Feasibility Study Report
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Conducting a 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 if the particular project is realistic and practical. Let’s find out what FSR means, why it’s important and how to write it.
Concept of Feasibility Study Report( FSR)
A Feasibility Study Report (FSR) is a formally documented output of 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 if the project is really feasible, cost-effective and profitable. It describes and supports the most feasible solution applicable to the project.
Feasibility Study Report( 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:
1. Project Analysis because an example of FSR helps link project efficiency to budgeted costs.
2. Risk Mitigation because it helps with contingency planning and risk treatment strategy development.
3. Staff Training because the report can be used by senior management to identify staffing needs as well as acquire and train necessary specialists.
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