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A feasibility study is an assessment of the practicality of a project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success.
A detailed feasibility study will be the basis for capital appropriation, and will provide the budget figures for the project. Detailed feasibility studies require a significant amount of formal engineering work, are accurate to within 10-15% and can cost between ½-1½% of the total estimated project cost. [1]
This type of report examines either a stated need or a selection of choices, or in some cases both. The report is a collection of analysis and evaluation of the situation, and generally will examine the strengths and weaknesses, opportunities and threats in the situation, take them into account, and be combined with the feasibility report in order to give a recommendation.
Executive summaries are important as a communication tool in both academia and business. For example, members of Texas A&M University's Department of Agricultural Economics observe that "An executive summary is an initial interaction between the writers of the report and their target readers: decision makers, potential customers, and/or peers.
One common mistake is widespread in practice that feasibility becomes a dominant criterion of preferable alternative. [2] [3] Feasibility is “the state or degree of being easily or conveniently done”. [4] More plainly, one might ask “can we get this done?” Feasibility, as it pertains to the political arena, speaks to the political climate.
A pilot study is used to formulate the design of the full-scale experiment which then can be adjusted. [1] [2] The pilot study is potentially a critical insight to clinical trial design, recruitment and sample size of participants, treatment testing, and statistical analysis to improve the power of testing the hypothesis of the study. [2]
Where the claim to be paper-efficient fails is a consequence of paper manufacturers normally making paper available in rectangular sheets, because the largest size of envelope that can be realised by cutting out a diamond or any other shape which yields an envelope with symmetrical flaps is smaller than the largest that can be made from that ...