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Feasibility Study Examples

48 feasibility study examples & templates (100% free).

If you try to read a feasibility study example, you’ll realize that it’s a document which analyzes the relevant factors of a specific project including the scheduling, legal, economic, and technical considerations. This document helps to ascertain the success of the project’s completion .

Table of Contents

1 Feasibility Study Examples
2 Why conduct a feasibility study?
3 Feasibility Report Examples
4 What is an example of a feasibility study?
5 Feasibility Analysis Examples
6 What factors are required for preparing the feasibility report?
7 Feasibility Study Templates
8 What is included in a feasibility report?
9 How do you write a feasibility study report?

Why conduct a feasibility study?

A feasibility study example is also known as a feasibility report example or a feasibility analysis example. No matter what name you use, the importance stays the same. The main reason why you would create a feasibility study document is to check whether or not you should commit your time and resources towards a project.

A feasibility study may reveal new challenges or concepts which may completely change the scope of a project. It’s better to make such determinations beforehand instead of starting the project only to realize that it won’t work. Simply put, conducting this study gives you a clearer picture of the project.

Feasibility Report Examples

What is an example of a feasibility study?

A feasibility report example or a feasibility analysis example shows the analysis and evaluation of a specific proposed system or project. The study aims to determine whether or not the project is financially and technically feasible. To help you understand better, let’s have a feasibility study example.

For instance, a hospital wants to expand by adding an extension to one of the buildings. Before doing this, they should conduct a feasibility study to determine whether or not they should go through with this expansion. Here are the steps to take:

First, they must take into consideration the costs of materials and labor. They must also think about the disruptions the project might cause to the patients and the staff.
They must also gauge the opinion of the public about the project. To do this, they can ask the local community if they’re against or in favor of the project.
The next step is to start a conversation with the stakeholders and see how they respond to the idea.
Finally, they should come up with a list of all the project’s pros and cons. After that, they weigh the points against each other.

After all these steps, the team who conducts the feasibility study can determine whether or not they should continue with the expansion.

Feasibility Analysis Examples

What factors are required for preparing the feasibility report?

Projects are an important part of organizations and businesses. While you want all of your projects to succeed, this isn’t always the case. If you want to avoid starting projects which have a high likelihood of failing, then you must first perform a feasibility study.

After performing this study, you should come up with a feasibility report example to help you make a final decision about your project . Before creating this feasibility study example, let’s take a look at the factors required for it:

Business alignment When you’re trying to envision a new project, think about whether it corresponds with the mission statement of your company or not. The project must align with your business for it to be a viable one. It should support the best interests of the organization which means that it will be highly beneficial too.
System and technology assessment After brainstorming and coming up with the scope, it’s time to assess the system and technology viability of the project along with its deliverables. In this step, the team must have senior technical consultants who will provide the needed input.
Economic viability It’s also important to examine the economic viability of the project before proceeding. This means having to come up with an estimate for the implementation costs , the ROI of the project, the target market niche, and how saturated the market is.
Operational considerations After establishing the scope and making a list of the requirements, it’s time to determine whether or not the solution you came up with solves the issue. In some cases, a proposed project may provide a tangential solution to the expectations of the target market. In such a case, this doesn’t make the project fully viable.
Legal ramifications You must also check if the project comes with any legal ramifications. Make sure that there are no concerns regarding local and foreign government regulations, company policies, infringement issues, and so on. You must address these issues to make sure that you don’t run into any roadblocks after implementation.
Resource and schedule concerns This is one of the most important factors to consider. If you don’t have enough resources, you can’t push through with the project. Also, if the project might take too long, this would cause issues too.

Feasibility Study Templates

What is included in a feasibility report?

A feasibility study is an important aspect of any project. Through it, you analyze whether or not you should go through with the project given the current situation and the details of the project itself. If you’re tasked to come up with a report or a feasibility study example, include the following information:

The scope of the project You must clearly establish the scope of the project or the issue you plan to address. Also, define the parts of your business which would get affected by the project either indirectly or directly. Creating a well-defined scope allows for the accuracy of your feasibility study.
A current analysis This is important for the evaluation of the current implementation. Through this analysis, you can determine the weaknesses and strengths of the existing approach to help save you a lot of time and money.
The requirements of the project It’s important to define all of the requirements depending on your project’s objectives. This helps give you a better idea of the resources you need and if you have enough.
The project approach Next, you must decide on the recommended course of action or solution to meet the requirements of the project. Think about different alternatives and choose the most viable option.
Evaluation Here, you assess the cost-effectiveness of the approach you’ve chosen along with an estimate of the project’s total cost. You may also estimate the costs of the alternative options for the purpose of comparison.
Review After bringing together all of these elements into your feasibility study, it’s time to conduct a formal review. Use this review to check how accurate your feasibility study is. This, in turn, helps you make a final decision about the project.

How do you write a feasibility study report?

If you’ve ever read a feasibility analysis example before, you’ll see that it’s quite technical. After all, it’s an analysis of the details of a specific project. It contains a lot of important information which helps the decision-makers of the organization to come to a more informed decision about the project.

Creating a feasibility study example doesn’t have to be a difficult task as long as you know what information to include. To guide you, here are some tips:

Include an executive summary at the beginning or end of your report The key here is the word “summary.” Emphasize the most important points of each of the sections.
Create an outline Whether you plan to include the executive summary at the beginning or end of your report, creating an outline makes the task easier for you. The outline helps guide you as you’re writing the report. It also gives you an idea of what you’ve finished and what you must still work on.
Estimate and calculate the required materials and labor Make a list of all the materials you need for your project. Also, include other details like where you plan to get the materials, whether you can get discounts for bulk purchases, the details about the materials, and so on. You must also come up with a list of the labor requirements no matter what the size of your project is. Most of the time, labor is one of the biggest expenses you might have in your project.
Shipping and transportation requirements Think about how you will start transporting the materials you need for your project . While small items aren’t a problem, if you need to ship or transport equipment or other heavy items, you might have to hire a trucking or a freight company.
Include the marketing requirements too Marketing is also an important part of your project, especially if you want to reach out to a target audience. Think about the marketing requirements you need and how you plan to produce them.
Consider the technology requirements of your business Depending on the nature of your project, you may need some type of technology during implementation. Include this component in your feasibility study and incorporate the details about it into your report.
Include the project’s target dates This is important information too, especially for the investors and stakeholders of your projects. Target dates give them a better idea of when your project will get accomplished.
Provide supporting documents for the financial information Again, this information is for the benefit of the project’s investors and stakeholders. But it’s also important for you to have these documents, especially if you’re the one in charge of the project’s finances.

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How to conduct a feasibility study: Template and examples

Editor’s note : This article was last updated on 27 August 2024 to bolster the step-by-step guide with more detailed instructions, more robust examples, and a downloadable, customizable template.

How To Conduct A Feasibility Study: Comprehensive Guide With Template And Examples

Opportunities are everywhere. Some opportunities are small and don’t require many resources. Others are massive and need further analysis and evaluation.

One of your key responsibilities as a product manager is to evaluate the potential success of those opportunities before investing significant money, time, and resources. A feasibility study, also known as a feasibility assessment or feasibility analysis, is a critical tool that can help product managers determine whether a product idea or opportunity is viable, feasible, and profitable.

So, what is a feasibility analysis? Why should product managers use it? And how do you conduct one?

Click here to download our customizable feasibility study template .

What is a feasibility study?

A feasibility study is a systematic analysis and evaluation of a product opportunity’s potential to succeed. It aims to determine whether a proposed opportunity is financially and technically viable, operationally feasible, and commercially profitable.

A feasibility study typically includes an assessment of a wide range of factors, including the technical requirements of the product, resources needed to develop and launch the product, the potential market gap and demand, the competitive landscape, and economic and financial viability. These factors can be broken down into different types of feasibility studies:

Technical feasibility — Evaluates the technical resources and expertise needed to develop the product and identifies any technical challenges that could arise
Financial feasibility — Analyzes the costs involved, potential revenue, and overall financial viability of the opportunity
Market feasibility — Assesses the demand for the product, market trends, target audience, and competitive landscape
Operational feasibility — Looks at the organizational structure, logistics, and day-to-day operations required to launch and sustain the product
Legal feasibility — Examines any legal considerations, including regulations, patents, and compliance requirements that could affect the opportunity

Based on the analysis’s findings, the product manager and their product team can decide whether to proceed with the product opportunity, modify its scope, or pursue another opportunity and solve a different problem.

Conducting a feasibility study helps PMs ensure that resources are invested in opportunities that have a high likelihood of success and align with the overall objectives and goals of the product strategy .

What are feasibility analyses used for?

Feasibility studies are particularly useful when introducing entirely new products or verticals. Product managers can use the results of a feasibility study to:

Assess the technical feasibility of a product opportunity — Evaluate whether the proposed product idea or opportunity can be developed with the available technology, tools, resources, and expertise
Determine a project’s financial viability — By analyzing the costs of development, manufacturing, and distribution, a feasibility study helps you determine whether your product is financially viable and can generate a positive return on investment (ROI)
Evaluate customer demand and the competitive landscape — Assessing the potential market size, target audience, and competitive landscape for the product opportunity can inform decisions about the overall product positioning, marketing strategies, and pricing
Identify potential risks and challenges — Identify potential obstacles or challenges that could impact the success of the identified opportunity, such as regulatory hurdles, operational and legal issues, and technical limitations
Refine the product concept — The insights gained from a feasibility study can help you refine the product’s concept, make necessary modifications to the scope, and ultimately create a better product that is more likely to succeed in the market and meet users’ expectations

How to conduct a feasibility study

The activities involved in conducting a feasibility study differ from one organization to another. Also, the threshold, expectations, and deliverables change from role to role. However, a general set of guidelines can help you get started.

Here are some basic steps to conduct and report a feasibility study for major product opportunities or features:

1. Clearly define the opportunity

Imagine your user base is facing a significant problem that your product doesn’t solve. This is an opportunity. Define the opportunity clearly, support it with data, talk to your stakeholders to understand the opportunity space, and use it to define the objective.

2. Define the objective and scope

Each opportunity should be coupled with a business objective and should align with your product strategy.

Determine and clearly communicate the business goals and objectives of the opportunity. Align those objectives with company leaders to make sure everyone is on the same page. Lastly, define the scope of what you plan to build.

3. Conduct market and user research

Now that you have everyone on the same page and the objective and scope of the opportunity clearly defined, gather data and insights on the target market.

Include elements like the total addressable market (TAM) , growth potential, competitors’ insights, and deep insight into users’ problems and preferences collected through techniques like interviews, surveys, observation studies, contextual inquiries, and focus groups.

4. Analyze technical feasibility

Suppose your market and user research have validated the problem you are trying to solve. The next step should be to, alongside your engineers, assess the technical resources and expertise needed to launch the product to the market.

feasibility study research title example

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Dig deeper into the proposed solution and try to comprehend the technical limitations and estimated time required for the product to be in your users’ hands. A detailed assessment might include:

Technical requirements — What technology stack is needed? Does your team have the necessary expertise? Are there any integration challenges?
Development timeline — How long will it take to develop the solution? What are the critical milestones?
Resource allocation — What resources (hardware, software, personnel) are required? Can existing resources be repurposed?

5. Assess financial viability

If your company has a product pricing team, work closely with them to determine the willingness to pay (WTP) and devise a monetization strategy for the new feature.

Conduct a comprehensive financial analysis, including the total cost of development, revenue streams, and the expected return on investment (ROI) based on the agreed-upon monetization strategy. Key elements to include:

Cost analysis — Breakdown of development, production, and operational costs
Revenue projections — Estimated revenue from different pricing models
ROI calculation — Expected return on investment and payback period

6. Evaluate potential risks

Now that you have almost a complete picture, identify the risks associated with building and launching the opportunity. Risks may include things like regulatory hurdles, technical limitations, and any operational risks.

A thorough risk assessment should cover:

Technical risks — Potential issues with technology, integration, or scalability.
Market risks — Changes in market conditions, customer preferences, or competitive landscape.
Operational risks — Challenges in logistics, staffing, or supply chain management.
Regulatory risks — Legal or compliance issues that could affect the product’s launch. For more on regulatory risks, check out this Investopedia article .

7. Decide, prepare, and share

Based on the steps above, you should end up with a comprehensive report that helps you decide whether to pursue the opportunity, modify its scope, or explore alternative options. Here’s what you should do next:

Prepare your report — Compile all your findings, including the feasibility analysis, market research, technical assessment, financial viability, and risk analysis into a detailed report. This document should provide a clear recommendation on whether to move forward with the project
Create an executive summary — Summarize the key findings and recommendations in a concise executive summary , tailored for stakeholders such as the C-suite. The executive summary should capture the essence of your report, focusing on the most critical points
Present to stakeholders — Share your report with stakeholders, ensuring you’re prepared to discuss the analysis and defend your recommendations. Make sure to involve key stakeholders early in the process to build buy-in and address any concerns they may have
Prepare for next steps — Depending on the decision, be ready to either proceed with the project, implement modifications, or pivot to another opportunity. Outline the action plan, resource requirements, and timeline for the next phase

Feasibility study template

The following feasibility study report template is designed to help you evaluate the feasibility of a product opportunity and provide a comprehensive report to inform decision-making and guide the development process.

Note: You can customize this template to fit your specific needs. Click here to download and customize this feasibility study report template .

Feasibility study example

Imagine you’re a product manager at a company that specializes in project management tools. Your team has identified a potential opportunity to expand the product offering by developing a new AI-powered feature that can automatically prioritize tasks for users based on their deadlines, workload, and importance.

A feasibility study can help you assess the viability of this opportunity. Here’s how you might approach it according to the template above:

Opportunity description — The opportunity lies in creating an AI-powered feature that automatically prioritizes tasks based on user-defined parameters such as deadlines, workload, and task importance. This feature is expected to enhance user productivity by helping teams focus on high-priority tasks and ensuring timely project completion
Problem statement — Many users of project management tools struggle with managing and prioritizing tasks effectively, leading to missed deadlines and project delays. Current solutions often require manual input or lack sophisticated algorithms to adjust priorities dynamically. The proposed AI-powered feature aims to solve this problem by automating the prioritization process, thereby reducing manual effort and improving overall project efficiency
Business objective — The primary objective is to increase user engagement and satisfaction by offering a feature that addresses a common pain point. The feature is also intended to increase customer retention by providing added value and driving user adoption
Scope — The scope includes the development of an AI algorithm capable of analyzing task parameters (e.g., deadlines, workload) and dynamically prioritizing tasks. The feature will be integrated into the existing project management tool interface, with minimal disruption to current users. Additionally, the scope covers user training and support for the new feature

Market analysis:

Total addressable market (TAM) — The TAM for this feature includes all users who actively manage projects and could benefit from enhanced task prioritization
Competitor analysis — Competitor products such as Asana and Trello offer basic task prioritization features, but none use advanced AI algorithms. This presents a unique opportunity to differentiate this product by offering a more sophisticated solution
User pain points — Surveys and interviews with current users reveal that 65 percent struggle with manual task prioritization, leading to inefficiencies and missed deadlines. Users expressed a strong interest in an automated solution that could save time and improve project outcomes

Technical requirements:

AI algorithm development — The core of the feature is an AI algorithm that can analyze multiple factors to prioritize tasks. This requires expertise in machine learning, data processing, and AI integration
Integration with existing infrastructure — The feature must seamlessly integrate with the existing architecture without causing significant disruptions. This includes data compatibility, API development, and UI/UX considerations
Data handling and privacy — The feature will process sensitive project data, so robust data privacy and security measures must be implemented to comply with regulations like GDPR

Development timeline:

Phase 1 (3 months) — Research and development of the AI algorithm, including training with sample datasets
Phase 2 (2 months) — Integration with the platform, including UI/UX design adjustments
Phase 3 (1 month) — Testing, quality assurance, and bug fixing
Phase 4 (1 month) — User training materials and documentation preparation

Resource allocation:

Development team — Two AI specialists, three backend developers, two frontend developers, one project manager
Hardware/software — Additional cloud computing resources for AI processing, development tools for machine learning, testing environments

Cost analysis:

Development costs — Estimated at $300,000, including salaries, cloud computing resources, and software licenses
Marketing and launch costs — $50,000 for promotional activities, user onboarding, and initial support
Operational costs — $20,000/year for maintenance, AI model updates, and ongoing support

Revenue projections:

Pricing model — The AI-powered feature will be offered as part of a premium subscription tier, with an additional monthly fee of $10/user
User adoption — Based on user surveys, an estimated 25 percent of the current user base (10,000 users) is expected to upgrade to the premium tier within the first year
Projected revenue — First-year revenue is projected at $1.2 million, with an expected growth rate of 10 percent annually

ROI calculation:

Break-even point — The project is expected to break even within 6 months of launch
Five-year ROI — The feature is projected to generate a 200% ROI over five years, driven by increased subscription fees and user retention

Technical risks:

AI algorithm complexity — Developing an accurate and reliable AI algorithm is challenging and may require multiple iterations
Integration issues — There is a risk that integrating the new feature could disrupt the existing platform, leading to user dissatisfaction

Market risks:

User adoption — There’s a risk that users may not perceive sufficient value in the AI feature to justify the additional cost, leading to lower-than-expected adoption rates

Operational risks:

Support and maintenance — Maintaining the AI feature requires continuous updates and monitoring, which could strain the development and support teams

Regulatory risks:

Data privacy compliance — Handling sensitive project data requires strict adherence to data privacy regulations. Noncompliance could lead to legal challenges and damage to the company’s reputation
Decision — Based on the comprehensive analysis, the recommendation is to proceed with the development and launch of the AI-powered task prioritization feature. The potential for increased user engagement, differentiation from competitors, and positive ROI justifies the investment
Prepare the report — A detailed report will be compiled, including all findings from the feasibility study, cost-benefit analysis, and risk assessments. This report will be presented to key stakeholders for approval
Create an executive summary — A concise executive summary will be prepared for the C-suite, highlighting the key benefits, expected ROI, and strategic alignment with the company’s goals
Next steps — Upon approval, the project will move into the development phase, following the timeline and resource allocation outlined in the study. Continuous monitoring and iterative improvements will be made based on user feedback and performance metrics

8. Executive summary

This feasibility study evaluates the potential for developing and launching an AI-powered task prioritization feature within our project management tool. The feature is intended to automatically prioritize tasks based on deadlines, workload, and task importance, thus improving user productivity and project efficiency. The study concludes that the feature is both technically and financially viable, with a projected ROI of 200 percent over five years. The recommendation is to proceed with development, as the feature offers a significant opportunity for product differentiation and user satisfaction.

Mock feasibility study report

Now let’s see what a feasibility study report based on the above example scenario would look like ( download an example here ):

Introduction

The purpose of this feasibility study is to assess the viability of introducing an AI-powered task prioritization feature into our existing project management software. This feature aims to address the common user challenge of manually prioritizing tasks, which often leads to inefficiencies and missed deadlines. By automating this process, we expect to enhance user productivity, increase customer retention, and differentiate our product in a competitive market.

Market and user research

The total addressable market (TAM) for this AI-powered task prioritization feature includes all current and potential users of project management tools who manage tasks and projects regularly. Based on market analysis, the current user base primarily consists of mid-sized enterprises and large organizations, where task management is a critical component of daily operations.

Competitor analysis — Key competitors in the project management space, such as Asana and Trello, offer basic task prioritization features. However, these solutions lack advanced AI capabilities that dynamically adjust task priorities based on real-time data. This gap in the market presents an opportunity for us to differentiate our product by offering a more sophisticated, AI-driven solution
User pain points — Surveys and interviews conducted with our current user base reveal that 65 percent of users experience challenges with manual task prioritization. Common issues include difficulty in maintaining focus on high-priority tasks, inefficient use of time, and the tendency to miss deadlines due to poor task management. Users expressed a strong interest in an automated solution that could alleviate these challenges, indicating a high demand for the proposed feature

Technical feasibility

AI algorithm development — The core component of the feature is an AI algorithm capable of analyzing multiple task parameters, such as deadlines, workload, and task importance. The development of this algorithm requires expertise in machine learning, particularly in natural language processing (NLP) and predictive analytics. Additionally, data processing capabilities will need to be enhanced to handle the increased load from real-time task prioritization
Integration with existing infrastructure — The AI-powered feature must be integrated into our existing project management tool with minimal disruption. This includes ensuring compatibility with current data formats, APIs, and the user interface. The integration will also require modifications to the UI/UX to accommodate the new functionality while maintaining ease of use for existing features
Data handling and privacy — The feature will process sensitive project data, making robust data privacy and security measures critical. Compliance with regulations such as GDPR is mandatory, and the data flow must be encrypted end-to-end to prevent unauthorized access. Additionally, user consent will be required for data processing related to the AI feature
Phase 1 (3 months) — Research and development of the AI algorithm, including dataset acquisition, model training, and initial testing
Phase 2 (2 months) — Integration with the existing platform, focusing on backend development and UI/UX adjustments
Phase 3 (1 month) — Extensive testing, quality assurance, and bug fixing to ensure stability and performance
Phase 4 (1 month) — Development of user training materials, documentation, and preparation for the product launch

Financial analysis

Development costs — Estimated at $300,000, covering salaries, cloud computing resources, machine learning tools, and necessary software licenses
Marketing and launch costs — $50,000 allocated for promotional campaigns, user onboarding programs, and initial customer support post-launch
Operational costs — $20,000 annually for ongoing maintenance, AI model updates, and customer support services
Pricing model — The AI-powered task prioritization feature will be included in a premium subscription tier, with an additional monthly fee of $10 per user
User adoption — Market research suggests that approximately 25% of the current user base (estimated at 10,000 users) is likely to upgrade to the premium tier within the first year
Projected revenue — First-year revenue is estimated at $1.2 million, with an anticipated annual growth rate of 10% as more users adopt the feature
Break-even point — The project is expected to reach its break-even point within 6 months of the feature’s launch
Five-year ROI — Over a five-year period, the feature is projected to generate a return on investment (ROI) of 200 percent, driven by steady subscription revenue and enhanced user retention

Risk assessment

AI algorithm complexity — Developing a sophisticated AI algorithm poses significant technical challenges, including the risk of inaccuracies in task prioritization. Multiple iterations and extensive testing will be required to refine the algorithm
Integration issues — Integrating the new feature into the existing platform could potentially cause compatibility issues, resulting in performance degradation or user dissatisfaction
User adoption — There is a possibility that users may not perceive enough value in the AI-powered feature to justify the additional cost, leading to lower-than-expected adoption rates and revenue
Support and maintenance — The ongoing support and maintenance required for the AI feature, including regular updates and monitoring, could place a significant burden on the development and customer support teams, potentially leading to resource constraints
Data privacy compliance — Handling sensitive user data for AI processing necessitates strict adherence to data privacy regulations such as GDPR. Failure to comply could result in legal repercussions and damage to the company’s reputation

Conclusion and recommendations

The feasibility study demonstrates that the proposed AI-powered task prioritization feature is both technically and financially viable. The feature addresses a significant user pain point and has the potential to differentiate the product in a competitive market. With an estimated ROI of 200 percent over five years and strong user interest, it is recommended that the project move forward into the development phase.

Next steps include finalizing the development plan, securing approval from key stakeholders, and initiating the development process according to the outlined timeline and resource allocation. Continuous monitoring and iterative improvements will be essential to ensure the feature meets user expectations and achieves the projected financial outcomes.

Overcoming stakeholder management challenges

The ultimate challenge that faces most product managers when conducting a feasibility study is managing stakeholders .

Stakeholders may interfere with your analysis, jumping to conclusions that your proposed product or feature won’t work and deeming it a waste of resources. They may even try to prioritize your backlog for you.

Here are some tips to help you deal with even the most difficult stakeholders during a feasibility study:

Use hard data to make your point — Never defend your opinion based on your assumptions. Always show them data and evidence based on your user research and market analysis
Learn to say no — You are the voice of customers, and you know their issues and how to monetize them. Don’t be afraid to say no and defend your team’s work as a product manager
Build stakeholder buy-in early on — Engage stakeholders from the beginning of the feasibility study process by involving them in discussions and seeking their input. This helps create a sense of ownership and ensures that their concerns and insights are considered throughout the study
Provide regular updates and maintain transparency — Keep stakeholders informed about the progress of the feasibility study by providing regular updates and sharing key findings. This transparency can help build trust, foster collaboration, and prevent misunderstandings or misaligned expectations
Leverage stakeholder expertise — Recognize and utilize the unique expertise and knowledge that stakeholders bring to the table. By involving them in specific aspects of the feasibility study where their skills and experience can add value, you can strengthen the study’s outcomes and foster a more collaborative working relationship

Final thoughts

A feasibility study is a critical tool to use right after you identify a significant opportunity. It helps you evaluate the potential success of the opportunity, analyze and identify potential challenges, gaps, and risks in the opportunity, and provides a data-driven approach in the market insights to make an informed decision.

By conducting a feasibility study, product teams can determine whether a product idea is profitable, viable, feasible, and thus worth investing resources into. It is a crucial step in the product development process and when considering investments in significant initiatives such as launching a completely new product or vertical.

For a more detailed approach and ready-to-use resources, consider using the feasibility study template provided in this post. If you’re dealing with challenging stakeholders, remember the importance of data-driven decisions, maintaining transparency, and leveraging the expertise of your team.

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188 free feasibility report topics and quick ideas.

August 5, 2021

Importance of Great Feasibility Report Topics Ideas

You probably already know what is feasibility report, but do you know which feasibility report topics ideas are the best? Probably not. This is why you will be thrilled to learn that our experienced academic writers have dedicated countless hours of their time to creating this list. And best of all, all these topics for feasibility report papers are 100 percent free. You can use them in any way you like. And yes, you can even reword them. There is no need to give us any credits either.

