer demand, new technologies, market trends and any other factors that affect how your business will serve your customers. Use market research techniques to identify your target market, create buyer personas, assess the competitiveness of your niche and gauge customer demand, among other things.

7 Steps to Do a Feasibility Study

If you’re ready to do your own feasibility study, follow these 7 steps. You can use this free feasibility study template to help you get started.

1. Conduct a Preliminary Analysis

Begin by outlining your project plan . You should focus on an unserved need, a market where the demand is greater than the supply and whether the product or service has a distinct advantage. Then, determine if the feasibility factors are too high to clear (i.e. too expensive, unable to effectively market, etc.).

2. Prepare a Projected Income Statement

This step requires working backward. Start with what you expect the income from the project to be and then what project funding is needed to achieve that goal. This is the foundation of an income statement. Factor in what services are required and how much they’ll cost and any adjustments to revenues, such as reimbursements, etc.

Related: Free Project Management Templates

3. Conduct a Market Survey or Perform Market Research

This step is key to the success of your feasibility study, so make your market analysis as thorough as possible. It’s so important that if your organization doesn’t have the resources to do a proper one, then it is advantageous to hire an outside firm to do so.

Market research will give you the clearest picture of the revenues and return on investment you can realistically expect from the project. Some things to consider are the geographic influence on the market, demographics, analyzing competitors, the value of the market and what your share will be and if the market is open to expansion (that is, in response to your offer).

4. Plan Business Organization and Operations

Once the groundwork of the previous steps has been laid, it’s time to set up the organization and operations of the planned project to meet its technical, operational, economic and legal feasibility factors. This isn’t a superficial, broad-stroke endeavor. It should be thorough and include start-up costs, fixed investments and operating costs. These costs address things such as equipment, merchandising methods, real estate, personnel, supply availability, overhead, etc.

5. Prepare an Opening Day Balance Sheet

This includes an estimate of the assets and liabilities, one that should be as accurate as possible. To do this, create a list that includes items, sources, costs and available financing. Liabilities to consider are such things as leasing or purchasing land, buildings and equipment, financing for assets and accounts receivables.

6. Review and Analyze All Data

All of these steps are important, but the review and analysis are especially important to ensure that everything is as it should be and that nothing requires changing or tweaking. Take a moment to look over your work one last time.

Reexamine your previous steps, such as the income statement, and compare them with your expenses and liabilities. Is it still realistic? This is also the time to think about risk and come up with any contingency plans .

7. Make a Go/No-Go Decision

You’re now at the point to make a decision about whether or not the project is feasible. That sounds simple, but all the previous steps lead to this decision-making moment. A couple of other things to consider before making that binary choice are whether the commitment is worth the time, effort and money and whether it aligns with the organization’s strategic goals and long-term aspirations.

Feasibility Study Examples

Here are some simple feasibility study examples so you have a better idea of what a feasibility study is used for in different industries.

Construction Feasibility Study

For this construction feasibility study example, let’s imagine a large construction company that’s interested in starting a new project in the near future to generate profits.

• Pre-Feasibility Study: The first step is to conduct a preliminary feasibility study. It can be as simple as a meeting where decision-makers will prioritize projects and discuss different project ideas to determine which poses a bigger financial benefit for the organization.
• Technical Feasibility Study: Now it’s time to estimate what resources are needed to execute the construction project, such as raw materials, equipment and labor. If there’s work that can’t be executed by the company with its current resources, a subcontractor will be hired to fill the gap.
• Economic Feasibility Study: Once the construction project management team has established what materials, equipment and labor are needed, they can estimate costs. Cost estimators use information from past projects, construction drawings and documents such as a bill of quantities to come up with an accurate cost estimate. Then, based on this estimate, a profit margin and financial forecasts will be analyzed to determine if there’s economic feasibility.
• Legal Feasibility Study: Now the company needs to identify all potential regulations, building codes and laws that might affect the project. They’ll need to ask for approval from the local government so that they can begin the construction project .
• Market Feasibility Study: Market feasibility will be determined depending on the nature of the project. For this feasibility example, let’s assume a residential construction project will be built. To gauge market potential, they’ll need to analyze variables such as the average income of the households in the city, crime rate, population density and any trends in state migration.

Manufacturing Feasibility Study

Another industry that uses feasibility studies is manufacturing. It’s a test run of the steps in the manufacturing production cycle to ensure the process is designed properly. Let’s take a look at what a manufacturing feasibility study example would look like.

• Feasibility Study: The first step is to look at various ideas and decide which is the best one to pursue. You don’t want to get started and have to stop. That’s a waste of time, money and effort. Look at what you intend to manufacture, does it fill an unserved need, is the market able to support competition and can you manufacture a quality product on time and within your budget?
• Financial Feasibility Study: Find out if your estimated income from the sale of this product is going to cover your costs, both direct and indirect costs. Work backward from the income you expect to make and the expenses you’ll spend for labor, materials and production to determine if the manufacturing of this product is financially feasible.
• Market Feasibility Study: You’ve already determined that there’s a need that’s not being served, but now it’s time to dig deeper to get realistic projections of revenue. You’ll want to define your target demographic, analyze the competitive landscape, determine the total market volume and what your market share will be and estimate what market expansion opportunities there are.
• Technical Feasibility Study: This is where you’ll explore the production , such as what resources you’ll need to produce your product. These findings will inform your financial feasibility study as well as labor, material, equipment, etc., costs have to be within your budget. You’ll also figure out the processes you’ll use to produce and deliver your product to the market, including warehousing and retail distribution.

There could be other feasibility studies you’ll have to make depending on the product and the market, but these are the essential ones that all manufacturers have to look at before they can make an educated decision as to whether to go forward or abandon the idea.

Best Practices for a Feasibility Study

• Use project management software like ProjectManager to organize your data and work efficiently and effectively
• Use templates or any data and technology that gives you leverage
• Involve the appropriate stakeholders to get their feedback
• Use market research to further your data collection
• Do your homework and ask questions to make sure your data is solid

If your project is feasible, then the real work begins. ProjectManager helps you plan more efficiently. Our online Gantt chart organizes tasks, sets deadlines, adds priority and links dependent tasks to avoid delays. But unlike other Gantt software, we calculate the critical path for you and set a baseline to measure project variance once you move into the execution phase.

Watch a Video on Feasibility Studies

There are many steps and aspects to a project feasibility study. If you want yours to be accurate and forecast correctly whether your project is doable, then you need to have a clear understanding of all its moving parts.

Jennifer Bridges, PMP, is an expert on all aspects of project management and leads this free training video to help you get a firm handle on the subject.

Here’s a screenshot for your reference!

Pro tip: When completing a feasibility study, it’s always good to have a contingency plan that you test to make sure it’s a viable alternative.

ProjectManager Improves Your Feasibility Study

A feasibility study is a project, so get yourself a project management software that can help you execute it. ProjectManager is an award-winning software that can help you manage your feasibility study through every phase.

Once you have a plan for your feasibility study, upload that task list to our software and all your work is populated in our online Gantt chart. Now you can assign tasks to team members, add costs, create timelines, collect all the market research and attach notes at the task level. This gives people a plan to work off of, and a collaborative platform to collect ideas and comments.

If you decide to implement the project, you already have it started in our software, which can now help you monitor and report on its progress. Try it for yourself with this free 30-day trial.

Transcription

Today we’re talking about How to Conduct A Feasibility Study, but first of all, I want to start with clarifying what a feasibility study is.

Feasibility Analysis Definition

Basically, it’s an assessment of the practicality of a proposed plan or method. Basically, we’ll want to want to know, is this feasible. Some of the questions that may generate this or we can hear people asking are, “Do we have or can we create the technology to do this? Do we have the people resource who can produce this and will we get our ROI, our Return On Investment?”

When to Do a Feasibility Study

So when do we do the feasibility study? So it’s done during a project lifecycle and it’s done after the business case because the business case outlines what we’re proposing. Is it a product or service that we’re proposing?

So why do we do this? The reason we do this is that we need to determine the factors that will make the business opportunity a success.

How to Conduct a Feasibility Study

Well, let’s talk about a few steps that we do in order to conduct the feasibility study.

Well, first of all, we conduct a preliminary analysis of what all’s involved in the business case and what we’re analyzing and what we’re trying to determine is feasible.

Then we prepare a projected income statement. We need to know what are the income streams, how are we gonna make money on this. Where’s the revenue coming from? We also need to conduct a market survey.

We need to know, is this a demand? Is there a market for this? Are customers willing to use this product or use this service?

The fourth one is to plan the business organization and operations. What is the structure, what kind of resources do we need? What kind of staffing requirements do we have?

We also want to prepare an opening day balance sheet. What are the…how again, what are the expenses, what’s the revenue and to ensure that being able to determine if we’re gonna make our ROI.

So we want to review and analyze all of the data that we have and with that, we’re going to determine, we’re going to make a go, no-go decision. Meaning, are we going to do this project or this business opportunity or not.

Well, here are some of the best practices to use during your feasibility study.

One is to use templates, tools and surveys that exist today. The great news is, data is becoming more and more prevalent. There are all kinds of technologies. There are groups that they do nothing but research. Things that we can leverage today.

We want to involve the appropriate stakeholders to ensure that input is being considered from the different people involved.

We also want to use again the market research to ensure we’re bringing in good, reliable data.

Do your homework, meaning act like is if this is your project, if it’s your money. So do your homework and do it well and make sure you give credible data.

What Is a Feasibility Report?

So ultimately in the end what we’re doing is, we’re producing and we’re providing a feasibility report. So in that report, think of this is like a template.

So what you’re gonna do is give it an executive summary of the business opportunity that you’re evaluating and the description of the product or the service.

You want to look at different technology considerations. Is it technology that you’re going to use? Are you going to build the technology?

What kind of product and service marketplace and being able again, to identify the specific market you’re going to be targeting? Also, what is the marketing strategy you’re going to use to target the marketplace?

And also what’s the organizational structure? What are the staffing requirements? What people do you need to deliver the product or service and even support it?

So also we want to know the schedule to be able to have the milestones to ensure that as we’re building things, that as we’re spending money that we’re beginning to bring in income to pay and knowing when we’re going to start recuperating some of the funding. Again, which also ties into the financial projections.

Ultimately in this report, you’re going to provide the findings and the recommendations.

Again, we’ll probably talk about technology. Are you going to build it? Are you going to buy it? What are the marketing strategies for the specific marketplace organization? You may have some recommendations for whether you’re going to insource the staff, maybe you are going to outsource some staff and what that looks like and also financial recommendation.

If you’ve been looking for an all-in-one tool that can help with your feasibility study, consider ProjectManager. We offer five project views and countless features that make it seamless to plan projects, organize tasks and stay connected with your team. See what our software can do for you by taking this free 30-day trial.

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What Is a Feasibility Study?

Understanding a feasibility study, how to conduct a feasibility study, the bottom line.

• Business Essentials

Feasibility Study

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

A feasibility study is a detailed analysis that considers all of the critical aspects of a proposed project in order to determine the likelihood of it succeeding.

Success in business may be defined primarily by return on investment , meaning that the project will generate enough profit to justify the investment. However, many other important factors may be identified on the plus or minus side, such as community reaction and environmental impact.

Although feasibility studies can help project managers determine the risk and return of pursuing a plan of action, several steps should be considered before moving forward.

Key Takeaways

• A company may conduct a feasibility study when it’s considering launching a new business, adding a new product line, or acquiring a rival.
• A feasibility study assesses the potential for success of the proposed plan or project by defining its expected costs and projected benefits in detail.
• It’s a good idea to have a contingency plan on hand in case the original project is found to be infeasible.

Lara Antal / Investopedia

A feasibility study is an assessment of the practicality of a proposed plan or project. A feasibility study analyzes the viability of a project to determine whether the project or venture is likely to succeed. The study is also designed to identify potential issues and problems that could arise while pursuing the project.

As part of the feasibility study, project managers must determine whether they have enough of the right people, financial resources, and technology. The study must also determine the return on investment, whether this is measured as a financial gain or a benefit to society, the latter in the case of a nonprofit project.

The feasibility study might include a cash flow analysis, measuring the level of cash generated from revenue vs. the project’s operating costs . A risk assessment must also be completed to determine whether the return is enough to offset the risk of undergoing the venture.

When doing a feasibility study, it’s always good to have a contingency plan that is ready to test as a viable alternative if the first plan fails.

Benefits of a Feasibility Study

There are several benefits to feasibility studies, including helping project managers discern the pros and cons of undertaking a project before investing a significant amount of time and capital into it.

Feasibility studies can also provide a company’s management team with crucial information that could prevent them from entering into a risky business venture.

Such studies help companies determine how they will grow. They will know more about how they will operate, what the potential obstacles are, who the competition is, and what the market is.

Feasibility studies also help convince investors and bankers that investing in a particular project or business is a wise choice.

The exact format of a feasibility study will depend on the type of organization that requires it. However, the same factors will be involved even if their weighting varies.

Preliminary Analysis

Although each project can have unique goals and needs, there are some best practices for conducting any feasibility study:

• Conduct a preliminary analysis, which involves getting feedback about the new concept from the appropriate stakeholders.
• Analyze and ask questions about the data obtained in the early phase of the study to make sure that it’s solid.
• Conduct a market survey or market research to identify the market demand and opportunity for pursuing the project or business.
• Write an organizational, operational, or business plan, including identifying the amount of labor needed, at what cost, and for how long.
• Prepare a projected income statement, which includes revenue, operating costs, and profit .
• Prepare an opening day balance sheet .
• Identify obstacles and any potential vulnerabilities, as well as how to deal with them.
• Make an initial “go” or “no-go” decision about moving ahead with the plan.

Suggested Components

Once the initial due diligence has been completed, the real work begins. Components that are typically found in a feasibility study include the following:

• Executive summary : Formulate a narrative describing details of the project, product, service, plan, or business.
• Technological considerations : Ask what will it take. Do you have it? If not, can you get it? What will it cost?
• Existing marketplace : Examine the local and broader markets for the product, service, plan, or business.
• Marketing strategy : Describe it in detail.
• Required staffing : What are the human capital needs for this project? Draw up an organizational chart.
• Schedule and timeline : Include significant interim markers for the project’s completion date.
• Project financials
• Findings and recommendations : Break down into subsets of technology, marketing, organization, and financials.

Examples of a Feasibility Study

Below are two examples of a feasibility study. The first involves expansion plans for a university. The second is a real-world example conducted by the Washington State Department of Transportation with private contributions from Microsoft Inc.

A University Science Building

Officials at a university were concerned that the science building—built in the 1970s—was outdated. Considering the technological and scientific advances of the last 20 years, they wanted to explore the cost and benefits of upgrading and expanding the building. A feasibility study was conducted.

In the preliminary analysis, school officials explored several options, weighing the benefits and costs of expanding and updating the science building. Some school officials had concerns about the project, including the cost and possible community opposition. The new science building would be much larger, and the community board had earlier rejected similar proposals. The feasibility study would need to address these concerns and any potential legal or zoning issues.

The feasibility study also explored the technological needs of the new science facility, the benefits to the students, and the long-term viability of the college. A modernized science facility would expand the school’s scientific research capabilities, improve its curriculum, and attract new students.

Financial projections showed the cost and scope of the project and how the school planned to raise the needed funds, which included issuing a bond to investors and tapping into the school’s endowment . The projections also showed how the expanded facility would allow more students to be enrolled in the science programs, increasing revenue from tuition and fees.

The feasibility study demonstrated that the project was viable, paving the way to enacting the modernization and expansion plans of the science building.

Without conducting a feasibility study, the school administrators would never have known whether its expansion plans were viable.

A High-Speed Rail Project

The Washington State Department of Transportation decided to conduct a feasibility study on a proposal to construct a high-speed rail that would connect Vancouver, British Columbia, Seattle, Washington, and Portland, Oregon. The goal was to create an environmentally responsible transportation system to enhance the competitiveness and future prosperity of the Pacific Northwest.

