What is feasibility analysis? What is it designed to achieve and how is it different from a business plan?
What will be an ideal response?
Ans: A feasibility analysis is a pre-start strategic planning tool, conducted in the pre-business plan phase of the development of a new venture. It is designed to achieve an informed go/no-go decision on a proposed new venture before considerable time and resources have been invested. The intention is to test whether the business concept is worth pursuing and, if so, under which conditions. It is different than a business plan because it is done as a pre-start up tool, and the knowledge gained from collecting and analyzing this data is used to formulate the business plan.
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