What is the main purpose of conducting feasibility studies in business analysis?

The primary purpose of conducting feasibility studies in business analysis is to evaluate project viability. This involves assessing whether a proposed project or solution is practical and achievable within the specific context of resources, constraints, and requirements. The feasibility study looks into various factors, including technical feasibility, economic aspects, legal implications, operational readiness, and timeline assessments.

By effectively determining the viability of a project, organizations can make informed decisions about whether to proceed with development or explore alternative solutions. This upfront evaluation can save time and resources by identifying potential issues early on.

While mitigating risks, defining project scope, and enhancing team collaboration are important aspects of project management and business analysis, they are not the primary goal of feasibility studies. Instead, those activities may be consequential benefits or steps that follow after understanding whether a project is worth pursuing based on the findings of the feasibility study.