The preliminary analysis outlined a governance framework for future decision making. The study involved researching the most effective governance framework by interviewing experts and stakeholders, reviewing governance structures, and learning from existing high-speed rail projects in North America. As a result, governing and coordinating entities were developed to oversee and follow the project if it was approved by the state legislature.

A strategic engagement plan involved an equitable approach with the public, elected officials, federal agencies, business leaders, advocacy groups, and Indigenous communities. The engagement plan was designed to be flexible, considering the size and scope of the project and how many cities and towns would be involved. A team of the executive committee members was formed and met to discuss strategies, as well as lessons learned from previous projects, and met with experts to create an outreach framework.

The financial component of the feasibility study outlined the strategy for securing the project’s funding, which explored obtaining funds from federal, state, and private investments. The project’s cost was estimated to be $24 billion to $42 billion. The revenue generated from the high-speed rail system was estimated to be $160 million to $250 million.

The report bifurcated the money sources between funding and financing. Funding referred to grants, appropriations from the local or state government, and revenue. Financing referred to bonds issued by the government, loans from financial institutions, and equity investments, which are essentially loans against future revenue that need to be paid back with interest.

The sources for the capital needed were to vary as the project moved forward. In the early stages, most of the funding would come from the government, and as the project developed, funding would come from private contributions and financing measures. Private contributors included Microsoft Inc.

The benefits outlined in the feasibility report show that the region would experience enhanced interconnectivity, allowing for better management of the population and increasing regional economic growth by $355 billion. The new transportation system would provide people with access to better jobs and more affordable housing. The high-speed rail system would also relieve congested areas from automobile traffic.

The timeline for the study began in 2016, when an agreement was reached with British Columbia to work together on a new technology corridor that included high-speed rail transportation. The feasibility report was submitted to the Washington State Legislature in December 2020.

What Is the Main Objective of a Feasibility Study?

A feasibility study is designed to help decision makers determine whether or not a proposed project or investment is likely to be successful. It identifies both the known costs and the expected benefits.

In business, “successful” means that the financial return exceeds the cost. In a nonprofit, success may be measured in other ways. A project’s benefit to the community it serves may be worth the cost.

What Are the Steps in a Feasibility Study?

A feasibility study starts with a preliminary analysis. Stakeholders are interviewed, market research is conducted, and a business plan is prepared. All of this information is analyzed to make an initial “go” or “no-go” decision.

If it’s a go, the real study can begin. This includes listing the technological considerations, studying the marketplace, describing the marketing strategy, and outlining the necessary human capital, project schedule, and financing requirements.

Who Conducts a Feasibility Study?

A feasibility study may be conducted by a team of the organization’s senior managers. If they lack the expertise or time to do the work internally, it may be outsourced to a consultant.

What Are the 4 Types of Feasibility?

The study considers the feasibility of four aspects of a project:

Technical : A list of the hardware and software needed, and the skilled labor required to make them work

Financial : An estimate of the cost of the overall project and its expected return

Market : An analysis of the market for the product or service, the industry, competition, consumer demand, sales forecasts, and growth projections

Organizational : An outline of the business structure and the management team that will be needed

Feasibility studies help project managers determine the viability of a project or business venture by identifying the factors that can lead to its success. The study also shows the potential return on investment and any risks to the success of the venture.

A feasibility study contains a detailed analysis of what’s needed to complete the proposed project. The report may include a description of the new product or venture, a market analysis, the technology and labor needed, and the sources of financing and capital. The report will also include financial projections, the likelihood of success, and ultimately, a “go” or “no-go” decision.

Washington State Department of Transportation. “ Ultra-High-Speed Rail Study .”

Washington State Department of Transportation. “ Cascadia Ultra High Speed Ground Transportation: Framework for the Future .”

Washington State Department of Transportation. “ Ultra-High-Speed Rail Study: Outcomes .”

Washington State Department of Transportation. “ Ultra-High-Speed Ground Transportation Business Case Analysis ,” Page ii (Page 3 of PDF).

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Managing Project Risk using Feasibility Study .

In today’s dynamic and competitive business landscape, managing project risk is crucial for ensuring the success and sustainability of any venture. One powerful tool for mitigating risks is conducting a comprehensive feasibility study.

A feasibility study evaluates the viability and potential challenges of a business idea or project before committing resources.

Managing Project Risk using Feasibility Study

In this blog, we will explore how a well-executed feasibility study can effectively managing business risk and contribute to long-term success.

Identifying Potential Risks

Feasibility studies provide an opportunity to identify and assess potential risks associated with a business venture.

By conducting market research, analyzing industry trends, and evaluating competitive landscapes, a feasibility study helps uncover risks such as market saturation, changing customer preferences, technological disruptions, or regulatory challenges.

This early identification allows businesses to proactively address risks and develop strategies to mitigate them.

Market Demand Analysis

A key aspect of feasibility studies is assessing market demand and customer behavior. Understanding market dynamics, target audience preferences, and potential demand fluctuations is crucial for risk management.

By conducting thorough market research, businesses can identify potential gaps, predict market demand, and make informed decisions regarding product development, pricing, and market entry strategies, minimizing the risk of launching products or services with limited market appeal.

Financial Viability Evaluation

Financial risks are inherent in any business venture. A feasibility study provides a detailed financial analysis, including projected revenues, expenses, and profitability.

By assessing factors such as start-up costs, cash flow projections, break-even points, and return on investment (ROI), businesses can gauge the financial feasibility of their ventures.

This analysis enables risk mitigation through prudent financial planning, securing adequate funding, and ensuring profitability in the long run.

Operational and Technical Assessments

Operational and technical risks can significantly impact business performance. Feasibility studies examine the operational requirements, including infrastructure, technology, and human resources.

By evaluating potential operational bottlenecks, resource constraints, or technological challenges, businesses can develop strategies to address these risks.

This might involve optimizing processes, implementing robust IT systems, or conducting staff training to minimize operational disruptions and enhance overall efficiency.

Legal and Regulatory Considerations

Compliance with legal and regulatory requirements is crucial for business success and risk management. Feasibility studies help identify potential legal or regulatory challenges specific to the industry or market.

By thoroughly assessing permits, licenses, certifications, and compliance obligations, businesses can mitigate the risk of non-compliance, potential lawsuits, or reputational damage. Proactively addressing these considerations ensures a solid foundation for long-term success.

Check our recent blog on Business Feasibility Studies & Project Management .

Competitive Analysis – Managing Project Risk

Competition poses significant risks to businesses. Feasibility studies include a comprehensive competitive analysis, identifying existing and potential competitors, their strengths, weaknesses, and market share.

Understanding the competitive landscape allows businesses to develop strategies to differentiate themselves, build a unique value proposition, and effectively position their products or services.

This strategic approach minimizes the risk of being overshadowed by competitors and enhances market penetration opportunities.

Decision-making and Risk Mitigation

The findings of a feasibility study empower businesses to make informed decisions and proactively manage risks.

Armed with a comprehensive understanding of potential risks, businesses can develop risk mitigation plans, contingency strategies, and alternative courses of action.

This enables businesses to adapt and respond effectively to unforeseen challenges, reducing the impact of risks and enhancing overall resilience.

Conclusion – Managing Project Risk

A well-executed feasibility study is a powerful risk management tool for businesses. By conducting a thorough assessment of market demand, financial viability, operational considerations, legal requirements, and competitive landscapes, businesses can identify and mitigate potential risks.

Feasibility studies provide a solid foundation for informed decision-making, strategic planning, and proactive risk mitigation. Embracing this practice equips businesses with the tools and insights necessary to navigate uncertainties, maximize opportunities, and achieve long-term success.

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Feasibility Analysis And Study In Project Management: A Comprehensive Guide

Written By : Bakkah

10 Jun 2024

Table of Content

What is Feasibility Analysis in Project Management?

What is the purpose of a feasibility study, feasibility study examples, importance of feasibility analysis in project management, feasibility analysis in project management example, types of feasibility analysis, what is the feasibility process of project management, feasibility analysis tools, elements of feasibility analysis report, how to write a feasibility study with steps, when should you conduct a feasibility study, difference between feasibility study and project charter, difference between feasibility study and business plan, difference between a feasibility study and a business case, take your career to new heights by enrolling in bakkah learning's industry-leading certifications today, popular articles.

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Feasibility analysis is the cornerstone of prudent project management , offering a systematic approach to assess the potential success and viability of proposed endeavors. It serves as a critical precursor, providing project managers and stakeholders with invaluable insights before committing substantial resources. It assesses technical, economic, and operational aspects, guiding informed decision-making.

In this article, we explore its purpose, process, and examples across industries, highlighting its crucial role in project success. Join us as we delve into the world of feasibility analysis and its significance in shaping successful ventures.

Feasibility analysis in project management is the systematic evaluation of a proposed project's potential success and viability before committing significant resources to its execution.

It involves assessing various aspects such as technical feasibility, economic feasibility, operational feasibility, legal feasibility, and scheduling feasibility. Conducting a feasibility analysis helps project managers and stakeholders make informed decisions about whether to proceed with a project, modify its scope , or abandon it altogether.

By identifying potential challenges and risks early on, feasibility analysis enables stakeholders to develop strategies to mitigate them, increasing the likelihood of project success. Ultimately, a thorough feasibility analysis minimizes uncertainties, optimizes resource allocation, and enhances the chances of delivering a project that meets its objectives effectively and efficiently.

The purpose of a feasibility study in project management is to thoroughly assess the viability and potential success of a proposed project before committing significant resources to its execution.

This study aims to provide decision-makers with valuable insights into the project's strengths, weaknesses, opportunities, and threats, enabling them to make informed decisions about whether to proceed with the project, modify its scope, or abandon it altogether.

Feasibility studies help identify potential obstacles, risks, and constraints that may impact the project's success, allowing stakeholders to develop strategies to mitigate them. Additionally, feasibility studies provide a basis for evaluating the project's economic, technical, operational, legal, and scheduling feasibility, helping ensure the project aligns with organizational goals, capabilities, and constraints.

Overall, the purpose of a feasibility study is to minimize uncertainties, optimize resource allocation, and enhance the likelihood of delivering a successful project that meets its objectives effectively and efficiently.

Feasibility studies can vary widely depending on the nature and scope of the project. Here are a few examples of feasibility studies across different industries:

1. Real Estate Development

Before embarking on a large-scale real estate development project, developers conduct feasibility studies to assess factors such as market demand, zoning regulations, environmental impact, infrastructure availability, construction costs, and potential return on investment. That helps them determine whether the project is financially viable and aligns with market conditions.

2. New Product Launch

Companies often conduct feasibility studies when considering a new product or service launch. These studies may involve market research to gauge consumer interest and demand, analysis of manufacturing capabilities and costs, assessment of distribution channels, evaluation of regulatory requirements, and estimation of potential revenue and profitability.

3. Information Technology Projects

Feasibility studies are essential for IT projects such as software development or system upgrades. These studies typically examine technical feasibility (e.g., compatibility with existing systems, availability of required technology), economic feasibility (e.g., cost-benefit analysis, return on investment), operational feasibility (e.g., impact on workflow, user acceptance), and legal/regulatory feasibility (e.g., compliance with data protection laws).

4. Renewable Energy Projects

Feasibility studies are conducted to assess the viability of renewable energy projects such as wind farms, solar installations, or hydropower plants. These studies evaluate factors like resource availability (e.g., wind speed, solar radiation), site suitability, environmental impact, regulatory requirements, financing options, and long-term economic viability.

5. Healthcare Facility Expansion

Hospitals or healthcare providers may conduct feasibility studies before expanding or renovating their facilities. These studies assess factors such as patient demographics, demand for services, competitive landscape, regulatory compliance, funding options, and operational considerations to determine the feasibility and potential impact of the proposed expansion.

These examples illustrate how feasibility studies are utilized across various industries to evaluate the viability, risks, and potential benefits of different types of projects before significant resources are committed.

Feasibility analysis in project management is crucial for assessing viability, risks, and resource needs, enabling informed decisions and efficient planning for successful project execution. Here is a detailed discussion of the importance of feasibility analysis in project management:

1. Risk Identification and Mitigation

Feasibility analysis helps identify potential risks and challenges associated with a project early in the planning phase.

By thoroughly assessing technical, economic, operational, legal, and scheduling feasibility, project managers can anticipate potential obstacles and develop strategies to mitigate them, reducing the likelihood of costly delays or failures during project execution.

2. Resource Optimization

Conducting a feasibility analysis enables project managers to assess resource requirements accurately. By evaluating factors such as budget, time, manpower, and technology needs, project managers can allocate resources effectively, ensuring that resources are utilized efficiently and that the project stays within budgetary constraints.

3. Informed Decision-Making

Feasibility analysis provides stakeholders with valuable insights into the viability and potential success of a proposed project. Armed with comprehensive information about the project's strengths, weaknesses, opportunities, and threats, decision-makers can make informed choices about whether to proceed with the project, modify its scope, or abandon it altogether.

That helps minimize uncertainties and increases the likelihood of delivering a successful project that meets its objectives.

4. Alignment with Organizational Goals

Feasibility analysis helps ensure that proposed projects align with the strategic objectives and priorities of the organization. By assessing factors such as market demand, technological feasibility, and regulatory compliance, project managers can determine whether a project supports the organization's mission and contributes to its long-term growth and sustainability.

5. Stakeholder Confidence

Thorough feasibility analysis instills confidence among stakeholders, including investors, clients, employees, and regulatory authorities. By demonstrating a clear understanding of the project's potential risks and rewards, project managers can garner support and buy-in from stakeholders, fostering trust and collaboration throughout the project lifecycle.

In essence, feasibility analysis is a crucial foundation for successful project management by minimizing risks, optimizing resource allocation, facilitating informed decision-making, aligning projects with organizational goals, and building stakeholder confidence.

By conducting thorough feasibility assessments, project managers can increase the likelihood of delivering projects on time, within budget , and to the satisfaction of all stakeholders involved.

Let's consider a hypothetical example of a feasibility analysis in project management:

Project: Construction of a new office building for a multinational corporation.

Feasibility Analysis:

1. Market Demand

Evaluate the demand for office space in the chosen location. Conduct market research to understand the current vacancy rates, rental prices, and trends in commercial real estate. Consider factors such as economic growth, business expansion, and potential tenants' needs.

2. Financial Feasibility

Estimate the total project cost , including land acquisition, construction expenses, permits, taxes, and contingency funds. Compare these costs with the projected revenues from leasing or selling office space. Perform a financial analysis, including net present value (NPV), internal rate of return (IRR), and payback period, to assess the project's financial viability.

3. Technical Feasibility

Evaluate the technical aspects of the project, such as the suitability of the chosen site for construction, environmental impact assessments, zoning regulations, and building codes compliance. Assess the availability of skilled labor, construction materials, and infrastructure (water, electricity, transportation) required for the project.

4. Schedule Feasibility

Develop a project timeline outlining key milestones, such as land acquisition, design approval, construction phases, and occupancy. Consider factors that may affect the project schedule, such as weather conditions, permit approvals, and unforeseen delays. Ensure that the project can be completed within the desired timeframe.

5. Risk Analysis

Identify potential risks and uncertainties that could impact the project's success, such as cost overruns, delays in construction, regulatory changes, or fluctuations in the real estate market. Develop risk mitigation strategies to address these challenges and minimize their impact on the project's objectives.

6. Operational Feasibility

Assess the operational implications of the new office building, such as maintenance requirements, utility costs, security measures, and accessibility for employees and visitors. Consider how the new facility will integrate with existing business processes and support the organization's long-term goals.

7. Stakeholder Analysis

Identify and engage key stakeholders, including the company's management team, investors, local government authorities, tenants, and neighboring communities. Understand their interests, concerns, and expectations regarding the project and incorporate their feedback into the feasibility analysis.

Based on the findings of the feasibility analysis, the project management team can make informed decisions about whether to proceed with the construction of the new office building. If the analysis indicates that the project is financially viable, technically feasible, and aligns with the organization's strategic objectives, it can move forward to the planning and execution phases with greater confidence.