This list of feasibility analysis topics is updated periodically. We go to great lengths to replace some of the older topics with new ones and to add to the list whenever possible. This way, we can help as many students as possible with top notch topics for their next feasibility reports. Take a look at our list and use any topic you like for free:

Interesting Feasibility Report Topics Ideas

Do you want to make sure you get some bonus points on your next feasibility report? If so, you should pick one of these highly interesting feasibility report topics ideas:

Setting up a new space mining operation
Sending people to one of Europa’s moons
Developing a new anti-cancer vaccine
Setting up a new 5G network in your area
Having a digital currency for the European Union
Setting up a new toy factory in your neighborhood
Do we need a new nuclear power plant in the UK?
Building a space port in the United States
Creating a new material that can replace concrete
Developing medication that can reverse aging
Creating a new type of jeans

Topics for a Feasibility Report for High School

High school students shouldn’t pick overly complex topics to avoid making mistakes. Here are some excellent topics for a feasibility report for high school:

Developing a new vaccine for COVID-19
Setting up a new school in your area
Building a robot that can do your homework for you
Setting up a new playground in your area
Foresting a new area in Michigan, US
Building a high-rise building in East London
Creating the world’s first transformer robot
Setting up a new kindergarten in your area
Creating a brand new soccer team
Developing a system that captures CO2 from the atmosphere
Writing a program that learns by itself

Feasibility Report Topics for Software Engineering

Software engineering is definitely a very interesting field. It’s also one of the fastest growing fields in the world. Take a look at these awesome feasibility report topics for software engineering:

Developing a new programming language
Creating a new email protocol and client
Setting up encrypted instant messaging systems across the US
Developing new database technology
The most effective cryptocurrency mining software
Building the worlds’ most powerful supercomputer in the United Kingdom
Discovering a new type of embedded system
Making all our cars smart
Creating a 100% digital stock market
Creating a new search engine
Setting up computer-aided manufacturing in the weapons industry

Information Technology Feasibility Report Topics

Do you want to write about a topic in information technology? If you do, you can simply pick one of these great information technology feasibility report topics:

Building an unhackable Internet
Developing the first 6G mobile network
The development of anti-aging drugs
Building the first quantum computer
Using 3D printers in toy factories
The development of tiny AI
Using 100% digital money in the UK
Equipping all schools with state of the art computers
Launching a new mega-constellation of satellites
Setting up 5G in the United Kingdom

Excellent Feasibility Report Ideas

We know you are probably looking for the most interesting ideas for your next paper. Why not choose of the our excellent feasibility report ideas:

Setting up a new educational facility in your area
Establishing a new football team in your state
Creating an energy-efficient supercomputer
Setting up a new sports facility in your area
Creating a new amusement part in New York
Setting up a new discount store on your block
100% net zero emissions in the US by 2030
Setting up a new business in your area
Building large multi-family buildings in London, UK
Setting up a new railroad in the United States

Easy Feasibility Study Topics

If you don’t want to spend a lot of time working on your feasibility study, you should definitely take a closer look at our list of easy feasibility study topics:

Setting up a new storage facility in your area
Creating a new LLC in your state
Setting up a new bus line in your area
Establishing a new furniture factory
Building a new healthcare center in your neighborhood
Setting up a new metro line in your area
Building a new aquarium in London, UK
Building a new vegan store
Creating a new school in your area
Achieving financial independence by the time you are 30

Social Networks Feasibility Report Ideas

Want to talk about social networks? No problem! Our experts have created a list of social networks feasibility report ideas just for you:

Creating a new social network
Is it feasible to block Facebook in the UK?
Eliminating social networks from the Internet
Virtual reality in social networking
Establishing tighter regulations on social networks
Artificial intelligence in social networks
Replacing real human interactions with social media interactions
Eliminating AI targeted marketing from social networks
The feasibility of having a single social media network across the world
Fund raising through social media
Public trials on social media

Architecture Feasibility Report Topics

Talking about architecture is never an easy thing to do. However, the topic you choose is very important. Here are a few architecture feasibility report topics you can try:

Setting up a new landmark in your neighborhood
Is it feasible to build an Eiffel Tower in the United States?
Building a new apartment complex in your area
Constructing a new shopping mall in your neighborhood
Setting up a new tourist attraction in your area
Building a new city hall in Sheffield, UK
Constructing a new railroad in Montana, US
Building an Arch of Triumph in Massachusetts
Constructing the tallest office building on Earth in the UK

Entertainment Feasibility Report Ideas

Want to start writing your paper right away? Here are some great entertainment feasibility report ideas that you can choose from right now:

Setting up a new shopping center in your area
Building a shopping mall in your neighborhood
Setting up a new cinema in your area
Establishing a network of public baths
Setting up a new circus in your area
Setting up a new aquarium in your area
Does your neighborhood need a bullring?
Setting up a new auditorium in your area
Establishing an arena in your area
Setting up a new bowling alley in your area
Building a new art house in your area

Green Energy Feasibility Report

The topic of green energy is extremely important for our society. Your professor will appreciate it if you write a nice green energy feasibility report. Here are some ideas:

Building a new solar panel manufacturing plant
Setting up an ecological landfill in New York City
Switching to nuclear power plants for our energy consumption needs
Building a new wind farm in Arkansas, US
Harvesting geothermal energy in the UK
Net zero emissions in the European Union
Setting up a collection point for used electronics
Building a zero-emissions waste removal plant
Harvesting 100% of our energy from the sun
Hydropower plants in Asia
Building a new nuclear power plant in the United Kingdom

Feasibility Report on the Environment

If you want to write a feasibility report on the environment, you have arrived at the right place. We have a whole list of ideas for you below:

The feasibility of stopping the use of fossil fuels
Replacing fossil fuels with green energy sources
Sending nuclear waste to space
Replacing all wood with other materials in furniture
Setting up a new solar farm in the state of Illinois, US
Achieving net zero emissions in just 10 years in the UK
Building a new wind farm near Great Manchester, UK
The feasibility of a large-scale tree-planting operation in Europe
Building ecological landfills in Africa
Sending our garbage to space

Feasibility Report on Space

It can be very interesting to write about space (or space exploration). Here are a few ideas for your next feasibility report on space:

Building a new launch facility in the United States
Launching 100 new weather satellites
Is it feasible to send humans to Mars?
Harvesting rare metals from asteroids
Should we try to achieve light speed?
The colonization of our Moon
Sending humans to Europa’s moons
Building a new International Space Station
How feasible is the colonization of Mars?
Harvesting rare materials from comets
Setting up a meteorite defense system

Feasibility Report on Computers

Computers are constantly changing. New breakthroughs are happening every week. Here are some very interesting ideas if you want to write your feasibility report on computers:

Is buying a high end laptop a feasible idea?
Upgrading all the computers in UK universities
Building laptops for all students in the United States
Setting up a super computer in each US school
The feasibility of developing a quantum computer
Does your computer really need an expensive upgrade?
Do we need more efficient computers in our homes?
The cost of upgrading the Internet
Setting up 5G wireless coverage all over the UK
Setting up an artificial intelligence defense system in the US
Cloud computing for everyone in the European Union

Feasibility Report on Transportation

Why not write your feasibility report on transportation? Our PhD writers have put together an original list of transportation topics you can write your report about:

Setting up a new metro station in your area
Establishing a green transportation system
Setting up a new trucking terminal
Is building a new refueling depot a good idea?
Is it feasible to add a new bus stop in your neighborhood?
Building a new warehouse in the City of Chester
Is it feasible to build a seaport in your area?
Setting up a new railroad in a city in the United Kingdom
Building a new airport around London, UK

Feasibility Report Ideas in the Medical Industry

Are you looking for some of the best feasibility report ideas in the medical industry? Take a look at these wonderful ideas and pick the one you like right now:

Setting up a new oncology clinic in your area
Establishing a new pharmacy in your area
The feasibility of a new palliative care unit
Setting up a new children’s hospital in your area
Does your neighborhood need a new medical clinic?
Setting up a new general hospital in your area
Establishing a new doctor’s office in your area
Setting up a new medical office building
Is it feasible to build a new ambulatory surgical center in London, UK?
Setting up a new general practitioner’s office in your area
Establishing a new birthing center in a small US city

Feasibility Report in the Sports Industry

Want to write a feasibility report in the sports industry? Here are some ideas that should get you started right away:

Study the feasibility of a new football stadium in your area
Study the feasibility of a new sports hall in Michigan
Does your area need a new basketball field?
Study the feasibility of building an Olympic-size swimming pool
Study the feasibility of a new tennis field
Is it feasible to establish a new sports team in Arkansas, USA?
Is building a handball pitch in your neighborhood a good idea?
The feasibility of fabric-covered indoor sports buildings
Creating a new tennis team in your area
Building a small swimming pool in your neighborhood

Feasibility Report on Consumer Goods

Yes, you can definitely write a very nice feasibility report in consumer goods. Just select one of these topics and start writing:

Setting up a new vegan store in your area
Setting up a new furniture factory in your area
The feasibility of building a second hand clothes store
Setting up a new pickup point for electronic waste
Building a new shopping mall in London, UK
Setting up a discount store chain in the United States
Is it feasible to build a grocery store in your neighborhood?
The establishment of a new market in London, UK
Does your area need a new shopping area?

Feasibility Report Ideas for College Students

College students need topics that are a bit more complex. Here are some wonderful feasibility report ideas for college students:

Building an apartment block in Asheville, North Carolina
Setting up a new port in your area
Building a new police station in Detroit, Michigan
Building a fire station in Stirling, Scotland
Setting up a new city hall in your area
The feasibility of building a new landmark
Does your area need a new train station?
Does your area need a new metro line?

Need a Great Feasibility Analysis Example?

College and university students need to make sure their feasibility analysis papers are of the highest possible quality. After all, you want to get a top grade on your work, don’t you? Our helpful writers and editors are online right now, if you need a great feasibility analysis example. Remember, all our feasibility study examples are written from scratch and are never resold or reused in any way. This means you can get professional writing help and use parts of the example in your own paper. Get a custom example written just for you fast!

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What is a Feasibility Study and How to Conduct It? (+ Examples)

Appinio Research · 26.09.2023 · 28min read

Are you ready to turn your project or business idea into a concrete reality but unsure about its feasibility? Whether you're a seasoned entrepreneur or a first-time project manager, understanding the intricate process of conducting a feasibility study is vital for making informed decisions and maximizing your chances of success.

This guide will equip you with the knowledge and tools to navigate the complexities of market, technical, financial, and operational feasibility studies. By the end, you'll have a clear roadmap to confidently assess, plan, and execute your project.

What is a Feasibility Study?

A feasibility study is a systematic and comprehensive analysis of a proposed project or business idea to assess its viability and potential for success. It involves evaluating various aspects such as market demand, technical feasibility, financial viability, and operational capabilities. The primary goal of a feasibility study is to provide you with valuable insights and data to make informed decisions about whether to proceed with the project.

Why is a Feasibility Study Important?

Conducting a feasibility study is a critical step in the planning process for any project or business. It helps you:

Minimize Risks: By identifying potential challenges and obstacles early on, you can develop strategies to mitigate risks.
Optimize Resource Allocation: A feasibility study helps you allocate your resources more efficiently, including time and money.
Enhance Decision-Making: Armed with data and insights, you can make well-informed decisions about pursuing the project or exploring alternative options.
Attract Stakeholders: Potential investors, lenders, and partners often require a feasibility study to assess the project's credibility and potential return on investment.

Now that you understand the importance of feasibility studies, let's explore the various types and dive deeper into each aspect.

Types of Feasibility Studies

Feasibility studies come in various forms, each designed to assess different aspects of a project's viability. Let's delve into the four primary types of feasibility studies in more detail:

1. Market Feasibility Study

Market feasibility studies are conducted to determine whether there is a demand for a product or service in a specific market or industry. This type of study focuses on understanding customer needs, market trends, and the competitive landscape. Here are the key elements of a market feasibility study:

Market Research and Analysis: Comprehensive research is conducted to gather market size, growth potential , and customer behavior data. This includes both primary research (surveys, interviews) and secondary research (existing reports, data).
Target Audience Identification: Identifying the ideal customer base by segmenting the market based on demographics, psychographics, and behavior. Understanding your target audience is crucial for tailoring your product or service.
Competitive Analysis : Assessing the competition within the market, including identifying direct and indirect competitors, their strengths, weaknesses, and market share .
Demand and Supply Assessment: Analyzing the balance between the demand for the product or service and its supply. This helps determine whether there is room for a new entrant in the market.

2. Technical Feasibility Study

Technical feasibility studies evaluate whether the project can be developed and implemented from a technical standpoint. This assessment focuses on the project's design, technical requirements, and resource availability. Here's what it entails:

Project Design and Technical Requirements: Defining the technical specifications of the project, including hardware, software, and any specialized equipment. This phase outlines the technical aspects required for project execution.
Technology Assessment: Evaluating the chosen technology's suitability for the project and assessing its scalability and compatibility with existing systems.
Resource Evaluation: Assessing the availability of essential resources such as personnel, materials, and suppliers to ensure the project's technical requirements can be met.
Risk Analysis: Identifying potential technical risks, challenges, and obstacles that may arise during project development. Developing risk mitigation strategies is a critical part of technical feasibility.

3. Financial Feasibility Study

Financial feasibility studies aim to determine whether the project is financially viable and sustainable in the long run. This type of study involves estimating costs, projecting revenue, and conducting financial analyses. Key components include:

Cost Estimation: Calculating both initial and ongoing costs associated with the project, including capital expenditures, operational expenses, and contingency funds.
Revenue Projections: Forecasting the income the project is expected to generate, considering sales, pricing strategies, market demand, and potential revenue streams.
Investment Analysis: Evaluating the return on investment (ROI), payback period, and potential risks associated with financing the project.
Financial Viability Assessment: Analyzing the project's profitability, cash flow, and financial stability to ensure it can meet its financial obligations and sustain operations.

4. Operational Feasibility Study

Operational feasibility studies assess whether the project can be effectively implemented within the organization's existing operational framework. This study considers processes, resource planning, scalability, and operational risks. Key elements include:

Process and Workflow Assessment: Analyzing how the project integrates with current processes and workflows, identifying potential bottlenecks, and optimizing operations.
Resource Planning: Determining the human, physical, and technological resources required for successful project execution and identifying resource gaps.
Scalability Evaluation: Assessing the project's ability to adapt and expand to meet changing demands and growth opportunities, including capacity planning and growth strategies.
Operational Risks Analysis: Identifying potential operational challenges and developing strategies to mitigate them, ensuring smooth project implementation.

Each type of feasibility study serves a specific purpose in evaluating different facets of your project, collectively providing a comprehensive assessment of its viability and potential for success.

How to Prepare for a Feasibility Study?

Before you dive into the nitty-gritty details of conducting a feasibility study, it's essential to prepare thoroughly. Proper preparation will set the stage for a successful and insightful study. In this section, we'll explore the main steps involved in preparing for a feasibility study.

1. Identify the Project or Idea

Identifying and defining your project or business idea is the foundational step in the feasibility study process. This initial phase is critical because it helps you clarify your objectives and set the direction for the study.

Problem Identification: Start by pinpointing the problem or need your project addresses. What pain point does it solve for your target audience?
Project Definition: Clearly define your project or business idea. What are its core components, features, or offerings?
Goals and Objectives: Establish specific goals and objectives for your project. What do you aim to achieve in the short and long term?
Alignment with Vision: Ensure your project aligns with your overall vision and mission. How does it fit into your larger strategic plan?

Remember, the more precisely you can articulate your project or idea at this stage, the easier it will be to conduct a focused and effective feasibility study.

2. Assemble a Feasibility Study Team

Once you've defined your project, the next step is to assemble a competent and diverse feasibility study team. Your team's expertise will play a crucial role in conducting a thorough assessment of your project's viability.

Identify Key Roles: Determine the essential roles required for your feasibility study. These typically include experts in areas such as market research, finance, technology, and operations.
Select Team Members: Choose team members with the relevant skills and experience to fulfill these roles effectively. Look for individuals who have successfully conducted feasibility studies in the past.
Collaboration and Communication: Foster a collaborative environment within your team. Effective communication is essential to ensure everyone is aligned on objectives and timelines.
Project Manager: Designate a project manager responsible for coordinating the study, tracking progress, and meeting deadlines.
External Consultants: In some cases, you may need to engage external consultants or specialists with niche expertise to provide valuable insights.

Having the right people on your team will help you collect accurate data, analyze findings comprehensively, and make well-informed decisions based on the study's outcomes.

3. Set Clear Objectives and Scope

Before you begin the feasibility study, it's crucial to establish clear and well-defined objectives. These objectives will guide your research and analysis efforts throughout the study.

Steps to Set Clear Objectives and Scope:

Objective Clarity: Define the specific goals you aim to achieve through the feasibility study. What questions do you want to answer, and what decisions will the study inform?
Scope Definition: Determine the boundaries of your study. What aspects of the project will be included, and what will be excluded? Clarify any limitations.
Resource Allocation: Assess the resources needed for the study, including time, budget, and personnel. Ensure that you allocate resources appropriately based on the scope and objectives.
Timeline: Establish a realistic timeline for the feasibility study. Identify key milestones and deadlines for completing different phases of the study.

Clear objectives and a well-defined scope will help you stay focused and avoid scope creep during the study. They also provide a basis for measuring the study's success against its intended outcomes.

4. Gather Initial Information

Before you delve into extensive research and data collection , start by gathering any existing information and documents related to your project or industry. This initial step will help you understand the current landscape and identify gaps in your knowledge.

Document Review: Review any existing project documentation, market research reports, business plans, or relevant industry studies.
Competitor Analysis : Gather information about your competitors, including their products, pricing, market share, and strategies.
Regulatory and Compliance Documents: If applicable, collect information on industry regulations, permits, licenses, and compliance requirements.
Market Trends: Stay informed about current market trends, consumer preferences, and emerging technologies that may impact your project.
Stakeholder Interviews: Consider conducting initial interviews with key stakeholders, including potential customers, suppliers, and industry experts, to gather insights and feedback.

By starting with a strong foundation of existing knowledge, you'll be better prepared to identify gaps that require further investigation during the feasibility study. This proactive approach ensures that your study is comprehensive and well-informed from the outset.

How to Conduct a Market Feasibility Study?

The market feasibility study is a crucial component of your overall feasibility analysis. It focuses on assessing the potential demand for your product or service, understanding your target audience, analyzing your competition, and evaluating supply and demand dynamics within your chosen market.

Market Research and Analysis

Market research is the foundation of your market feasibility study. It involves gathering and analyzing data to gain insights into market trends, customer preferences, and the overall business landscape.

Data Collection: Utilize various methods such as surveys, interviews, questionnaires, and secondary research to collect data about the market. This data may include market size, growth rates, and historical trends.
Market Segmentation: Divide the market into segments based on factors such as demographics, psychographics , geography, and behavior. This segmentation helps you identify specific target markets .
Customer Needs Analysis: Understand the needs, preferences, and pain points of potential customers . Determine how your product or service can address these needs effectively.
Market Trends: Stay updated on current market trends, emerging technologies, and industry innovations that could impact your project.
SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify internal and external factors that may affect your market entry strategy.

In today's dynamic market landscape, gathering precise data for your market feasibility study is paramount. Appinio offers a versatile platform that enables you to swiftly collect valuable market insights from a diverse audience.

With Appinio, you can employ surveys, questionnaires, and in-depth analyses to refine your understanding of market trends, customer preferences, and competition.

Enhance your market research and gain a competitive edge by booking a demo with us today!

Book a Demo

Target Audience Identification

Knowing your target audience is essential for tailoring your product or service to meet their specific needs and preferences.

Demographic Analysis: Define the age, gender, income level, education, and other demographic characteristics of your ideal customers.
Psychographic Profiling: Understand the psychographics of your target audience, including their lifestyle, values, interests, and buying behavior.
Market Segmentation: Refine your target audience by segmenting it further based on shared characteristics and behaviors.
Needs and Pain Points: Identify your target audience's unique needs, challenges, and pain points that your product or service can address.
Competitor's Customers: Analyze the customer base of your competitors to identify potential opportunities for capturing market share.

Competitive Analysis

Competitive analysis helps you understand the strengths and weaknesses of your competitors, positioning your project strategically within the market.

Competitor Identification: Identify direct and indirect competitors within your industry or market niche.
Competitive Advantage: Determine the unique selling points (USPs) that set your project apart from competitors. What value can you offer that others cannot?
SWOT Analysis for Competitors: Conduct a SWOT analysis for each competitor to assess their strengths, weaknesses, opportunities, and threats.
Market Share Assessment: Analyze each competitor's market share and market penetration strategies.
Pricing Strategies: Investigate the pricing strategies employed by competitors and consider how your pricing strategy will compare.

Leveraging the power of data collection and analysis is essential in gaining a competitive edge. With Appinio , you can efficiently gather critical insights about your competitors, their strengths, and weaknesses. Seamlessly integrate these findings into your market feasibility study, empowering your project with a strategic advantage.

Demand and Supply Assessment

Understanding supply and demand dynamics is crucial for gauging market sustainability and potential challenges.

Market Demand Analysis: Estimate the current and future demand for your product or service. Consider factors like seasonality and trends.
Supply Evaluation: Assess the availability of resources, suppliers, and distribution channels required to meet the expected demand.
Market Saturation: Determine whether the market is saturated with similar offerings and how this might affect your project.
Demand Forecasting: Use historical data and market trends to make informed projections about future demand.
Scalability: Consider the scalability of your project to meet increased demand or potential fluctuations.

A comprehensive market feasibility study will give you valuable insights into your potential customer base, market dynamics, and competitive landscape. This information will be pivotal in shaping your project's direction and strategy.

How to Conduct a Technical Feasibility Study?

The technical feasibility study assesses the practicality of implementing your project from a technical standpoint. It involves evaluating the project's design, technical requirements, technological feasibility, resource availability, and risk analysis. Let's delve into each aspect in more detail.

1. Project Design and Technical Requirements

The project design and technical requirements are the foundation of your technical feasibility study. This phase involves defining the technical specifications and infrastructure needed to execute your project successfully.

Technical Specifications: Clearly define the technical specifications of your project, including hardware, software, and any specialized equipment.
Infrastructure Planning: Determine the physical infrastructure requirements, such as facilities, utilities, and transportation logistics.
Development Workflow: Outline the workflow and processes required to design, develop, and implement the project.
Prototyping: Consider creating prototypes or proof-of-concept models to test and validate the technical aspects of your project.

2. Technology Assessment

A critical aspect of the technical feasibility study is assessing the technology required for your project and ensuring it aligns with your goals.

Technology Suitability: Evaluate the suitability of the chosen technology for your project. Is it the right fit, or are there better alternatives?
Scalability and Compatibility: Assess whether the chosen technology can scale as your project grows and whether it is compatible with existing systems or software.
Security Measures: Consider cybersecurity and data protection measures to safeguard sensitive information.
Technical Expertise: Ensure your team or external partners possess the technical expertise to implement and maintain the technology.

3. Resource Evaluation

Resource evaluation involves assessing the availability of the essential resources required to execute your project successfully. These resources include personnel, materials, and suppliers.

Human Resources: Evaluate whether you have access to skilled personnel or if additional hiring or training is necessary.
Material Resources: Identify the materials and supplies needed for your project and assess their availability and costs.
Supplier Relationships: Establish relationships with reliable suppliers and consistently assess their ability to meet your resource requirements.

4. Risk Analysis

Risk analysis is a critical component of the technical feasibility study, as it helps you anticipate and mitigate potential technical challenges and setbacks.

Identify Risks: Identify potential technical risks, such as hardware or software failures, technical skill gaps, or unforeseen technical obstacles.
Risk Mitigation Strategies: Develop strategies to mitigate identified risks, including contingency plans and resource allocation for risk management.
Cost Estimation for Risk Mitigation: Assess the potential costs associated with managing technical risks and incorporate them into your project budget.

By conducting a thorough technical feasibility study, you can ensure that your project is technically viable and well-prepared to overcome technical challenges. This assessment will also guide decision-making regarding technology choices, resource allocation, and risk management strategies.

How to Conduct a Financial Feasibility Study?

The financial feasibility study is a critical aspect of your overall feasibility analysis. It focuses on assessing the financial viability of your project by estimating costs, projecting revenue, conducting investment analysis, and evaluating the overall financial health of your project. Let's delve into each aspect in more detail.

1. Cost Estimation

Cost estimation is the process of calculating the expenses associated with planning, developing, and implementing your project. This involves identifying both initial and ongoing costs.

Initial Costs: Calculate the upfront expenses required to initiate the project, including capital expenditures, equipment purchases, and any development costs.
Operational Costs: Estimate the ongoing operating expenses, such as salaries, utilities, rent, marketing, and maintenance.
Contingency Funds: Allocate funds for unexpected expenses or contingencies to account for unforeseen challenges.
Depreciation: Consider the depreciation of assets over time, as it impacts your financial statements.

2. Revenue Projections

Revenue projections involve forecasting the income your project is expected to generate over a specific period. Accurate revenue projections are crucial for assessing the project's financial viability.

Sales Forecasts: Estimate your product or service sales based on market demand, pricing strategies, and potential growth.
Pricing Strategy: Determine your pricing strategy, considering factors like competition, market conditions, and customer willingness to pay.
Market Penetration: Analyze how quickly you can capture market share and increase sales over time.
Seasonal Variations: Account for any seasonal fluctuations in revenue that may impact your cash flow.

3. Investment Analysis

Investment analysis involves evaluating the potential return on investment (ROI) and assessing the attractiveness of your project to potential investors or stakeholders.

Return on Investment (ROI): Calculate the expected ROI by comparing the project's net gains against the initial investment.
Payback Period: Determine how long it will take for the project to generate sufficient revenue to cover its initial costs.
Risk Assessment: Consider the level of risk associated with the project and whether it aligns with investors' risk tolerance.
Sensitivity Analysis: Perform sensitivity analysis to understand how changes in key variables, such as sales or costs, affect the investment's profitability.

4. Financial Viability Assessment

A financial viability assessment evaluates the project's ability to sustain itself financially in the long term. It considers factors such as profitability, cash flow, and financial stability.

Profitability Analysis: Assess whether the project is expected to generate profits over its lifespan.
Cash Flow Management: Analyze the project's cash flow to ensure it can cover operating expenses, debt payments, and other financial obligations.
Break-Even Analysis: Determine the point at which the project's revenue covers all costs, resulting in neither profit nor loss.
Financial Ratios: Calculate key financial ratios, such as debt-to-equity ratio and return on equity, to evaluate the project's financial health.

