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Feasibility Report: How to Write a Feasibility Study Report
This is a report that assesses the potential solutions to the business or problem or opportunity. It determines which of the problems or opportunities are viable for further analysis. It presents the presents the project parameters and defines potential solutions to the problem, need, or opportunity. As such, you have to think about different potential solutions to problems, which are then expanded by the project team to provide enough details that incorporate information on high-level costing. This gives the project leader a chance to recommend to the approving authority about the viable options that need further analysis in the business case. Some of the factors that determine viability include limitations of expenditure and project constraints
Importance of writing feasibility reports
It is essential to understand the reliability of a project for future business development. As such, it is important to carry out a certain assessment to create an understanding of the viability of the project. Feasibility report simply gathers research information that concerns a specific project or problem. Project report writing is not one that goes without challenges. However, it is easy to surmount these challenges especially in you fully understand the purpose. The format of writing a feasibility report includes the following aspects:
- Requirements and plan
- Analysis and economics plan
Writing a feasibility report is important especially to a company if they are looking forward to evaluating their profitability, validity, and reliability of a start-up of a new project. The process of writing this report takes time, but it is a worthwhile endeavor. It is an important part of the professional activity, but at times, not everyone can write it as perfectly as it should be. Apart from practicability and cost-effectiveness, these assignments become necessary to compile for reasons such as:
- Staff training
- Project analysis
- Business alternatives narrowing
- Analysis of chances for success
When you are facing these assignments, it can be driven by other reasons. As such, you have to know the type of the feasibility report that you are writing, for example, the feasibility report you are writing can be operational, marketing, organizational, financial, environmental or economic. The feasibility reports for each one of these examples vary a lot. As such, you have to understand these distinctions when you are writing your feasibility study.
Important tips for writing your feasibility report
For those of your trying to write the feasibility report for the first time, these tips will enable you to know the skills and the kind of knowledge to apply in the process.
- Understand the question
You do not jump into details without understanding what is required of you. Ensure that you have a full understanding of the question or problem first. Go through the details and instructions carefully especially if the topic you are dealing with is new to you, or it is much narrower for a research question. Each problem requires some level of adequate research irrespective of whether it is obvious or complex.
- Write your introduction
You will need to perform the alternative analysis and describe possible solutions to the existing problem. This will make your introduction not only interesting but successful.
- Provide background information and project description
This will enable the readers to understand what you mean. This is a crucial part of a similar work because you are not sure whether the audience knows the basics of your topic or not.
- Outline the purpose of your feasibility report
If you are providing a possible and unique solution to a given problem or question, you have to include it. Focus on that problem before you can move the rest of the problems. You also have to consider the needs of the audience. Provide them with the proposed solutions and move to other details in the report.
- Define any reliable evaluation criteria
This gives a chance to evaluate your findings and outline the possible conclusion of the entire paper. Each report comes with unique requirements, and this is crucial to the feasibility analysis report. The premise of your evaluation criteria should be the evidence you obtained during your research. Support your theory with the appropriate evidence.
- Adhere to the format
You have to check for formatting requirements that are necessary for your paper. Go through these requirements severally to ensure you understand everything. You have to proofread your paper to identify any grammatical mistakes, spelling and punctuation inconsistencies. This will make your report easy to understand.
Formats of writing feasibility reports
When you are asked to write a feasibility report, it can take the following format:
With this type of a feasibility report, you are supposed to provide a general statement of the product, describe what the proposed system will do and highlight where the proposed system will converge with the business requirements of the company.
- Technical feasibility
Reports provide information on the performance of the proposed system about the required specifications. It also outlines the technical choices that you intend to use. These options must give a technical solution that satisfies the requirements and constraints of the system that are outlined regarding reference.
- Social feasibility
This report must consider the acceptability of the proposed system about the people who would be affected once it is introduced. Describe the effects of the introduction of the new system. You also have to consider if there will be a necessity for retraining the personnel. Ascertain if there is a need to relocate the personnel or if some jobs will be deskilled. The report also should include detail telling about the potential performance of the workforce with the introduction of new tasks as a result of the new system. Describe how you intend to ensure user-cooperation before the introduction of the changes.
- Economic feasibility
In this report, you have to think about the cost or benefits of the proposed system. Talk about the cost implication that the company faces because of adopting the new system, the development costs, and the running costs. Talk about the benefits that come with the new system, its direct economic benefits like cost reduction. You also have to consider the indirect benefits such as improved management information as well as better customer service. Show the cost and benefit of the new system through the application of the cost and benefit methods like the payback method.
- Market research
With comprehensive market research, you can identify the need for a product. Document all the market research that you undertook and list all the sources of your information. Every conclusion inferred from the research must be justified. You have to identify the potential for the product with the need for the product. Describe how you are going to deal with the competitors who have a similar product in the market.
- Alternative solution
Consider and document all the alternative solutions. Write the differences between the options and the proposed system. The choice of your proposed system should also be justified as well as the reasons why you have refused to accept the alternative options
At this point the planning for the project is complete, and if the feasibility study shows that the project has the prospects of succeeding within its constraints, then you can start the requirements analyses and proceed with the project.
Feasibility report body format
There are many styles and requirements for formatting the body of the feasibility report. It can be difficult to select the best body for your research. As earlier stated, it is important to consult with your instructor on the best format to use for your feasibility report. Meanwhile, these suggestions will suffice:
- Each page should have a descriptive header with a title that is abbreviated. It should include the author’s name and page number, which appear on the top right side
- Your reports should be structured with headings and subheadings
- Do not use too large or too small fonts. The size should be between 1o and 12 points.
- Use a single style of citation and referencing.
Your report all has to include the following key sections:
- An executive summary that describes the problem highlights in the report, the purpose of the report and research importance for the audience.
- Background information that has enough details about the feasibility study, who undertook it and whether it was implemented elsewhere
- The analysis which examines and evaluates the method deployed for conducting the feasibility study
- Alternative and options that gives an overview of the alternative proposals or options for the features and how they compare to the main study proposal.
- The cost-benefit evaluation that analyzes the method that was used to examine and evaluate the main proposal for the cost-benefit effectiveness and to show the feasibility of the technology, economic practicality, social desirability, and eco reliability of the proposal.
- The conclusion that summarizes the work is done and the conclusions you have inferred with regard to your analysis.
- Recommendations and follow up actions that are premised on your conclusions. Note that a feasibility study has to be completed before the launch of any major project investment or venture.