Feasibility analysis in project management involves evaluating market demand, technology, finances, operations, legal compliance, schedule, and environmental impact to assess a project's viability and potential challenges before implementation.

Here are the commonly used types of feasibility analysis in project management:

1. Market Feasibility

Assesses the demand for a product or service within a target market, considering factors like competition, consumer preferences, and market trends.

2. Technical Feasibility

Determines whether the technology required for the project is available, feasible to implement, and capable of meeting project objectives.

3. Financial Feasibility

Evaluate the project's financial viability, including cost estimates, revenue projections, return on investment (ROI), and potential funding sources.

4. Operational Feasibility

Assesses whether the project can be implemented smoothly within the organization's existing operations, considering factors like staffing, processes, and infrastructure.

5. Legal and Regulatory Feasibility

Examines the legal and regulatory requirements that may impact the project, ensuring compliance with laws, permits, and industry standards.

6. Schedule Feasibility

Determines whether the project can be completed within the desired timeframe, considering factors like resource availability, dependencies, and potential delays.

7. Environmental Feasibility

Evaluates the project's impact on the environment, including issues like pollution, habitat disruption, and conservation efforts. These types of feasibility analyses help project managers assess different aspects of a project to ensure its success and viability before committing resources.

The feasibility process in project management typically involves several key steps. First, the project idea or concept is evaluated to determine its alignment with organizational goals and objectives.

Then, a feasibility study is conducted to assess various aspects such as market demand, technical feasibility, financial viability, operational considerations, legal and regulatory compliance, schedule feasibility, and environmental impact.

This analysis helps identify potential risks, challenges, and opportunities associated with the project. Based on the findings of the feasibility study, stakeholders make informed decisions about whether to proceed with the project.

If the project is deemed feasible, detailed planning ensues, including resource allocation, development of project plans , timelines , and milestones. Throughout the project lifecycle, continuous monitoring and evaluation are crucial to ensure that the project remains on track and adaptable to changing circumstances, thus maximizing its chances of success and delivering value to the organization.

Feasibility analysis is essential in project management to assess the viability of proposed projects. Various tools are used to evaluate factors like market demand, technical feasibility, financial viability, operational considerations, legal compliance, schedule feasibility, and environmental impact.

Here, we will discuss the key tools commonly employed in feasibility analysis:

1. SWOT Analysis

SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis helps identify internal strengths and weaknesses of a project or organization, as well as external opportunities and threats, providing a comprehensive view of feasibility factors.

2. Cost-Benefit Analysis (CBA)

CBA compares the costs of implementing a project with its expected benefits, quantifying financial feasibility by determining if the benefits outweigh the costs.

3. Market Research Surveys and Focus Groups

These tools collect data on customer preferences, market trends, and demand, aiding in the assessment of market feasibility.

4. Technical Assessments and Prototyping

Technical feasibility is evaluated through tools like prototype development, simulations, or technical reviews to assess whether the proposed technology can meet project requirements.

5. Financial Modeling Software

Software tools like Microsoft Excel or specialized financial modeling software help analyze project finances, including revenue projections, cash flow analysis, and return on investment calculations.

6. Project Management Software

Platforms like Microsoft Project, Asana, or Trello assist in scheduling, resource allocation, and task management, aiding in the evaluation of schedule feasibility and operational planning.

7. Regulatory Compliance Checklists and Databases

Tools that provide checklists or databases of legal and regulatory requirements help ensure compliance with applicable laws and regulations.

8. Environmental Impact Assessment Software

Specialized software assists in evaluating the environmental impact of a project, including factors like carbon footprint, pollution, and ecological disruption.

9. Decision Matrix

A decision matrix helps in comparing and prioritizing different project options or alternatives based on predefined criteria, facilitating decision-making during feasibility analysis.

10. Risk Management Software

Tools like Risk Management Software or Monte Carlo simulation software assist in identifying, analyzing, and mitigating project risks, enhancing risk assessment during feasibility analysis.

By leveraging these tools, project managers can conduct comprehensive feasibility analyses, identify crucial factors influencing project success, and make informed decisions about project viability and execution.

The feasibility analysis report is a critical document that encapsulates the thorough examination and evaluation of various facets of a proposed project or business venture.

Comprising several essential elements, this report provides stakeholders with a comprehensive understanding of the project's viability, potential challenges, and opportunities. Here are the key elements typically included in a feasibility analysis report:

1. Executive Summary

The executive summary offers a condensed overview of the entire feasibility study, highlighting the key findings, conclusions, and recommendations. It provides stakeholders with a quick snapshot of the project's feasibility and serves as a guide for further exploration within the report.

2. Project Description

This section provides a detailed narrative of the proposed project, elucidating its objectives, scope, and intended outcomes. It outlines the purpose of the project, its significance, and the problem or needs it aims to address. Additionally, it may include background information on the project's origin and evolution.

3. Market Analysis

A comprehensive assessment of the market landscape forms a crucial part of the feasibility analysis report. It involves evaluating market demand, size, trends, competitive landscape, target customers, and potential growth opportunities.

Through thorough market research and analysis, this section helps stakeholders understand the market dynamics and assess the project's market viability.

4. Technical Assessment

The technical assessment delves into the feasibility of implementing the proposed project from a technical perspective. It examines the technical requirements, including technology, infrastructure, resources, and potential constraints or limitations.

By evaluating technical feasibility, this section helps identify any technical challenges or barriers that may impact project execution.

5. Financial Analysis

Financial viability is a cornerstone of any feasibility study, and the financial analysis section provides a detailed examination of the project's financial aspects. It includes estimating project costs, revenue projections, profitability analysis, and financial metrics such as return on investment (ROI), payback period, and net present value (NPV). 

Through financial modeling and scenario analysis, stakeholders can assess the project's financial feasibility and potential returns on investment.

6. Operational Assessment

The operational assessment evaluates how the proposed project integrates with existing operations, staffing requirements, workflow, and potential operational challenges.

It examines factors such as logistics, production processes, resource management, and scalability. By assessing operational feasibility, stakeholders can anticipate and address operational risks and challenges.

7. Regulatory Compliance

Regulatory compliance is a crucial consideration for any project, and this section identifies and reviews the applicable laws, regulations, permits, licenses, and compliance obligations relevant to the project. It ensures that the project complies with legal and regulatory requirements, minimizing the risk of non-compliance and associated penalties.

8. Risk Analysis

Risk analysis involves identifying and assessing potential risks and uncertainties associated with the project. It encompasses market risks, technical risks, financial risks, operational risks, and regulatory risks. By conducting a comprehensive risk assessment, stakeholders can develop risk mitigation strategies and contingency plans to address potential challenges and uncertainties.

9. Conclusion

The conclusion section summarizes the key findings and conclusions drawn from the feasibility analysis. It highlights the overall feasibility assessment, including strengths, weaknesses, opportunities, and threats associated with the project.

The conclusion provides stakeholders with a clear understanding of the project's viability and sets the stage for decision-making.

10. Recommendations

Based on the findings of the feasibility analysis, this section offers actionable recommendations to stakeholders. It may include suggestions for further exploration, adjustments to the project plan, or alternative courses of action.

Recommendations aim to guide stakeholders in making informed decisions regarding the project's future direction. By encompassing these essential elements, the feasibility analysis report serves as a comprehensive document that enables stakeholders to evaluate the viability of a proposed project or business venture effectively.

It provides valuable insights and recommendations to support informed decision-making and mitigate risks associated with project implementation.

A feasibility study involves defining project objectives, gathering data, analyzing market and technical aspects, assessing financial and operational viability, considering legal compliance and risks, compiling findings into a report, presenting to stakeholders, and refining based on feedback, guiding informed decisions.

Let's delve into the steps involved in writing a feasibility study to ensure a thorough assessment of the project's feasibility:

1. Define the Project Scope and Objectives

Clearly outline the purpose, goals, and scope of the project . Identify what you aim to achieve through the feasibility study.

2. Gather Information

Collect relevant data and information related to the project, including market research, technical specifications, financial data, regulatory requirements, and other pertinent details.

3. Conduct Market Analysis

Evaluate the market demand, size, trends, competition, and target customers. Identify potential opportunities and risks in the market.

4. Assess Technical Feasibility

Examine the technical requirements of the project, including technology, infrastructure, resources, and potential limitations. Determine if the proposed solution is technically feasible.

5. Perform Financial Analysis

Estimate the project costs, including startup expenses, operating costs, and capital investments. Develop revenue projections based on market demand and pricing strategies. Calculate key financial metrics such as ROI, payback period, and net present value (NPV) to assess financial feasibility.

6. Evaluate Operational Feasibility

Analyze how the project integrates with existing operations, staffing requirements, workflow, and potential operational challenges. Consider factors such as logistics, production processes, and resource management.

7. Review Legal and Regulatory Compliance

Identify and review applicable laws, regulations, permits, licenses, and compliance obligations relevant to the project. Ensure that the project complies with all legal and regulatory requirements.

8. Assess Schedule Feasibility

Develop a project timeline with key milestones, tasks, and dependencies. Evaluate the feasibility of completing the project within the desired timeframe, considering potential risks and delays.

9. Conduct Risk Analysis

Identify potential risks and uncertainties associated with the project, including market risks, technical risks, financial risks, operational risks, and regulatory risks. Develop risk mitigation strategies and contingency plans to address these risks.

10. Compile the Feasibility Study Report

Document the findings of the feasibility study in a comprehensive report. Organize the report into sections such as executive summary, project description, market analysis, technical assessment, financial analysis, operational assessment, regulatory compliance, risk analysis, conclusion, and recommendations.

11. Present Findings and Recommendations

Present the feasibility study report to stakeholders, including project sponsors, investors, management team, and other relevant parties. Communicate the key findings, conclusions, and recommendations based on the feasibility analysis.

12. Iterate and Refine

Review feedback from stakeholders and incorporate any necessary revisions or updates to the feasibility study report. Continuously refine the analysis to ensure accuracy and relevance.

By adhering to these best practices for a feasibility study, you can effectively write and conduct a feasibility study that provides a comprehensive assessment of the project's viability and helps stakeholders make informed decisions about its future.

A feasibility study should be conducted whenever there's uncertainty about the viability or potential risks of a project or business venture. Whether it is launching a new business, expanding an existing one, making significant investments, developing new products, or undertaking infrastructure projects, a feasibility study helps assess various factors such as market demand, competition, technical feasibility, regulatory compliance, and financial viability.

By conducting a feasibility study upfront, decision-makers can make informed choices, mitigate risks, allocate resources efficiently, and increase the chances of success for the project or venture.

Essentially, it is a crucial preliminary step to evaluate the feasibility and potential outcomes before committing significant time, effort, and resources.

The primary difference between a feasibility study and a project charter lies in their timing and purpose: a feasibility study evaluates a project's viability before it begins, focusing on factors like market demand and financial feasibility, while a project charter is created afterward to formalize the project's initiation and define its objectives and scope.

Here's a detailed comparison between a feasibility study and a project charter:

In summary, a feasibility study assesses the viability of a project, considering market demand, technical feasibility, and financial viability before the project begins.

A project charter, created after the feasibility study, formalizes the project's initiation, defining objectives and scope, and providing a framework for planning and execution.

A feasibility study evaluates the feasibility and viability of a proposed project or business venture, focusing on determining whether the project is technically, financially, and operationally feasible.

On the other hand, a business plan outlines the strategy and operational details for running a business, including marketing, operations, financial projections, and growth plans.

Here's a detailed comparison between a feasibility study and a business Plan:

In summary, a feasibility study assesses the viability of a project, while a business plan outlines the strategy and operational details for running a business.

The main difference between a feasibility study and a business case is that the feasibility study evaluates the technical, financial, and operational feasibility of a proposed project or business venture to determine if it is viable. In contrast, a business case focuses on justifying the investment by presenting the rationale, benefits, costs, and potential returns of the project.

Let's delve into the main differences between a feasibility study and a business case:

In short, a feasibility study evaluates if a project is viable, focusing on technical and financial aspects beforehand. A business case justifies the project's investment, outlining benefits and costs after the feasibility study. While the feasibility study aids decision-making on project viability, the business case guides decisions by presenting the rationale for investing.

Delve into the intricacies of Feasibility Analysis and Study in Project Management through Bakkah Learning's extensive range of certifications.

Explore courses such as Project Management Professional (PMP) , Certified Associate in Project Management (CAPM) , and Project Management Institute Agile Certified Practitioner (PMI-ACP) , designed to deepen your understanding of project feasibility and enhance your project management skills.

Additionally, discover specialized certifications like Risk Management Professional (PMI-RMP ), Management of Portfolios (MoP) , PMI Scheduling Professional (PMI-SP) , and PRINCE2 Agile , which provide in-depth insights into risk assessment, portfolio management , project scheduling, and agile project management methodologies .

Furthermore, explore the realm of Lean Six Sigma with our Yellow Belt , Green Belt , and Black Belt courses, which integrate feasibility analysis into the DMAIC (Define, Measure, Analyze, Improve, Control) methodology, enabling you to identify and mitigate project risks while optimizing processes for maximum efficiency.

Take the next step towards success and enroll today in Bakkah Learning's expert-led training! Equip yourself with the knowledge and skills to conduct comprehensive feasibility analyses, mitigate risks, and drive successful project outcomes.

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In conclusion, feasibility analysis is crucial in project management, providing a structured approach to assess project viability. By conducting thorough studies, stakeholders can identify risks, optimize resources, and make informed decisions, enhancing project success. Embracing best practices in feasibility analysis empowers efficient planning and execution, ensuring projects align with organizational goals.

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From Idea to Innovation: What Is a Feasibility Study In Research

Learn the process behind feasibility study in research, how it helps research projects, and the factors that make up a successful project.

Have you ever thought of doing something but wondered whether it’s doable or not? Obviously, there will be several constraints when we wish to do something unique. To understand all these constraints and to check whether the idea that we have in our mind is beneficial or not, we do this preparatory work called a feasibility study.

A feasibility study is like a reality check for your idea, helping you determine if it’s really worth pursuing. In this article, we will discuss what is a feasibility study in research , various aspects of the feasibility study, how it is engaged, how it has to be checked, and how it helps us create a perfect model for our idea.

What is a Feasibility Study in Research? 

A feasibility study is an in-depth assessment conducted to determine the practicality and viability of a proposed project or idea. It involves evaluating various factors such as technical, economic, legal, operational, and scheduling aspects to ascertain whether the project can be successfully implemented.

The purpose of a feasibility study is to provide objective and unbiased information to decision-makers, enabling them to make informed choices regarding the project’s future. It helps identify potential risks, challenges, and opportunities associated with the undertaking, allowing stakeholders to gauge its potential outcomes.

By conducting a feasibility study, decision-makers can determine if the project aligns with organizational goals, identify potential hurdles, and develop contingency plans. This systematic assessment ensures that resources are allocated efficiently and that projects with a high chance of success are pursued.  

What is the Purpose of the Feasibility Study?

A feasibility study serves as a vital tool for assessing the practicality and viability of a proposed project or initiative before committing significant resources to its implementation. It is a comprehensive evaluation that considers various factors such as technical, economic, legal, operational, and scheduling aspects, providing stakeholders with crucial insights to make informed decisions.

First and foremost, a feasibility study helps identify the project’s objectives and determine whether they align with the organization’s overall goals. It allows stakeholders to assess the project’s potential benefits and weigh them against the associated risks. By conducting a feasibility study, decision-makers can gain a clearer understanding of the project’s potential impact on the organization’s resources, capabilities, and market position.

Examination of technical feasibility

One key aspect of a feasibility study is the examination of technical feasibility. This involves evaluating whether the proposed project can be implemented using available technology, infrastructure, and expertise. It helps identify potential technical constraints or challenges that may arise during project execution and allows for appropriate contingency planning.