By conducting a comprehensive financial feasibility study, you can gain a clear understanding of the project's financial prospects and make informed decisions regarding its viability and potential for success.

How to Conduct an Operational Feasibility Study?

The operational feasibility study assesses whether your project can be implemented effectively within your organization's operational framework. It involves evaluating processes, resource planning, scalability, and analyzing potential operational risks.

1. Process and Workflow Assessment

The process and workflow assessment examines how the project integrates with existing processes and workflows within your organization.

Process Mapping: Map out current processes and workflows to identify areas of integration and potential bottlenecks.
Workflow Efficiency: Assess the efficiency and effectiveness of existing workflows and identify opportunities for improvement.
Change Management: Consider the project's impact on employees and plan for change management strategies to ensure a smooth transition.

2. Resource Planning

Resource planning involves determining the human, physical, and technological resources needed to execute the project successfully.

Human Resources: Assess the availability of skilled personnel and consider whether additional hiring or training is necessary.
Physical Resources: Identify the physical infrastructure, equipment, and materials required for the project.
Technology and Tools: Ensure that the necessary technology and tools are available and up to date to support project implementation.

3. Scalability Evaluation

Scalability evaluation assesses whether the project can adapt and expand to meet changing demands and growth opportunities.

Scalability Factors: Identify factors impacting scalability, such as market growth, customer demand, and technological advancements.
Capacity Planning: Plan for the scalability of resources, including personnel, infrastructure, and technology.
Growth Strategies: Develop strategies for scaling the project, such as geographic expansion, product diversification, or increasing production capacity.

4. Operational Risk Analysis

Operational risk analysis involves identifying potential operational challenges and developing mitigation strategies.

Risk Identification: Identify operational risks that could disrupt project implementation or ongoing operations.
Risk Mitigation: Develop risk mitigation plans and contingency strategies to address potential challenges.
Testing and Simulation: Consider conducting simulations or testing to evaluate how the project performs under various operational scenarios.
Monitoring and Adaptation: Implement monitoring and feedback mechanisms to detect and address operational issues as they arise.

Conducting a thorough operational feasibility study ensures that your project aligns with your organization's capabilities, processes, and resources. This assessment will help you plan for a successful implementation and minimize operational disruptions.

How to Write a Feasibility Study?

The feasibility study report is the culmination of your feasibility analysis. It provides a structured and comprehensive document outlining your study's findings, conclusions, and recommendations. Let's explore the key components of the feasibility study report.

1. Structure and Components

The structure of your feasibility study report should be well-organized and easy to navigate. It typically includes the following components:

Executive Summary: A concise summary of the study's key findings, conclusions, and recommendations.
Introduction: An overview of the project, the objectives of the study, and a brief outline of what the report covers.
Methodology: A description of the research methods , data sources, and analytical techniques used in the study.
Market Feasibility Study: Detailed information on market research, target audience, competitive analysis, and demand-supply assessment.
Technical Feasibility Study: Insights into project design, technical requirements, technology assessment, resource evaluation, and risk analysis.
Financial Feasibility Study: Comprehensive information on cost estimation, revenue projections, investment analysis, and financial viability assessment.
Operational Feasibility Study: Details on process and workflow assessment, resource planning, scalability evaluation, and operational risks analysis.
Conclusion: A summary of key findings and conclusions drawn from the study.

Recommendations: Clear and actionable recommendations based on the study's findings.

2. Write the Feasibility Study Report

When writing the feasibility study report, it's essential to maintain clarity, conciseness, and objectivity. Use clear language and provide sufficient detail to support your conclusions and recommendations.

Be Objective: Present findings and conclusions impartially, based on data and analysis.
Use Visuals: Incorporate charts, graphs, and tables to illustrate key points and make the report more accessible.
Cite Sources: Properly cite all data sources and references used in the study.
Include Appendices: Attach any supplementary information, data, or documents in appendices for reference.

3. Present Findings and Recommendations

When presenting your findings and recommendations, consider your target audience. Tailor your presentation to the needs and interests of stakeholders, whether they are investors, executives, or decision-makers.

Highlight Key Takeaways: Summarize the most critical findings and recommendations upfront.
Use Visual Aids: Create a visually engaging presentation with slides, charts, and infographics.
Address Questions: Be prepared to answer questions and provide additional context during the presentation.
Provide Supporting Data: Back up your findings and recommendations with data from the feasibility study.

4. Review and Validation

Before finalizing the feasibility study report, conducting a thorough review and validation process is crucial. This ensures the accuracy and credibility of the report.

Peer Review: Have colleagues or subject matter experts review the report for accuracy and completeness.
Data Validation: Double-check data sources and calculations to ensure they are accurate.
Cross-Functional Review: Involve team members from different disciplines to provide diverse perspectives.
Stakeholder Input: Seek input from key stakeholders to validate findings and recommendations.

By following a structured approach to creating your feasibility study report, you can effectively communicate the results of your analysis, support informed decision-making, and increase the likelihood of project success.

Feasibility Study Examples

Let's dive into some real-world examples to truly grasp the concept and application of feasibility studies. These examples will illustrate how various types of projects and businesses undergo the feasibility assessment process to ensure their viability and success.

Example 1: Local Restaurant

Imagine you're passionate about opening a new restaurant in a bustling urban area. Before investing significant capital, you'd want to conduct a thorough feasibility study. Here's how it might unfold:

Market Feasibility: You research the local dining scene, identify target demographics, and assess the demand for your cuisine. Market surveys reveal potential competitors, dining preferences, and pricing expectations.
Technical Feasibility: You design the restaurant layout, plan the kitchen setup, and assess the technical requirements for equipment and facilities. You consider factors like kitchen efficiency, safety regulations, and adherence to health codes.
Financial Feasibility: You estimate the initial costs for leasing or purchasing a space, kitchen equipment, staff hiring, and marketing. Revenue projections are based on expected foot traffic, menu pricing, and seasonal variations.
Operational Feasibility: You create kitchen and service operations workflow diagrams, considering staff roles and responsibilities. Resource planning includes hiring chefs, waitstaff, and kitchen personnel. Scalability is evaluated for potential expansion or franchising.
Risk Analysis: Potential operational risks are identified, such as food safety concerns, labor shortages, or location-specific challenges. Risk mitigation strategies involve staff training, quality control measures, and contingency plans for unexpected events.

Example 2: Software Development Project

Now, let's explore the feasibility study process for a software development project, such as building a mobile app:

Market Feasibility: You analyze the mobile app market, identify your target audience, and assess the demand for a solution in a specific niche. You gather user feedback and conduct competitor analysis to understand the competitive landscape.
Technical Feasibility: You define the technical requirements for the app, considering platforms (iOS, Android), development tools, and potential integrations with third-party services. You evaluate the feasibility of implementing specific features.
Financial Feasibility: You estimate the development costs, including hiring developers, designers, and ongoing maintenance expenses. Revenue projections are based on app pricing, potential in-app purchases, and advertising revenue.
Operational Feasibility: You map out the development workflow, detailing the phases from concept to deployment. Resource planning includes hiring developers with the necessary skills, setting up development environments, and establishing a testing framework.
Risk Analysis: Potential risks like scope creep, technical challenges, or market saturation are assessed. Mitigation strategies involve setting clear project milestones, conducting thorough testing, and having contingency plans for technical glitches.

These examples demonstrate the versatility of feasibility studies across diverse projects. Whatever type of venture or endeavor you want to embark on, a well-structured feasibility study guides you toward informed decisions and increased project success.

In conclusion, conducting a feasibility study is a crucial step in your project's journey. It helps you assess the viability and potential risks, providing a solid foundation for informed decision-making. Remember, a well-executed feasibility study not only enables you to identify challenges but also uncovers opportunities that can lead to your project's success.

By thoroughly examining market trends, technical requirements, financial aspects, and operational considerations, you are better prepared to embark on your project confidently. With this guide, you've gained the knowledge and tools needed to navigate the intricate terrain of feasibility studies.

How to Conduct a Feasibility Study in Minutes?

Speed and precision are paramount for feasibility studies, and Appinio delivers just that. As a real-time market research platform, Appinio empowers you to seamlessly conduct your market research in a matter of minutes, putting actionable insights at your fingertips.

Here's why Appinio stands out as the go-to tool for feasibility studies:

Rapid Insights: Appinio's intuitive platform ensures that anyone, regardless of their research background, can effortlessly navigate and conduct research, saving valuable time and resources.
Lightning-Fast Responses: With an average field time of under 23 minutes for 1,000 respondents, Appinio ensures that you get the answers you need when you need them, making it ideal for time-sensitive feasibility studies.
Global Reach: Appinio's extensive reach spans over 90 countries, allowing you to define the perfect target group from a pool of 1,200+ characteristics and gather insights from diverse markets.

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Feasibility Study Examples

Updated July 27, 2023

Introduction to Feasibility Study Examples

When companies want to start a new project or activity, they need to think and plan before they can begin. They want to ensure the new project or activity will be successful and not waste their time, money, or resources. To do this, they can use a “feasibility study.” A feasibility study helps companies determine their idea’s risks, benefits, and costs. Then they can decide if it’s a good idea to go ahead with it or not. Feasibility study examples include evaluating new business opportunities to see how much return the business may generate.

A feasibility study analyzes a proposed project or idea to determine if it is viable, practical, and economically feasible. It involves examining the project’s technical, operational, financial, and legal aspects.

For example, David wants to launch a new home decor business. So, he evaluates factors like potential profitability, effect on the environment, legal requirements, etc. It is his feasibility study, and based on the findings, he can decide whether or not to move forward with the project.

Feasibility Study Examples (With Excel Template)

There are three types of feasibility studies, namely, economic feasibility, technical feasibility, and operational feasibility. We will discuss each of these with suitable feasibility study examples below:

1. Economic Feasibility

Economic feasibility determines if a project can make enough money to be worthwhile. It looks at the project’s costs and compares them to potential profits to see if they are suitable investments. It’s about figuring out whether a project will succeed financially.

Economic Feasibility Study Example #1: Opening of a New Restaurant

A restaurant chain owner, Oliver, wants to open the restaurant in a new location, a popular area with a lot of foot traffic. As he needs to know whether the property would give better returns on investment, he determines the economic feasibility of the venture. We have the following data to conclude the feasibility study:


The daily customer estimate is	150
The average bill each customer will pay is	$40
The monthly rent for the property is	$8,500
The additional monthly expenses (utilities, insurance, and maintenance) are	$3,500
The estimated cost of obtaining permits and licenses is	$5,000
The total investment required for equipment and supplies (which will last for 5 years) is	$125,000
The owner plans to hire	7 employees with an average monthly salary of $15,000, making the total monthly staffing cost $105,000
The cost of goods sold (COGS) for each dish will be	30% of the menu price, which is $12 per customer
The budget allocated for marketing and advertising is	$25,000

Given, Rent and Utilities = $8,500 + $3,500 = $12,000 Permits and Licenses = $5,000 Equipment (Monthly Cost) = $125,000/ (5 years x 12 months) = $2,083 Staffing = 7 x $15,000 = $105,000 COGS = $12 x 150 customers x 30 days = $54,000 Marketing and Advertising = $25,000 Average Bill per Customer = $40

Result Analysis: Assuming the restaurant is open 30 days per month, the owner must attract 242 customers daily to break even. If the owner estimates they can attract at least this number of customers, the project is economically feasible. However, if the owner estimates they can attract 150 customers daily (less than the break-even point), he may need to adjust the business plan to improve its economic feasibility.

Feasibility Study Example #2: Solar Electricity Product

Weasley Ltd wants to invest in a new portable solar electricity product with a life of 8 years. Mr. Smith, the project manager, has to perform an economic feasibility study and submit a report. Mr. Smith collects the following data about the project to conduct the feasibility analysis:-


The State Government provides a tax-free subsidy on initial capital investment to promote solar energy:
Original equipment:	Cost = Lifetime = 8 years Salvage Value = 0
Additional equipment:	Cost = Lifetime = 5 years Salvage Value = $125,000
The working capital requirement at the initiation of the project:	$2 million
Expected Sales price:	$120 per unit
Variable expenses:	60% of sales revenue
The fixed operating cost:	1.8 million per year
Subjected to a tax rate:	30%
Depreciation Method:	Straight line
The loss of any year will be set- off from the profits of the subsequent two years.	Allowed to adjust losses for 2 years for tax purposes.

Mr. Smith calculates the project’s net present value (NPV) by discounting the cash flows at 12%. If NPV is positive, then the project is feasible, and the company can consider undertaking the project.

We will use the concept of the time value of money to solve this example. It suggests that the amount available now is worth more than that amount of money will be in the future. So, to calculate the NPV of this project, we must consider the time value of money. We will first estimate the project’s future cash inflows and outflows. Then we will use a discount rate to return those cash flows to their present value.

= $17,500,000 + $2,000,000 – $2,500,000 = $17,000,000

Step #3: Build a Statement of Profit Before Tax (PBT) Let us calculate the profit before taxes for the company using the following formula:

Net Sales = Sales volume x Sales Price = $72,000 x $120 = $8,640,000
Variable Cost = Fixed Cost x 60% = $8,640,000 x 60% = $5,184,000

Step #4: Build a Statement of Net Cash Inflow Here we will calculate the cash inflow using the following formula:

Thus, we need to calculate taxes and then profit after taxes. (Given: The tax rate is 30%)

1. Taxes = PBT x Tax rate Year 1: As the company incurs a loss in the first year (PBT as calculated in step 3), it is liable to pay zero taxes for the first year. Year 2: The company can adjust its losses for 2 subsequent years for tax purposes. Hence, PBT for the 2nd year will be reduced by losses of the first year. $1,197,000 – 532,000 = 665,000. Taxes (Year 2) = 665,000 x 30% = $199,500 Similarly, we calculate the taxes for the rest of the years (3-8).

2. Profit after taxes = PBT – Taxes Year 1 = -$531,500 – 0 = -$531,500 Year 2 = $1,196,500 – $199,500 = $997,000 Similarly, we calculate the profit after taxes for the rest of the years (3-8).

Feasibility Study Examples-Example 2 Step 4

Step #5: Calculate the Discounted Cash Flows In this step, we will calculate the discounted cash flows using the following formula:

Thus, we need to calculate the PV factor (Given: PV factor @ 12%)

1. Additional Cash inflows and outflows: At the end of year 3, the company purchases additional equipment, which leads to a cash outflow of $1,250,000. At the end of year 8, the company realizes the initially invested working capital of $2,000,000. At the end of year 8, the company sells the additional equipment at its salvage value of $125,000.

2. PV Factor Calculation: PV Factor = 1 / (1+ Discount Rate) ^ n Year 1 = 1/(1+12%)^1 = 0.89 Year 2 = 1/(1+12%)^2 = 0.80 Similarly, we calculate the PV Factor for the remaining cash inflows and outflows.

3. Calculate the DCF: DCF = Cash inflow x PV Factor Year 1 = $1,656,000 x 0.89 = $1,478,571 Year 2 = $3,184,000 x 0.80 = $2,538,664

Feasibility Study Examples-Example 2 Step 5

Step #6: NPV Calculation

Result Analysis: After studying the costs and benefits of the project, Project Manager Will Smith concludes that the NPV (Net Present Value) is positive and high. Thus, the company can accept the project based on Economic Feasibility Analysis.

However, if the NPV of the project had come out to be negative (-ve), Mr. Smith’s final verdict would be to drop the project and not produce the solar products. This way, the company can limit its losses to the project manager’s salary and other essential costs. So they can save time and resources.

2. Technical Feasibility

Technical feasibility analyzes the ability to successfully develop, implement, and maintain a proposed project using current or available technology, skills, and resources.

Technical Feasibility Study Example #1: Developing a Mobile Application

Suppose we plan to develop a mobile application that will cost $250,000. The estimated lifespan of the app is four years. To determine if this project is feasible, we need to conduct a feasibility study by analyzing the following factors:

We must determine if the technology exists to develop the app and if we have the required skills. We conclude that the technology exists and we have the skills to create the app.
Next, we must determine if the development cost is justifiable by analyzing the expected revenue and profit margins . Let’s say that the app will generate a revenue of $300,000 annually, and we expect a profit margin of 25%.
Finally, we need to determine if we can integrate the app with existing systems and if there are any regulatory requirements. Let’s say that the integration is possible and there are no regulatory requirements.

Based on this analysis, we can calculate the feasibility of the project in two ways:

Feasibility Study Examples-Example 3 Payback Period 1

Since the payback period is less than the estimated lifespan of the app, which is 3 years, the project is economically feasible.

2. Return on Investment (ROI): To determine the ROI of a project, we divide the profit it generates by its development cost. Here is the formula for calculating ROI: ROI = Annual net cash inflow / Development cost = ($300,000 x 0.35) / $250,000 = 0.30 or 30%

Feasibility Study Examples-Example 3 ROI 1

Since the ROI is greater than the minimum required rate of return, which is 10%, the project is economically feasible.

Result Analysis: Based on both feasibility studies, we can conclude that developing a mobile application is feasible, and we can pursue it.

3. Operational Feasibility

Operational feasibility refers to the ability of a proposed project or venture to be successfully implemented and integrated into existing business processes, systems, and practices.

Operational Feasibility Study Example #1: Introducing a New Product Line

Let’s assume that a company is considering introducing a new product line of eco-friendly kitchen cleaning products. We have the following data for the feasibility study:

Production capacity: The company can produce up to 12,500 units of the new product line per month without affecting existing product production.
Supply chain management: The company has identified reliable suppliers for all necessary raw materials, components, and finished goods. The estimated cost of raw materials and components is $2.5 per unit.
Marketing and distribution: The company plans to use social media advertising and targeted email marketing to promote the new product line to the target market. The estimated cost of marketing and distribution is $1.2 per unit.
Cost and profitability: The company has estimated the cost of producing each unit of the new product line to be $7. They plan to sell each unit for $12, generating a profit margin of $5 per unit.
Regulatory compliance: The company has confirmed that the new product line complies with all applicable regulations and standards.

Based on the above information, we can conclude that the new product line is feasible to introduce. Here’s a breakdown of the costs and profits: Cost per unit = $2.5 for raw materials and components + $1.2 for marketing and distribution + $3.3 for manufacturing cost = $7 Selling price per unit = $12 Profit per unit = Selling price per unit – Cost per unit = $12 – $7 = $5

Therefore, based on this feasibility study, the company can expect to generate a monthly profit of $62,500 by introducing the new product line.

Day-To-Day Life Feasibility Study Examples

Here are some daily life feasibility study examples:


	Homemakers inspect product quality when purchasing from a grocery store to ensure it meets desired standards.
	Farmers study the feasibility of organic farming methods to eliminate pesticides and analyze the impact on crop output, quality, and cost.
	Entrepreneurs conduct feasibility studies to launch electric vehicles, considering technical, resource, and economic viability.

Benefits of Feasibility Study

Here are some benefits of conducting a feasibility study with feasibility study examples:


Identification of potential problems during project implementation	Launch of a new restaurant
Determination of the financial viability of the project	Development of a new software application
Supports informed decision-making by assessing risks and benefits	Implementation of a new manufacturing process
Provides a clear roadmap for project implementation	Construction of a new building
Builds confidence among stakeholders	Launch of a new product

Final Thoughts

The feasibility study is an essential test every entity should perform in advance while undertaking a new project. It gives a clear picture of the proposed project. It helps the management choose the best of various alternatives by providing valid reasons to accept and reject the other(s). As discussed in the article, a feasibility study is not limited to businesses but has broad dynamics and can be helpful in various fields.

For example, an automobile prototype is a tool for the feasibility study, and an experiment on rats to develop a new medicine is a procedure of feasibility analysis. Checking the configuration and features before purchasing a laptop resembles feasibility tests.

Frequently Asked Questions (FAQs)

Q1. What is the feasibility study format? Answer: A feasibility study includes an in-depth analysis of the factors necessary for the planned project. The report typically includes a description of the new endeavor or product, a market study, the technological and labor requirements, and the sources of funding and capital.

Q2. What is the most important part of a feasibility study? Answer: Financial feasibility analysis is a crucial part of a feasibility study. It determines whether the proposed project is financially viable and can generate sufficient revenue to cover all the costs associated with the project, including initial investment, operational expenses, and maintenance costs.

Q3. What is the purpose of a feasibility study? Answer: The sole purpose of conducting a feasibility study is to determine the success rate of a business, startup, new product or service, etc. The investigation concerns every factor that will contribute to its success or failure.

A PRACTICAL GUIDE TO WRITING A FEASIBILITY STUDY

Publisher: NMM Printers

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How-to Guides

How to Write a Feasibility Study Report (FSR)

by Mary Levinson · Published December 15, 2010 · Updated July 11, 2023

Reporting on the feasibility study is one of the key activities within the project initiation phase. It aims to analyze and justify the project in terms of technical feasibility, business viability and cost-effectiveness.

The study serves as a way to prove the project’s reasonability and justify the need for launch. Once the study is done, a feasibility study report (FSR) should be developed to summarize the activity and state whether or not the particular project is realistic and practical. Let’s find out what FSR means, why it’s important, and how to write it.

FSR Definition

What is a feasibility study report (FSR)? In simple terms, it’s a document that aims to identify, explore, and evaluate a project’s possible solutions to save time and money. The following definition gives a broader understanding of the document:

In project management, a Feasibility Study Report (FSR) is a formally documented output of the feasibility study that summarizes results of the analysis and evaluations conducted to review the proposed solution and investigate project alternatives, for the purpose of identifying whether the project in questions is feasible, cost-effective and profitable or not. It describes and supports the most feasible solution applicable to the project.

The report gives a brief description of the project and some background information. Formally this document is the starting point for running the Pre-Charter Sub-Phase . In practice, it signifies that the sponsor can proceed with deciding on project investment and make necessary assignments to the project manager.

FSR Importance

The process to write the report is called feasibility study reporting. Often it is a responsibility of the project manager to control such a process. The importance of writing the report consists in providing legal and technical evidence of the project’s vitality, sustainability and cost-effectiveness. The reporting process allows the senior management to get the necessary information required for making key decisions on budgeting and investment planning. A well-written feasibility study report template lets develop solutions for:

Project Analysis because an example of FSR helps link project efficiency to budgeted costs.
Risk Mitigation because it helps with contingency planning and risk treatment strategy development.
Staff Training because the report can be used by senior management to identify staffing needs as well as acquire and train necessary specialists.

The process of reporting is the trigger to run the project investing process through underpinning the business case document , stating the reasons for undertaking the project, and analyzing project costs and benefits.

Five Steps to Writing an FSR Template

How to write a feasibility study report template? Regardless of project size, scope and type, there are several key steps to writing such an important document. Let’s view the steps in detail.

Also, read this Project Feasibility and Option Analysis Template to find out how to perform an analysis of alternative approaches.

Don’t Get Stuck, Ask for Professional Advice

To write a detailed project feasibility report, you can request consultancies for help and information. Professional project management consultants and business advisers will help you identify problems and opportunities surrounding your project initiative, determine objectives, explore alternatives, and assess the range of costs and benefits associated with every alternative.

Working with project management consultants shouldn’t be too hard. To some extent, it is like being a graduate student seeking a digital agency to write my essay for me (EssayHub, for example). You define the requirements for your work and set the desired completion date when you expect to get the job done. The agency will get you covered and help struggle to comply with all your project deadlines.

At the end of the day, the feasibility report template and recommendations from your professional PM adviser will help you demonstrate varying degrees of supporting evidence to the stakeholders whether or not your project is feasible, why it is so, and what actions you suggest to take as the project kicks off or gets closed.

Content Requirements for Sample Feasibility Report

The content of sample feasibility report is formatted and structured according to a range of requirements which may vary from organization to organization. Meanwhile, there are common suggestions , which are listed below.

Front Matter

To begin with writing a sample feasibility report , first you need to create a title page that provides a descriptive yet concise title, your (i.e. author’s) name, email, job position, and also the organization for which you’re writing the report. Next, you must include an itemized list of contents that provides headings and sub-headings sequenced the same way as they are structured in the report body. Also add a list of all material (tables, figures, illustrations, annexes) used within the doc. Remember that the title page shouldn’t be numbered and that no more than 4-5 pages should be dedicated to the front matter.

Report Body Format

Because there are many different styles and requirements for formatting the body of feasibility study report, it may be difficult for you to select right format for your report, so I suggest you discuss this issue with your curator or supervisor who should provide you with right styling and format requirements.

Meanwhile, there are several common suggestions as follows:

Each page of the report body needs to include a descriptive header with an abbreviated title for the report, the author’s name and page number (at the right top)
Structure the report by headings and sub-headings and indicate this structure within the document content
Make sure headings are properly formatted (i.e., flush left, indented, etc.) on each page
Use the same style for headings throughout the entire report template
Never use too larger or too small font (font should have a professional look, 10-12 point)
Use the same citation style (e.g., CBE, APA, etc.) for formatting sources used in your feasibility study template

Key Report Template Sections

The following list provides an outline of the key sections to be included in report content:

Executive Summary – a description of the problem/opportunity highlighted in the study, the purpose of the report, and the importance of the research for your target audience
Background – a more detailed description of the feasibility study, who it was carried out, and whether it was implemented elsewhere
Analysis – an examination and evaluation method employed in the conducting your feasibility study
Alternatives and Options – an overview of any alternative proposals or options and their features in comparison to the main proposal of the study
Cost-Benefit Evaluation – a rigorous analysis method that was implemented to examine and evaluate the main proposal for cost-benefit effectiveness and to demonstrate the tech feasibility, economic practicality, social desirability, and eco soundness of the proposal
Conclusion – a summary of the work done and your own conclusions regarding your analysis
Recommendations – a series of recommendations practices and follow-up actions based on your conclusions

Back Matter

One last thing you need to consider when writing your feasibility study report template is that the report should include a Reference page that lists all reference material (articles, books, web pages, periodicals, reports, etc.) cited in your document. This page should be styled appropriately.

