Feasibility Study UAE
A feasibility study is an analysis of the viability of a proposal, taking into consideration different factors, to determine whether or not it is worth executing, and if it contributes to the fulfilment of the organization’s long-term objectives. Business proposals are often subjected to feasibility studies in order to determine whether or not they are viable. With a feasibility study, UAEorganizations can find out whether a venture such as a start-up, an acquisition, or an expansion could be beneficial in the long run.
A feasibility or market analysis takes a lot of time and resources. However, the consequences of not conducting a study prior to an important business decision may result to more substantial losses in the future in the form of uninformed financial decisions. As such, it is important to conduct a pre-feasibility analysis in order to find out whether a proposal has the potential to be viable. Such an analysis can be done by members of your business committee or by an independent consultant. A good starting point would be to find out whether your idea has market viability by conducting a market analysis. If a proposal has market viability, you can move forward with the feasibility analysis, using the data collected from the market viability study as a basis.
What to expect
A feasibility study should provide a comprehensive report on the various scenarios analysed in the study, including the strengths, weaknesses, and potential implications of each possibility. The project leaders should examine the results of the study, and assess whether or not the rewards of the proposal outweigh the risks involved. With a feasibility study, Dubaiand Abu Dhabi businesses can determine the following:
Possible alternatives to the project
New business opportunities
Potential stumbling blocks
Data necessary for making an informed decision on a proposal