Furthermore, a feasibility study evaluates the economic viability of a project. It involves conducting a detailed cost-benefit analysis to determine the financial implications associated with the project. This analysis helps stakeholders understand the potential return on investment, project profitability, and the timeline for cost recovery.

Related Article: What is Geospatial Analysis? The Plan Before the Actual Plan

Types of Feasibility Studies

There are several types of feasibility studies, each with its own specific focus and objectives. Some of the most common types of feasibility studies include:

• Technical feasibility study: This type of study assesses whether the proposed project can be implemented using available technology, infrastructure, and expertise. It identifies potential technical constraints or challenges that may arise during project execution and allows for appropriate contingency planning.
• Economic feasibility study: This type of study involves conducting a detailed cost-benefit analysis to determine the financial implications associated with the project. It helps stakeholders understand the potential return on investment, project profitability, and the timeline for cost recovery.
• Legal feasibility study: This type of study examines the legal and regulatory requirements associated with the project. By identifying any legal hurdles or compliance issues early on, organizations can ensure that the project aligns with legal frameworks and minimizes the risk of legal complications down the line.
• Operational feasibility study: This type of study assesses whether the project can be smoothly integrated into existing systems and processes. It examines factors such as staffing requirements, training needs, and potential impacts on day-to-day operations.
• Scheduling feasibility study: This type of study helps establish a realistic timeline for project completion. It considers the availability of resources, dependencies, and potential bottlenecks, allowing stakeholders to develop a well-structured project plan and set achievable milestones.
• Market feasibility study: This type of study evaluates the potential demand for the proposed project in the marketplace. It examines factors such as customer preferences, competition, and market trends to determine whether the project is likely to be successful.
• Environmental feasibility study: This type of study assesses the potential environmental impacts of the proposed project. It examines factors such as air and water quality, habitat destruction, and waste management to ensure that the project is sustainable and environmentally responsible.

Overall, the type of feasibility study conducted will depend on the specific objectives of the proposed project and the information needed to make informed decisions about its implementation.

How to Conduct a Feasibility Study?

A feasibility study is an important step in evaluating the viability of a proposed project or business venture. The study is typically conducted before any significant investment is made to determine whether the project is feasible, both financially and operationally. Here are the general steps to conduct a feasibility study:

Step 1 – Define the scope of the study

Clearly define the objectives of the feasibility study and the specific questions that need to be answered. Identify the stakeholders who will be involved in the study and their roles and responsibilities.

Step 2 – Conduct market research

Research the market and competition to determine the potential demand for the product or service, as well as the size and characteristics of the target market. Analyze the existing competition and identify any gaps in the market that the proposed project could fill.

Step 3 – Evaluate the operational feasibility

Assess the operational feasibility of the proposed project, including the availability of resources, skills, and expertise needed to execute the project.

Step 4 – Identify potential risks

Identify potential risks and challenges that could impact the success of the proposed project. Develop contingency plans to mitigate these risks.

Step 5 – Make recommendations

Based on the results of the feasibility study, make recommendations about whether or not to move forward with the proposed project and, if so, what steps should be taken to ensure its success.

It’s important to note that the specific steps and level of detail required for a feasibility study may vary depending on the nature and complexity of the project. A feasibility study is a critical step in the decision-making process and should be conducted thoroughly and objectively to ensure that all aspects of the proposed project have been evaluated.

How to Write a Feasibility Study?

Writing a feasibility study involves conducting a systematic analysis to determine the viability and potential success of a proposed project or initiative. Here are the steps to help you write a feasibility study: 

• Executive Summary: Provide a brief overview of the project, its objectives, and the purpose of the feasibility study.
• Introduction : Describe the background and context of the project, including its goals, scope, and any relevant background information.
• Project Description: Provide a detailed description of the project, outlining its objectives, deliverables, and expected outcomes. Include information on the target audience or beneficiaries.
• Market Analysis: Assess the market conditions and demand for the proposed project. Identify the target market, competitors, and potential customers. Analyze market trends, growth prospects, and any potential challenges or risks.
• Technical Feasibility: Evaluate the technical aspects of the project, such as the required infrastructure, technology, resources, and expertise. Determine if the necessary resources and capabilities are available or can be acquired within the project’s constraints.
• Financial Feasibility: Conduct a thorough financial analysis of the project. Estimate the initial investment costs, operational expenses, and projected revenues. Evaluate the project’s profitability, return on investment (ROI), payback period, and other financial indicators. Consider potential funding sources and financing options.
• Organizational Feasibility: Assess the project’s compatibility with the existing organizational structure and capabilities. Evaluate the availability of skilled personnel, management support, and any potential impact on the organization’s operations. Consider any legal, regulatory, or compliance requirements.
• Risk Analysis: Identify and evaluate potential risks and uncertainties associated with the project. Analyze both internal and external factors that may impact the project’s success. Develop risk mitigation strategies and contingency plans.
• Implementation Plan: Outline a detailed plan for implementing the project. Define the necessary steps, timelines, and responsibilities. Consider resource allocation, project management methodologies, and any potential challenges during the implementation phase.
• Summarize your findings: Write a clear and concise summary of your findings and conclusions. This should include an assessment of the project’s overall feasibility, a description of any risks or challenges, and a recommendation on whether or not to proceed with the project.

Examples of Feasibility Studies

It typically examines various aspects such as technical, economic, legal, operational, and scheduling factors. Here are some examples of feasibility studies conducted for different purposes: 

• New Business Venture: A study to determine the feasibility of opening a new restaurant, including analysis of market demand, location suitability, competition, and financial projections.
• Real Estate Development: An evaluation of the feasibility of constructing a shopping mall, considering factors such as land availability, market demand, construction costs, potential tenants, and expected return on investment.
• Renewable Energy Project: Assessing the feasibility of establishing a solar power plant, including examination of solar resources, land requirements, grid connectivity, financial analysis, and environmental impact.
• Information Technology System: A study to determine the feasibility of implementing a new software system within an organization, analyzing factors like system requirements, compatibility, cost-benefit analysis, and potential impact on existing operations.

These are some examples of feasibility studies and it is very important to note that though the process looks the same for every domain of work, the concept will be different for each one of them so it is important to analyze the domain before getting to work on it.

What is a feasibility study?

A feasibility study evaluates the potential success of a project or idea, usually conducted before its implementation. It examines various factors like technical, economic, legal, and operational feasibility to determine whether the project is viable.

Why is a feasibility study important?

A feasibility study is important because it helps to identify potential risks and challenges that may arise during the project implementation. It also helps to determine the project’s potential profitability, return on investment, and overall success.

Who conducts a feasibility study?

A feasibility study is typically conducted by a team of experts, including engineers, financial analysts, legal experts, and other relevant professionals, depending on the nature of the project.

What are the key elements of a feasibility study?

The key elements of a feasibility study include market analysis, technical analysis, financial analysis, legal analysis, operational analysis, and risk analysis.

What is market analysis in a feasibility study?

Market analysis in a feasibility study involves researching the target market and analyzing factors such as demand, competition, pricing, and customer behavior.

What is technical analysis in a feasibility study?

Technical analysis in a feasibility study involves examining the technical requirements of the project, such as equipment, materials, and construction methods.

What is a financial analysis in a feasibility study?

Financial analysis in a feasibility study involves examining the financial aspects of the project, such as the expected costs, revenue, return on investment, and profitability.

What is a legal analysis in a feasibility study?

Legal analysis in a feasibility study involves examining the legal requirements and regulations that may affect the project, such as permits, licenses, zoning laws, and environmental regulations.

What is an operational analysis in a feasibility study?

An operational analysis in a feasibility study involves examining the day-to-day operations of the project, such as staffing, management, and workflow.

What is a risk analysis in a feasibility study?

Risk analysis in a feasibility study involves identifying potential risks and challenges that may arise during the project implementation, such as technical problems , market changes, or regulatory issues.

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• Strategic planning

A feasibility study helps you and your team foresee potential challenges, prepare for risks, and weigh the benefits of a project. A high-quality feasibility study can prevent problems and help your organization reduce the likelihood (and impact of) bad project planning.

Project managers benefit from feasibility studies but so does the rest of the team. During implementation, the feasibility study may serve as a reference for mitigating and managing risk. 

What is a feasibility study in project management? 

Using a feasibility study, organizations review recommended projects and determine how likely it is that the project will be completed successfully. This allows management to choose which projects the business will undertake based on the necessary resources, overall project goals, available market information, and other relevant research. To be successful, the project must make sense in light of business objectives and potential return on investment. 

As part of the research and analysis to determine a project’s value and viability, feasibility studies are conducted before project implementation. If your feasibility study is planned and designed well, it will thoroughly investigate any risks that are possible outcomes of your project. 

After your feasibility study, you can confidently implement a project plan knowing that you’ve fully accounted for potential issues and that your plan is aligned with your goals. If the feasibility study doesn’t result in a positive outcome for the project, then your team may need to reconsider basic assumptions of your project plan or revisit your business objectives. 

A feasibility study follows a set process with seven steps guiding research and analysis. Ultimately, the project ends with a decision for or against completing the project. 

Key points of a feasibility study

Feasibility studies are structured in such a way as to systematically address various aspects of your project and your organization’s capabilities, such as technical, operational, and financial resources and risks associated with your project. 

A feasibility study can cover many different areas or can be limited to a single topic. For instance, you can develop a feasibility study that includes scheduling, operational, and budgetary analysis. Not every project needs every type of feasibility study, but you should be as thorough as possible in your analysis, since feasibility studies protect your team and your project. 

1. Technical capability

By taking a close look at your technical capabilities, you can ensure your organization’s existing resources are enough to meet your project’s needs. Your team should be able to bring your project’s core ideas to fruition. If not, then this part of the feasibility study may uncover a need for greater technical resources or may mean your organization should reconsider the overall project. 

Areas to consider include: 

• Labor: Is the right team available? Do you need to hire anyone else to make the project a success? Are any key personnel planning to take a vacation, move to another role, or take on a project that may compete with this project in terms of personal focus and bandwidth? 
• Logistics: Are there logistical challenges internally or externally (with a supplier or customer) to consider? 
• Technology: Does your company have the technology to complete the project? Do you need to develop or obtain additional technology first? 
• Materials: Do you have the materials you need to complete the work? Are any materials difficult to obtain, increasing in price, or reliant on supplier capabilities? 

Moving forward, your technical feasibility planning can help you with other areas of your study, such as labor budgeting. 

Every project should have a sufficient budget in order to stay feasible. Funding your project means making sure your project is economically viable. A cost/benefit analysis can bring the full value of your project directly into view. 

A budget feasibility analysis can use techniques such as: 

• Forecasting: Based on historical data or information from similar projects, your team can identify trends. This may involve, for instance, changes in labor costs during your project’s implementation. 
• Estimation: Using a graph to visualize data, you can estimate budgetary changes. 

These numbers aren’t final, but they should give you a good idea of what to expect during implementation and whether or not your project’s budget is sufficient. 

3. Legality

With most projects, legal issues are an important consideration. Staying in compliance should be a key emphasis throughout your project. Otherwise, legal requirement conflicts could jeopardize your plans. 

Here are a few general areas legal feasibility considers: 

• Legal readiness: Is your organization fully prepared for any potential legal implications of this project?
• Main legal issues: What are the primary legal issues that affect your project? Has your organization fully explored and prepared for these issues in a similar project? For instance, have licensing and patent issues been fully accounted for? 
• Stakeholder impact: Does the project potentially affect stakeholders in ways that could create conflict or impact contractual agreements and responsibilities? 

Your legal feasibility assessment determines how to proceed with the project while adhering fully to legal requirements. 

Risks can be an inherent part of doing business, but uncovering risk and looking for opportunities to address it can enable your team to improve your likelihood of success. 

Approach risk in your feasibility report with these possible reactions in mind: 

• Avoid: If you find risks during your feasibility study that could be eliminated completely, then you’ll want to document and explore any strategies you can identify. 
• Reduce: Some risks may be reduced so they are less likely to impact your project or so they’ll have less of a negative impact. 
• Acceptance: Unavoidable risks that can’t be reduced or eliminated may be accepted. If you accept risk in your project, then you will still likely need a risk management strategy. 

Based on your risk assessment within your feasibility study, your team can develop a risk management plan that appropriately addresses risks. 

5. Operational feasibility 

For this portion of a feasibility study, your team determines whether or not the project meets operational requirements. Does the project meet business needs? To answer this question, you should carefully review the project’s impact on operations: 

• Scaling: Does this project allow your organization to scale operations or more effectively manage existing operations? 
• Performance: How does the project impact performance? For instance, could the project have an adverse impact on your organization’s ability to operate? 
• Customer experience: Does the project impact customer experience? Is this impact potentially positive or negative (or even neutral)? 

Based on your findings, your team can address operational impact that could be negative and can explore how positive impact could benefit the organization. 

Time reflects the scheduling, timing, and start and end of the project in relation to your organization’s other projects and activities. Like other resources, time is finite and must be carefully managed. 

• Concurrent projects: Are other projects scheduled at the same time? Could the overlap make it more difficult to complete the project successfully? 
• Opportunity windows: Are certain opportunities time-bound? For instance, if your project is only helpful if it’s completed within a year, is the project still worthwhile for your organization? 
• Scheduling risks and benefits: Do differences in scheduling confer different risks or benefits on your project? Could a change in timing be beneficial or harmful for your team or for your organization as a whole? 

Once you have a thorough understanding of how timing and scheduling impact your project and stakeholders, you can determine if your project plan scheduling requirements need adjustment.

Interested in collaborating with team members on your next feasibility study? Or just want a collaborative space to share your findings? Try Lucidspark.

About Lucidspark

Lucidspark, a cloud-based virtual whiteboard, is a core component of Lucid Software's Visual Collaboration Suite. This cutting-edge digital canvas brings teams together to brainstorm, collaborate, and consolidate collective thinking into actionable next steps—all in real time. Lucid is proud to serve top businesses around the world, including customers such as Google, GE, and NBC Universal, and 99% of the Fortune 500. Lucid partners with industry leaders, including Google, Atlassian, and Microsoft. Since its founding, Lucid has received numerous awards for its products, business, and workplace culture. For more information, visit lucidspark.com.

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What is a feasibility study (definition and overview).

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Feasibility Study Decoded

A feasibility study is a comprehensive and systematic analysis that evaluates the practicality of a proposed project or system.

The depth and breadth of a feasibility study can vary significantly based on the project or investment's nature. However, at its core, typical research will feature five key components.

Market Feasibility

An understanding of the market landscape is essential for any business venture. For instance, when Amazon acquired Whole Foods in 2017, a thorough market analysis would have been crucial. Market feasibility includes:

Identifying The Target Market: Understanding customer demographics, needs , and purchasing habits.

Competitive Analysis: Assessing the competition, its strengths, and weaknesses.

Market Trends and Dynamics: Scrutinizing industry trends, growth rates, and expected market share.

Technical Feasibility

This component assesses the resources required to turn the project from a proposal into reality. Tesla's Gigafactory in Nevada is a prime example of assessing technical feasibility, as it requires extensive resources. Factors to consider include:

Required Technology and Resources : What technology, machinery, and materials are required?

Production Processes : What processes are necessary to produce the goods or services?

Operational Capabilities : Can your team meet the operational demands?

Financial Feasibility

Financial feasibility is a critical aspect of any feasibility study. For example, when Microsoft acquired LinkedIn for $26.2 billion, a rigorous financial feasibility study would have been pivotal. Key considerations include:

Capital Requirements and Funding Sources: How much will the project cost, and where will the funding come from?

Cost-benefit Analysis: Will the benefits outweigh the costs over time?

Projected Financial Performance: What are the projected revenues, cash flow, and profitability?

Organizational Feasibility

An often overlooked aspect of feasibility studies is organizational feasibility — evaluating whether your company has the capability to manage the project successfully . When Google restructured to become Alphabet Inc. in 2015, organizational feasibility would have been critical. Factors to consider include:

Management Structure and Team: Do you have the right team and leadership in place to execute the project?