Additionally, you can create an Appendix page that provides detailed discussions of all criteria used in analyzing feasibility and examples of each criterion. This page should also be styled appropriately.

Final Note for Your Project Feasibility Reporting Journey

Remember that in project management a feasibility analysis report aims to support the decision-making process as to whether the project concept is in fact viable or not. Even if this document states a “ no viability ” answer, it is still considered a positive result because it saves the project sponsor wasting financial resources and valuable time.

The project feasibility study report and the Business Case template are similar in nature and are normally designed to dovetail in pursuit of project profitability, cost-time-technology alignment, and consistency of reporting.

Tags: analysis feasibility how-to report template

Mary Levinson

Mary, a technical writer for a product development company, ensures the software's instructions are clear, concise, and user-friendly, facilitating an efficient user experience by translating complex features into simple steps.

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18 Free Feasibility Study Examples & Templates

Project plans are built on a foundation called the feasibility study or feasibility study. This analysis tells you whether or not your project is viable and, consequently, whether you should go ahead with it, amend it, or cancel it altogether. In this post, we review this important tool, tell you the role it plays in the success of your project, and look at how Feasibility Study Examples can help you.

What Is a Feasibility Study?

A feasibility study is a technical analysis of the relevant factors involved in a project, such as the legal, technical, scheduling, and economic considerations, to determine whether the project can be completed successfully. Generally, you are checking whether the project will be worth the time, money, and workhour investment by reviewing factors like cost and ROI.

What Is a Feasibility Study Template?

A feasibility study template is a downloadable, fillable sheet or document that can help you assess the viability of a proposed operation or project.

Feasibility Study Examples and Templates

How Can Feasibility Study Examples Help You?

Feasibility study examples show you how real-life projects and systems were analyzed to determine viability. By studying them, you can learn the important factors to consider when evaluating your own projects so you don’t initiate projects that will not be successful.

Why Should You Conduct a Feasibility Study?

The primary purpose of conducting a feasibility study is to determine whether or not you should invest time and resources in a given project. The analysis may also unearth new concepts or challenges that could change the project scope. As such, it is important to run this analysis before you begin your project to either ensure you don’t waste any time or start only to discover new problems later.

What Is an Example of a Feasibility Study?

Consider a school looking to expand its administration block by adding a new wing to it. Before beginning this project, they should conduct a feasibility analysis to determine whether the new wing is a good idea. Here are the steps they will take:

The school must calculate the cost of labor and materials. They must then evaluate the level of disruption the construction will cause to the teachers and students.
Next, they must gauge the popular opinion of the parents and community about the project. This involves asking the parents what they think about the expansion.
Now, they must discuss the idea with the school directors and stakeholders and gauge the response.
The last step is to create a list of pros and cons drawn from the previous steps, then weigh both sides. The school can then decide whether or not to proceed.

Essential Factors for Preparing the Feasibility Report

Performing a feasibility study beforehand prevents you from starting something that you won’t be able to finish or that won’t yield the expected results. When preparing this analysis, you should consider the following technical factors:

Policy Alignment – How does the project correspond with your company’s policies, mission, and vision? If it doesn’t, it might not be the project for you.
Economic – How much will it cost to implement the project? What is the expected ROI? Who is the target market? Is the market saturated? Answering these questions will tell you whether you should make a financial investment in the project.
System and Technology: Here, you check whether you have the system and technology to produce the project deliverables. Do you need to hire or purchase machines?
Operational: Does the solution provided by the project solve the customer’s problem? If the solution provided is only tangential, the project might not be viable.
Legal: Are there any company policies, government regulations, or infringement policies that will be violated by going through with the project?
Schedule: Will the project affect company timelines and extra costs?
Resources: Do you have enough resources to push through with the project?

Essential Elements of a Feasibility Report

If your company asks you to come up with Feasibility Study Examples for a proposed plan, here are the details you should include in your report:

Project Scope: Describe the project scope and the problem the project will address. Mention any parts of the business that could be directly or indirectly affected by the project.
Project Requirements: What resources, tools, and skills do you need to complete the project?
Project Approach: Determine whether the recommended approach will yield the expected project results.
Current Analysis: Determine and define the strengths and weaknesses and strengths of the current approach and how you might improve it.
Cost Evaluation: How cost-effective is the current approach? What will be the total cost? Are the alternative options? And if so, how much will they cost?
Review: Now, consider all the information you have gathered and review the feasibility of the plan in detail. This is your study review, which will determine the viability of the project.

How to Write a Feasibility Study Report

If you have ever worked on a feasibility analysis before, then you know that it is no walk in the park. This is a complete study of your project, and the details can get very technical. However, the process doesn’t have to be difficult. Here is a guide to help you write a feasibility study report:

Step 1: Create an executive summary that highlights all the important information provided in each section. You can place it at the beginning or end of your feasibility report.
Step 2: Come up with an outline that will guide you as you write the report.
Step 3: Calculate the estimated labor and materials costs. You should also include information such as whether you can get a discount for buying materials in bulk and where you plan to get them.
Step 4: If you need to hire a freight or trucking company to ship or transport some materials or equipment, indicate how much this will cost.
Step 5: Describe the marketing requirements, i.e., what you will need to reach the target market.
Step 6: Review the technology you will need to implement the project.
Step 7: Indicate the projected project dates.
Step 8: Review the budget and attach supporting documents for the financial data.

Simply put, a feasibility study is an assessment whose results tell you whether or not to proceed with a proposed project plan. It accomplishes this by analyzing the legal, economical, operational, technical, and time factors related to the project. Most Feasibility Study Examples ask questions like, ‘Can you complete the project on time?’ ‘Do you have the required resources, people, tools, and technology?’ and ‘will the project return the expected ROI?’

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></center></p><h2>How to Conduct a Feasibility Study: A Step-By-Step Guide</h2><p>A feasibility study checks if a plan, product, or project tool is doable. It asks the questions: Can we finish it on time? Will we deliver as promised?</p><p>These are queries that come up in our lives every time we are faced with a task. As a business owner, feasibility studies are your safety net.</p><p>Did you know? Many investment projects fail because people don’t realize how important feasibility studies are. They’re like the foundation of a building – without them, the project crumbles.</p><p>Our product launch is next month. The first thing that comes to your mind is, Am I ready? How much can be done in a month? Is there a call for panic yet?…</p><p>… All the things you need not bother about if you carried out a feasibility study before commencement. Don’t fret, our article answers all your questions about feasibility studies, and then some.</p><h2>Types of Feasibility Studies</h2><p>Feasibility studies come in various forms. Knowing the different types and what they involve is key for any business. We classify feasibility studies into two broad classes: market feasibility studies and business feasibility studies.</p><p>In market feasibility studies, you’re already a business owner. You’re in the market. But you need to modify a product’s quality. Maybe, you are about to launch a whole new line. This study ensures you leave no stone unturned during the process. A study by GOV.UK found that 80% of projects with a feasibility study were completed, compared to 65% without one.</p><p>Business feasibility studies, on the other hand, is what you need to carry out when preparing for a pitch deck. Or when you want to embark on a new business venture. It is broader and more intense than market feasibility studies.</p><h2>Market Feasibility Studies</h2><p>Market feasibility studies analyze the potential demand for a product or service within your specific niche. According to Intangent , companies with precise forecasts have a 10% higher chance of boosting their annual revenue.There are key factors to consider in this study:</p><h2>Market size</h2><p>This assesses the size of your target market and its growth potential.</p><h2>Competition analysis</h2><p>This helps you understand existing competitors—their strengths, weaknesses, and market share.</p><h2>Target audience</h2><p>Helps you identify the demographics, preferences, and purchasing behavior of potential customers.</p><h2>Economic trends</h2><p>It also evaluates economic factors that may impact market demand. This includes income levels, employment rates, and consumer spending habits.</p><h2>Regulatory environment</h2><p>Helps you consider your regulatory requirements and constraints. Especially if you intend to market your product/service in a new geographical location.</p><h2>Business Feasibility Studies</h2><p>This study type focuses on evaluating the viability of a business idea or concept. According to Investopedia , feasibility studies cost anywhere from $5,000 to $50,000. This depends on the complexity of your project.Business feasibility studies typically cover the following areas:</p><h2>Business concept</h2><p>Assesses the uniqueness and value proposition of the business idea.</p><h2>Market analysis</h2><p>Similar to market feasibility studies. Analyzes the target market, competition, and demand for your proposed product or service.</p><h2>Financial feasibility</h2><p>Evaluates the financial viability of the business. This includes startup costs, revenue projections, and potential return on investment.</p><h2>Operational feasibility</h2><p>Examines the practical aspects of running the business—location, staffing requirements, and operational processes.</p><h2>Legal and regulatory consideration</h2><p>Identifying legal and regulatory requirements that may impact the establishment and operation of the business, such as permits, licenses, and zoning regulations.</p><h2>The Role of Feasibility Study Consultants</h2><p>Corporate Finance Institute estimates the global market for feasibility studies to reach $1.5 billion by 2025, growing at a rate of 7.3%. Market Business News reports that 72% of respondents believe feasibility studies help avoid costly mistakes and enhance decision-making.</p><p>Consultants are saddled with the task of being “superheroes” to several brands. They help you carry out a pressure-proof feasibility study, armed with a treasure trove of knowledge and skills. They offer you their:</p><p>They have years of experience under their utility belts, and they know the ins and outs of feasibility studies like the back of their hands. With their expertise and resources, they work swiftly and efficiently. This helps save your precious time and resources.</p><h2>Market Mastery</h2><p>They navigate through market complexities with ease, uncovering hidden insights and trends. They bring an outsider’s viewpoint and offer impartial insights free from internal biases.</p><h2>Analytical Prowess</h2><p>They are armed with cutting-edge tools used to crunch numbers and analyze data that helps you unveil valuable insights. They leave no stone unturned. Consultants conduct exhaustive analyses to ensure no detail goes unnoticed.</p><h2>Key Components of a Feasibility Study Report</h2><p>A standard feasibility study report contains:</p><h2>An Analysis of the Projected Market</h2><p>This is a deep dive into your proposed market trends, customer preferences, and competition. It helps you to understand the lay of the land.</p><h2>Your Financial Projections</h2><p>These documents peer into your finances with detailed projections. Your costs, revenues, and return on investment are all evaluated to yield the best result.</p><h2>A Risk Assessment File</h2><p>This helps you navigate potential risks and challenges. It assesses their impact and provides you with mitigation strategies.</p><p><center><img style=

Here are some tips for structuring and presenting your findings with finesse:

Keep your report succinct and to the point. Avoid unnecessary jargon or technical language.
Use charts, graphs, and visuals to bring your data to life and make complex information more digestible.
Provide actionable recommendations based on your analysis. Your final document is supposed to guide decision-makers on the path to success.

Step-by-Step Guide on How to Conduct a Feasibility Study

Clarify your mission and vision for the feasibility study. Define the scope of your study. Outline what you hope to achieve and the boundaries of your analysis.

Gather information from various sources—surveys, interviews, and existing research. Conduct thorough market research to understand your customer needs, market trends, and competitor landscapes.

Crunch the numbers and assess the financial feasibility of your project. Conduct a cost-benefit analysis to weigh the potential costs against the anticipated benefits of your venture.

Evaluate the operational feasibility of your project. Consider factors such as resource availability, technology requirements, and logistical challenges. Identify potential risks and develop risk management strategies to minimize their impact.

Compile your findings and recommendations into a comprehensive Feasibility Study report. Present your analysis, insights, and recommendations clearly and concisely, ensuring stakeholders can easily understand and act upon the information provided.

In conclusion, feasibility studies serve as a compass to guide businesses through the turbulent seas of uncertainty. Prioritizing these studies helps you chart a course towards success with confidence and clarity.

Ready to embark on your feasibility journey? Dive deeper with Researchers.me and unlock the insights you need to navigate the waters of business ventures. Start your journey now!

Azhar Siddique
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Feasibility Study Examples

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21 Aug, 2024

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Dheeraj Vaidya

Feasibility Study is the study conducted by the company that wants to add one product line in its business with the objective of understand whether it should go for the product or not by analyzing the different scenarios including revneue, cost, competition etc.

With the help of the feasibility study, one can cover different necessary elements required for gathering all the data to make an informed decision. It is also important for taking the approval of stakeholders as the stakeholders, with the help of the Feasibility study, can analyze the different aspects of the project. Let us discuss some examples of the feasibility study.

Example #1 - expansion of hospital, example #2 - starting a new family restaurant, example #3 - expansion of school, recommended articles.

Top 3 Examples of Feasibility Study

If the hospital wants to expand its area of a building, then it may conduct the feasibility study, which will help it in determining whether a hospital should go ahead with the project of expansion or not.

There are various areas which should be taken into account, like in the present case. Following are the different factors that the feasibility study will include:

The cost of labor and material that will be incurred for the expansion.
What will be the change in the revenue to the hospital if the expansion is done?
How disruptive it will be for the staff of the hospital and its patients.
What is the public opinion with respect to the new extension, i.e., whether the local community is in favor of such a project or they are against it?
What is the response of the various stakeholders of the hospital as the stakeholders play an important role in any organization as they are the people who have a major interest in a project or business? Different stakeholders in the case of the hospital include staff, patients, visitors in the hospital, management, and local community, etc.

One should evaluate all the project’s pros and cons while conducting the study and then allot the weigh to them with respect to each other. All the responses should be gathered properly and analyzed on different parameters as applicable. Based on that, it will be determined that the hospital should go ahead with the project expansion or not.

Conducting a feasibility study before opening the restaurant will help the owner in saving time and money as, with the help of a study, he can make an informed decision regarding the chance of success of the venture.

In the present case following are the different factors that the feasibility study will include:

Obtain Market Statistics: Feasibility study should include studying the demographic characteristics like age and income to know the size of the potential market. In the case of the family restaurant, one should know the number of families residing in the area as singles or students will not count for the potential share.
Potential Locations: The location for the family restaurant should be the area having high-traffic. Parking and other factors should also be considered to make sure that the place is easily accessible to customers. Also, there should be a proper tradeoff between location and lease cost.
Competition: At the time of the Feasibility study, one should gather information about the total number of nearby restaurants and the style of those restaurants. The area should not already be saturated with a similar concept as planned. Thus one should properly analyze the strengths and weaknesses of all major competitors.
Industry Analysis: For studying the feasibility, one should j oin hospitality organizations and attend their meetings to know more about the health and growth of the industry.
Current Economic Environment: Decide whether as per the current economic environment launching a new restaurant is advisable or not. Whether any restaurants were closed in the past few years or not and their reasons thereof.
Cost Structure: One should break down the cost of each item on the menu and determine the major suppliers in the future and prices offered by them. Also, there should be a proper cost projection of the food cost projections.
In the feasibility study, one should evaluate management capability, i.e., whether an entrepreneur has the required skill and experience to make a venture successful. He should also have the capability to manage the staff and to understand properly about kitchen operation.

These are some of the important parameters that one should evaluate to conduct a feasibility study on starting a new family restaurant. Apart from these, other factors like laws and regulations, logistics, and other factors as applicable should also be considered before making the decisions.

If the school wants to expand its area of campus, it may conduct the feasibility study, which will help it in determining whether the hospital should go ahead with the expansion or not.

The cost of labor and material will be incurred for the expansion.
What will be the change in the revenue of the school if the expansion is done, i.e., what will be the increase in the student’s number if the school is expanded? Whether it will be able to generate more revenue than the cost incurred.
How disruptive it will be for the staff of the school and students.
What is the public opinion with respect to the new extension, i.e., whether the local community is in favour of such a project or they are against it?
What is the response of the various stakeholders of the school? Different stakeholders in the case of the school include students, teachers, parents of students, management, and the local community, etc.
What are the laws which might get affected by the expansion, and whether the school will be able to meet those law requirements?

All the parameters should be evaluated along with their pros and cons, and decisions should be taken based on that for the expansion.

With the help of the feasibility study, one will know all the details of the projects and can, after that, organize them properly. The feasibility study conducted helps the parties involved in identifying various problems associated with the project like the logistic problem, labor supply, etc., which will be useful in getting the solutions for the problem. It at the same time also helps in developing the different strategies for the business like financial strategies , marketing strategies, etc. Thus it helps the organization in making an informed decision.

This article has been a guide to Feasibility Study Examples. Here we discuss the top 3 examples of the feasibility study in business along with a detailed explanation. You can learn more about financing from the following articles –

Mutually Exclusive Projects
Examples of Cost-Benefit Analysis
Examples of Breakeven Analysis

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.

A monday.com Gantt chart shows an overview of various projects with their respective timelines.

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.

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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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Feasibility Study Proposal Example for a Quick Start

Table of Contents

A feasibility study is an integral part of any project. It provides an overview and assesses the viability of a project idea, detailing all aspects, from resources needed to potential risks. This article provides valuable insight into this process, including a feasibility study proposal example to guide you in composing the perfect proposal. So if you’re looking to get started on your feasibility study proposal, dive right in!

What Is a Feasibility Study?

A feasibility study evaluates a proposed project or endeavor to determine whether it’s likely to be successful. It involves analyzing factors such as the economic, environmental, legal, and technical aspects of the venture to gauge its practicality and viability. A feasibility study enables professionals with the following:

Plan a timeline for completion
Identify any issues that may arise
List solutions to resolve them

The report generated by such an analysis can help inform decisions and investments related to the venture. Doing so can provide valuable insight into what could be encountered down the road regarding difficulties and financial burdens.

Why Is a Feasibility Study Important?

A Feasibility Study is an invaluable tool for assessing the viability of a project prior to committing resources and time. It allows businesses to identify potential risks, costs, benefits, and outcomes before investing in any endeavor. By taking the time to thoroughly analyze each component of a project, decision-makers can better predict the outcome with greater accuracy. It reduces their exposure to unnecessary risk or unmet expectations. Furthermore, by understanding all aspects of a project, companies are more likely to maximize ROI and realize the most successful results.

Tips to Write a Great Feasibility Study Proposal

A feasibility study proposal is a document used to provide information and data that will help assess the viability of a particular project . It’s essential to research thoroughly and present accurate data to be taken seriously. To write a great feasibility study proposal, follow these steps:

Explain the Goal of the Project

Before starting a feasibility study proposal , it is important to clearly articulate and describe the project at hand. This should include an overview of the project’s purpose, goals, scope, and scale. It also discusses who will be involved in the project and how it fits into the greater context of the project.

List the Potential Solutions of the Project

Make sure to list each potential solution that might result from the project. Also, describe how they can help achieve the desired outcome. Point out potential obstacles for each solution as well.

Define Criteria for Assessing Each Solution’s Feasibility

In this step, criteria must be established to evaluate each potential solution and identify the most feasible for the project. The criteria should address aspects such as cost, time frame, scalability, implementation risks, user acceptance, and more.

Determine the Most Feasible Solution for the Project

After considering all the necessary criteria, it is time to state which solution is the most feasible option. Ensure that you provide justification for choosing this solution above the others you’ve discussed.

Summarize All Points in a Final Statement

Finally, a conclusion statement should be made summarizing the findings from the feasibility study proposal. In particular, it should include a description of why one solution was chosen over another based on the criteria evaluated earlier.

person in orange long sleeve shirt writing on white paper

Feasibility Study Proposal Example

A good proposal should have an outline that clearly explains each step involved in conducting the research and implementing the results. Here’s what a great feasibility study proposal example looks like:

Feasibility Study Proposal Sample:

Developing a New App for Online Shopping

Description:

This project focuses on developing an app that allows consumers to make online purchases most conveniently. The app should provide various options and features, enabling customers to compare prices, select delivery times, view reviews, and complete their orders quickly. Additionally, the app should integrate with various payment methods, allowing customers to pay securely via credit cards, PayPal, or other means.

Potential Solutions:

There are several potential solutions that could be implemented to develop this app. First, we could design the app from scratch using mobile-friendly technologies such as HTML5. and CSS3. Alternatively, we could use existing frameworks like React Native to speed up development time. Lastly, if time is not an issue, then building an iOS or Android native application would offer maximum performance and reliability.

Criteria for Solution Evaluation:

When evaluating these solutions, our main criteria will include cost, scalability, usability, security, maintenance effort, development time, and integration possibilities. We must also consider how easy it would be to customize the app for different platforms (e.g., Android/iOS). Finally, compatibility with existing hardware and software must be taken into account.

Most Feasible Solution for the Project:

After considering all of these criteria, the most feasible solution for this project would be to build a cross-platform mobile app using React Native. This framework offers rapid prototyping capabilities, meaning development can take place quicker than starting from scratch or building a native application. It’s also relatively affordable compared to other options and has good integration with payment providers. Furthermore, React Native provides robust security measures and is easy to customize for different platforms.

Conclusion Statement:

In conclusion, the most viable option for developing our new shopping app is to leverage React Native. Its combination of low cost, high scalability, fast development cycle, secure environment, and extensive customization capabilities makes it the perfect choice for this project.

Wrapping Up

A well-executed feasibility study proposal can be valuable for making sound decisions. By considering all aspects of the proposed project and its environment, you can determine the optimal solution. Having an example to follow is also very helpful in developing your own successful proposal. To get started on writing your feasibility study proposal, follow the tips and use our feasibility study proposal example as a guide.

Feasibility Study Proposal Example for a Quick Start

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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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.

Cost-benefit analysis template Free download

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.

ProjectManager's Gantt chart is ideal for tracking feasibility studies

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!

feasibility study definition and template

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.

ProjectManager's Gantt chart, ideal to track your feasibility study

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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1000+ FREE Research Topics & Title Ideas

Select your area of interest to view a collection of potential research topics and ideas.

Or grab the full list 📋 (for free)

PS – You can also check out our free topic ideation webinar for more ideas

How To Find A Research Topic

If you’re struggling to get started, this step-by-step video tutorial will help you find the perfect research topic.

Research Topic FAQs

What (exactly) is a research topic.

A research topic is the subject of a research project or study – for example, a dissertation or thesis. A research topic typically takes the form of a problem to be solved, or a question to be answered.

A good research topic should be specific enough to allow for focused research and analysis. For example, if you are interested in studying the effects of climate change on agriculture, your research topic could focus on how rising temperatures have impacted crop yields in certain regions over time.

To learn more about the basics of developing a research topic, consider our free research topic ideation webinar.

What constitutes a good research topic?

A strong research topic comprises three important qualities : originality, value and feasibility.

Originality – a good topic explores an original area or takes a novel angle on an existing area of study.
Value – a strong research topic provides value and makes a contribution, either academically or practically.
Feasibility – a good research topic needs to be practical and manageable, given the resource constraints you face.

To learn more about what makes for a high-quality research topic, check out this post .

What's the difference between a research topic and research problem?

A research topic and a research problem are two distinct concepts that are often confused. A research topic is a broader label that indicates the focus of the study , while a research problem is an issue or gap in knowledge within the broader field that needs to be addressed.

To illustrate this distinction, consider a student who has chosen “teenage pregnancy in the United Kingdom” as their research topic. This research topic could encompass any number of issues related to teenage pregnancy such as causes, prevention strategies, health outcomes for mothers and babies, etc.

Within this broad category (the research topic) lies potential areas of inquiry that can be explored further – these become the research problems . For example:

What factors contribute to higher rates of teenage pregnancy in certain communities?
How do different types of parenting styles affect teen pregnancy rates?
What interventions have been successful in reducing teenage pregnancies?

Simply put, a key difference between a research topic and a research problem is scope ; the research topic provides an umbrella under which multiple questions can be asked, while the research problem focuses on one specific question or set of questions within that larger context.

How can I find potential research topics for my project?

There are many steps involved in the process of finding and choosing a high-quality research topic for a dissertation or thesis. We cover these steps in detail in this video (also accessible below).

How can I find quality sources for my research topic?

Finding quality sources is an essential step in the topic ideation process. To do this, you should start by researching scholarly journals, books, and other academic publications related to your topic. These sources can provide reliable information on a wide range of topics. Additionally, they may contain data or statistics that can help support your argument or conclusions.

Identifying Relevant Sources

When searching for relevant sources, it’s important to look beyond just published material; try using online databases such as Google Scholar or JSTOR to find articles from reputable journals that have been peer-reviewed by experts in the field.

You can also use search engines like Google or Bing to locate websites with useful information about your topic. However, be sure to evaluate any website before citing it as a source—look for evidence of authorship (such as an “About Us” page) and make sure the content is up-to-date and accurate before relying on it.

Evaluating Sources

Once you’ve identified potential sources for your research project, take some time to evaluate them thoroughly before deciding which ones will best serve your purpose. Consider factors such as author credibility (are they an expert in their field?), publication date (is the source current?), objectivity (does the author present both sides of an issue?) and relevance (how closely does this source relate to my specific topic?).

By researching the current literature on your topic, you can identify potential sources that will help to provide quality information. Once you’ve identified these sources, it’s time to look for a gap in the research and determine what new knowledge could be gained from further study.

How can I find a good research gap?

Finding a strong gap in the literature is an essential step when looking for potential research topics. We explain what research gaps are and how to find them in this post.

How should I evaluate potential research topics/ideas?

When evaluating potential research topics, it is important to consider the factors that make for a strong topic (we discussed these earlier). Specifically:

Originality
Feasibility

So, when you have a list of potential topics or ideas, assess each of them in terms of these three criteria. A good topic should take a unique angle, provide value (either to academia or practitioners), and be practical enough for you to pull off, given your limited resources.

Finally, you should also assess whether this project could lead to potential career opportunities such as internships or job offers down the line. Make sure that you are researching something that is relevant enough so that it can benefit your professional development in some way. Additionally, consider how each research topic aligns with your career goals and interests; researching something that you are passionate about can help keep motivation high throughout the process.

How can I assess the feasibility of a research topic?

When evaluating the feasibility and practicality of a research topic, it is important to consider several factors.

First, you should assess whether or not the research topic is within your area of competence. Of course, when you start out, you are not expected to be the world’s leading expert, but do should at least have some foundational knowledge.

Time commitment

When considering a research topic, you should think about how much time will be required for completion. Depending on your field of study, some topics may require more time than others due to their complexity or scope.

