What Is Feasibility Analysis? What Is Its Importance in Research?

Feasibility analysis is a popular evaluative method in business to assess the viability of projects. Feasibility analysis evaluates a project and determines whether it will succeed or not. A feasibility plan examines the practicality of a proposed project or plan. It tries to make a realistic assessment of the project's likely outcomes using the available means. Similarly, feasibility analysis holds crucial importance in research. Researchers usually make a realistic assessment of research viability. This article will tell you what feasibility analysis is alongside its importance in research.

What is Feasibility Analysis?

Feasibility analysis pertains to an assessment of every other factor that has a direct and indirect impact on the outcomes of the project. For example, direct factors can be economic, technical, legal, and time constraints. Indirect factors that can affect the outcome of a project can be the researcher's bias and other confounding variables.

But in essence, a feasibility analysis makes a practical and realistic assessment of a project's viability. It analyses the viability of a project and determines its likely success or failure. Feasibility studies are common in the business world that seeks to evaluate a project's ability to generate revenues. Feasibility studies are carried out in the pre-implementation phase of the project. If the project forecasts look feasible, the company moves ahead with the project.

What Is The Relationship Between Feasibility Analysis And Research?

Research is also a project in which a researcher ventures into the unknown without knowing about the study outcomes. But research is not a blind leap of faith as it requires careful planning and smart thinking. A researcher has to do a feasibility analysis before conducting the research. Feasibility analysis in research pertains to the evaluation of a research project's viability. This assessment enables the researchers to determine the likely success or failure of a particular research project. Every research face limitation in terms of finances, technical barriers, time constraints, and socio-political and legal constraints.

In addition, a researcher also has to assess the likely outcomes of research given the limited sources. So, feasibility analysis plays a significant role in research projects. It helps researchers determine the practical aspects of their research. Feasibility analysis is also crucial for the implementation phase of research. Research projects that have practical implications for policymakers and practitioners require a realistic assessment of the outcomes of implementation. Policymakers and project managers have to make a practical evaluation of the feasibility of implementing the research's findings. Quantitative studies also utilise feasibility studies to determine the likely outcomes of the research.

What Is The Importance Of Feasibility Analysis In Research?

Feasibility analysis has significant importance for research. It helps researchers determine that whether the research is worth pursuing. An assessment of the research's feasibility helps the researchers make a practical assessment of their research projects. It can help the researchers in the following manner:

Narrow Down The Scope Of Research

Researchers have to make a realistic assessment of doing any particular research on a particular subject. They cannot choose a broad topic since it will be difficult to cover it with limited sources such as time and money. Moreover, a research topic must not be too narrow because it is counterproductive. So, researchers can conduct a feasibility analysis of the research project and narrow down the scope of the research. Researchers can do a feasibility analysis to narrow down the scope of research by asking the following questions:

Can I cover this topic in a limited time period?
Can I get enough data on the proposed topic?
Do I have enough resources to gather primary data on the proposed topic?
If it is experimental research, do I have enough financial resources to set up the apparatus for the research?

Feasibility study, in the beginning, refers to the preliminary analysis that helps researchers to evaluate the research topic's scope. If the scope is too broad and exceeds the available resources such as time and money, then it is not a feasible topic. A researcher must select a topic that is achievable within the ambit of given time and resources.

Analysis Of External Factors

Researchers also have to assess the impact of external factors on their research. Feasibility analysis can help the researcher evaluate the feasibility of their research by considering the impact of external factors. External factors that can affect a research project are the following:

Social Factors
Political Factors
Ethical Factors
Legal Factors
Environmental factors
Technical factors

Researchers can face resistance from society and political bodies if their research is controversial and detrimental to the interests of some stakeholders in a particular society. For example, if the research concerns unmasking the prevalent taboos in the society, or a criminal investigation, a researcher can face serious hurdles. Similarly, experimental research often requires experimenting with human and animal subjects.

A researcher has to abide by ethical concerns and ensure that the research is feasible given the ethical constraints. Political factors can also affect the research process since some societies do not have freedom of expression. If the research is targeted toward the political elite, and prevalent corruption in the society, a researcher can face serious hurdles. The researcher might not be able to collect the primary data necessary for validating the results.

Importance of Feasibility Analysis:

Feasibility assessment will help the researcher determine the viability of the research and assess the impact of political factors. Additionally, legal factors can also have an impact on the research process. A researcher cannot gain access to the top-secret documents that might add more credibility to the research. In some instances, researchers can get legal permission to review some documents or interview officials for their research. Environmental factors pertain to the fact that a researcher must consider while doing experiments that can cause environmental damage.

Also, there are technical factors that require due consideration since experimental research involves setting up the apparatus. A researcher who is not familiar with the technical aspects of handling the instruments for data collection and analysis might face some difficulties. But feasibility analysis helps the researcher to make a realistic assessment of all these factors and make a solid plan for their research.

Conclusion

Feasibility analysis has crucial importance in research since it helps researchers to determine the likely outcomes of the research. It helps the researchers decide to consider all factors and decide whether the research is worth pursuing or not.