Legal and Regulatory Considerations: Are there any legal hurdles or requirements that must be addressed?

Risk Management: What potential risks are there, and how will they be mitigated?

Environmental/Social Impact Feasibility

In today's world, businesses must be mindful of their environmental and social impact . Consider Patagonia's dedication to environmental responsibility as an example. Feasibility in this aspect includes:

Environmentally Sustainable Practices: Will the project adhere to environmental standards and promote sustainability?

Social Impact and Community Acceptance: What is the potential social impact, and how will the community react?

Legal and Regulatory Compliance: Are there any environmental laws or regulations that need to be considered?

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Common Mistakes and Pitfalls to Avoid When Conducting a Feasibility Study

A well-conducted feasibility study can provide a wealth of information, helping you make informed and strategic decisions. However, as valuable as these studies can be, they can also lead to costly mistakes if not executed properly. Let's dive into four common pitfalls and how to avoid them.

Insufficient Market Research

One of the most common pitfalls when conducting a feasibility study is inadequate market research. This lack of insight can lead to misconceptions about the demand for a product or service, its market value, or the competitive landscape .

For instance, the mobile streaming platform Quibi made headlines in 2020 for its rapid rise and even quicker downfall. Despite significant investment, the platform was shut down just six months after launch, largely due to a misunderstanding of market trends and consumer behavior. Prevention:

To avoid this pitfall, it's crucial to invest time and resources into comprehensive market research. This involves understanding the target audience, competition, pricing, market trends, and other key factors. Utilize both primary and secondary sources of information for a well-rounded perspective.

Unrealistic Financial Projections

Another common mistake is making unrealistic financial projections. This error often stems from overly optimistic assumptions about revenues, costs, or market penetration rates .

For example, Pets.com became infamous for its financial missteps during the dot-com bubble in the early 2000s. The company, like many others at the time, overestimated the market demand and underestimated the logistical costs, leading to its demise.

Prevention:

To avoid this, you should always adopt a conservative approach when making financial projections. This includes estimating revenues, costs, cash flows, and return on investment. It's also crucial to conduct a sensitivity analysis to understand how changes in assumptions can impact financial outcomes.

Ignoring Legal and Environmental Factors

Often, feasibility studies focus too heavily on market and financial factors and overlook important legal and environmental considerations. These could include regulatory requirements, potential legal disputes, and environmental impacts, among other things.

A prime example of the fallout from ignoring these aspects is the Volkswagen emission scandal . The automaker faced huge fines and a significant hit to its reputation after it was discovered it had installed software in cars to cheat emission tests.

To circumvent this, ensure that your feasibility study includes a thorough review of all relevant legal, regulatory, and environmental factors. If necessary, seek expert advice to help you navigate these complex areas.

Overlooking Organizational Capacity

A final common mistake is underestimating the organizational capabilities needed to execute the project. This encompasses aspects like the team's skills and experience , management structures, and internal processes.

A cautionary tale in this regard comes from the merger of HP and Compaq . The integration led to organizational chaos, with cultural clashes, leadership issues, and a lack of clear strategy causing significant problems.

To avoid this, it's essential to conduct an honest assessment of your organization's capacity and readiness for the project. This should include looking at the skills and knowledge of the team, as well as the processes and structures in place to support the project's execution.

Feasibility studies are an integral part of the investment and project planning process. By carefully considering market, technical, financial, organizational, and environmental factors, you can make informed decisions that optimize your chance of success.

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Feasibility Study and Its Importance in Project Management

In the dynamic landscape of project management and business endeavors, the path to success is often paved with uncertainty. For every visionary project or entrepreneurial venture, there exists an inherent risk that can lead to unforeseen challenges, setbacks, or even failure. In this complex terrain, the beacon of clarity and guidance comes in the form of a "Feasibility Study." It is the compass that not only points to the direction of project viability but also illuminates the obstacles that lie ahead. This journey into the realm of feasibility studies unveils their pivotal role in project management, where informed decisions, meticulous analysis, and calculated risk mitigation converge to shape the destiny of projects and businesses. Join us as we delve into the significance of feasibility studies, understanding their multifaceted importance in steering the course of success.

Table of Contents

What is a Feasibility Study?

Understanding A Feasibility Study

Types of Feasibility Study

Importance of Feasibility Study

Benefits of a Feasibility Study

What Is Included in a Feasibility Study Report?

Tools for Conducting a Feasibility Study

Examples of a Feasibility Study

What is the Purpose of a Feasibility Study?

How Do You Write a Feasibility Study?

7 Steps to Do a Feasibility Study

How to Conduct a Feasibility Study

Feasibility Study vs. Business Plan

Reasons to Do or Not to Do a Feasibility Study

A feasibility study is a thorough examination of whether a proposed project or business idea is practical and likely to succeed. It involves analyzing factors like market demand, technical capabilities, financial viability, operational logistics, legal requirements, environmental impact, and potential risks. The study helps decision-makers determine whether it's worth pursuing the project or if adjustments are needed. Ultimately, it provides a clear recommendation on whether to go ahead with the project or not, based on a comprehensive assessment of all relevant factors.

A feasibility study is a comprehensive analysis conducted during the early stages of project planning to determine the practicality and viability of a proposed project or business endeavor. It involves assessing various factors such as market demand, technical feasibility, financial considerations, operational logistics, legal and regulatory requirements, environmental impacts, and potential risks. The goal is to answer the fundamental question of whether the project is feasible and worth pursuing. A well-executed feasibility study provides decision-makers with valuable insights to make informed choices about whether to invest resources, time, and effort into the project or explore alternative options. Ultimately, it helps prevent costly mistakes by identifying potential challenges and opportunities early in the project's development.

Market Feasibility Study: This type of study is essential when considering a new product or service. It assesses whether there is enough demand in the market for the proposed offering. Market feasibility examines factors such as target demographics, customer preferences, market trends, competition, and potential market size. The goal is to determine if there is a substantial and sustainable market for the product or service.

Technical Feasibility Study: When a project relies on specific technology or technical processes, a technical feasibility study is conducted. It evaluates whether the required technology and expertise are available or can be developed within the project's scope. This study also looks at potential technical challenges and obstacles that might hinder project implementation.

Financial Feasibility Study: Financial feasibility is crucial to assess the project's profitability and financial viability. It involves estimating all costs associated with the project, including initial investments, operating expenses, and maintenance costs. Revenue projections and cash flow analysis are also conducted to determine if the project can generate a positive return on investment (ROI).

Operational Feasibility Study: This study focuses on how the proposed project will operate in practical terms. It assesses whether the project can be effectively integrated into existing operations or if it requires significant changes to processes, staffing, and logistics. Operational feasibility helps ensure that the project can be executed smoothly and efficiently.

Legal and Regulatory Feasibility Study: Projects often need to navigate complex legal and regulatory landscapes. A legal and regulatory feasibility study examines whether the project complies with all relevant laws, regulations, permits, and industry-specific requirements. It identifies potential legal obstacles and outlines the steps necessary for legal and regulatory compliance.

The importance of a feasibility study in the context of project management and business decision-making cannot be overstated. Here are several key reasons why conducting a feasibility study is crucial:

Risk Identification and Mitigation: A feasibility study helps identify potential risks and challenges associated with a project. By recognizing these risks early, project managers and stakeholders can develop strategies to mitigate them effectively. This proactive approach minimizes the likelihood of unforeseen issues derailing the project later on.

Cost-Benefit Analysis: One of the primary purposes of a feasibility study is to assess the financial feasibility of a project. It involves estimating the costs of implementing the project and comparing them to the expected benefits. This analysis helps in determining whether the project will yield a positive return on investment (ROI). If the costs outweigh the benefits, it may not be financially viable.

Resource Allocation: Resource allocation is a critical aspect of project management. A feasibility study outlines the resources required for the project, including manpower, equipment, and materials. This information allows project managers to allocate resources efficiently and ensure that they are available when needed, reducing delays and cost overruns.

Alignment with Strategic Goals: Projects should align with an organization's strategic goals and objectives. A feasibility study assesses how the proposed project aligns with these strategic goals. If there is a mismatch, it provides an opportunity to refine the project's scope or reconsider its importance in the context of the organization's overarching strategy.

Stakeholder Buy-In: Feasibility studies involve engaging with key stakeholders, including sponsors, investors, and end-users. These stakeholders play a crucial role in the success of the project. The study helps in gaining their buy-in and support by providing them with a clear understanding of the project's goals, benefits, and potential risks.

Decision-Making Tool: A feasibility study serves as a decision-making tool for project sponsors and stakeholders. It provides them with the information needed to make an informed decision about whether to proceed with the project, revise its scope, or abandon it altogether. This ensures that resources are allocated to projects with a higher likelihood of success.

Project Viability Assessment: Feasibility studies assess the overall viability of a project. They consider various aspects, including market demand, technical feasibility, financial considerations, and operational logistics. This comprehensive evaluation helps in determining whether the project is worth pursuing and has a realistic chance of success.

Cost Control: By estimating project costs and potential cost overruns during the feasibility study, project managers can develop effective cost control measures. This proactive approach allows for better financial management throughout the project's lifecycle.

Time Efficiency: A feasibility study helps in setting realistic project timelines. By identifying potential delays and obstacles early on, project managers can plan and allocate resources more effectively, reducing the likelihood of project schedule disruptions.

Alternative Evaluation: Feasibility studies often explore alternative solutions or approaches to achieve project objectives. This allows decision-makers to compare different options and select the most feasible and cost-effective one.

In conclusion, a well-conducted feasibility study is an indispensable tool in project management and business decision-making. It provides a structured and systematic approach to assess a project's feasibility, risks, costs, and benefits, ultimately leading to more informed and successful project outcomes.

A feasibility study offers a multitude of benefits that are invaluable to organizations and stakeholders contemplating new projects or business ventures. Firstly, it serves as a risk mitigation tool by uncovering potential challenges and obstacles early in the project's conceptualization phase, enabling the development of strategies to address these concerns proactively. Furthermore, a well-executed feasibility study empowers decision-makers with comprehensive information and data, facilitating informed choices regarding whether to proceed with the project, modify its scope, or abandon it altogether. Financial feasibility studies, a key component, provide financial clarity by estimating costs, revenue projections, and profitability prospects, ensuring alignment with budget constraints. Resource allocation becomes more efficient, as the study identifies the resources needed and helps prevent delays or shortages. Additionally, it ensures that the project aligns with an organization's strategic goals, fosters stakeholder buy-in, and assesses environmental and social responsibility. In essence, a feasibility study is an essential compass guiding project success by minimizing risks, optimizing resources, and ensuring strategic alignment.

A comprehensive feasibility study report typically includes the following key sections and information:

Executive Summary: This section provides a concise overview of the entire feasibility study, summarizing its main findings and recommendations. It is often the first section decision-makers read, so it should effectively convey the project's viability and key takeaways.

Introduction: The introduction sets the stage for the study by explaining the purpose, scope, and objectives of the feasibility study. It also introduces the project or business idea being evaluated.

Project Description: This section provides a detailed description of the proposed project, including its goals, objectives, and scope. It outlines what the project aims to achieve and its intended outcomes.

Market Analysis: In this section, the study delves into the market feasibility, examining factors such as market size, growth potential, target demographics, competition, and customer demand. It also assesses market trends and dynamics.

Technical Analysis: The technical analysis evaluates the technical feasibility of the project. It considers the technology, equipment, and infrastructure required, as well as potential technical challenges and solutions. It may also include information on suppliers and technology partners.

Financial Analysis: The financial analysis is a critical component. It includes detailed financial projections, cost estimates, revenue forecasts, and cash flow analysis. It assesses the project's financial feasibility, including its return on investment (ROI) and payback period.

Operational Analysis: This section focuses on the operational feasibility of the project. It looks at how the project will function in practical terms, including staffing requirements, processes, logistics, and supply chain considerations.

Legal and Regulatory Considerations: Here, the study addresses legal and regulatory feasibility by identifying the legal requirements, permits, licenses, and compliance issues relevant to the project. It also outlines strategies for ensuring compliance.

Environmental and Social Impact Assessment: This section assesses the potential environmental and social impacts of the project, including its sustainability, community acceptance, and corporate social responsibility considerations.

Risk Analysis: The risk analysis identifies potential risks and uncertainties associated with the project and provides recommendations for risk mitigation. It may include a risk matrix or assessment of key risks.

Alternative Solutions: Feasibility studies often explore alternative approaches or solutions to achieve the project's objectives. This section compares different options and provides rationale for the chosen approach.

Recommendations: Based on the analysis conducted throughout the study, this section presents clear and well-supported recommendations regarding whether to proceed with the project, make modifications, or abandon it. It outlines the rationale for the recommended course of action.

Appendices: The appendices contain supplementary information, such as detailed financial spreadsheets, market research data, technical specifications, and any other relevant documents that support the findings and conclusions of the feasibility study.

References: If the study includes external sources or references, a list of these sources should be provided in a reference section.

A well-structured feasibility study report serves as a comprehensive document that guides decision-makers in assessing the viability of a project or business venture. It should be clear, well-organized, and supported by data and analysis to ensure that stakeholders have the information needed to make informed decisions.

Microsoft Excel: Use it for financial calculations and modeling.

Survey Software: Collect market data through tools like SurveyMonkey or Google Forms.

Market Research Tools: Access industry reports and trends with tools like Statista.

Project Management Software: Create timelines and track progress with tools like Trello.

Financial Software: For detailed financial projections, use QuickBooks or specialized financial modeling tools.

Research Databases: Access academic and industry data from online libraries and databases.

GIS Software: Analyze spatial data and site selection with tools like ArcGIS.

Risk Management Tools: Identify and manage project risks using tools like RiskWatch.

Business Plan Software: Structure your findings into a business plan with tools like LivePlan.

Presentation Tools: Communicate study results visually with software like PowerPoint.

Collaboration Tools: Facilitate teamwork with platforms like Microsoft Teams or Slack.

Document Management Systems: Organize and store project documents using software like SharePoint.

Decision Support Tools: Enhance decision-making with software like DecisionTools Suite for scenario analysis.

Feasibility studies are conducted in various industries and for diverse purposes. Here are some examples of feasibility studies:

Real Estate Development: Before embarking on a real estate project, such as constructing a residential or commercial building, a feasibility study is conducted. It assesses the market demand for the property, construction costs, potential revenue from rentals or sales, and factors like zoning regulations and environmental impact.

Product Launch: When a company plans to launch a new product, a feasibility study is conducted to determine if there's a market for it. It includes market research to gauge customer interest, pricing strategies, manufacturing or production costs, and potential profitability.

Restaurant Opening: Before opening a new restaurant, a feasibility study is conducted to assess factors like location, target market, competition, menu pricing, and operating costs. It helps in understanding whether the restaurant can be profitable in a specific area.

Technology Start-up: Tech entrepreneurs often conduct feasibility studies to evaluate the viability of their software or app ideas. This includes assessing market demand, development costs, potential revenue streams, and competition in the tech sector.

Infrastructure Projects: Large-scale infrastructure projects like bridges, highways, or public transportation systems require feasibility studies to assess technical, financial, and environmental factors. These studies help determine if the project is practical and cost-effective.

Hotel Expansion: When a hotel chain plans to expand by building a new location, a feasibility study examines the market conditions, demand for hotel rooms in the area, construction and operational costs, and the potential return on investment.

Agricultural Ventures: Farmers and agricultural entrepreneurs may conduct feasibility studies before starting a new crop or livestock farming operation. The study evaluates factors like soil quality, market demand for the products, input costs, and expected yields.

Renewable Energy Projects: Feasibility studies are essential for renewable energy projects like wind farms or solar power plants. They assess factors such as available resources, technology feasibility, regulatory requirements, and financial viability.

Healthcare Facilities: Hospitals and healthcare organizations may conduct feasibility studies when planning to build new medical facilities. These studies analyze factors such as patient demand, location suitability, construction costs, and long-term operational expenses.