Additionally, if you plan on collaborating with other researchers or institutions in order to complete your project, additional considerations must be taken into account such as coordinating schedules and ensuring that all parties involved have adequate resources available.

Resources needed

It’s also critically important to consider what type of resources are necessary in order to conduct the research successfully. This includes physical materials such as lab equipment and chemicals but can also include intangible items like access to certain databases or software programs which may be necessary depending on the nature of your work. Additionally, if there are costs associated with obtaining these materials then this must also be factored into your evaluation process.

Potential risks

It’s important to consider the inherent potential risks for each potential research topic. These can include ethical risks (challenges getting ethical approval), data risks (not being able to access the data you’ll need), technical risks relating to the equipment you’ll use and funding risks (not securing the necessary financial back to undertake the research).

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What is a Feasibility Study?

Steps in a feasibility study, contents of a feasibility report, types of feasibility study, more resources, feasibility study.

An assessment of the practicality of a proposed project/plan

A feasibility study, as the name suggests, is designed to reveal whether a project/plan is feasible. It is an assessment of the practicality of a proposed project/plan.

A feasibility study is part of the initial design stage of any project/plan. It is conducted in order to objectively uncover the strengths and weaknesses of a proposed project or an existing business. It can help to identify and assess the opportunities and threats present in the natural environment, the resources required for the project, and the prospects for success. It is conducted in order to find answers to the following questions:

Does the company possess the required resources and technology?
Will the company receive a sufficiently high return on its investment?

Conducting a feasibility study involves the following steps:

Conduct preliminary analyses.
Prepare a projected income statement . What are the possible revenues that the project can generate?
Conduct a market survey. Does the project create a good or service that is in demand in the market? What price are consumers willing to pay for the good or service?
Plan the organizational structure of the new project. What are the staffing requirements? How many workers are needed? What other resources are needed?
Prepare an opening day balance of projected expenses and revenue
Review and analyze the points of vulnerability that are internal to the project and that can be controlled or eliminated.
Decide whether to go on with the plan/project.

A feasibility report should include the following sections:

Executive Summary
Description of the Product/Service
Technology Considerations
Product/ Service Marketplace
Identification of the Specific Market
Marketing Strategy
Organizational Structure
Financial Projections

1. Technical feasibility

Technical: Hardware and software
Existing or new technology
Site analysis
Transportation

2. Financial feasibility

Initial investment
Resources to procure capital: Banks, investors, venture capitalists
Return on investment

3. Market feasibility

Type of industry
Prevailing market
Future market growth
Competitors and potential customers
Projection of sales

4. Organizational feasibility

The organizational structure of the business
Legal structure of the business or the specific project
Management team’s competency, professional skills, and experience

The practice of companies blindly following available templates comes with enormous risks. Whether companies design or copy certain business models, it is necessary to conduct a feasibility study using models to reduce the risk of failure. A feasibility study of the business model should be centered on the organization’s value-creation processes.

Thank you for reading CFI’s guide on Feasibility Study. To keep learning and advancing your career, the additional CFI resources below will be useful:

Cross-Sectional Data Analysis
Financial Statements Examples – Amazon Case Study
Market Planning
See all management & strategy resources

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Open access
Published: 07 September 2015

Maximising the impact of qualitative research in feasibility studies for randomised controlled trials: guidance for researchers

Alicia O’Cathain 1 ,
Pat Hoddinott 2 ,
Simon Lewin 3 , 4 ,
Kate J. Thomas 1 ,
Bridget Young 5 ,
Joy Adamson 6 ,
Yvonne JFM. Jansen 7 ,
Nicola Mills 8 ,
Graham Moore 9 &
Jenny L. Donovan 8

Pilot and Feasibility Studies volume 1 , Article number: 32 ( 2015 ) Cite this article

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Feasibility studies are increasingly undertaken in preparation for randomised controlled trials in order to explore uncertainties and enable trialists to optimise the intervention or the conduct of the trial. Qualitative research can be used to examine and address key uncertainties prior to a full trial. We present guidance that researchers, research funders and reviewers may wish to consider when assessing or undertaking qualitative research within feasibility studies for randomised controlled trials. The guidance consists of 16 items within five domains: research questions, data collection, analysis, teamwork and reporting. Appropriate and well conducted qualitative research can make an important contribution to feasibility studies for randomised controlled trials. This guidance may help researchers to consider the full range of contributions that qualitative research can make in relation to their particular trial. The guidance may also help researchers and others to reflect on the utility of such qualitative research in practice, so that trial teams can decide when and how best to use these approaches in future studies.

Peer Review reports

Introduction

The United Kingdom Medical Research Council (UK MRC) guidance on the development and evaluation of complex interventions recommends an early phase of assessing feasibility prior to a full evaluation [ 1 ]. In this feasibility and pilot phase, researchers can identify and address problems which might undermine the acceptability and delivery of the intervention or the conduct of the evaluation. When the outcome evaluation is a randomised controlled trial, this feasibility phase increases the chances of researchers evaluating the optimum intervention using the most appropriate and efficient recruitment practices and trial design. Alternatively, at the feasibility phase, researchers may identify fundamental problems with the intervention or trial conduct and return to the development phase rather than proceed to a full trial. The feasibility phase thus has the potential to ensure that money is not wasted on an expensive trial which produces a null result due to problems with recruitment, retention or delivery of the intervention [ 2 ].

Feasibility studies for randomised controlled trials can draw on a range of methods. Some feasibility studies use quantitative methods only. For example, researchers concerned about whether they could recruit to a trial, and whether the intervention was acceptable to health professionals and patients, undertook a pilot trial with outcomes related to recruitment and surveys to measure the acceptability of the intervention [ 3 ]. Increasingly, qualitative or mixed methods are being used within feasibility studies for randomised controlled trials. A review of 296 journal articles reporting the use of qualitative research with trials published between 2008 and 2010 identified that 28 % of articles reported qualitative research undertaken prior to the full trial [ 4 ]. Qualitative research was not only undertaken with trials of complex interventions but was also used with trials of drugs and devices where researchers recognised the complexity of the patient group receiving the intervention or the complexity of the environment in which the trial was to be undertaken [ 5 ]. Yet, there is little guidance available on how to use qualitative methods within feasibility studies for trials. Here, we offer guidance in order to help researchers maximise the opportunities of this endeavour.

Getting the language right: feasibility studies, pilot studies and pilot trials

Before offering guidance on using qualitative methods at the feasibility phase of a trial, we first need to be clear about the meaning of the term ‘feasibility study’ because the language used to describe the preparatory phase for a trial is inconsistent [ 6 ]. These types of studies can be called feasibility or pilot studies, with researchers making no clear distinction between the two when reporting their studies in journal articles [ 7 ]. The MRC guidance for developing and evaluating complex interventions describes this as the ‘feasibility and piloting’ stage. The UK funding body, the National Institute for Health Research (NIHR), offers definitions of feasibility and pilot studies, distinguishing between the two [ 8 ]. A feasibility study is undertaken to address the question ‘can the planned evaluation be done?’. In contrast, pilot studies are miniature versions of the main study. In the case of a randomised controlled trial, the pilot study is a pilot trial. A feasibility study for a randomised controlled trial does not necessarily involve a pilot randomised controlled trial [ 1 ] but may do so, and indeed, some researchers have described their studies as a ‘feasibility study and pilot trial’ in the titles of their journal articles [ 9 ]. Other terms may be used to describe a feasibility study for a trial, for example a ‘formative’ study as part of ‘evidence-based planning’ [ 10 ] or an exploratory pilot study [ 11 ] or a process evaluation with a pilot trial [ 12 ]. In this guidance, we use the term ‘feasibility study’ to describe any study that addresses the question of whether the planned evaluation trial can be done regardless of the labels other researchers might use.

The need for guidance on using qualitative methods in feasibility studies for randomised controlled trials

With the use of qualitative research in feasibility studies for randomised controlled trials becoming increasingly common, guidance on how to do this would be useful to both researchers and those commissioning and reviewing this research. Guidance is available or emerging in areas related to feasibility studies for trials. Guidance exists for undertaking quantitative pilot studies [ 13 , 14 ], and a Consolidated Standards of Reporting Trials (CONSORT) statement for reporting feasibility studies (rather than undertaking them) is under development [ 6 ]. UK MRC guidance has recently been developed for process evaluations undertaken alongside randomised controlled trials [ 15 ]. This new guidance recommends that, in most cases, it is useful to use both qualitative and quantitative methods concurrently with a pilot or full trial. It also states that as feasibility studies will usually aim to refine understanding of how the intervention works, and facilitate ongoing adaptation of intervention and evaluation design in preparation for a full trial, qualitative data will likely be of particular value at this stage. However, that guidance does not address in any depth issues specific to the use of qualitative research during the feasibility phase of a trial. There is also guidance for writing proposals for using qualitative research with trials [ 16 ] and reporting qualitative research undertaken with trials [ 5 ]. However, the feasibility phase of a trial is unique in that it may involve the ongoing adaptation of plans for conducting the trial and of the intervention in preparation for the full trial. Therefore, our guidance complements recent and upcoming guidance by focusing on the role of qualitative research specifically rather than the overall feasibility study and by addressing the iterative nature of research that may occur in feasibility studies for trials.

The focus of the guidance

This guidance focuses on how to use qualitative research within a feasibility study undertaken prior to a fully randomised controlled trial where the aim is to improve the intervention or trial conduct for the full trial. Appropriate and well-conducted qualitative research can make an important contribution to feasibility studies for randomised controlled trials. The guidance presented here may help researchers to consider the full range of possible contributions that qualitative research can make in relation to their particular trial and reflect on the utility of this research in practice, so that others can decide when and how best to use qualitative research in their studies. Prior to presenting the guidance, we clarify six issues about the scope of the guidance:

A feasibility study may or may not include a pilot randomised controlled trial.

The feasibility phase follows the development phase of an intervention, in which qualitative methods may also be used [ 1 ]. Although there may be overlap between the development of the intervention and the feasibility phase of the trial, this guidance assumes that an intervention has been developed, but that it might need further modification, including assessment of its practicability in the health care setting.

Qualitative methods can be used alone or in conjunction with quantitative methods, such as modelling and surveys, in the feasibility phase [ 1 ].

The definition of qualitative research is the explicit use of both qualitative data collection and analysis methods. This is distinguished from trialists’ reflective reports on the problems that they encountered in running a feasibility study and from the use of methods that may draw on qualitative approaches but do not meet our definition. For example, some researchers report using ‘observation’ and ‘field notes’ but show no evidence of qualitative data collection or analysis in their article and do not label these as qualitative research [ 8 ]. Reflective practice by trialists and intervention deliverers is important for learning about trial conduct but is not the focus of the guidance presented here.

The guidance focuses on maximising the opportunities of qualitative research by presenting options, rather than delineating required actions. This is based on the understanding that the strengths of qualitative research are its flexibility and responsiveness to emerging issues from the field.

The guidance may be used by researchers when writing proposals and undertaking or reporting qualitative research within feasibility studies. If the feasibility study includes a pilot randomised controlled trial, reporting should follow the CONSORT statement that is currently under development [ 6 ].

Processes used to develop the guidance

This guidance is based on the experience of the authors of this paper. The authors came together in a workshop to write this guidance after meeting to discuss a study of how to maximise the value of qualitative research with randomised controlled trials which had been undertaken by two of the authors of this guidance (AOC, KJT) [ 4 , 5 ]. That study involved undertaking a systematic mapping review of journal articles reporting qualitative research undertaken with randomised controlled trials and interviews with qualitative researchers and trialists; some of these articles are referenced to illustrate points made. Towards the end of this study, the UK MRC Hubs for Trials Methodology Research funded a conference to disseminate the findings from this study and a related 1-day workshop to develop guidance for using qualitative research with trials. The nine workshop members, all of whom are authors of this guidance, were identified for their experience in using qualitative research with trials. One member had also published a review of the use of qualitative research alongside trials of complex interventions [ 17 ].

The workshop focused on feasibility studies because these were identified as an underdeveloped aspect of trial methodology. The workshop members put forward items for the guidance, based on their experience and expert knowledge. Discussion took place about the importance of items and the different viewpoints within each item. Draft guidance was produced by AOC after the workshop. Subsequent development of the guidance was undertaken by email correspondence and meetings between sub-groups of the workshop membership. A draft of the guidance was then presented at a meeting of an MRC Methodology Hub for researchers with experience in undertaking qualitative research in feasibility studies for trials. Attendees viewed the guidance as helpful, and further insights emerged from this process, particularly around the analysis domain of the guidance.

The guidance

The guidance is detailed below and summarised in Table 1 . The structure follows the stages of a research project from identifying research questions to reporting findings and consists of 16 items within five domains: research questions, data collection, analysis, teamwork and reporting. Although the table presents a neat and linear process, in practice, this research is likely to be messy and iterative, with researchers moving backwards and forwards between steps as insights emerge and the priority of different research questions changes. Figure 1 shows how the guidance meshes with this more dynamic process. We illustrate some of the items in the guidance using case studies of published qualitative research undertaken within feasibility studies for trials. Some items tend not to be visible in publications, particularly those on teamworking, and therefore are not illustrated in these case studies.

Key steps for qualitative research in a feasibility study for a trial

Research questions

When designing the feasibility study, consider the full range of questions that could be addressed. Then, consider those best addressed by qualitative research.

Some researchers have produced lists of questions that could be addressed in feasibility studies for trials, focusing on the conduct of the trial and on the intervention [ 8 ]. A review of feasibility and pilot trials identified the range of questions actually addressed in a subset of feasibility studies that included a randomised controlled trial, [ 18 ] although it was not clear which questions were actually addressed by qualitative research. Other researchers have identified frameworks or typologies of questions for feasibility studies. For example, a description of feasibility studies for cancer prevention in the USA identified a typology of the questions addressed and some of the methodologies used [ 19 ]. Qualitative research was identified as useful for issues concerning acceptability, implementation, practicality and expansion (in terms of understanding use of a known intervention in a different sub-group). There is also a framework for the work undertaken by qualitative research with trials [ 4 ]. Using the latter framework, we drew on the literature cited here and our own experience of feasibility studies to identify the range of issues qualitative research can address in a feasibility study for a trial (Table 2 ). Although not noted explicitly in Table 2 , the context in which the intervention is delivered is relevant to a large number of the questions identified in Table 2 and should be considered during a feasibility study as well as in the full trial [ 15 ]. The important role of context within complex intervention trials was highlighted in a recent study which found that contextual threats to trial conduct were often subtle, idiosyncratic and complex [ 20 ], and therefore best explored using qualitative research.

Prioritise the questions for the qualitative research by identifying key uncertainties.

Many questions can be addressed in a feasibility study, but resource limitations require that these are prioritised. The whole team will need to identify the key uncertainties that the feasibility study should address. Thereafter, a search of the evidence base for systematic reviews (including mixed reviews based on both qualitative and quantitative researches) relevant to these uncertainties may yield useful insights. Where no systematic reviews exist, and there is no resource to undertake them, studies of similar interventions or similar types of trials may be helpful. Questions on which there is currently little or no existing evidence can then be prioritised for new primary qualitative research.

Consider often overlooked questions.

Researchers commonly use qualitative research to address the acceptability and feasibility of the intervention [ 10 , 21 – 24 ] or its perceived benefits [ 11 , 22 ]. During our workshop, we identified four important questions that can be overlooked and are worth considering:

How do the intervention components and delivery processes work in the real world?

Guidance for process evaluations recommends developing a logic model or explanatory model of the intervention [ 15 ]. This logic model includes the intervention components and pathways to delivering desired outcomes. However, even if trialists, intervention deliverers, patients and the public, and qualitative researchers have been involved in developing this logic model, some aspects of the intervention in practice may be hidden or not understood, and these hidden aspects may be the key to delivering outcomes. For example, intervention deliverers may adapt the intervention in unanticipated ways in order to deliver it in their local context. Qualitative research, including non-participant observation and interviews with intervention deliverers and recipients, may be helpful in identifying how and why they have done this. This may facilitate replication of the intervention in the subsequent trial or rollout and also raise questions about the most appropriate trial design required. In addition, it may offer insights into which aspects of the intervention should be fixed or flexible in the full trial [ 25 ] and how the intervention needs to be tailored to different contexts. The wider context in which the trial operates may also affect the implementation of the intervention, the control or the trial, for example staff shortages, media scares or the economic climate. Intervention vignettes can be a helpful tool in qualitative interviews to talk potential participants through each step of an intervention in a concrete way [ 26 ].

How does the choice of comparator affect the trial?

The focus of qualitative research undertaken with trials tends to be on the intervention, but qualitative research can also help to understand the control. Interventions can be compared with active controls or usual care, and there may be issues to explore regarding the comparability of an active control and the intervention or the extent to which the trial may change usual care [ 27 ]. Such research may help the trial team to consider whether there is sufficient difference between the groups being compared in any trial. For instance, the planned intervention may not be that different from usual care in some settings and may need to be enhanced prior to use in the full trial. Differences between the intervention and usual care will have implications for the relative effectiveness of the intervention and the transferability of the trial findings to other contexts.

Understanding usual care is also important because it represents a key feature of the context in which the new intervention will be implemented. Where a new intervention represents a fundamental change from usual practice, one would perhaps expect to encounter greater challenges in implementation and would need to pay more attention to the resources and structures required to achieve change compared to where the intervention represents a more incremental change.

To what degree does equipoise exist?

Key stakeholders may not be in equipoise around the intervention [ 28 ]. These stakeholders include the trial designers, recruiters, patient and public representatives and participants, as well as health care staff who are not directly involved in the trial but will use the evidence produced by it. A lack of equipoise amongst stakeholders may lead to poor recruitment practices, low recruitment rates or a lack of utility of the evidence in the real world [ 29 ]. Consideration of the question of equipoise at the feasibility phase can offer opportunities to address this, for example through education, increasing awareness and enabling open discussion of the issues, or highlight the option of not progressing to an expensive full trial [ 30 , 31 ]. This has been highlighted as a particular problem for behavioural intervention trials, with recommendations to explore this issue at the pilot stage of a trial [ 32 ].

Design and data collection

Consider the range of qualitative methods that might be used to address the key feasibility questions, including dynamic or iterative approaches which allow learning from early qualitative research findings to be implemented before further qualitative research is undertaken as part of the feasibility study.

When undertaking qualitative research in feasibility studies for trials, it is common for researchers to undertake a cross-sectional interview study with intervention deliverers and recipients and not to specify explicitly an approach or design [ 12 , 21 , 22 , 24 ]. Although sometimes it may be important to mirror closely the expected approach of the planned full trial in terms of recruitment practices, it may be helpful for the research team to take a flexible approach to the qualitative research. The team may make changes during the feasibility study itself, based on findings from the qualitative research, and then assess the impact of these changes [ 33 ]. This is sometimes called a ‘dynamic approach’. Such changes could include taking action to modify the pilot trial conduct, as well as working with intervention stakeholders to feedback and resolve difficulties in implementing the intervention. Further qualitative research can then be undertaken to inform further improvements throughout the feasibility study. This can help to optimise trial conduct or an intervention rather than simply identify problems with it. Case study 1 describes an example of this dynamic approach to data collection [ 33 ].

Donovan and colleagues [ ] undertook qualitative research within a feasibility study for a trial of prostate testing for cancer and treatment.

The authors are explicit in the introduction of the paper that the most important uncertainty for the full trial was whether participants would agree to randomisation. Therefore exploring this issue, and ways of improving recruitment, was key to decision making about the feasibility of a full trial.

The qualitative research was a combination of indepth interviews with patients who had undergone the recruitment process and audiotape recordings of recruitment appointments with follow up interviews with recruiters. The data collection and analysis was ‘dynamic’ in that initial qualitative findings were acted on during the feasibility study and further qualitative research undertaken to check if improvements had occurred. The qualitative research showed that recruiters had difficulty discussing equipoise and presenting treatments equally. These findings were summarised and fed back to recruiters in training sessions. Changes were also made to the content and presentation of information in response to findings that patients misinterpreted the language used in the original trial information. Recruitment rates for the pilot trial were monitored over time, showing that they increased as these changes were made.

Methods of constant comparison were used and references are given.

The qualitative findings are reported in detail including quotes. The effect of the qualitative research on the full trial is clear in the abstract and the body of the paper. The recruitment rate increased during the pilot trial and three armed trial was identified as feasible.

Other approaches suitable for feasibility studies include iterative ‘rapid ethnographic assessment’ which has been used to adapt and tailor interventions to the different contexts in which the trial was planned [ 34 ]. This approach applies a range of methods including participant observation, focus groups, interviews and social mapping [ 34 ]. Other researchers have used ‘mixed methods formative research’ at the feasibility stage [ 10 ] and action research where potential participants and practitioners are actively involved in the research to assess the feasibility of an intervention and to ensure a good intervention-context fit [ 35 , 36 ]. For instance, a participatory approach informed by the principles of action research was used to design, implement and evaluate the FEeding Support Team (FEST) intervention [ 35 , 36 ].

A dynamic or iterative approach to qualitative research in a feasibility study, where concurrent changes are made to the intervention or trial conduct, would not be suitable for a full trial where care is taken to protect the experiment. In a fully randomised controlled trial, researchers may be concerned that an excessive volume or intensity of qualitative research may contaminate the experiment by acting as an intervention [ 37 ]. Or, they may be concerned about early reporting of findings of the qualitative research detrimentally affecting staff delivering the intervention or the trial [ 38 ]. Any risks will depend on the size and type of the trial and the qualitative research and may be far outweighed by the benefits in practice of undertaking the qualitative research throughout the full trial. These concerns are less relevant during the feasibility phase.

Select from a range of appropriate qualitative methods to address the feasibility questions and provide a rationale for the choices made; non-participant observation may be an important consideration.

Researchers need to select from a range of qualitative methods including telephone and face-to-face interviews, focus groups, non-participant observation, paper/audio/video diaries, case notes kept by health professionals and discussions in online chat rooms and social media. Decisions on data collection and analysis methods should depend on the research questions posed and the context in which data will be collected. To date, feasibility studies for trials have often tended to rely solely upon interviews or focus group discussions with participants and intervention deliverers and have not drawn on the wider range of methods available [ 21 – 24 ]. Researchers tend also to use focus groups and may do this because they think they are cheap and quick when in practice, they are challenging to both organise and analyse. Some researchers are explicit about why focus groups are the best approach for their study. For example, in a randomised trial on the use of diaphragms to prevent sexually transmitted infection, the research team conducted 12 focus groups with women before and after they received the intervention to consider its acceptability and feasibility. This data collection approach was justified on the basis that the researchers felt focus groups would generate more open discussion [ 10 ]. However, focus groups may be problematic in a feasibility study because they tend towards consensus and can mask dissenting views, with the possibility of premature conceptual closure. It may also be the case that participants who are prepared to talk openly within a group setting may differ from the target population for a trial as, in general, focus groups tend to attract more educated and confident individuals [ 39 ].

Non-participant observation, including the use of audio or video recordings of intervention delivery or recruitment sessions, can help to identify implementation constraints at the feasibility phase. Observation has also proved to be very useful when exploring recruitment practices for a full trial [ 33 , 40 ]. ‘Think aloud’ protocols may also be helpful—for example, in one feasibility study of a technology to deliver behaviour change, the approach was used to allow users to talk about the strengths and weaknesses of the technology as they attempted to use it [ 41 ].

Pay attention to diversity when sampling participants, groups, sites and stage of intervention.

All of the different approaches to sampling in qualitative research—such as purposive, key informant and snowballing—are relevant to feasibility studies. A particular challenge for sampling within the feasibility phase is the need to address the wide range of uncertainties about the full trial or the intervention within the resource limitations of the study.

It can be difficult to decide when enough has been learnt about the trial intervention or the conduct of the trial (or when data saturation has occurred) to recommend moving on to the full trial. Researchers will need to make pragmatic decisions on which emerging analysis themes warrant more data collection and where sufficient data are available. In practice, sample sizes for qualitative research in feasibility studies are usually small (typically between 5 and 20 individuals [ 10 , 12 , 22 – 24 ]). This may be reasonable, given that simulations suggest that 10 users will identify a minimum of 80 % of the problems with the technology during usability testing, and 20 users will identify 95 % of the problems [ 42 ]. However, sample size will be dependent on the study; for example, there may be therapist effects to consider and a need to sample a range of patients using different therapists or a range of contexts.

Diversity of sampling is probably more important at the feasibility phase than the number of interviews or focus groups conducted, and some researchers have rightly highlighted as a limitation the lack of diversity in the sampling process for their qualitative feasibility study [ 20 ]. Paying attention to the diversity of sampling needed may be important for identifying the wide range of problems likely to be faced by the group/s to which the intervention is directed. Including a diverse range of health professionals and patients (for an individual-level trial) and sites (for a cluster trial) can be beneficial. In individual-level multicentre trials, including more than one centre at the feasibility stage can reduce the chance of refining an intervention or trial that will only work within that single centre. As in other forms of qualitative research, sampling may be very broad at the start of the feasibility study, when there are lots of questions and uncertainty, with later sampling focusing on disconfirming cases to test emerging findings.

Appreciate the difference between qualitative research and public and patient involvement.

In the UK and many other settings, it is considered good practice to have public and patient involvement in health research [ 43 ]. This is highly relevant to a feasibility study where patients and the public can contribute to prioritising which key uncertainties to address and are therefore involved at an early stage of the design of the full trial. Indeed, there is guidance available on patient and public involvement in trials, showing how service users can be involved at the feasibility/pilot stage of a trial by being members of the management group, steering committee and research team and by contributing to the design, analysis and reporting of the feasibility study [ 44 ]. A potential concern is that some researchers conflate qualitative research and public and patient involvement; this may be more common during a feasibility study if the public or patient involvement group is asked to provide feedback on the intervention. Although patient and public representatives on research teams can provide helpful feedback on the intervention, this does not constitute qualitative research and may not result in sufficiently robust data to inform the appropriate development of the intervention. That is, qualitative research is likely to be necessary in conjunction with any patient and public involvement. Case study 2 describes an example of a qualitative study undertaken with patient involvement [ 45 ].

