A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of proposed project, opportunities and threats present, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.

A well-designed feasibility study should provide a historical background of the project, details of the operations and management, financial calculations for materials, manpower and other costs, legal requirements, timelines and technical solutions. Feasibility studies should precede technical development and project implementation.

One methodology for feasibilitystudies includes the four Ps. The four Ps are traditionally defined as Plan, Processes, People, and Power. The risks are considered to be external to the project (e.g., weather conditions) and are divided in eight categories: (Plan) financial and organizational (e.g., government structure or a private project); (Processes) environmental and technological; (People) team; and (Power) legal and political. POVs are Points of Vulnerability: they differ from risks in the sense that they are internal to the project and can be controlled or else eliminated.

The constraints are the standard constraints of time, costs and norms of quality that can each be objectively determined and measured along the entire project lifecycle.

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