Manufacturing Plants: Before setting up a new manufacturing plant, businesses conduct feasibility studies to determine the feasibility of production, supply chain logistics, labor costs, and market demand for the products.

Educational Institutions: Feasibility studies are used by educational institutions to assess whether it's viable to expand or build new facilities, launch new academic programs, or enter new markets. These studies consider factors like enrollment projections, budget requirements, and competitive landscape.

Tourism and Hospitality: In the tourism sector, feasibility studies are conducted to evaluate the potential of opening new resorts, amusement parks, or tourist attractions. These studies analyze market demand, location, infrastructure requirements, and investment costs.

These are just a few examples of feasibility studies in different domains. The specific elements and focus of a feasibility study can vary widely depending on the nature of the project or business venture.

The primary purpose of a feasibility study is to comprehensively evaluate the viability and potential success of a proposed project or business endeavor. This study serves as a crucial decision-making tool, enabling stakeholders to assess the project's feasibility, risks, and financial viability. By identifying potential challenges and opportunities early on, a feasibility study helps mitigate risks and develop effective strategies for success. It aligns the project with an organization's strategic goals, facilitates resource allocation, and ensures that resources are directed toward projects with a high likelihood of achieving positive returns on investment. Additionally, it fosters stakeholder buy-in and provides a clear roadmap for project execution. Ultimately, the overarching goal of a feasibility study is to inform well-informed decisions about whether to pursue, modify, or abandon the project, thereby promoting efficiency, cost-effectiveness, and the likelihood of successful outcomes.

Writing a feasibility study involves a structured and systematic approach to assessing the viability of a proposed project or business venture. Here's a step-by-step guide on how to write a feasibility study:

Project Introduction:

Begin with an introduction that provides context for the study. Explain the purpose of the study, the project's objectives, and its significance.

Executive Summary:

Create an executive summary that offers a concise overview of the entire feasibility study, summarizing key findings, recommendations, and conclusions. This section should be clear and compelling as it's often the first part decision-makers read.

Background Information:

Provide background information on the project, including its history, the problem it aims to address, and any relevant historical data or context.

Scope of Work:

Clearly define the scope of the feasibility study. Specify the boundaries and limitations of the study, including what will and will not be included.

Methodology:

Explain the research methods and tools used to collect and analyze data. This section should outline the approach to market research, financial analysis, risk assessment, and other key aspects of the study.

Market Analysis:

Evaluate the market feasibility of the project by examining factors such as market size, growth potential, target demographics, competition, and customer demand. Present relevant market research data and trends.

Technical Analysis:

Assess the technical feasibility of the project, focusing on the required technology, equipment, and infrastructure. Address potential technical challenges and outline solutions.

Financial Analysis:

Conduct a detailed financial analysis, including cost estimations, revenue projections, cash flow analysis, and return on investment (ROI) calculations. Evaluate the project's financial viability.

Operational Analysis:

Evaluate the operational feasibility of the project by analyzing how it will function in practical terms. Consider staffing requirements, processes, logistics, and supply chain considerations.

Legal and Regulatory Assessment:

Examine legal and regulatory requirements relevant to the project. Identify permits, licenses, compliance issues, and strategies for ensuring legal conformity.

Environmental and Social Impact Assessment:

Assess the potential environmental and social impacts of the project, including sustainability considerations and community acceptance.

Risk Analysis:

Identify and evaluate potential risks and uncertainties associated with the project. Develop risk mitigation strategies and present them in this section.

Alternative Solutions:

Explore alternative approaches or solutions to achieve the project's objectives. Compare different options and provide a rationale for the chosen approach.

Recommendations:

Based on the analysis conducted throughout the study, present clear and well-supported recommendations regarding whether to proceed with the project, modify its scope, or abandon it. Provide a summary of the key findings that support the recommendations.

Appendices:

Include supplementary information in the appendices, such as detailed financial spreadsheets, market research data, technical specifications, and any other relevant documents that support the study's findings.

References:

If the study includes external sources or references, provide a list of these sources in a reference section.

Conclusion:

Conclude the feasibility study by summarizing the main findings, highlighting the recommended course of action, and reiterating the importance of the study's conclusions.

Final Review:

Before finalizing the report, conduct a thorough review for accuracy, clarity, and coherence. Ensure that the report is well-organized and follows a logical flow.

Performing a feasibility study involves a systematic process to assess the viability of a project or business idea. Here are seven essential steps to conduct a feasibility study:

Define the Project Scope and Objectives:

Clearly outline the purpose, goals, and objectives of the feasibility study. Determine the specific questions the study should answer and the key aspects to be evaluated.

Gather Information and Data:

Collect all relevant data and information needed for the study. This includes market research, technical specifications, financial data, legal and regulatory requirements, and any other pertinent details.

Market Research and Analysis:

Evaluate the market feasibility by researching and analyzing factors like market size, growth trends, competition, customer preferences, and demand for the product or service.

Assess the technical feasibility by examining the required technology, equipment, and infrastructure. Identify potential technical challenges and determine if they can be overcome.

Conduct a comprehensive financial analysis, including cost estimations, revenue projections, cash flow analysis, and ROI calculations. Determine if the project is financially viable and can yield positive returns.

Evaluate the operational feasibility of the project by analyzing how it will function in practical terms. Consider staffing needs, processes, logistics, and supply chain requirements.

Risk Assessment and Recommendations:

Identify and assess potential risks and uncertainties associated with the project. Develop strategies for risk mitigation. Based on the analysis, make clear and well-supported recommendations regarding whether to proceed with the project, make modifications, or abandon it. Summarize key findings and provide a concise roadmap for decision-makers.

Feasibility Study vs. Business Plan:

Feasibility Study:

Purpose: The primary purpose of a feasibility study is to assess the viability and feasibility of a proposed project or business idea. It aims to answer the question, "Is this project or business concept feasible?"

Timing: Feasibility studies are typically conducted in the early stages of project development, often before significant resources are invested.

Scope: Feasibility studies have a broader scope and focus on evaluating various aspects of the project, including market feasibility, technical feasibility, financial feasibility, legal and regulatory considerations, operational feasibility, and risk assessment.

Analysis: Feasibility studies involve in-depth analysis of data and information related to the project, such as market research, cost estimation, revenue projections, and risk assessment.

Outcome: The primary outcome of a feasibility study is to provide stakeholders with a recommendation on whether to proceed with the project, modify its scope, or abandon it. It helps stakeholders make informed decisions.

Business Plan:

Purpose: A business plan serves as a detailed blueprint for the actual operation and management of a business. It outlines the goals, strategies, and operations of the business and provides a roadmap for its growth and development.

Timing: Business plans are typically developed after the feasibility study, once the decision to proceed with the project has been made. They are often used when seeking financing or as a guide for day-to-day operations.

Scope: Business plans focus on the specific strategies, tactics, and operations required to run the business successfully. They include detailed information on marketing, sales, organizational structure, funding requirements, revenue and expense projections, and long-term goals.

Analysis: While business plans incorporate the findings from the feasibility study, they go beyond feasibility analysis and delve into the practical aspects of running the business. Business plans include detailed financial projections and operational plans.

Outcome: The primary outcome of a business plan is to provide a comprehensive and actionable roadmap for the business. It is used for securing financing, attracting investors, guiding day-to-day operations, and measuring the business's performance against its objectives.

In summary, a feasibility study assesses the initial viability of a project or business idea and informs the decision to proceed or not, while a business plan is a detailed document that outlines how a business will operate, grow, and achieve its goals once the decision to move forward has been made. Both documents are crucial in the lifecycle of a business or project, with the feasibility study informing the business plan's foundation.

Reasons to Do a Feasibility Study:

Risk Assessment: A feasibility study helps identify potential risks and challenges associated with the project. It provides an opportunity to assess and mitigate these risks proactively.

Informed Decision-Making: Conducting a feasibility study ensures that decision-makers have comprehensive information to make informed choices about whether to proceed with the project, make modifications, or abandon it.

Financial Clarity: Financial feasibility studies estimate costs, revenue projections, and potential profitability. This clarity ensures that the project aligns with budget constraints and has a potential for positive returns on investment.

Resource Optimization: Feasibility studies outline the resources required for the project, such as personnel, equipment, materials, and technology. This allows for efficient resource allocation and prevents delays or resource shortages.

Strategic Alignment: Projects should align with an organization's strategic goals and objectives. A feasibility study assesses this alignment, ensuring that the project supports the organization's overarching strategy.

Reasons Not to Do a Feasibility Study:

Low Complexity: For very simple projects with minimal investment and known market demand, a full-scale feasibility study may be unnecessary. However, even small projects can benefit from some form of preliminary assessment.

Urgency: In cases where time is of the essence, such as responding to rapidly changing market conditions, conducting a lengthy feasibility study may not be feasible. In such situations, a rapid assessment or a simpler analysis may be more appropriate.

Cost Concerns: Some organizations may be hesitant to invest in a feasibility study due to budget constraints. However, failing to conduct a feasibility study can lead to much higher costs if the project encounters unforeseen issues.

Obvious Viability: In rare cases where the viability of a project is self-evident and unquestionable, skipping a feasibility study might be considered. However, a cursory assessment is still advisable to confirm assumptions.

In conclusion, a feasibility study is an indispensable tool in the process of evaluating the potential success and viability of a proposed project or business venture. It serves as a critical decision-making guide, providing stakeholders with a comprehensive understanding of the project's feasibility, risks, and financial viability. By identifying potential challenges and opportunities early on, a feasibility study enables proactive risk mitigation and the development of effective strategies for success. It aligns the project with an organization's strategic objectives, facilitates resource allocation, and ensures that resources are directed toward endeavors with a high likelihood of achieving positive returns. Furthermore, it fosters stakeholder buy-in and provides a clear roadmap for project execution. Ultimately, the overarching goal of a feasibility study is to inform well-informed decisions about whether to pursue, modify, or abandon the project, thereby promoting efficiency, cost-effectiveness, and the likelihood of successful outcomes. In essence, a well-executed feasibility study lays the foundation for a project's success and serves as a cornerstone for prudent decision-making in the world of business and project management.

1. What is a feasibility study?

A feasibility study is an in-depth analysis and evaluation of a proposed project or business venture to determine its viability and potential for success. It assesses various aspects such as market feasibility, technical feasibility, financial feasibility, and operational feasibility.

2. Why is a feasibility study important?

A feasibility study is crucial because it helps stakeholders make informed decisions about whether to proceed with a project, modify its scope, or abandon it. It identifies risks, assesses costs, and evaluates the potential for profitability, thereby reducing uncertainty and minimizing the likelihood of project failure.

3. What are the key components of a feasibility study?

A feasibility study typically includes sections on market analysis, technical analysis, financial analysis, operational analysis, legal and regulatory considerations, environmental and social impact assessment, risk analysis, and recommendations.

4. How is a feasibility study different from a business plan?

A feasibility study assesses the initial viability of a project, while a business plan provides a detailed roadmap for running and growing a business after the decision to proceed has been made. Feasibility studies inform the foundation of a business plan.

5. When should you conduct a feasibility study?

Feasibility studies are typically conducted in the early stages of project development, before significant resources are invested. However, they can also be conducted at any point when there is uncertainty about the feasibility of a project.

6. What is the role of market research in a feasibility study?

Market research is a crucial component of a feasibility study as it assesses market demand, competition, customer preferences, and trends. It helps determine if there is a market for the project's products or services.

7. How do you assess financial feasibility in a feasibility study?

Financial feasibility is assessed by estimating project costs, revenue projections, cash flow analysis, and calculating metrics like return on investment (ROI) and payback period. It determines if the project is financially viable.

8. What are the benefits of conducting a feasibility study?

Benefits of a feasibility study include risk mitigation, informed decision-making, financial clarity, efficient resource allocation, strategic alignment, stakeholder buy-in, and the identification of potential issues early in the project.

9. Are there situations where a feasibility study may not be necessary?

In some cases, for very simple projects with minimal investment and known market demand, a full-scale feasibility study may be considered unnecessary. However, even small projects can benefit from a preliminary assessment.

10. How do you present the findings of a feasibility study to stakeholders? -

The findings of a feasibility study are typically presented in a structured report format, with clear sections covering each aspect of the study. An executive summary is often included to provide a concise overview of the key findings and recommendations. Presentations and discussions with stakeholders may also be part of the communication process.

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• Volume 41, Issue 9
• The RELIEF feasibility trial: topical lidocaine patches in older adults with rib fractures
• Article Text
• Article info
• Citation Tools
• Rapid Responses
• Article metrics

• Madeleine Clout 1 ,
• Nicholas Turner 1 ,
• Clare Clement 2 ,
• Philip Braude 3 ,
• http://orcid.org/0000-0001-6131-0916 Jonathan Benger 4 ,
• James Gagg 5 ,
• Emma Gendall 6 ,
• Simon Holloway 7 ,
• Jenny Ingram 8 ,
• Rebecca Kandiyali 9 ,
• Amanda Lewis 1 ,
• Nick A Maskell 10 ,
• David Shipway 11 ,
• http://orcid.org/0000-0002-6143-0421 Jason E Smith 12 ,
• Jodi Taylor 13 ,
• Alia Darweish Medniuk 14 ,
• http://orcid.org/0000-0002-2064-4618 Edward Carlton 15 , 16
• 1 Population Health Sciences , University of Bristol , Bristol , UK
• 2 University of the West of England , Bristol , UK
• 3 CLARITY (Collaborative Ageing Research) , North Bristol NHS Trust , Westbury on Trym , UK
• 4 Faculty of Health and Life Sciences , University of the West of England , Bristol , UK
• 5 Department of Emergency Medicine , Somerset NHS Foundation Trust , Taunton , UK
• 6 Research and Innovation , Southmead Hospital , Bristol , UK
• 7 Pharmacy Clinical Trials and Research , Southmead Hospital , Bristol , UK
• 8 Bristol Medical School , University of Bristol , Bristol , UK
• 9 Warwick Clinical Trials Unit , Warwick Medical School , Coventry , UK
• 10 Academic Respiratory Unit , University of Bristol , Bristol , UK
• 11 Department of Medicine for Older People, Southmead Hospital , North Bristol NHS Trust , Bristol , UK
• 12 Emergency Department , University Hospitals Plymouth NHS Trust , Plymouth , UK
• 13 Bristol Trials Centre, Population Health Sciences , University of Bristol , Bristol , UK
• 14 Department of Anaesthesia and Pain Medicine , Southmead Hospital , Bristol , UK
• 15 Emergency Department , Southmead Hospital , Bristol , UK
• 16 Department of Emergency Medicine, Translational Health Sciences , University of Bristol , Bristol , UK
• Correspondence to Dr Edward Carlton; eddcarlton{at}gmail.com

Background Lidocaine patches, applied over rib fractures, may reduce pulmonary complications in older patients. Known barriers to recruiting older patients in emergency settings necessitate a feasibility trial. We aimed to establish whether a definitive randomised controlled trial (RCT) evaluating lidocaine patches in older patients with rib fracture(s) was feasible.

Methods This was a multicentre, parallel-group, open-label, feasibility RCT in seven hospitals in England and Scotland. Patients aged ≥65 years, presenting to ED with traumatic rib fracture(s) requiring hospital admission were randomised to receive up to 3×700 mg lidocaine patches (Ralvo), first applied in ED and then once daily for 72 hours in addition to standard care, or standard care alone. Feasibility outcomes were recruitment, retention and adherence. Clinical end points (pulmonary complications, pain and frailty-specific outcomes) and patient questionnaires were collected to determine feasibility of data collection and inform health economic scoping. Interviews and focus groups with trial participants and clinicians/research staff explored the understanding and acceptability of trial processes.