Hind and colleagues [ ] use qualitative research to explore the acceptability of computerised cognitive behavioural therapy for the treatment of depression in people with multiple sclerosis. This is undertaken in the context of a wider study which included a pilot randomised controlled trial.

In the introduction of the paper the authors reference previous research which identifies the importance of exploring whether an intervention engages specific target groups, and the importance of understanding the acceptability of computerised cognitive behaviour therapy.

A patient representative was a member of the research team and was involved in the design and conduct of the study. Data collection for the qualitative study consisted of face-to-face semi-structured interviews with 17 patients who had used one of two computerised cognitive behaviour therapy packages. There was also brief weekly written feedback from patients and brief telephone interviews at the start of the intervention to identify immediate problems.

Framework analysis was used and is referenced. A patient representative participated in the analysis of the data.

Although not mentioned in the title of the paper, or the abstract, the authors are clear in the introduction that this paper that the qualitative research was undertaken in the same study as a pilot trial. The qualitative findings are described in detail using quotes from participants. The conclusions relate to the intervention - that computerised cognitive behaviour therapy packages would need to be adapted for people with chronic physical disease - but are not explicit about the implications for a full randomised controlled trial.

Consider the timing of analysis, which might be in stages in a dynamic approach.

For many types of qualitative research, it is suggested that data are analysed as they are collected so that the sampling for the next round of data collection benefits from the analysis of these earlier data. If a dynamic approach is applied in a feasibility study, it is important to have available sufficient resources to analyse the data collected early in the study in order to feed findings back to the wider team and allow changes to be made to the intervention and trial conduct prior to the next set of data collection. This can be quite different from using qualitative research in the full trial, where all data might be collected prior to any formal analysis and sharing of findings with the wider team.

Many different approaches to analysis can be used, including framework, thematic and grounded theory-informed analysis.

Many different approaches can be used to analyse qualitative data in the context of a feasibility study, and the approach should be chosen based on the research question and the skills of the research team. Some researchers simply describe the steps they take within their analysis rather than citing a named approach [ 12 ]. Other researchers use combinations of known approaches such as framework analysis and grounded theory [ 36 ].

Data can cover a breadth of issues, but the analysis may focus on a few key issues.

An important challenge for analysis may be the specificity of the questions that need to be addressed by a qualitative feasibility study, in order to inform trial development. Analysis will need to focus on the questions prioritised at the beginning, or those emerging throughout the feasibility study, from the large amounts of qualitative data generated. The analysis process needs to consider ‘fatal flaws’ that may require tailoring or refining of the intervention or trial conduct, as well as the mechanisms of action for the intervention.

Teamworking

Have a qualitative researcher as part of feasibility study design team.

Planning the feasibility study needs qualitative expertise to determine what can be done, how long it might take, how it is best done and the resources needed. It is therefore important that an expert in qualitative methods be included in both the planning and delivery teams for the feasibility study.

Consider relationships between the qualitative researchers and the wider feasibility study team.

How the qualitative researchers interact with the wider feasibility study team is an important concern. If study participants view the qualitative researchers as closely aligned with the team delivering the intervention or conducting the pilot trial, then participants may feel less able to offer honest criticisms of the intervention or trial conduct. On the other hand, where qualitative researchers work too independently from the wider team, they may not develop a deep understanding of the needs of the trial and the implications of their findings for the trial.

Qualitative researchers may identify issues that are uncomfortable for the rest of the research team. For example, they may consider that an intervention does not simply need refining but has a fundamental flaw or weakness in the context in which it is being tested. This may be particularly difficult if the intervention developer is part of the team. Indeed, some members of the team may not be in equipoise about the intervention (see earlier); they may have strong prior beliefs about its feasibility, acceptability and effectiveness and be unable to acknowledge any weaknesses. However, without openness to change, the qualitative research is unlikely to reach its potential for impact on the full trial. On the other hand, the wider team may need to challenge the findings of the qualitative research to ensure that any proposed changes are necessary. Qualitative researchers may also identify problems with the trial conduct that the rest of the team do not see as important because, for example, the recruitment statistics are adequate or it is an effort to change plans. There may also be tensions between what the trial design team need and what the qualitative researcher sees as important. For instance, the trial team may want to understand the feasibility of the intervention whilst the qualitative researcher is more interested in understanding mechanisms of action of the intervention. The team will need to discuss these differences as they plan and undertake the research. The only solution to these tensions is open communication between team members throughout the feasibility study.

Consider who will make changes to the intervention or trial conduct.

Qualitative researchers can identify strengths and weaknesses of the intervention or the conduct of the trial. However, they are usually not responsible for redesigning the intervention or trial either during the feasibility study (if a dynamic approach is taken) or at the end of the feasibility study when the full trial is being considered and planned. It is helpful to be explicit about who is responsible for making changes based on the qualitative findings and how and when they will do this.

Publish feasibility studies where possible because they help other researchers to consider the feasibility of similar interventions or trials.

Other researchers can learn from feasibility studies, and where this is likely to be the case, we recommend publishing them in peer-reviewed journal articles. Other researchers might be willing to take forward to full trial an intervention that the original researchers were unable or unwilling to take beyond the feasibility study. Or, other researchers might learn how to develop better interventions or trials within the same field or understand which qualitative methods are most fruitful in different contexts. Publishing what went wrong within a feasibility study can be as helpful as publishing what went right. Explicit description of how decisions were made about which research questions and uncertainties were prioritised may help others to understand how to make these types of decisions in their future feasibility studies.

Researchers may choose to publish the qualitative findings in the same article as the findings from the pilot trial or quantitative study or may publish them separately if there are detailed and different stories to tell. For example, Hoddinott and colleagues published separate articles related to the outcome evaluation and the process evaluation of a feasibility study of a breastfeeding intervention for women in disadvantaged areas [ 35 , 36 ]. Feasibility studies may generate multiple papers, each of which will need to tell one part of a coherent whole story. Regardless of how many articles are published from a single feasibility study, identifying each one as a feasibility study in the article title will help other researchers to locate them.

Describe the qualitative analysis and findings in detail.

When publishing qualitative research used with trials, researchers sometimes offer very limited description of the qualitative methods, analysis and findings or rely on limited data collection [ 5 , 17 ]. This ‘qual-lite’ approach limits the credibility of the qualitative research because other researchers and research users cannot assess the quality of the methods and interpretation. This may be due to the word limits of journal articles, especially if a range of quantitative and qualitative methods are reported in the same journal article. Electronic journals allowing longer articles, and the use of supplementary tables, can facilitate the inclusion of both more detail on the methods used and a larger number of illustrative data extracts [ 12 ]. Researchers may wish to draw on guidelines for the reporting of qualitative research [ 46 ].

Be explicit about the learning for a future trial or a similar body of interventions or generic learning for trials.

Qualitative research in a feasibility study for a trial can identify useful learning for the full trial and for researchers undertaking similar trials or evaluating similar interventions. This makes it important to be explicit about that learning in any report or article. Reporting the impact of the qualitative research on the trial, and potential learning for future trials, in the abstract of any journal article can make it easier for other researchers to learn from the qualitative research findings [ 12 ]. Examples of the impact that qualitative research in feasibility studies can have on the full trial include changes in the information given to participants in the full trial [ 10 ], recruitment procedures [ 21 , 28 ], intervention content or delivery [ 12 , 22 , 24 ], trial design [ 23 ] or outcome measures to be used [ 47 ]. For example, in the ProtecT trial, initial expectations were that only a two-arm trial comparing radical treatments would be possible, but following the qualitative research, an active monitoring arm that was acceptable was developed and included in the main trial [ 21 ]. Learning from the qualitative research may be unexpected. For example, the aim of the qualitative research in one feasibility study was to explore the acceptability of the intervention, but in practice, it identified issues about the perceived benefits of the intervention which affected the future trial design [ 23 ]. See case study 3 for an example of qualitative research undertaken with a pilot trial where the learning for the full trial is explicitly reported in the published paper [ 47 ]

Farquhar and colleagues [ ] undertook a qualitative study to explore the feasibility, acceptability and appropriateness of a widely used quality of life instrument. This was undertaken within a pilot trial in preparation for a Phase III trial of a complex intervention for intractable breathlessness in patients with advanced chronic obstructive airways disease.

In the introduction of the paper the authors explain that it was important to explore the feasibility and acceptability of the instrument because it had not been used with this patient group.

The instrument is administered in the context of an interview. Data collection for the qualitative study consisted of the audio-recordings of these interviews. 13 patients in the intervention and control arms of the pilot trial completed the instrument on 3-5 occasions each.

Framework analysis was used and is referenced.

Although not mentioned in the title of the paper, the authors are clear in the abstract that this qualitative research was undertaken in the context of a Phase II trial in preparation for a Phase III trial. The key words include ‘feasibility studies’. Within the methods section of the paper they state that the pilot trial was published elsewhere and give references so that readers can connect the different components of this study if required. The qualitative findings are described in detail using quotes from participants; they identify the difficulties participants had completing the instrument at different stages of the pilot trial. The authors state clearly in the conclusion section of the paper the implications of this work for both the full trial and for the future development of the instrument. The instrument was rejected for use in the full trial because of the difficulties identified.

Once a feasibility study is complete, researchers must make the difficult decision of whether to progress to the full trial or publish why a full trial cannot be undertaken. There is guidance on how to make this decision, which encourages the systematic identification and appraisal of problems and potential solutions and improves the transparency of decision-making processes [ 48 ]. Too often, progression criteria are framed almost entirely in quantitative terms and it is unclear the extent to which qualitative data may or not play a direct role in informing the decision on whether to proceed to a full trial. For example, if researchers fall just short of a quantitative criterion, but have a sufficient qualitative understanding of why this happened and how to improve it, then it might be possible to proceed. Related to this, qualitative research may identify potential harms at the feasibility stage; the intervention could be modified to avoid these in the full trial, or a decision could be made not to proceed to a full trial even if progression criteria were met.

Conclusions

Exploring uncertainties before a full trial is underway can enable trialists to address problems or optimise the intervention or conduct of the trial. We present guidance that researchers, research funders and reviewers may wish to consider when assessing or undertaking qualitative research in feasibility studies. This guidance consists of 16 items framed around five research domains: research questions, data collection, analysis, teamwork and reporting. A strength of the guidance is that it is based on a combination of experiences from both published feasibility studies and researchers from eight universities in three countries. A limitation is that the guidance was not developed using consensus methods. The guidance is not meant as a straitjacket but as a way of helping researchers to reflect on their practice. A useful future exercise would be to develop worked examples of how research teams have used the guidance to plan and undertake their qualitative research within feasibility studies for trials. This would help to highlight the strengths and limitations of the guidance in different contexts. Using qualitative research with trials is still a developing area, and so, we present this guidance as a starting point for others to build on, as understanding of the importance of this vital stage of preparation for randomised controlled trials grows. Researchers may also wish to reflect on the utility of different qualitative methods and approaches within their studies to help other researchers make decisions about their future feasibility studies.

Abbreviations

Medical Research Council

National Institute for Health Research

United Kingdom

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Acknowledgements

The workshop was funded by the MRC North West and ConDuCT Hubs for Trial Methodology. This work was undertaken with the support of the MRC ConDuCT-II Hub (Collaboration and innovation for Difficult and Complex randomised controlled Trials In Invasive procedures—MR/K025643/1). We would like to thank attendees at the ConDuCT-II Hub workshop on feasibility studies held at the University of Bristol in October 2014 who discussed and commented on a presentation of an earlier version of this guidance. JLD is a NIHR Senior Investigator. SL is supported by funding from the South African Medical Research Council.

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Alicia O’Cathain & Kate J. Thomas

Primary Care, Nursing Midwifery and Allied Health Professionals Research Unit, University of Stirling, Stirling, FK9 4LA, Scotland, UK

Pat Hoddinott

Global Health Unit, Norwegian Knowledge Centre for the Health Services, Oslo, Norway

Simon Lewin

Health Systems Research Unit, South African Medical Research Council, Cape Town, South Africa

Institute of Psychology, Health and Society, University of Liverpool, Waterhouse Building, Block B, Brownlow Street, Liverpool, L69 3GL, UK

Bridget Young

Department of Health Sciences, University of York, Seebohm Rowntree Building, Heslington, York, YO10 5DD, UK

Joy Adamson

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School of Social and Community Medicine, University of Bristol, Canynge Hall, 39 Whatley Road, Bristol, BS8 2PS, UK

Nicola Mills & Jenny L. Donovan

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Authors’ contributions

AOC, JLD, KJT, BY and SL developed the idea and obtained the funding for the workshop. AOC, PH, KJT, BY, JA, YJFMJ, SL, GM and JLD attended the workshop where the core content of the guidance was developed. AOC wrote the first draft of the manuscript. AOC, PH and NM presented the guidance to the researchers engaged in this type of work to further develop the guidance. All authors commented on the drafts of the manuscript and read and approved the final manuscript.

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O’Cathain, A., Hoddinott, P., Lewin, S. et al. Maximising the impact of qualitative research in feasibility studies for randomised controlled trials: guidance for researchers. Pilot Feasibility Stud 1 , 32 (2015). https://doi.org/10.1186/s40814-015-0026-y

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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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The 35 Best Feasibility Study Topics for an Effective Report

A feasibility study is a thorough investigation of the proposed project idea in the form of a formal report. It helps managers and stakeholders decide whether the proposed project idea should proceed. Such a study can be focused on purchasing new equipment, moving the business to a new location, making changes in the manufacturing process, product development, attracting investments, etc. A feasibility study contains all necessary information and findings required to make the final decision. The aim of this document is to minimize risks of poor investment.

A feasibility report can be composed for taking part in tender, for bank, and for stakeholders and investors. The finished report should reflect the analysis of the current state and provide a creative problem-solving approach. There is no place for personal opinions or preference in a feasibility study. A successful feasibility study will be based only on factual information which will help the manager draw the most effective conclusion.

Not all ideas can lead a business to success. Many organizations overlook the planning stage of the project by proceeding to implementation. Considering the importance of the feasibility study in project planning can save companies costs, time, and energy. Even if the idea seems very attractive, a feasibility study will sort all things out. Usually, companies conduct feasibility studies in the following cases:

Setting up a new business. For many businessmen, launching a new business seems as a quick level-up to their business. Considering a new business as a short-term action that brings profit is a mistake. Professional entrepreneurs always conduct a feasibility plan to make sure of at least two points: whether the business will be viable for a long period and whether they have enough resources to set up the business. Leaping into a new business without a feasibility plan can lead to financial disaster.
Transformation of the existing processes. Many project managers experience troubles while implementing new internal systems like automated customer management or other software. A feasibility study can help the company make sure that certain software will improve business processes within the company and whether it is worth the money.
Launch of new products or services. Experimenting with new products may lead to success or bankruptcy. With a feasibility study you will keep your company from risk and make innovations at the same time.
Changing business location. If your business is big enough (for example a plant or airport that covers a great area), or highly dependent on location, changing the location should be a strategical step. With a feasibility plan you will be sure that this move will positively affect transportation, ecology, and profit.
Decision on partnership or acquisition of another company. Not every business faces such events, but still may become a part of the growth strategy. A feasibility study will help determine whether purchasing or becoming partners will be the right decision. Stakeholders and managers want to be sure that the merger looks good both on paper and in reality.
Fundraising opportunities. Before starting a fundraising campaign, a non-profit organization needs to make everything to minimize the risk and maximize effectiveness. With a feasibility study managers will make sure that the fundraising campaign is viable for their non-profit company.

The success of a feasibility study depends on the main focus and thorough research. A well-developed feasibility report can help you focus on the main issues, come up with alternatives, identify obstacles, and enhance the probability of successful implementation of the project. Quality information and documentation will help employees that are responsible for decision making choose the most appropriate and beneficial option.

Choosing a good and workable topic for a feasibility study is a hard task. In the following list we have gathered the best topics for feasibility study to help you find more ideas for your own feasibility study.

Feasibility Report Topics Ideas

Compare these three companies that provide internet service: Verizon, AT&T, and Comcast. Investigate available options and make a recommendation on which company to choose.
Make a feasibility study for planning a charity concert. Evaluate the background and the concert outline.
Study the methods for enhancing proficiency of a logistics company.
Make a feasibility study of coordination mechanisms in a business plan.
Evaluate the house chef service as a subdivision of the food and beverage department in a 5-star hotel.
A new shopping mall will be opened in Dubai with a jungle theme. Analyze shopping brands and outlets. Make recommendations which are best to choose according to market analysis.
Make a feasibility study on a problem or particular issue within a company.
Investigate whether a family jewelry business should move to the e-commerce sector.
Investigate whether it is worth setting up the business in a developing country like Vietnam. Base your recommendations on the research of cultural and legal aspects of the country, costs, and competition.
A book-selling company distributes their goods on the local market. Evaluate whether it is a good idea to move to the e-commerce market.
Evaluate whether it will be cost-effective to set up a potable water plant in the Gulf region.
Investigate whether it is possible to reconstruct an abandoned renewable power plant. Evaluate the following opportunities depending on the location: solar, wind, and heat pump strategies.
Evaluate whether it is a good idea to place TVs in elevators to broadcast advertisements.
A company that sells fashion clothes wants to identify the opportunities and risks of setting up a business in Russia.
A retail store needs to find out whether customers will be interested in purchasing matcha tea.
Investigate the feasibility of battery systems and solar panels for a data center.
A children’s learning center needs to find out the feasibility of use for hybrid language intervention for children with language impairment. Will this method help build the vocabulary and phonological skills?
Film production company directors need to investigate whether it is worth opening a production house in another city. The study looks at issues like pricing, communication, and distribution.
A businessman plans to set up a plant in California and needs a feasibility plan focused on costs, placement, and prices.
Investigate the marketing of information services in India.
Investigate the cost of bad talent workers in a company.
Investigate the possibility of airport relocation from the perspective of location, cost, environmental impact, and economic development.
A grocery store plans to open a grocery website to deliver products directly to customers. Evaluate the competitors, storage space, and costs.
School management needs to investigate whether a new campus project will meet costs, support, resources, and location.
A marketer creates a minute-long video ad to test it on the target audience and record their reactions.
Investigate the feasibility of a street festival focusing on time, funding, support, and environment.
A graphic design company plans to purchase a new desktop computer system. Evaluate three different systems and define which system meets the needs of the company the best. Consider that three staff designers should have the ability to work from home.
Investigate the implementation of software to filter and select applicants in a dental clinic. Focus on three kinds of software, compare benefits, and make recommendations.
A chain of retail stores plans to create an information system to manage inventory and exchange all sales transactions. Evaluate in-house development and buying of the finished application. Focus on the quality of system development and costs.
Evaluate the implementation of the online payment method for student cards in your college/university.
An international educational center that provides educational dissertation writing services for immigrants needs to build a new center. Make a projected feasibility study to convince funding partners to sponsor the new building.
A product company finalizes a new product. Identify the target market, competitors, product position, and price.
Investigate the effectiveness of three methods for oil spill cleanup in the Gulf of Mexico.
Evaluate the marketing obstacles for the new Chinese restaurant in your area. Evaluate the location, legal requirements, costs, prices, and delivery service.
A school plans to introduce school uniforms for students. You need to evaluate whether the uniform should be bought by parents or sponsored by a foundation. Focus on design, costs, and student opinion.

A feasibility report requires a lot of diligence and work. The results of a feasibility study can help managers to come up with more effective ideas that may dramatically change the strategic plan of the project. Also, a feasibility report gives a clear picture for other stakeholders about the offered project. Not all project ideas need a feasibility study, but it is necessary when the business needs to make a decision that may affect many spheres in the company. Early detection of possible failure can prevent the business from spending money and time on ineffective and unprofitable actions.

Picking the right feasibility study topics for business will be half of the path to success. We hope the information we have identified above and our guide will be helpful for you.

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Conduct a Capital Campaign Feasibility Study: 5-Step Guide

May 18, 2024
Fundraising Best Practices

A capital campaign feasibility study, also called a campaign planning study , helps nonprofits prepare for major fundraising campaigns. By analyzing your fundraising infrastructure and potential for financial support, an effective study helps you lay the groundwork for a bold, ambitious, and successful campaign.

If you’re planning your nonprofit’s first capital campaign or working on one for the first time, you likely have a few questions. This guide will cover all the essentials:

Understanding the basics
Why nonprofits hire consultants for feasibility studies
5 steps of conducting a feasibility study
The outcomes of an effective study
Graham-Pelton’s approach

Understanding the what, why, and how of campaign planning studies will allow your nonprofit to navigate this crucial early step of your campaign with confidence. Let’s get started with some essential background information.

Understanding the Basics of Capital Campaign Feasibility Studies

What is a campaign feasibility study.

A capital campaign feasibility study or planning study consists of research, interviews, and analyses that seek to measure a nonprofit’s preparedness to undertake a proposed capital campaign. An effective planning study results in a set of recommended adjustments to the campaign plan to maximize the chances of success.

What’s the purpose of a fundraising feasibility study?

A feasibility study does not flatly tell you whether or not you can conduct a capital campaign.

The purpose is instead to gauge your readiness to reach your working campaign goal. A study will give you a clearer sense of your current fundraising capacity, your prospect pipeline, and what adjustments you may need to make to your plan and goal to succeed. Note that this process requires already having a preliminary plan and fundraising goal in mind.

Important context: We at Graham-Pelton prefer the more holistic term “planning study” over “feasibility study,” which can incorrectly imply a basic yes-or-no outcome. A study should show you how you can effectively move forward with the campaign, rather than simply if you can.

Truly helpful campaign planning studies go beyond industry standards, offering a roadmap to achieving ambitious goals and transformational giving for your nonprofit. Jump ahead to learn more about our methodology and team of fundraising experts.

What does a feasibility study entail?

When you undertake a feasibility or planning study, expect to encounter these activities and steps:

Researching your current major donor prospect pipeline
Assessing your organization’s fundraising capacity and preliminary campaign plan
Interviewing various stakeholders to discuss their impressions of your organization and the need for a major campaign
Analyzing all findings to compare readiness and perception to the campaign plan
Developing recommended next steps and strategic adjustments

This process will give you an accurate picture of your organization’s strengths and abilities, as well as measure the likelihood of support from key stakeholders and the broader community.

Because a feasibility study touches on so many aspects of your organization and requires impartial analysis, most nonprofits traditionally work with third-party experts to conduct their feasibility studies.

Who should be interviewed in a campaign planning study?

Stakeholder interviews are a key part of a planning study, and they’re extremely helpful. These interviews typically include:

Major donors and prospects
Board members
Key leaders, staff members, and volunteers
Other community partners, sponsors, and funders

Remember, the success of a major fundraising campaign hinges on both financial support from your nonprofit’s stakeholders and their general buy-in on the need for the campaign at all. These are all-hands-on-deck undertakings. You need to be sure that your community understands and is energized by your nonprofit’s vision for growth.

Why Nonprofits Hire Fundraising Consultants to Conduct Feasibility Studies

Nonprofits traditionally hire third-party fundraising consultants to conduct campaign feasibility studies . This tried-and-true approach brings a few key benefits:

First, and most importantly, consultants bring expertise from years of planning nonprofit capital campaigns of all shapes and sizes. They’ll analyze the study’s findings, recall past insights from similar situations, and develop thoughtful, custom recommendations for your unique nonprofit.
As third parties, consultants provide an impartial perspective to the process. Stakeholders may be willing to offer more candid thoughts to a consultant than they would if you conduct interviews yourself. A consultant can also take an objective view of your full capacity and readiness, giving you invaluable insights you might not have gleaned yourself.
Consultants also greatly simplify the process of conducting a study. After all, planning studies compile insights from diverse sources. Gathering this information, coordinating and conducting interviews, and acting on all this information will eat up your team’s energy during a time when there are many other important priorities.

Whether you partner with a consultant for just their planning study services or choose to continue your partnership for ongoing campaign support, securing professional guidance is a smart choice. Capital campaigns are major investments of your nonprofit’s time and resources—outside expertise, perspectives, and logistical help will safeguard that investment.

Initial Steps Before Working with a Consultant

There are a few important first steps you must complete before soliciting support from a fundraising consultant for your feasibility study. Answer these questions before researching potential partners for your study:

Why are we planning a campaign? What are its specific objectives?
What’s the financial goal that will accomplish those objectives?
What positive impacts will success have on our ability to serve constituents?
What’s the current state of our major donor prospect pipeline?
What is our current mix of revenue sources?
Who are our key external partners and funders that we’ll rely on during the campaign?

Having an initial vision for your campaign and its success is essential before working with a consultant. You can hire a third party to help you plan the preliminaries, conduct the feasibility study, and lay out a finalized strategy, but you have to take the first step.

Remember, successful campaigns are led with vision. Concrete, impactful reasons for conducting a campaign are prerequisites for success. A consultant’s recommendations serve to help you improve and flesh out that vision.

5 Steps of Conducting a Campaign Feasibility Study

Once you determine that it’s time to conduct a planning study and contract a fundraising consultant to help, what next? What specific steps can you expect from the process? Let’s take a look:

These five steps will help you conduct your own campaign feasibility study.

1. Get clear on your messaging

To convince donors to offer their support, every fundraising campaign, regardless of its size, must tell a compelling story. Why should donors care about supporting your mission or your vision? What problem will your organization solve? How will their philanthropy drive real-world impact?

You’ll answer these questions and tell your unique story in your case for support , the seeds of which take root during your planning study.

Start with a preliminary case for support that you’ll test with stakeholders and potential donors to gauge the feasibility of your campaign plan. This guiding set of ideas should include a few key points:

Your vision for where your organization is headed
Your priorities and goals for the campaign
How accomplishing the campaign goals will push your vision forward
The impact your organization has had in the past
The tangible impacts that donations to your campaign will have on constituents and the community
The problem that your organization works to solve and why it’s urgent
The reasons why your organization is best positioned to solve this problem

Aim for impactful and focused messaging at this early stage, but remember that the overarching purpose of the campaign planning study is to reveal ways that your approach can be refined and adjusted. Cases for support are living documents that can evolve as your campaign plan comes into focus.

