What is a Viability Study?
A viability study is a type of analysis that is used to determine the feasibility and potential success of a project, business, or venture. It is typically conducted early in the planning process to assess whether the project is worth pursuing and to identify any potential risks or challenges that may need to be addressed.
A viability study may include a range of activities, such as market research, financial analysis, technical analysis, and risk assessment. It may also involve stakeholder consultation and input from experts in relevant fields.
The purpose of a viability study is to provide decision-makers with the information they need to determine whether the project is viable and, if so, how to proceed with the planning and implementation process. A viability study may result in a recommendation to go ahead with the project, to modify the project to address identified risks or challenges or to abandon the project due to unacceptably high risk or low potential for success.
Viability studies are commonly used in business and finance, but they can also be applied to other types of projects, such as new product development, infrastructure projects, and public policy initiatives.