Results Between October 23, 2021 and October 7, 2022, 206 patients were eligible, of whom 100 (median age 83 years; IQR 74–88) were randomised; 48 to lidocaine patches and 52 to standard care. Pulmonary complications at 30 days were determined in 86% of participants and 83% of expected 30-day questionnaires were returned. Pulmonary complications occurred in 48% of the lidocaine group and 59% in standard care. Pain and some frailty-specific outcomes were not feasible to collect. Staff reported challenges in patient compliance, unfamiliarity with research measures and overwhelming the patients with research procedures.

Conclusion Recruitment of older patients with rib fracture(s) in an emergency setting for the evaluation of lidocaine patches is feasible. Refinement of data collection, with a focus on the collection of pain, frailty-specific outcomes and intervention delivery are needed before progression to a definitive trial.

Trial registration number ISRCTN14813929 .

• feasibility studies
• frail elderly

Data availability statement

Data are available on reasonable request. Further information and patient-facing materials (including model consent forms) are available at https://relief.blogs.bristol.ac.uk/ . Data available on request.

This is an open access article distributed in accordance with the Creative Commons Attribution 4.0 Unported (CC BY 4.0) license, which permits others to copy, redistribute, remix, transform and build upon this work for any purpose, provided the original work is properly cited, a link to the licence is given, and indication of whether changes were made. See:  https://creativecommons.org/licenses/by/4.0/ .

https://doi.org/10.1136/emermed-2024-213905

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WHAT IS ALREADY KNOWN ON THIS TOPIC

Studies have evaluated the use of lidocaine patches in patients with rib fractures showing reductions in opioid use, improvements in pain scores and reductions in length of hospital stay.

Importantly, none has focused on older patients, who stand to gain the most benefit from improved analgesic regimens to reduce adverse pulmonary complications.

WHAT THIS STUDY ADDS

In this feasibility trial, prespecified progression criteria around recruitment, follow-up and adherence were met, demonstrating it is feasible to conduct randomised controlled trials in older patients, who are in pain, in an emergency setting.

There were challenges in data collection for pain and frailty-specific measures, together with treatment crossover, that require consideration in definitive trial design.

HOW THIS STUDY MIGHT AFFECT RESEARCH, PRACTICE OR POLICY

Researchers can adapt study processes to be inclusive of older patients in the emergency setting.

There are challenges in terms of data collection around pain and frailty-specific outcome measures which future research should consider.

Introduction

Rib fractures represent the most common non-spinal fracture in older people. 1 Age ≥65 years remains a predictor of morbidity and mortality in patients with rib fractures. 2 Pain can compromise normal respiratory function, with over 15% of older patients experiencing complications including pneumonia and death. 3

The mainstay for treatment of rib fracture pain remains strong opioid analgesia. However, as a result of poor physiological reserve, older patients are more vulnerable than younger people to the side effects of strong opioid medication such as nausea, constipation, sedation, delirium and respiratory depression. 4 Invasive approaches, such as thoracic epidural anaesthesia, have been used to reduce the likelihood of these side effects, but require specialist anaesthetic support, monitoring in a high-dependency environment and are only used in around 20% of admitted patients. 5 6

Lidocaine patches applied over rib fractures have been suggested as a non-invasive method of local anaesthetic delivery to improve respiratory function, reduce opioid consumption and consequently reduce pulmonary complications. 7 Studies have evaluated the use of lidocaine patches in patients with rib fractures showing reductions in opioid use, 8 improvements in pain scores 9 10 and reductions in length of hospital stay. 11 However, these studies are limited by retrospective design and low patient numbers with consequent bias and low precision. Importantly, none has focused on older patients, who are more susceptible to the development of pulmonary complications, 2 or tested lidocaine patches as an intervention in the ED where opioid analgesia is the mainstay of treatment.

Older people have often been excluded from research, relating to multiple long-term health conditions, social and cultural barriers and potentially impaired capacity to provide informed consent. 12 In addition, recruitment of older patients who are in pain in an emergency setting may pose further challenges around information provision and collection of clinical and patient-reported outcomes.

The aim of this trial was to establish whether a definitive randomised controlled trial (RCT) to evaluate the benefit of lidocaine patches, first applied in the ED, for older people requiring admission to hospital with rib fracture(s) is feasible.

Detailed methods, including detailed consent procedures, are described in full elsewhere. 13

Design, setting and participants

The Randomised Evaluation of topical Lidocaine patches in Elderly patients admitted to hospital with rib Fractures (RELIEF) study was a multicentre, parallel-group, open-label, individually randomised, feasibility RCT, conducted in seven NHS hospitals: five major trauma centres (Southmead Hospital; Royal Infirmary of Edinburgh; Derriford Hospital, Plymouth; Queen Elizabeth University Hospital, Glasgow; St George’s Hospital, London) and two trauma units (Musgrove Park Hospital, Taunton; Royal Devon and Exeter Hospital). The trial included a health economic scoping analysis and an integrated qualitative study. Patients were eligible for recruitment if they were aged ≥65 years, presented at any time after injury with traumatic rib fracture(s) (including multiple fractures, flail chest and traumatic haemothorax/pneumothorax even if this required intercostal chest drainage), confirmed radiologically (by CXR or CT conducted as part of routine care) and required hospital admission for ongoing care. Exclusion criteria are detailed in figure 1 .

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Exclusion criteria.

Randomisation and blinding

Participants were randomised in the ED by trained research or clinical staff, using an online randomisation system, with the randomisation sequence generated by Sealed Envelope (London, UK). Participants were allocated to the intervention or standard care in a 1:1 ratio. Randomisation was stratified by trial site and gender and blocked within strata. Allocations were blinded only to those performing central review of data for the assessment of outcomes.

Intervention

Participants randomised to the intervention received up to 3×700 mg lidocaine patches (Ralvo) at a time applied over the most painful area of rib injury. Patches were first applied in the ED, then once daily for 12 hours in accordance with the manufacturer’s (Grünenthal, Aachen, Germany) instructions. Treatment continued for up to 72 hours or until discharge from hospital. The intervention was additive to standard care (below). If participants subsequently underwent regional anaesthesia, patches were removed and no further patches were applied but data collection continued according to group allocation.

Standard care

All participants received standard local analgesic treatment for patients with rib fractures; this was not controlled for trial purposes. Data were collected on paracetamol, weak opioid, strong opioid and other non-opioid analgesia prescriptions in ED and for the 72-hour intervention period in both arms of the trial. 14

Patient and public involvement

Patient and public involvement was ensured at all stages of trial design, and continued throughout the trial’s lifetime via a patient advisory group and patient representation on the trial steering committees.

Clinical outcomes and measurement

Outcomes were measured at baseline, 72 hours (during or on completion of intervention) and 30-day postrandomisation. A full schedule of clinical data, questionnaires and end points is included in the published protocol. 13 Clinical end points were collected only to understand the feasibility of data collection and not to conduct hypothesis testing. Key clinical data and their measurement are briefly summarised as follows (further details on scales used are provided in the online supplemental material ):

Supplemental material

Demographics, injury details, relevant medical history and Clinical Frailty Scale (CFS) 15 : collected by researcher from clinical notes.

Retrospective pre-injury and baseline post-injury health EQ-5D-5L 16 : completed with participant/relative/carer.

Timed Up and Go test. 17

72 hours postrandomisation (intervention period) collected until discharge if sooner

Patient-reported pain scores: 4-hourly pain assessment using a Visual Analogue Scale (VAS) (scaled from 0 to 100). Recorded in a booklet provided to the patient.

Frailty-specific outcomes: Abbey Pain Scale, 18 4-AT delirium assessment tool, 19 constipation (Bristol Stool Chart), Timed Up and Go test. 17 Obtained by researchers.

Analgesia; ED and inpatient (72 hours) analgesic prescriptions, advanced analgesic provision (patient controlled analgesia (PCA), epidural, nerve block). Obtained by researchers from medical records.

30 days (+10 days) postrandomisation

Pulmonary complications: a priori proposed primary outcome for a definitive trial. Collected after review of medical records and adjudicated by site lead clinician.

Delirium: binary measure of any inpatient episode of delirium recorded in clinical notes.

Resource use: including admitted hospital length of stay, intensive care unit length of stay, unplanned readmission, discharge destination (notes review).

Questionnaires: booklets containing EQ-5D-5L and ICECAP-O 16 20 were sent by post to participants. Participants were permitted to complete these with the assistance of carers, although formal proxy versions of questionnaires were not provided.

Sample size

As this was a feasibility trial, it was not appropriate to calculate a sample size to detect a specified treatment effect size. In line with published ‘rules-of-thumb’, we determined that a total sample size of 100 would be sufficient to provide estimates of feasibility measures (recruitment, retention, data completion and adherence). 21 Recruitment was originally planned to take place over 18 months across three sites. However, trial set-up was delayed due to the COVID-19 pandemic. To achieve target recruitment within the funding period, the recruitment period was shortened to 12 months across seven sites.

Statistical methods

Feasibility measures were analysed and reported following the Consolidated Standards of Reporting Trials guidance extension for feasibility studies to include descriptive and summary statistics both overall and by treatment arm. 22

Descriptive statistics for participant characteristics and clinical outcome data were reported as means or medians with measures of dispersion for continuous outcomes and frequencies and percentages for categorical outcomes.

A priori thresholds for recruitment, follow-up and adherence were established to inform the feasibility of progression (table 2).

Integrated qualitative study

Telephone interviews were undertaken with trial participants around 1 month (and up to 90 days) postrandomisation. Interviews and focus groups were conducted with clinicians/research staff closely involved in the trial set-up, recruitment and follow-up. These explored trial participation experiences including understanding and acceptability of processes, pain control including perceived benefits of lidocaine patches and views on trial outcomes (topic guides are included in the online supplemental material ). Interviews and focus groups were audio-recorded, transcribed and analysed using thematic analysis. 23 Qualitative findings were integrated with other elements using a ‘following a thread’ approach. 24 This involved analysing each dataset and then using insights from the qualitative themes to contextualise and explain quantitative outcomes with data presented together.

Health economic scoping

An evaluation of the feasibility of identifying and measuring health economics outcome data was completed, with the focus on establishing the most appropriate outcome measures for inclusion in a future economic evaluation alongside the definitive trial. The EQ-5D-5L (health-related quality of life) patient-reported questionnaire 16 was completed at baseline, to capture retrospective pre-injury state and baseline post-injury state, and 30 days postrandomisation. In addition to the standard EQ-5D questionnaire, which typically elicits post-injury health status, we additionally assessed pre-injury status by making an approved change to the wording. The ICECAP-O (measure of capability in older people) 20 was also collected at 30 days. Information on key resources, including length of stay, intensive care use and medication prescribing, was also collected.

Between 23 October 2021 and 7 October 2022, 447 patients were assessed for eligibility, of which 206 were eligible; of these, 29 declined and 77 were not approached. Therefore, 100 patients were randomised; 48 participants were allocated to lidocaine patches and 52 to standard care ( figure 2 ). Six participants died prior to the 30-day follow-up timepoint and three participants withdrew from questionnaire completion, but had clinical data retained for analysis. Baseline characteristics were well balanced between groups ( table 1 ).

Screening, recruitment, allocation and follow-up (Consolidated Standards of Reporting Trials diagram).

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Baseline demographics and injury characteristics

Participants were predominantly women (47%), of white British ethnicity (92%), with a median age of 83 years (IQR 74–88). Participants were predominantly admitted from their own homes (92%), were independent (75%) but were living with very mild frailty (median CFS 4; IQR 3–5). The most common mechanism of injury was a fall from <2 m (81%). On average, participants sustained four rib fractures (SD 2.0)and they were at high risk of developing pulmonary complications at baseline (median STUMBL score 21 (IQR 16–33)), equating to a 70% risk. 3

Feasibility outcomes

Table 2 details the prespecified progression criteria around recruitment, follow-up and adherence together with observed results.

Prespecified progression criteria and observed results

Recruitment and consent

An average of 14 participants were recruited per site (range 3–37) in 12 months. Participants were predominately recruited from major trauma centres (n=87).

Agreement to participate was largely obtained from patients (70%): personal consultees (in England) or legal representatives (in Scotland) were approached in 27% of cases, and professional consultees were used in 3% of cases.

In the qualitative research, clinical and research staff closely involved in delivering the trial reported challenges in recruiting within the ED setting. These challenges included general ED pressures, reliance on referrals from wider clinical teams not directly engaged in the research, resource-intensive monitoring of ED attendances for potentially eligible patients, the necessity to rapidly attend ED (when not based in the department) to approach patients and lack of out-of-hours research staff (although some engaged clinicians were able to recruit out of hours). However, they were able to recruit well by raising awareness of the trial and fostering good collaborative relationships with the wider ED clinical team members, who were able to actively participate in patient identification. Insights from older patients were limited due to challenges with interview engagement (of 26 participants approached for interviews, 7 took part, 5 declined, 14 did not respond). However, older patients interviewed welcomed being approached and were willing to participate in the trial because they wanted to help, but were sometimes unsure of trial details. Staff needed to consider older patients’ vulnerability, and carefully manage consent processes to avoid overwhelming them, while ensuring their full understanding of involvement and the option not to participate.

Follow-up and data completeness

The proposed primary outcome of adverse pulmonary complications at 30 days was completed for 86% of participants (data missing in 14%, due to transfer to remote facilities or discharge home and no further records were available). For the 30-day patient-completed questionnaires, in total 71 were returned (fully or partially completed), 15 were unreturned despite repeated contact and 14 had reasons recorded for non-return (7 deaths, 4 remained unwell/confused, 3 withdrawals). This equates to an overall return rate of 71% but rising to 83% when return was anticipated. Qualitative findings regarding questionnaire completion highlighted the unblinded nature of the intervention, with standard care participants not feeling part of the trial, potentially impacting their understanding of completing questionnaires in future research.

Pain and frailty-specific outcomes (important secondary outcomes but not included in prespecified progression criteria) were not feasible to collect as completeness was <65%. Table 3 summarises data completeness on these measures and qualitative exploration of factors influencing data collection.

Pain and frailty-specific outcomes that were not feasible to collect and qualitative exploration of factors influencing data collection

In the intervention arm, 44/48 (92%) participants had at least one lidocaine patch applied in ED at a median time of 393.5 min after arrival. In the standard care arm, 17/52 (33%) participants also had a lidocaine patch applied in ED and were therefore classed as non-adherent. However, overall adherence was 79% meeting the prespecified green criteria for feasibility (>75%). Themes identified in the qualitative research with clinical/research staff addressing variation in care included standard care (some hospitals use patches as standard care, others do not), patch application (eg, where best to place patches in the presence of multiple fractures), provision of nerve blockade (the ongoing use of lidocaine patches when nerve blocks are subsequently used), equipoise (mixed views on the benefits of patches) and patch acceptability (perceived benefits of patches to patients) (see online supplemental material for details).

Clinical outcomes

72-hour outcomes

Data on ED and inpatient (72 hours) analgesic prescriptions, together with advanced analgesic provision (PCA, epidural, nerve blocks) were collected in >75% of participants ( table 4 ) Analgesic prescriptions within ED and as an inpatient were similar between arms. Overall, 33/97 (34%) participants had advanced analgesia with 21/97 (22%) receiving some form of nerve blockade and 12/97 (13%) receiving PCA within the 72-hour intervention period.

30-day outcomes

Overall, 46/86 (53%) participants with complete data met the outcome of composite pulmonary complications within 30 days; 20 (48%) in the lidocaine patch arm and 26 (59%) in the standard care arm. The median length of hospital stay was 9.1 days (IQR 5.2–15.4) and over 30% of participants did not return to their baseline level of function on discharge (requiring increased package of care, residential, nursing or rehabilitation). Descriptive data on all 30-day outcomes is included in table 4 .

We achieved our objectives in terms of piloting instruments of data collection: administration of EQ-5D-5L and ICECAP-O measures and case report forms to record length of stay, use of analgesia and discharge destination ( table 4 ).