2. Engage internal and external stakeholders

Once you have a case for support to test, begin assessing varied perspectives from key supporters. This stage of feedback collection will often consist of a mix of two approaches:

One-on-one discussions with key leaders, potential major donors, and other stakeholders to collect qualitative thoughts and input on the campaign plan.
Surveys that are distributed among broader segments of the community to test the impact of your messaging as distilled in your case for support.

In both cases, the point is to collect unbiased feedback on your campaign plans and generate buy-in along the way. What do your various audiences think about your goal, plans, and message? Their answers will help you shape your messaging and approach for maximum impact.

This is the stage where an unbiased third party is most helpful for facilitating open, candid discussions. Consultants also bring the expertise and broader industry perspective that your team may lack, resulting in more comprehensive and enlightening survey results.

Get insights directly in your inbox from Graham-Pelton!

3. Perform in-depth prospect research and data analysis

Next, dig deeper into your prospect and fundraising data to guide refinements to your plans and goals. This involves studying your existing pool of major and mid-level donors, measuring their potential support, and identifying new prospects as needed.

This step will influence your campaign goal more than any other, so it is critical to have confidence that the findings from your research are accurate and vetted. It is at this time that you’ll determine if you have the necessary financial support for your campaign’s current goals and get a head start on developing an engagement and solicitation playbook for later in the campaign.

Outside counsel can play an important role here by providing data that’s not publicly available. Instead, organized prospect research during a study can include prospect tiering, data modeling, and predictive analytics. New technology is constantly emerging, like AI , and the right partner will connect you with these tools in support of your campaign planning.

4. Get your house in order

Once you understand how stakeholders view your organization and the financial capacity that exists within your database, it is time to examine your existing development operations.

An internal readiness assessment will review your staff and volunteer resources, existing fundraising capacity and capital, and the philanthropic landscape.

This in-depth look at your organization’s current abilities will reveal gaps that should be addressed to set your campaign up for success. For example, you may find that staff retention , training, technology, or other investments will be important for reaching your campaign goals and should be taken into account in your strategy.

If you seek outside support for this step, it’s important to consider your sector. Consultants experienced in your sector will bring the most relevant insights to the table. For instance, a hospital planning a major campaign would most benefit from support from a partner well-versed in grateful patient fundraising best practices .

By the end of this step, you’ll have a 360-degree view that allows you to approach your campaign as well-informed as possible.

5. Report the findings and make a plan of action

The findings of your study will identify how your organization can move forward to successfully execute your fundraising campaign in one of several ways—we’ll discuss possible outcomes below.

When working with professional counsel, the study’s findings will be clearly presented to you, with your next steps identified.

Whether or not you immediately move forward with your campaign, this last step in your study is a crucial part of ensuring success. Use this report to proceed to the next steps in campaign planning or address the concerns highlighted in the findings before moving forward.

The Outcomes of an Effective Campaign Feasibility Study

The final report from your consultant is the ultimate deliverable for your planning study, but what does this report help you actually accomplish? What are its potential recommendations and implications for your capital campaign?

An effective campaign study gives you a refined plan for your campaign and a better understanding of your organization’s readiness, stakeholder relationships, and any points of feedback. The specific recommendations you receive may fall into one of these rough categories:

Move ahead with your plan as-is without major changes to its goals
Adjust the campaign’s financial goal up, if the study revealed a surprising buzz of excitement and buy-in among prospects
Adjust the campaign’s financial goal down, if the study revealed fundraising, relationship, or logistical constraints that would make reaching your initial goal unlikely or greatly inflate the campaign’s overhead

Your consultant’s recommendations should pinpoint specific adjustments to make to your plan to support any changes to the campaign’s goal. In cases where a decrease to the campaign’s scope is recommended, your fundraising consultant will likely outline ways to further enhance your fundraising capacity before proceeding with the campaign.

Ideally, the outcome of a feasibility study is never to cancel the campaign outright.

Pre-planning considerations, the process of defining your objectives, calculating a working goal, and taking stock of your current capacity, should give you an immediate sense of whether any campaign is possible right now. If you’re at this stage of the process, remember that capital campaigns should be planned with real, current needs in mind, not just to celebrate occasions.

Graham-Pelton’s Approach to Campaign Planning Studies

Our goal is to equip your nonprofit with the insights and 360-degree view it needs to plan a truly transformative campaign , whatever that means for your unique mission.

We take the five basic steps outlined above and elevate them through tailored recommendations, insightful deliverables, and a superior experience. Our team of nonprofit experts can help with every facet of the process, including:

Internal readiness assessments
Case for support development
Prospect research, wealth screenings, and data analytics
Stakeholder interviews and donor relations support
Actionable, expert-produced campaign recommendations

Halfway through your campaign planning study, you’ll also receive an Interim Report of progress and emerging themes. This gives you early insights into the interests and motivations of your stakeholders for immediate next steps and cultivation calls before your study is even complete.

After delivering your Final Report, Graham-Pelton can continue to support your campaign by implementing the next steps and taking advantage of the study’s momentum.

The fundraising experts at Graham-Pelton can give your nonprofit everything it needs to succeed with its next capital campaign.

Learn more about our planning studies , and please get in touch if you have any questions.

Want to discover more capital campaign and development best practices? Check out these recommended resources from the Graham-Pelton team:

How to Write a Case for Support: Pro Tips for Driving Impact
Why Donor Qualification Is Key to Fundraising Success
Prospect Portfolio Management: The 3-Step Strategy You Need
Employee Retention Strategies for Nonprofits: Complete Guide

Graham-Pelton's experts can help you conduct a feasibility study that prepares you for capital campaign success.

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What is feasibility analysis in thesis proposal?

I'm undergraduate student majoring in software engineering, right now I'm preparing my thesis proposal which indicates that one of the chapters should be about "contents and feasibility analysis of the research", I get the content part but what confuses me is the feasibility analysis. Because the topic I'm doing is defect analysis for a website developed by our college, and I don't have any idea about how a feasibility study about this specific topic could be carried out.

I tried listing some case studies that can be somehow relatable to my defect analysis topic, but I'm not sure whether this is a good approach or not.

Any insights would be appreciated, thanks.

Feasibility is about whether the research can, in fact, be successfully completed with the time and other resources available. In an undergraduate course, a study requiring three years is infeasible.

If the research suggests building something, feasibility also involves whether it is possible to build such a thing given costs, and even, potentially, the laws of physics.

Another way to look at it for such a course is to ask, is this project actually do-able in the timeframe required. And if the answer comes up no , then you need to rescale or otherwise modify the proposal.

Hmm, so what I've understood is that I should focus on the success factors of my project like cost and time. thank you so much that's really narrowed my scope, my thinking was in another universe. – IBRAHIM Commented Dec 31, 2020 at 11:56

You must log in to answer this question.

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What Is a Feasibility Study? 6 Types and Practical Tips

A feasibility study is an analysis to determine the practicality of a proposed project or business venture—but there’s more than just one type.

Magnifying glass on a background with three boxes displaying data points: feasibility study.

Here’s a business idea: Everyone prefers to keep a perfect body temperature no matter the weather, so why not create clothing that maintains comfort in both hot and cold temperatures? The problem is it would require built-in heating and cooling mechanisms, adding weight, bulk, and electricity needs. In other words, it’s an intriguing idea, but it’s not feasible.

Decision makers and project managers must constantly assess if great ideas are truly feasible in the real world. To do this, they might conduct a feasibility study to determine if there’s a practical way to bring these ideas to life. Feasibility studies consider things like cost, resource availability, technical capacity, and potential risks.

Here’s an overview of feasibility studies, with tips on how to conduct your own feasibility analysis.

What is a feasibility study?

A feasibility study is a preliminary analysis to determine the viability and practicality of a proposed project or new business venture. It can be commissioned by a government, a business organization, or an individual during an analysis phase. Feasibility studies help stakeholders understand potential risks, benefits, costs, and challenges to predict whether a project should be pursued, modified, or simply abandoned.

A typical feasibility study evaluates timelines, budgeting, market research , supply chain information, technological considerations, and legal requirements. Assessing these feasibility factors in the early stages helps determine if the proposed project is a worthwhile investment of your time, money, and resources.

A study usually culminates in a feasibility report you can present to business owners and project leaders. The report centralizes your findings and makes a declaration about the new project or business’s viability.

Benefits of feasibility studies

Informed decision-making, financial viability assessment, risk assessment, resource management, stakeholder confidence.

Conducting a feasibility study helps determine how likely your idea or venture is to succeed. Here are the five main benefits of a feasibility assessment:

A successful business or project feasibility study helps you make informed decisions based on data and analysis rather than assumptions or guesswork. Your proposed business venture should rely on concrete numbers, not gut instinct or anecdotal evidence.

Does a market survey show there’s a viable customer base? Do your financial projections suggest the project can become profitable? Does your project management team think you have the technical resources to execute your plan? A proper feasibility study report answers these questions with solid data.

Put your customer data to work with Shopify’s customer segmentation

Shopify’s built-in segmentation tools help you discover insights about your customers, build segments as targeted as your marketing plans with filters based on your customers’ demographic and behavioral data.

Many great business ideas are derailed by a project’s cost. A feasibility study helps you understand if you have the financial resources to see your project through. This can prevent costly investments in projects unlikely to yield expected returns and protect your organization’s financial health.

A feasibility study can warn your management team of potential risks in a business plan. It can identify potential challenges related to money, market size, technical abilities, and legal risks. Addressing these challenges early can spare you from severe consequences, saving time, money, and resources.

Implementing a proposed plan typically requires time, physical resources, human effort, and capital. A full-scale feasibility study takes a holistic look at the resources needed to realize a particular project and determines if your organization has or can allocate and manage these resources effectively.

A well-conducted feasibility study shows stakeholders—like investors, partners, managers, and employees—that you’ve thoroughly evaluated your project before diving in. You can show them your project plan, the risks involved, the resources required, and your predicted likelihood of success. Showing your partners what lies under the hood of your project can inspire emotional and capital investment.

6 types of feasibility studies

Operational
Environmental

Different initiatives succeed or fail because of various factors, so feasibility studies address distinct topics. Here are six of the most commonly commissioned feasibility studies:

A market feasibility study assesses the demand for a product or service within a target market. It analyzes the total addressable market (TAM) , target customers, competition , market trends, and potential market share. Note that this type of market analysis doesn’t involve creating a marketing strategy; it determines whether there’s even a viable market to begin with.

2. Technical

A technical feasibility study examines the technical resources needed to complete a project, including the required technology, equipment, and expertise. It then assesses whether the organization has achieved the technical development required to achieve tactical or business success.

A legal feasibility study aims to identify the legal factors affecting your project, ensuring it complies with relevant laws and regulations, including zoning laws, licensing, permits, and intellectual property .

4. Financial

A financial feasibility study—or economic feasibility study—analyzes a project’s costs, revenues, and profitability to assess its economic viability and funding. This type of study often includes a business plan , projected income statement , and overall financial analysis. Some lending institutions require this study for loan approval.

5. Operational

An operational feasibility study aims to assess whether you have the operational capacity to implement the proposed project considering your physical assets, human resources, organizational structure , company culture, and workflows.

6. Environmental

An environmental feasibility study assesses a project’s potential environmental impact and outlines measures to mitigate negative effects. It also ensures alignment with environmental regulations and your organization’s sustainability goals.

How to conduct a feasibility study

Define the project and its scope
Conduct preliminary analysis
Evaluate market feasibility
Assess technical and operational feasibility
Analyze financial feasibility
Review legal and environmental considerations
Prepare the final report

Using this feasibility study template to guide your process, here’s how to conduct a comprehensive feasibility study:

1. Define the project and its scope

Clearly outline your project's objectives, goals, and key deliverables. This includes identifying the problem or opportunity the project aims to address and setting specific criteria for success, including key performance indicators (KPIs) .

For example, Gloria Hwang conceived of her idea for a bike helmet company, Thousand , after her friend tragically died in a cycling accident. Her goal: Create a stylish helmet for commuters. As she explains on an episode of Shopify Masters , “If you can make a helmet people actually want to wear, you can help save lives.” Her company’s very name references her mission to save 1,000 bike riders’ lives—a key deliverable she reached in 2023.

2. Conduct preliminary analysis

A preliminary analysis provides a general assessment to determine if your project is worth pursuing. Roughly evaluate the potential market, technical requirements, financial costs, and legal constraints to identify any major obstacles. If the project clears this initial requirements analysis phase, you can dive deeper into all these topics.

When Gloria set out to research her business idea, she found that most bike helmet companies catered to high-tech riders or cycling enthusiasts—not casual riders.

“From my perspective, it was just [about] trying to find and make a product that was driven by consumer insights,” says Gloria.

Knowing that the product she wanted didn’t exist inspired her to dig deeper into research and development.

3. Evaluate market feasibility

Assuming your preliminary analysis suggests the project is viable, proceed with a comprehensive market assessment . Analyze the demand for your product or service. Profile target customers , estimate market size, size up the competition , and identify market trends.

Gloria, for example, sent out 50 surveys to people she knew with an interest in biking or skateboarding and asked what they would like to see in a helmet. In the responses, it became clear there was demand for the type of helmet she wanted to make. People expressed their primary concerns were about safety, convenience, and price—data Gloria used to refine her product’s value proposition .

4. Assess technical and operational feasibility

If a viable market exists, decide whether your organization is equipped to serve it. Examine the technical requirements of your project, including technology, resources, and expertise. Assess your organization’s capacity for implementation and operation, paying special attention to human resources, infrastructure, and company culture.

For example, Gloria knew she needed to design a helmet that had never existed before on a budget that wouldn’t allow her to hire an expensive product development firm.

“Thankfully [my dad] happened to be a former NASA engineer,” Gloria says.

5. Analyze financial feasibility

Take a hard look at whether you have the financial means to execute the project. Develop a detailed financial analysis, including cost estimates, revenue projections, and funding sources. What will the opening day balance sheet look like? When will the project be profitable? Consider creating financial models to assess the project’s profitability, return on investment (ROI) , and break-even point .

One tip: Gloria recommends finding mid-sized manufacturers to help you make your business a reality since the largest, most well-known companies may not prioritize your small business’s needs.

“Finding someone who's in it with you from a partnership perspective, I think is the best thing to do,” she says.

6. Review legal and environmental considerations

Your project will only succeed if it complies with applicable laws, regulations, and environmental standards. Determine what permits and licenses you need, and whether an environmental impact assessment is necessary.

For Gloria, this meant making sure her designs met the safety standards set for cycling and skateboarding helmets so her customers could wear her helmets for both use cases.

7. Prepare the final report

Compile your findings into a detailed report covering all aspects of the feasibility study. Start with an executive summary outlining potential business scenarios based on the information you’ve amassed. Present the report to stakeholders, highlighting key insights and recommendations. Your team can then make an informed decision about whether to proceed with the project, pursue business alternatives, or scrap the endeavor altogether.

For Gloria, the time she spent researching and refining her concept paid off. She’s reached her goal of saving lives with her helmets while getting people who never wore helmets before to start prioritizing their safety—without sacrificing style.

“It’s all centered around this idea of, ‘How can products help you express your personal style?’” Gloria says.

Because when your bike helmet expresses your style, you’re more likely to wear it.

Feasibility study FAQ

How do you write a feasibility study.

To write a feasibility study, define your project scope, conduct thorough analyses of market, technical, financial, legal, and operational factors, and compile the findings into a comprehensive report with recommendations for decision-making.

What should a feasibility study include?

A feasibility study should include an assessment of your project's market potential, technical requirements, financial viability, legal considerations, and operational capacity.

What is the average cost of a feasibility study?

The cost of a feasibility study varies tremendously based on the scope and nature of your project. Some business veterans estimate a study should be about 1% of your project’s total cost. For example, if you’re planning a $100,000 project, your feasibility study might cost around $1,000 to conduct.

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Methodology
Open access
Published: 10 September 2024

Developing a process for assessing the safety of a digital mental health intervention and gaining regulatory approval: a case study and academic’s guide

Rayan Taher 1 ,
Charlotte L. Hall 2 ,
Aislinn D Gomez Bergin 2 , 3 ,
Neha Gupta 4 ,
Clare Heaysman 5 ,
Pamela Jacobsen 6 ,
Thomas Kabir 7 ,
Nayan Kalnad 4 ,
Jeroen Keppens 8 ,
Che-Wei Hsu 9 ,
Philip McGuire 10 ,
Emmanuelle Peters 11 ,
Sukhi Shergill 12 ,
Daniel Stahl 13 ,
Ben Wensley Stock 14 &
Jenny Yiend ORCID: orcid.org/0000-0002-1967-6292 1

Trials volume 25 , Article number: 604 ( 2024 ) Cite this article

Metrics details

The field of digital mental health has followed an exponential growth trajectory in recent years. While the evidence base has increased significantly, its adoption within health and care services has been slowed by several challenges, including a lack of knowledge from researchers regarding how to navigate the pathway for mandatory regulatory approval. This paper details the steps that a team must take to achieve the required approvals to carry out a research study using a novel digital mental health intervention. We used a randomised controlled trial of a digital mental health intervention called STOP (Successful Treatment of Paranoia) as a worked example.

The methods section explains the two main objectives that are required to achieve regulatory approval (MHRA Notification of No Objection) and the detailed steps involved within each, as carried out for the STOP trial. First, the existing safety of digital mental health interventions must be demonstrated. This can refer to literature reviews, any feasibility/pilot safety data, and requires a risk management plan. Second, a detailed plan to further evaluate the safety of the digital mental health intervention is needed. As part of this we describe the STOP study’s development of a framework for categorising adverse events and based on this framework, a tool to collect adverse event data.

We present literature review results, safety-related feasibility study findings and the full risk management plan for STOP, which addressed 26 possible hazards, and included the 6-point scales developed to quantify the probability and severity of typical risks involved when a psychiatric population receives a digital intervention without the direct support of a therapist. We also present an Adverse Event Category Framework for Digital Therapeutic Devices and the Adverse Events Checklist—which assesses 15 different categories of adverse events—that was constructed from this and used in the STOP trial.

Conclusions

The example shared in this paper serves as a guide for academics and professionals working in the field of digital mental health. It provides insights into the safety assessment requirements of regulatory bodies when a clinical investigation of a digital mental health intervention is proposed. Methods, scales and tools that could easily be adapted for use in other similar research are presented, with the expectation that these will assist other researchers in the field seeking regulatory approval for digital mental health products.

Peer Review reports

The field of digital mental health interventions (DMHIs) has followed an exponential growth trajectory in recent years [ 1 ]. DMHIs typically involve mental health interventions, such as cognitive behavioural therapy, delivered via digital technologies, such as smartphones, and can either be completed as self-directed interventions or blended alongside synchronous (e.g., face-to-face or videoconference) or asynchronous (e.g., email or text message) clinical support [ 2 ]. The main benefit of these interventions is delivering evidence-based care to a large number of people with limited clinical resources [ 3 ]. While the evidence base has increased significantly, the adoption of these interventions within health and care services has been slowed by several challenges, including a lack of knowledge from researchers regarding how to navigate the pathway for mandatory regulatory approval. In the UK, DMHIs must meet the standard of evidence set by the National Institute of Health and Care Excellence (NICE) for adoption within the National Health Service (NHS) [ 4 ]. For DMHIs that are developed to diagnose, prevent, monitor, treat, or alleviate a mental health condition, this may include regulation as a “Software as a Medical Device” (SaMD) by the Medicines and Healthcare products Regulatory Agency (MHRA) [ 5 ]. The regulatory process ensures that devices used within the health and social care context are safe and effective.

In some cases, research will involve digital therapeutics that are already in use and carry a CE or UKCA mark. In this case, the therapeutic’s safety and effectiveness has already been established (and is maintained either through self-certification by the manufacturer or, for higher risk devices, through the use of a “Notified Body”: a government-approved organisation that ensures the device continues to conform to the required standards). However, early-stage digital therapeutics will not yet bear a CE/UKCA mark and are therefore required to obtain a specific form of regulatory approval from the MHRA (called “Notification of No Objection”; NoNO) before being used in research, in addition to the usual ethical approvals [ 6 ]. The NoNO regulatory process requires that safety and effectiveness data collection are the primary purpose of a clinical investigation, with the overall aim being to establish whether the benefits of the device outweigh its risks. This places a number of constraints and requirements upon how researchers design their investigations and write their protocols, the most obvious being that rigorous safety assessment is paramount. The present paper is intended to help academics who are interested in digital therapeutics, but unfamiliar with medical device safety assessment, to navigate a course through this complex regulatory field.

Although the research proposal for which NoNO is sought will, as already explained, need to have safety as a primary outcome, obtaining NoNO also requires the research team to demonstrate the safety of their device before the proposed investigation can be approved [ 6 ]. To understand this apparent contradiction, it is crucial to appreciate that safety assessment is considered an inherently iterative process: preliminary safety data must be presented in order to justify collecting more detailed safety data. This can be done by providing a summary of the existing device safety information using all possible sources (e.g. prototypes, user testing, pilot or feasibility data, qualitative information); a risk management plan (identifying all possible hazards, their potential impact and mitigations) and a detailed plan for safety assessment in the proposed clinical investigation (such as collecting and assessing any untoward medical occurrences [ 7 ], usually called adverse events (AEs)) [ 6 ].

However, researchers investigating DMHIs face specific challenges when proposing a safety assessment plan. Notably, MHRA guidance was developed in consideration of medical devices used in clinical contexts such as surgery and pharmacological interventions and was not designed to accommodate the unique safety considerations relevant to DMHIs. Additionally, the guidelines used in research for assessing the safety of DMHIs are borrowed from the medical and pharmaceutical fields, such as the “International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use—Good Clinical Practice” (ICH-GCP) guidelines [ 8 ]. These medical guidelines do not transfer well to assessing the safety of both digital and non-digital psychological interventions because of the fundamental differences between pharmacological and psychological approaches to treatment [ 8 ]. For example, biological responses to medicines usually occur rapidly and can be objectively measured, whereas psychological responses to therapy rely heavily on patients’ self-reported symptoms, can be hard to disentangle from other contextual factors, and intervention effects can take days, weeks or even months to emerge. As others have also identified, using medical definitions and processes to assess the safety of non-medical interventions such as DMHIs and behaviour change interventions can be unhelpful. It can overcomplicate the process of safety assessment, and lead to missing important harms [ 8 , 9 , 10 ].

These concerns have already been raised in trials assessing the safety of behaviour change interventions [ 8 ]. For example, in a qualitative study on recording harms in RCTs for behaviour change interventions, experts emphasised the need for harm recording to be proportionate and focused on harms that are plausibly linked (i.e. related) to the intervention under study [ 34 ]. It is likely that medical processes are being used to assess the safety of DMHIs, because there are no regulatory or standard safety assessment processes in place for face-to-face mental health interventions [ 9 ]. This is surprising given that most adverse events/side effects are common to both face-to-face mental health interventions and DMHIs (e.g. short-term deterioration, novel symptoms, and non-response) [ 10 , 11 , 12 ]. The one area that differs is, of course, technical and device-related harms.

Two recent reviews found that the identification and categorisation of AEs in DMHI trials was inconsistent and often inadequate [ 3 , 11 ]. This was similar to findings of a review on safety assessment in non-pharmacological psychological, behavioural and lifestyle interventions [ 8 ]. It is essential that harmonised standards tailored specifically to the needs of DMHIs are developed. Support mechanisms can then be implemented to assist manufacturers and researchers to understand and adhere to these guidelines . In the absence of these, the purpose of this paper is to share a worked example of how our clinical trial team successfully applied and received the MHRA’s NoNO for STOP (Successful Treatment for Paranoia).

STOP is a mobile app DMHI that uses Cognitive Bias Modification for paranoia (CBM-pa) to reduce symptoms of paranoia [ 12 , 13 ]. STOP consists of 12 weekly sessions of about 40 min each. In each session, the user is presented with 40 ambiguous scenarios that could be interpreted in a paranoid manner. Users are then guided to reevaluate each scenario in a non-paranoid way by completing words and answering questions designed to suggest alternative meanings. The goal is to gradually retrain the brain to assume non-paranoid meanings of ambiguous situations that occur in daily life, which has been shown to reduce paranoid symptoms. More information about STOP and its development is provided elsewhere [ 13 ]. Using STOP as our example, we aimed to provide valuable insights to other research teams undertaking clinical investigations of DMHIs, particularly those requiring regulatory (e.g., MHRA) approval and guidance in the assessment of safety in DMHI research.

Participants

The work presented in this paper was collaboratively completed by academics and clinicians in the field of digital mental health, an expert regulatory consultant, device manufacturers (Avegen), a clinical trials unit at a university, and representatives from an organisation working with experts by experience (the McPin Foundation). Participants varied at each stage; more detail is provided below per task. See Appendix A for the full list of participants.

To assess the safety of STOP (ISRCTN17754650) and obtain the MHRA’s NoNO the STOP team needed to achieve two main objectives:

Demonstrate existing safety.

Evaluate safety within the proposed research for which approval was being sought.

Demonstrating existing safety

This objective was achieved by completing three separate tasks; an empirical feasibility study; relevant literature searches and the creation of a comprehensive Risk Management Plan.

Feasibility study

The research team needed to present current safety data relevant to STOP such as previous publications, feasibility or pilot studies from the same or similar devices/ interventions. To achieve this, the team referred to a previously conducted study that had assessed the intervention’s feasibility and safety as a desktop intervention [ 12 ]. The feasibility study included two arms: treatment (CBM-pa which is a 6-session version of the therapeutic intervention used in STOP but delivered using a desktop computer) and an active control (a version of the same 6 session desktop programme with the same design and format as CBM-pa, except the content was neutral and should not trigger paranoid thoughts) [ 12 ]. CBM-pa works in the same way as STOP (see “ Background ”) by presenting users with a scenario that could be interpreted in a paranoid way and then, using word tasks and questions, helping participants to interpret the scenario in a nonparanoid, benign way [ 12 ]. Sixty-three outpatients with clinically significant paranoia participated in the feasibility study and were randomised to either the treatment or control group [ 12 ].

