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PROJECT FEASIBILITY STUDIES
Preparing a feasibility study of a project is an essential step that can help the project manager decide whether to spend money and time on a particular endeavour. It can also help the management department of a company to avoid taking on tricky projects by providing them with analytical information. Furthermore, a business organization can also conduct a feasibility study with the help of one of the best freight forwarders in India called Genex Logistics to aid in creating new ventures by providing crucial information on various factors like how a company will work, the number of competitors to face, what difficulties it can meet, amount of funding it can get and from where the budget it can get, etc.
WHAT IS FEASIBILITY STUDY
The feasibility study is defined as an analysis that involves considering all relevant factors of a project like technical, legal, economic, and scheduling considerations to discover whether the project can be completed successfully.Â
In other words, the term can be explained as a simple assessment of the viability of a proposed project method or plan. However, the feasibility of a project depends on several factors like the project’s cost and the return on investment that shows if the project generated sufficient sales or revenue from the customers. In this regard, it is essential to know that feasible can be meant differently depending on the industry and goal of the project.
Furthermore, feasibility studies conducted by our team of Genex Logistics can assist project managers in determining the risks involved in the project and return of a plan, several steps, and the best implementations to be considered before going forward.
TYPES OF FEASIBILITY STUDY BY GENEX LOGISTICS
- Technical Feasibility:This feasibility study is conducted to determine whether an organization has the expertise and technical resources to fulfil the project’s requirements.
- Economic Feasibility:An assessment of the economic factors of a project is done to assess its financial potentiality. A cost-benefit analysis can compare its financial costs against the estimated benefits.
- Legal Feasibility:It is done to ascertain the legal requirements of a project. That includes regulations and laws that apply to the activities of the project.
- Operational Feasibility:It helps to assess the extent to which a project can match the capacity planning, strategic goals, resources, and business objectives of the organization.
- Time Feasibility :- It involves estimating the time for executing the project and setting deadlines. Along with that, you need to consider ways to fit project timelines to current operations like production scheduling, demand planning, and many more.
STEPS OF GENEX LOGISTICS FOR CONDUCTING FEASIBILITY STUDY
- Perform an initial assessment:We begin the study by outlining a rough idea of your project plan. We focus on an untapped requirement, a marketplace where demand is more significant than supply, and if the good or service has a definite advantage. Then the next step is to determine if the factors for the feasibility study are too high, which means very expensive, unable to market effectively, etc.
- Preparing an Income Statement for the future:The financial statement comprises an accurate estimation of the assets and liabilities of the organization so that you can rely on the data. First, we list items like costs, sources, available financing, etc. We also consider liabilities such as purchased or leased land, buildings and machinery, funding for assets, and receivable accounts.
- Make a decision:At the last step, our team decides whether to proceed or not by analyzing all the feasibility factors.
WHY SHOULD YOU OPT FOR GENEX LOGISTICS
If you want to enter the world of entrepreneurship, a lot of resources will be required to make you qualified for a project on logistics services. In this scenario, you can take the help of one of India’s top freight forwarding companies, Genex Logistics. We ensure the best feasibility study for various administrative projects and investments. As a freight forwarding agent, we achieved great success in the tasks for which we carried out a feasibility study. A project of logistics freight forwarding is also essential and requires a feasibility study to be accomplished. Furthermore, the feasibility report includes an executive summary, specifications of product or service, the marketplace, marketing approach, future technology considerations, financial forecasts, marketing approach, etc. All these help us to do so well in providing superior services.