Abstract:
In order to make a rational economic decision of allocating scarce resources, a feasibility study is essentially required. Feasibility study has been defined by various authors in different ways for example:
1. “A feasibility study is an analysis of the viability of an idea” (Hofstrand et al,2006)
2. “Feasibility study is an important tool to analyze the effectiveness of a proposed business plan; it is a safeguard against the wastage of investment or resources.”
3. “Feasibility Study is a detailed investigation and analysis of a proposed development project to determine its financial, commercial, technical, or other viability”.(www.en.wikipedia.org)
4. “Feasibility study refers to the research that determines the viability of one’s business plan”. (Behrens W. et al,1995)
5. “It is a preliminary study undertaken to determine and document a project's viability. The term feasibility study is also used to refer to the resulting document. These results of this study are used to make a decision whether to proceed with the project or not”. (National Trust for Historic preservation).