The feasibility study assessed safety by measuring whether presenting participants with these potentially paranoia-inducing scenarios was distressing or provoking for them, using visual analogue scales (VAS) completed before and after every session and measuring state anxiety, sadness, paranoia and friendliness. These data were used as proxy safety data relevant to STOP because STOP uses the same content and procedures as CBM-pa but delivered in a different format (mobile app vs. desktop) and the sample size of the feasibility studies are usually small [ 12 , 13 ].

Literature searches and regulatory databases

Second, three members of the research team (RT, CH, JY) conducted two literature searches to identity any published safety data that might be relevant to STOP or any equivalent intervention. These literature reviews are different to those used in academia and thus follow a different structure [ 14 ]. The team worked with an independent regulatory consultant on these to make sure we followed industry and regulatory standards. See Appendix B for more details around the methodology used in these two separate literature reviews. As part of this review, FDA databases were also searched for similar devices and any reported adverse events.

Risk management plan

The risk management plan was created collaboratively by key members of the STOP trial academic team and other project stakeholders, including members from a Lived Experience Advisory Panel, members of the software manufacturer and a regulatory consultant (see Appendix A, column 1, for full details).

Under this step, and by using the knowledge that arose from the feasibility study and the review, we developed a risk management plan. This step is required to demonstrate to regulators that the research team has listed all possible hazards, documented what harms might result from each hazard and identified actions or changes that will mitigate every risk entry as far as possible. Regulators require a comprehensive risk analysis specific to the product, showing a clear understanding of the following stepwise process: hazard, harm, initial risk rating, risk controls/ mitigations, revised risk ratings, identification of residual risks and final demonstration that the expected product benefits outweigh the identified residual risks, which should have been reduced as far as possible. In STOP’s case, a residual risk matrix (likelihood × severity) demonstrated that there were no residual medium or high risks.

The risk management plan described above was implemented by carrying out the following activities:

Hazard identification

To develop a risk management plan, the team first needed to develop a list of all potential hazards that participants taking part in the trial could be exposed to and articulate the harms that could result. Based on ISO 14971, which is a standard for risk management for medical devices, hazards are defined as “a potential source of harm” and harms are defined as “injury or damage to the health of people, or damage to property or the environment” [ 15 ]. This was done during a 1-h consensus meeting with an expert regulatory consultant, two representatives from the manufacturer, two clinicians, two academics, and one representative of a user organisation. During the consensus meeting all participants brainstormed possible hazards and articulated, through discussion, the harm it could lead to. The meeting resulted in a comprehensive spreadsheet of hazards and corresponding harms. The spreadsheet was compiled and circulated for members to review, revise and populate with any further suggestions.

Hazard analysis

After identifying hazards, a hazard analysis needs to be performed. While manufacturers may be experienced in providing this for the technical side of their products, the majority of hazards for DMHIs will be related to clinical risks. Most manufacturers will be unable to assess these and will require the clinical and academic team to become conversant with applying and interpreting risk assessment procedures. To this end, the STOP clinical and academic team received training in risk assessment from a regulatory consultant who worked with them to implement the process outlined below.

The first step in a hazard analysis is to quantify the probability (likelihood) and severity (impact) of each identified hazard. First, one must assess the probability that each hazard will lead to the specified harm. One must assume that the hazard has occurred and then ask oneself “how likely is the harm to now happen?”. Some of these may be fairly standard assessments or known within the digital industry, for example, should a participant stare at the screen for longer than advised, how likely is it that they will experience physical side effects such as eyestrain, fatigue or headache? However, in many cases nuanced clinical judgements are required to make this assessment. For example, how likely is it that the participant’s condition will worsen in the short term as a result of engaging with the content of the therapy? Second, one must assess the severity and impact, should that harm occur. For example, were eye strain, fatigue or headache to occur as a result of using the device how severe could those effects be at their worst? Severity in risk assessment can be operationalised in these terms:

The duration of harmful effects.

The level of intervention or support needed in response to the effects.

The possibility and extent of any long-lasting or permanent impact.

Central to the STOP hazard analysis was the need to create bespoke probability and severity scales relevant to the clinical therapeutic context. These were carefully devised by consensus discussion between the regulatory expert consultant and members of the clinical academic team to agree the most appropriate exact thresholds and wording for both dimensions. The application of the preliminary hazard analysis for STOP was a quantitative assessment of each individual risk entry (i.e., hazard and corresponding harm) against the criteria for probability and severity outlined above. The product of these two scores yields a “risk score”. It is important to note that these risk scores were based on expert consensus estimations derived from their knowledge of the literature and field experience. In line with standard practice in the field of risk analysis, no formal validation was conducted.

Risk control and re-evaluation

In common with all risk assessments, the next stage was to work through each of the identified risks outlining all the “risk control” actions (i.e., mitigations) that could be taken to reduce the identified risk to participants as far as possible. Each risk is then re-evaluated in terms of its probability and severity yielding a revised (“post risk control”) risk score. Finally, a risk acceptability management plan is implemented where various actions are specified for any residual risks that cannot be reduced any further, for example adding “warnings” and “cautions” to device details and labelling. These serve to alert the user to important residual risks that cannot be addressed in any other way. One residual risk that is common to mental health interventions is the possibility of users being distressed when presented with information that relates to the mental health condition they are living with.

In the case of STOP, residual risks were managed using a variety of processes, depending on the nature of the risk. This included, for example, warnings (e.g. “If negative feelings or symptoms worsen as result of using this app for more than a day, please contact your support team and cease use of the STOP app until advised further”), fortnightly check-in phone calls with researchers; a dedicated, in-app 24-h study helpline number and use of an inbuilt mood-tracking algorithm to trigger researcher alerts. Further details of these are provided below.

Evaluating the safety of a DMHI within the proposed research study

After demonstrating the current safety of STOP as seen in section A of this paper, the team needed to demonstrate how the safety of STOP would be assessed in the proposed clinical trial. Any assessment of safety will involve collecting data about the occurrence of adverse events, both related and unrelated, to the trial. For STOP, we planned to do this proactively and regularly in line with recent recommendations [ 11 ]. We therefore needed an overarching framework to organise and classify the large quantity of adverse event information that was likely given the larger sample size (273) and length of time each participant would spend in the trial (6 months). We therefore devised an adverse event classification framework as follows.

AE classification framework development

Literature review

First a brief narrative literature review (conducted within the limited, 60-day time window of the regulatory approval pathway) was carried out to identify any publications in the last 10 years [03/23/2012–03/23/2022] that discussed how adverse events were assessed, coded or categorised in psychiatric populations receiving psychological interventions (digital or non-digital). We combined the categories and definitions identified in the outputs of the literature review to create a first working draft of a classification framework.

Expert consultation

We then carried out an expert consultation involving key members of the STOP trial academic team and other project stakeholders. This included the McPin Foundation, key members of the software manufacturer, a regulatory consultant and key external members of the trial committees. Full details are given in Appendix A. The classification framework working draft was shared with this group to review and comment upon. The group was invited to edit, remove or add categories or examples. Where any conflicts or differences of opinion emerged, these were resolved by group discussion and consensus using virtual meeting and/or email communications. This resulted in a finalised ‘Adverse Event Category Framework for Digital Therapeutic Devices’ which is provided in the “ Results ” section.

Proposed safety plan for the trial

To appropriately and sufficiently assess the safety of a DMHI, regulators expect to see safety positioned as the primary outcome in the proposed study, alongside efficacy. In the STOP trial, this was done by adjustment of the protocol in three ways.

First, we built-in proactive, fortnightly collection of AE data for each participant throughout the entire trial (including throughout the follow-up period) in both arms, using a custom designed checklist based upon the Adverse Events Category Framework for digital devices described above. Even though collecting AE data in both arms is resource-intensive, it is important, as shown in a recent systematic review [ 11 ]. These data enable researchers to statistically compare the prevalence of AEs in the treatment and control arms, allowing for conclusions about the safety of the DMHI. The checklist was developed from the framework, customised to the STOP trial and designed to be administered by researchers during a 10-min phone or video interview with participants. Customisation included adding introductory scripting, one or more prompt questions under each adverse event category, examples of typical events for researchers’ reference and reordering/ grouping categories and questions to optimise efficiency and acceptability of the delivery. According to the ICH-GCP guidelines, all AE data need to be categorised based on seriousness, severity, relatedness and expectedness [ 16 ]. This was done following standard guidance widely available across clinical trials units (see Appendix C for further details). The checklist was devised to incorporate the first three of these evaluations (seriousness, severity, relatedness). By definition, any event that fell within one of the listed Adverse Event Categories was considered “expected” (i.e. anticipated). Items that had not been foreseen and were therefore classed as “unexpected” were listed under the “Other” category heading. The resulting Adverse Events Checklist for the STOP trial is presented in the “ Results ” section.

In response to regulatory safety concerns, the frequency of AE data collection calls was increased to once a week for any participants identified as high risk. High-risk participants were identified at baseline using a cut-off score on a Persuadability/Suggestibility scale [ 17 ] (higher suggestibility can lead to higher risk, as the intervention aims to foster nonparanoid and trusting thoughts) and a suicide risk assessment, and throughout the trial using a suicide assessment that was administered on a weekly/biweekly basis. In addition, researchers recorded any AE that was spontaneously reported by the participant at any other contact. Note that it is crucial to collect AE data using identical methods for both the intervention and control groups even if the trial is unblinded as the control group serves as an important baseline for adverse event occurrences.

Second, we built in safety monitoring within the device. An algorithm was used to trigger an alert to researchers whenever a participant had a worsening of state mood on self-reported levels of paranoia, anxiety or sadness across a weekly treatment session (using visual analogue scale in-app pre/post session assessments; see Supplementary File 1) on 3 consecutive occasions. Researchers would then make a follow-up call to check in on the participant, collect further information and safety data and decide if follow-up action was needed (for example alerting a GP or clinical care team).

Third, we added a specific outcome measure relevant to safety, namely the Negative Effects Questionnaire (NEQ) administered once at the end of the intervention (end of treatment). The NEQ is a 20-item self-report measure [ 18 ]. It was developed using the results from Rozental et al., (2014)’s consensus statement on the negative effects of internet interventions [ 18 ], and studies aimed at investigating the negative effects of psychotherapy [ 18 , 19 ]. It is used to collect data on the negative effects experienced by patients/users during treatment, their severity and whether they were related to the intervention or other circumstances [ 19 ]. The NEQ is a reliable and valid measure with an internal consistency of α = 0.95 [ 19 ].

Demonstrating the existing safety of the DMHI

The feasibility study main outcome paper reported no adverse events or serious adverse events and an “absence of evidence of any harmful effects on state mood and the practicality of the protocol as delivered” [ 12 ] The results from the VAS showed that there was no evidence of significant short-term detrimental effects on anxiety, sadness, paranoia or friendliness in the intervention group compared to the control group, suggesting that the intervention did not exacerbate negative mood, or pose any risk of harm to patients with distressing paranoia [ 12 ]. These data are provided in Supplementary File 1. The STOP study team used these combined findings to argue in support of the safety of STOP based on its similarity in therapeutic content to CBM-pa.

Literature search and regulatory databases

Results of literature review 1 (Device use or experience):

The search for the first literature review resulted in 14 included studies. See Appendix D for the respective PRISMA flowchart. Results showed evidence that cognitive impairment in this population does not affect engagement with digital interventions [ 20 ]. There was evidence suggesting that digital interventions are effective at improving social functioning [ 21 ], memory [ 22 ], educational and vocational attainment [ 23 ], personal recovery [ 24 ], and alleviating loneliness [ 25 ] in psychotic disorders. Some digital interventions used in this population aimed to monitor symptoms such as sleep [ 26 ], and psychotic symptoms [ 24 ]. The results of a previous literature search [ 27 ] showed that there were three digital mental health interventions that have been developed to improve symptoms in individuals struggling with psychosis [ 21 , 23 , 25 ]. The review included eight papers on smartphone-based interventions for psychosis, of which three were protocols, two were feasibility studies, two were pilot RCTs and only one was an RCT with a sample of 36 participants. This RCT found that participants who used Actissit (a Cognitive Behavioural Therapy based app for psychosis) plus treatment as usual experienced better improvements psychotic symptoms compared to those who used a symptom monitoring app plus treatment as usual [ 28 ].

The data on the use or experience of digital therapies to monitor, reduce symptoms or improve recovery in this population were promising but still limited. Larger randomised controlled trials are needed. There was no study on the use or experience of digital mental health interventions in a sample specifically defined by paranoid symptomatology except for the feasibility study precursor to the STOP [ 11 ]. For that, the literature search criteria was expanded to include devices that address psychosis in general to find comparable studies.

Results of literature review 2 (Device safety):

The search for the second literature review resulted in five included studies. See Appendix D for the respective PRISMA flowchart. Although the literature on the safety of digital mental health interventions targeting paranoia/psychosis is limited, all the current studies demonstrated positive safety outcomes [ 21 , 23 ]. A number of studies assessed the safety of the Horyzons—an online social media-based intervention that was designed to enhance social functioning in individuals with a first episode of psychosis; the studies found Horyzons safe to use (no incidents) and Horyzons users reported feeling safe and empowered [ 23 , 29 , 30 ]. A social media-based intervention called (MOMENTUM), which aims to improve social functioning in “at high-risk mental state” young individuals, was found to be safe to use [ 29 , 30 ]. A randomised controlled trial ( N = 36) of Actissit—a CBT-informed mobile phone app for people who have experienced psychosis—found it safe to use (no serious adverse events) [ 28 ]. Finally, a randomised clinical trial ( N = 41) assessing the EMPOWER app (Early signs Monitoring to Prevent relapse in psychosis and prOmote Wellbeing, Engagement and Recovery) reported 9 adverse events that were related to the app such as increased feelings of paranoia, increased fear of relapse and technical issues [ 31 ]. Findings were in line with those of a systematic review on the digital interventions for early psychosis where all eight smartphone-based interventions under study were found to be safe [ 27 ].

The clinical data appraisal tools for both literature reviews are provided in Appendix C.

Regulatory databases

There were no safety concerns raised from the review of the regulatory databases.

In total 26 unique hazards and their corresponding harms were identified, which are listed in full in Appendix E.

The team defined likelihood/probability and severity for the proposed study as explained in the “ Methods ” section. Table 1 shows the final operationalised definition of probability and Table 2 shows the equivalent for severity.

Afterwards, the team used these definitions to rate the probability and severity of every identified hazard. Probability refers to the likelihood that the identified hazardous situation will lead to the specified harm . A risk score was calculated for each hazard entry by multiplying the probability and severity scores.

Under this step, the study team identified all measures they could take to reduce each risk entry as much as possible, listing these as “risk controls”. They then recalculated new probability, severity and risk scores under the assumption that the stated risk controls were effective. Before implementing risk-control strategies, the highest risk score was 20 out of 36. After applying these strategies, the highest risk score was reduced to 9 out of 36. These quantitative ratings and products are shown in Appendix F, which constitutes the final STOP Hazard Analysis, and was a key requirement of the submission for regulatory approval. One new insight that emerged from the consultation was the need for a product recall feature that could operate at either an individual or entire cohort level. This requirement was a crucial safety attribute, for use in the unlikely event that access to the app had to be immediately terminated. At the individual level access could be revoked by account deactivation. At the cohort level, the technical team implemented a “recall switch” feature in the app to enable the recall, and a corresponding participant facing message. Footnote 1

The literature review and the expert consultation that we conducted as described in the “ Methods ” section resulted in a finalised “Adverse Event Category Framework for Digital Therapeutic Devices” (See Table 3 ) . This framework was informed by three key publications arising from the literature review that discussed a range of classes of negative effects in psychotherapy [ 18 , 32 , 33 ]. Our framework was then used to identify the “anticipated” AEs for the STOP trial. As such, it might be applicable to all DMHIs that are in the form of a mobile app. The AEs collected are not exclusive to STOP but might not all be relevant or be comprehensive of all possible AEs for another DMHI. Professionals testing a DMHI delivered in a different format (virtual reality for example) and/or targeting a different population would need to make suitable adjustments and might even wish to incorporate additional AE categories specific to their device’s safety profile. However, this framework is recommended as a potentially useful starting point for any DMHI.

Some of the categories such as technical malfunction might be less clear to clinicians, as they do not directly relate to the therapeutic component of the device. When assessing adverse events (AEs), it is essential to evaluate the entire device, not just the treatment component. This includes potential risks from using any mobile app. Furthermore, the MHRA approval mandates monitoring all aspects of the approved research for safety, covering study procedures, intervention and the device. One learning that came out of discussions during the development of the AE framework with other professionals was the need to have a separate AE category for “device deficiency” that is distinct from “technical malfunction”. Device deficiency is defined as “an inadequacy of a medical device related to its identity, quality, durability, reliability, safety or performance, such as malfunction, misuse or use error and inadequate labelling” [ 34 ]. This differentiation was highlighted by some of the academics on the team with experience in other DMHIs, to align with the requirements and terminology used by the regulatory framework.

The trial is still ongoing at the time of writing and a full report of the STOP safety evaluation will be published as part of the trial outcomes. Here we present the tools we developed to aid STOP safety data collection, as described in the “ Methods ” sections of this paper. We also outline the final STOP safety analysis plan, which was subject to rigorous review and revision as part of the regulatory approval process.

Safety data collection

The Adverse Events Checklist used by researchers to proactively collect fortnightly (or weekly for more vulnerable participants) AE data is presented in Appendix G. Participants were asked each prompt question in turn to identify and record details of any adverse that had happened since the last researcher contact. For every event recorded researchers completed the remaining columns of the checklist to record a free text event description and to determine its seriousness, relatedness, expectedness and severity. The checklist will be administered every week rather than fortnightly with high-risk patients to mitigate any risks. It is likely that administering the checklist in these patients more than the rest might lead to a higher number of reported AEs. This will be taken into account in the analyses using sensitivity analyses.

Safety data analysis

The complete statistical analysis plan (SAP) for the STOP trial underwent a number of iterations in review with the regulators before approval was achieved. In terms of safety specifically, the approved plan included the following. Any AE/SAE involving the target clinical symptoms (paranoia) will be analysed separately from other AE/SAEs, due to the assessed (small) likelihood that the device could trigger these symptoms. This risk was singled out for separate analysis because it was the one of most concern to clinicians and regulators. Formal statistical analyses are unlikely due to small numbers of observations but the incidence rate of AEs (total number of those having the event divided by the person-months at risk) and the ratio of incidence rates of AEs between the two treatment arms per time period will be reported to allow detection of any safety concerns within the treatment arm.

Analysis of the checklist data will produce a list of adverse events along with frequencies, seriousness, relatedness and possible methods of prevention/mitigation. Additionally, demographic and clinical characteristics of those who experienced adverse events will identify patients who might be at a higher risk. Comparative statistical tests will be used to analyse the NEQ data between the treatment and control arms using a linear regression approach.

An overview of the pathway followed by the STOP team from start to finish is provided in Table 4 . This shows the purpose of each step, some brief details on what it included and pointers allowing the reader to more easily navigate to relevant sections of the present paper and associated resources.

This paper details the steps that the STOP study team took to thoroughly assess the safety of a DMHI and achieve regulatory approval to conduct an RCT (MHRA’s NoNO). The example shared in this paper serves as a guide for academics and other professionals in the field. It provides a roadmap for the essential prerequisites, requirements and expectations regarding safety when seeking regulatory approval to conduct research with DMHIs. A fuller understanding of this pathway will significantly benefit research teams, clinicians and developers involved in the process of developing and delivering novel DMHIs.

There are various key concepts and practical takeaways outlined in this paper. The overarching requirement is to compile an evidence-based argument that the benefit of the proposed device outweighs its risk to users, and this can only be done convincingly by the fullest consideration and quantification of that risk. The process by which one might do this can be broken down into various discrete steps. Figure 1 demonstrates the process model presented in this paper.

The process model of “How to demonstrate the safety of as-yet untested DMHI?

First, it is important to establish the safety of the DMHI even before testing its efficacy. This could be done by looking at the safety data of “equivalent” interventions that have been used in a similar population, studying the literature and/or conducting a feasibility/pilot study to assess the preliminary safety of the intervention. It is noteworthy that in the UK devices exclusively developed and used (either clinically or for research) within a single institution are exempt from formal regulatory approval requirements [ 35 ] which can provide an appropriate setting for gathering early-stage safety data. Second, conducting a comprehensive risk analysis specific to each DMHI is crucial [ 36 ]. This involves identifying all the potential hazards that are relevant to that DMHI, assessing any potential harm (likelihood and severity), calculating a risk rating per identified hazard, implementing risk control measures, reassessing risk, calculating a final post-risk score, denoting and reporting any residual risk and finally demonstrating that the expected benefits outweigh the identified risks in a quantifiable manner. Third, the safety of a new and untested DMHI needs to be evaluated as a primary outcome within the proposed research. It needs to hold the same importance as efficacy/effectiveness, irrespective of the academic research agenda. A safety evaluation plan needs to be integrated within the study protocol or presented separately as a standalone study.

Fourth, a helpful component of any safety evaluation is the use of a framework for organising the data to be collected, given the likely breadth of possible adverse events. The Adverse Event Category Framework for Digital Therapeutic Devices provides one such possibility. At a more practical level, this must be supplemented by a structured approach to collecting and evaluating individual adverse events. The Adverse Events Checklist (provided in appendices) received regulatory approval for use in the STOP trial and could usefully serve as a guide for others. By incorporating categorisation of each entry on the key dimensions of seriousness, severity, relatedness and expectedness, it allows a research team to more easily demonstrate their intended compliance with reporting requirements. It also facilitates gathering a richer dataset around negative effects that will go on to permit a more comprehensive analysis than previous traditional practices [ 11 ]. A scoping review on the recording of harms in RCTs of behaviour change interventions has mapped out the categories of harms found in that literature [ 35 ]. As might be expected, there is some overlap with our AE category framework, such as physical and psychological harms, which is reassuring and validatory. In contrast, group-level harms (such as the impact of a behaviour change intervention on culture, environment or health equity) feature strongly in the scoping review but are absent from our framework, which focused exclusively on individual participant-level harms data. It will be important for future studies to consider whether macro-level harms relevant to behaviour change interventions might also be relevant to DMHI interventions.

It is important to highlight the time involved in the processes summarised in this paper. In the present worked example acquiring regulatory approval (MHRA NoNO) took approximately 6 months and the authors’ recommendation is to allow a timeframe of up to 9 months, if working from a position of relatively little prior knowledge and experience. This timeline is necessary to allow for the involvement of clinical and technical experts, patient groups and regulatory consultants. In the present worked example employing a regulatory consultant played a vital role in ensuring compliance with all regulatory requirements and smooth passage through regulatory review. Their knowledge of the complex regulatory landscape provided a key interface between software developers and the academic team to ensure that the requisite information was compiled and presented in a manner compliant with the appropriate national and international standards [ 37 ]. Academic teams are advised to routinely cost such expertise into research projects involving medical devices, unless equivalent institutional support is already available.

Limitations

It is important to be aware that this paper provides an example of how one DMHI assessed safety and achieved regulatory approval. The experiences of other DMHIs will most likely differ. Thus, it is important to view this process flexibly and adapt it to each DMHI. Furthermore, this example is UK-centric. Even though the process described might be helpful for DMHIs applying for regulatory approval outside the UK, professionals need to be aware of the needs of their specific regulatory environment.

The example provided in this paper can be adapted by other professionals in the digital mental health field to help them navigate complex regulatory processes. Prioritising and emphasising safety and regulatory compliance allows researchers to contribute to the responsible development of DMHIs. Ensuring that the benefit of these interventions outweighs any risks that they carry is important for building confidence and trust among clinicians, patients and academics. The systematic approach to safety evaluation outlined here sets a valuable precedent for assessing the safety of DMHIs.

Availability of data and materials

All data generated or analysed during this study are included in this published article in the form of tables and appendices.

“ You can no longer use STOP as the product has been withdrawn. You will shortly be contacted by a member of the research team who will explain and offer further support if required. In the meantime, if you require more urgent assistance, please contact the study helpline at 020 784 80,425 or clinical support email at [email protected]”.

Abbreviations

Adverse event

Digital mental health intervention

International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use—Good Clinical Practice

Medicines and Healthcare products Regulatory Agency

Negative Effects Questionnaire

National Health Service

National Institute of Health and Care Excellence

Notification of No Objection

Preferred Reporting Items for Systematic Reviews and Meta-Analyses RCT: randomised controlled trial

Randomised controlled trial

Serious adverse event

Software as a Medical Device

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Acknowledgements

We acknowledge the contributions made to this work by the McPin Foundation. We thank Andrew Gumley, Alex Kenny, Caroline Murphy, Sumiti Saharan, Carolina Sportelli and Chris Taylor for their input to consultations carried out as part of the work reported here.

This work was supported by the Medical Research Council Biomedical Catalyst: Developmental Pathway Funding Scheme (DPFS), MRC Reference: MR/V027484/1. We would also like to express our gratitude to the National Institute for Health and Care Research (NIHR) Biomedical Research Centre hosted at South London and Maudsley NHS Foundation Trust in partnership with King’s College London. The views expressed are those of the author(s) and not necessarily those of the NHS, the NIHR, the Department of Health and Social Care, the ESRC or King’s College London. For the purposes of open access, the author has applied a Creative Commons Attribution (CC, BY) licence to any Accepted Author Manuscript version arising from this submission.

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Rayan Taher & Jenny Yiend

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RT, CH and JY conducted the literature reviews. CWH, TK, CH, PM, EP, SS, BW, DS and JY were involved in the development of the risk management plan. RT, CWH, TK, CH, PM, EP, SS, BW, DS and JY were involved in the development of the Adverse Events Checklist. RT, AB, CH and JY wrote up this paper. All the authors read and approved the final manuscript.

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Correspondence to Jenny Yiend .

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Taher, R., Hall, C.L., Bergin, A.D.G. et al. Developing a process for assessing the safety of a digital mental health intervention and gaining regulatory approval: a case study and academic’s guide. Trials 25 , 604 (2024). https://doi.org/10.1186/s13063-024-08421-1

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