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Often in our work we have encountered organisations using the terms viability and feasibility studies interchangeably. And while both are critical assessments in the planning and development phases of a project, they serve distinct purposes and are not to be confused.
Feasibility Study
A feasibility study is a broad study that evaluates the practicality of a proposed project or system. It asks the question: can this project be done? And aims to determine if the project is possible and practical by covering a wide range of considerations. At the end of the study an organisation will use the results to help decide whether to proceed with a project.
Viability Study
The objective of a viability study is to determine if the project or business can be sustained in the long-term. Often an organisation will commission a feasibility study first to see if a project is worth pursuing, and then conduct a viability study to assess potential for success.
The outcome of this study is a decision on whether the project or business can be successful and sustainable in the market based on its economic and financial models.
To learn more about how to use these studies read our related article on City-Centre Attractions here.
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Rachel Kuhn
Associate Director
Rachel is an Associate Director at BOP. She leads our Strategy and Planning work, assisting clients in realising transformative initiatives, executing capital projects, and shaping destinations.
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