As anticipated EQ-VAS at baseline (measuring overall health status with 100 being best imaginable health) were reported as higher pre-injury (median 80 (60–90)) compared with post-injury (median 50 (25–70)). At 30 days, EQ-5D-5L completeness was 44% and ICECAP-O was 65%. In terms of the trajectory of health status, as anticipated the baseline EQ-5D-5L post-injury tariff had the lowest median (0.44 (0.25–0.63)) while at 30 days these data indicated participants had only partially recovered in terms of health status (0.59 (0.27–0.74)) ( table 4 ). The overall median ICECAP-O tariff at 30 days was 0.77, which is slightly below a published population norm of 0.81. 25

This trial suggests it is feasible to recruit older patients with rib fracture(s) in an emergency setting. Consent processes modified for older patients were effective and acceptable to patients and carers. However, pain and frailty-specific outcomes were not feasible to collect. While these were not anticipated primary outcomes for a future trial, they are clearly important secondary outcomes in this population. Our qualitative work highlighted areas for improvement in this regard. These include bespoke training for researchers when unfamiliar with measures (Abbey Pain Scale, 4-AT delirium assessment tool), embedding measures such as 4-AT delirium assessment tool into clinical practice and increased recognition of the potential to overwhelm older injured patients through research procedures when designing trials. It should be noted that the World Hip Trauma Evaluation platform study appears to have overcome many of these barriers to data collection in a similar population. 26

Data collection for the suggested primary outcome of a definitive trial (adverse pulmonary complications) was feasible, and the high rates of this outcome within the population confirm that it remains a target outcome for early analgesic interventions in older patients with rib fracture(s).

Paper-based, mailed out, patient-completed questionnaires were returned at high rates, suggesting that this remains an acceptable option for older participants in research. This aligns with consensus recommendations that alternatives should be offered to digital data collection to avoid digital exclusion in older patients. 12 However, for those patients with cognitive impairment, consideration of formal proxy versions of questionnaires should be considered where available.

While adherence to the intervention was high and overall adherence was deemed feasible, significant crossover in the standard care arm was seen. This finding suggests clinicians may lack equipoise in sites where lidocaine patches are already in use; this was confirmed in our healthcare professional focus groups. However, these focus groups also highlighted discrepancies in prescribing/availability and a recognition of the potential harm of overuse of lidocaine patches (at the expense of other analgesic modalities). In order to overcome these challenges in equipoise, avoid crossover and fully understand the clinical effectiveness of topical lidocaine, a definitive trial would need to test active patches against placebo patches rather than standard care.

In this trial, older patients admitted to hospital with radiologically confirmed rib fracture(s) were living with very mild frailty (median CFS 4) and were predominantly injured after a fall from standing (<2 m), a finding consistent with previous reports. 27 Despite having isolated rib fracture(s), many participants had prolonged hospital stays (median 9 days) and >30% did not return to baseline functional status on discharge. STUMBL scores recorded at baseline suggested a population at high risk of developing adverse pulmonary complications and this finding was confirmed in 30-day outcome collection. Development of delirium appeared lower than reported in other cohorts, 6 but may reflect a lack of robust data collection. Notable findings that may provide targets for service improvements include prolonged times between injury and hospital arrival (20 hours) and low rates of prehospital analgesia administration. In addition, in-hospital (72 hours) analgesic prescriptions appear to rely heavily on strong opioid analgesia, with more advanced analgesic modalities being used in only around one-fifth of this vulnerable patient group.

Rib fracture(s) were diagnosed by CT in over 90% of cases. This may reflect a more liberal use of CT in older patients with suspected trauma following influential reports such as Trauma Audit Research Network Major Trauma in Older People 28 and the majority of sites being major trauma centres. However, this finding may also reflect selection bias towards more severely injured patients, given that our inclusion criteria required radiological confirmation of rib fracture(s) and prior studies have demonstrated a poor sensitivity of X-ray diagnosis, with only 40% accuracy in older patients. 29 Amending the inclusion criteria to include patients with clinically suspected (rather than radiologically confirmed) rib fractures may mitigate against this selection bias and also allow the inclusion of those patients who are less severely injured and potentially more frail.

Our health economic scoping revealed key findings to be considered in future research involving older adults in emergency settings. Modification of the standard EQ-5D to obtain retrospective pre-injury health status may be beneficial in assessing specific impacts of injury in economic modelling. However, since response rates to the ICECAP-O were higher than for the EQ-5D at 30 days, which may reflect a patient preference for completing a measure specifically designed for use in older people, it is possible that this is a more appropriate measure for use in a definitive trial.

Conclusions

This trial has demonstrated that recruitment of older patients with rib fracture(s) in an emergency setting for the evaluation of early analgesic interventions (in the form of lidocaine patches) is feasible. Refinement of data collection, with a focus on collecting pain and frailty-specific outcomes, as well as intervention delivery, is needed before progressing to a definitive trial.

Ethics statements

Patient consent for publication.

Not applicable.

Ethics approval

The protocol (V.4.0 4 March 2022) and other related participant-facing documents were approved by the UK Health Research Authority and UK Research Ethics Committees (REC): 21/SC/0019 (South Central—Oxford C REC; IRAS reference 285096) and 21/SS/0043 (Scotland A REC; IRAS reference 299793). Participants gave informed consent to participate in the study before taking part.

Acknowledgments

Sponsor: North Bristol NHS Trust (R&I reference: 4284). Trial management: this trial was designed and delivered in collaboration with the Bristol Trials Centre, a UKCRC registered clinical trials unit, which is in receipt of National Institute for Health Research CTU support funding. The trial management group included all authors and particular thanks are given to Gareth Williams who led patient and public contributions on the trial management group. Trial Steering Committee: the RELIEF trial team would like to thank all members of the independent members of the committee who gave up their time to provide oversight of this work: Fiona Lecky (Clinical Professor in Emergency Medicine and TSC Chair), Rachel Bradley (Consultant in General, Geriatric and Orthogeriatric Medicine), Sean Ewings (Associate Professor of Medical Statistics, Southampton Clinical Trials Unit, University of Southampton), Gordon Halford (Patient and Public Involvement Contributor). Participating sites: the RELIEF trial team would like to thank all staff involved at the seven participating sites (Southmead Hospital, North Bristol NHS Trust, Principal Investigator (PI): Edward Carlton, Associate PI: Fraser Birse; Royal Infirmary of Edinburgh, NHS Lothian, PI: Rachel O’Brien; Derriford Hospital, University Hospitals Plymouth NHS Trust, co-PIs: Jason Smith and Robert James, Associate PI: Rory Heath; Queen Elizabeth University Hospital, NHS Greater Glasgow and Clyde, co-PIs: Fraser Denny and David Lowe, Associate PI: Nathalie Graham; St George's Hospital London, St George's University Hospitals NHS Foundation Trust, PI: Melanie Lynn; Musgrove Park Hospital, Somerset NHS Foundation Trust, PI: James Gagg; Royal Devon and Exeter Hospital, Royal Devon University Healthcare NHS Foundation Trust, PI: Andy Appelboam).

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Supplementary materials

Supplementary data.

This web only file has been produced by the BMJ Publishing Group from an electronic file supplied by the author(s) and has not been edited for content.

• Data supplement 1

Handling editor Kirsty Challen

X @DrPhilipBraude, @eddcarlton

Presented at Results were presented in part at the Royal College of Emergency Medicine Annual Scientific Conference on 26 September 2023 and Age Anaesthesia Annual Scientific Meeting on 12 May 2023.

Contributors MC and NT have had full access to all data in the study and take full responsibility for the integrity of the data and accuracy of data analysis. Study concept and design: EC, NT, CC, PB, JB, JG, JI, RK, NAM, DS, JS, ADM. Analysis and interpretation of data: all authors. Drafting of manuscript: EC, CC, MC, RK, NT. Critical revision of manuscript for important intellectual content: all authors. Statistical analysis: NT. Obtained funding: EC, NT, CC, PB, JB, JG, JI, RK, NAM, DS, JS, ADM. EC is the guarantor of the study.

Funding This study is funded by the NIHR [Advanced Fellowship (NIHR300068)]. The views expressed are those of the author(s) and not necessarily those of the NIHR or the Department of Health and Social Care

Disclaimer The funder was not involved in the design, execution, analysis and interpretation of data or writing up of the trial.

Competing interests None declared.

Patient and public involvement Patients and/or the public were involved in the design, or conduct, or reporting, or dissemination plans of this research. Refer to the 'Methods' section for further details.

Provenance and peer review Not commissioned; externally peer reviewed.

Supplemental material This content has been supplied by the author(s). It has not been vetted by BMJ Publishing Group Limited (BMJ) and may not have been peer-reviewed. Any opinions or recommendations discussed are solely those of the author(s) and are not endorsed by BMJ. BMJ disclaims all liability and responsibility arising from any reliance placed on the content. Where the content includes any translated material, BMJ does not warrant the accuracy and reliability of the translations (including but not limited to local regulations, clinical guidelines, terminology, drug names and drug dosages), and is not responsible for any error and/or omissions arising from translation and adaptation or otherwise.

Linked Articles

• Commentary Commentary: The RELIEF feasibility trial: topical lidocaine patches in older adults with rib fractures Ceri Battle Emergency Medicine Journal 2024; 41 520-521 Published Online First: 02 Jun 2024. doi: 10.1136/emermed-2024-214244

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Assessing Office-to-Residential Conversion Feasibility with CommercialEdge Research, Powered by Yardi

Timea-Erika Papp | Aug 22, 2024

As the CRE landscape evolves, repurposing office buildings into multifamily residential spaces can be a strategic move for developers and investors. However, assessing the viability of such conversions is complex, involving many factors that can significantly impact a project’s success.

High office vacancy rates , driven by the rise of remote work and followed by loss of property value in many instances, are prompting developers to seek alternative uses for underutilized spaces. At the same time, the growing demand for housing , coupled with government incentives , makes office-to-residential conversions an attractive option. Developers are also drawn to the prospective cost-efficiency of repurposing existing structures compared to new construction, especially in dense urban areas where land is scarce and expensive.

To adapt to shifting market conditions, CRE professionals must conduct thorough research when choosing potential candidates for adaptive reuse. This is where specialized CRE tools come into play.

Yardi Conversion Feasibility Index

Powered by Yardi and backed by more than 15 years of experience in commercial data research and know-how, CommercialEdge Research has introduced the Conversion Feasibility Index , a proprietary tool that provides property-level scores assessing the potential for residential conversion of office buildings.

With additional data points, the index can serve as a valuable starting point for market research, identifying local trends and targeting properties of interest. CRE professionals can gain a better understanding of local market trends by also examining factors such as DSCR (Debt Service Coverage Ratio) , vacancy rates, listings, leases, loan volume and maturity dates, Rental Competitiveness Index (RCI) and more — also provided by Yardi data.

Scoring Methodology

The Conversion Feasibility Index analyzes a comprehensive set of factors, including:

• Building characteristics: Age, total square footage and building depth, number of stories and floor plate shape
• Location and placement: Mid-block location, walkability and transit accessibility
• Architectural and environmental considerations: Ceiling height, green building certifications, primary use subtype

Each factor is assigned a weight based on its relative importance in determining conversion feasibility, and points are awarded based on the specific attributes of the building being evaluated. The weighted scores for each factor are then summed to produce a final CFI score.

A higher CFI score suggests a greater likelihood of a successful conversion, while a lower score indicates potential challenges or limitations. To provide a clear and actionable assessment of a building’s conversion potential, the CFI score is classified into three tiers:

• Tier I – Top Conversion Candidates (90-100 points): These buildings exhibit the most favorable characteristics for conversion, suggesting a high likelihood of success with minimal challenges.
• Tier II – Quality Conversion Candidates (75-89 points): While not as ideal as Tier I candidates, these buildings still possess strong potential for conversion and may require some modifications or adjustments to optimize their suitability for residential use.
• Tier III – More Difficult Conversion Candidates (0-74 points): These buildings face significant challenges or limitations that may hinder their conversion potential and require extensive modifications or creative solutions to achieve a successful transformation.

By classifying buildings into these tiers, the CFI provides a comprehensive and nuanced assessment of their conversion potential, allowing CRE professionals to make informed decisions and prioritize projects with the highest likelihood of success.

Here is a list of the top U.S. markets ranked by conversion potential .

Integrating Property Data, Distress Info and Mortgage Insights

In addition to evaluating office-to-residential conversion potential, CommercialEdge Research offers detailed property data and verified ownership information.

Moreover, the platform provides insights into distressed property info and mortgage details. Subscribers have access to verified loan maturity dates and amounts, up-to-date foreclosure information, as well as true owner data and building contacts. These resources enable industry professionals to identify at-risk properties, assess investment risks and uncover off-market opportunities, further enhancing the decision-making process in adaptive reuse projects.

Practical Application and Case Studies

This index is more than just a theoretical tool — it’s designed to be applied to real-world projects. For instance, industry professionals can leverage CommercialEdge Research to research a specific market and put together a list of buildings potentially suitable for adaptive reuse.

Let’s say a developer wants to explore potential conversion candidates in New Jersey. First, we can use search filters such as property type and class, the minimum CFI and the maximum loan maturity date, among others.

In this example, by selecting Class B office buildings with a minimum CFI of 85 and a maximum loan maturity date of January 2027, our search yielded four results. These buildings can be saved to a property list and then thoroughly researched to assess whether any of them are, in fact, promising conversion candidates.

The CFI is an invaluable tool for developers and investors looking to tap into the hidden potential of underutilized office buildings. Considering the growing prevalence of remote and hybrid work and the widespread need for housing supply , the idea of repurposing empty offices into residential units has attracted attention from property owners and policymakers.

With local governments across the U.S. increasingly prioritizing incentives , we expect this trend to continue growing in the upcoming years.

And thanks to the CFI, which provides a data-driven analysis of buildings’ conversion potential, industry players can navigate the complexities of this trend with more confidence.

Stay current with the latest market reports and CRE news:

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Timea-Erika Papp

Timea is a senior writer covering cre marketing, tech and real estate trends, as well as industry news in the u.s. timea was previously a senior associate editor at multi-housing news and commercial property executive and has an academic background in law. she has been working in the real estate industry since 2011. reach her via email ., more articles you might like.

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Testing the feasibility of a blood test to assess suicide risk: Innovative study will serve as precedent in suicide prevention research

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“RNA editing patterns as blood biomarker for predicting suicide risk” is an ambitious new study led by an interdisciplinary team of Kent State researchers. Principal investigator Helen Piontkivska, Ph.D., is a professor in the Department of Biological Sciences and an affiliate of the Brain Health Research Institute and the Healthy Communities Research Institute. Mark Dalman, Ph.D., associate professor in the College of Podiatric Medicine, serves as a co-investigator alongside Deric Kenne, Ph.D., director of the Center for Public Policy and Health and professor in the College of Public Health. A two-year grant funded by the American Foundation for Suicide Prevention will allow the team to explore the use of blood-based RNA editing biomarkers as potential predictors of suicidal ideation, a method never explored before. If successful, such biomarkers may later be used to inform targeted interventions and monitoring. 

The study addresses the question, "How can we better or more optimally detect and predict risk?”, which is a top priority of the National Action Alliance for Suicide Prevention’s Research Prioritization Task Force. When attempting to identify a person at risk of suicide, the current and most relied-upon approach is to assess physical appearance, actions, and verbalized intentions. However, Dr. Piontkivska’s study will go beyond this current methodology to use gene expression-based identifiers. 

The study will collect blood samples from participants receiving mental health care who have reported recent thoughts of suicide. These samples will be used to infer RNA editing profiles using computational approaches developed in Piontkivska’s lab. These profiles will then be analyzed to determine whether dynamic RNA editing dysregulation is associated with suicidal ideation risk and whether changes in RNA editing patterns can serve as biomarkers of suicidal ideation and/or recovery. Dr. Piontkivska, Dr. Kenne, Dr. Dalman, and the rest of the research team at Kent State University are hoping that results from this novel study – that combines existing approach of accessing physical identifiers with biological markers - could lead to improvements in suicide prevention and treatment, and ultimately, to better mental health outcomes. 

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