Community Forex Questions
What is the difference between a feasibility study and a business plan?
What is a feasibility study?
It is a comprehensive analysis and evaluation of a proposed project to determine if it can be implemented from start to finish, taking into account all risk factors, legal factors, and funding considerations. A feasibility study will determine whether the project is feasible and worthwhile.
Often, feasibility studies are based on whether an idea, invention, or technology works or not. A study was conducted to find out whether the idea works as well as other key factors such as cost and method. Companies can test the idea by designing a system prototype or testing a small business to see how it performs. Due to the fact that the cost of the system vs. the expected benefit can be determined conclusively, feasibility studies are sometimes referred to as cost studies.
What is a business plan?
Basically, a business plan is a written document that outlines a business project or goal, the method for achieving them, and the timeframe for achieving them. A business plan consists of aspects that describe the business goals and objectives, the business vision, and the business mission. In addition, the report provides basic information about the companies doing business and how they achieved their goals.
It is a comprehensive analysis and evaluation of a proposed project to determine if it can be implemented from start to finish, taking into account all risk factors, legal factors, and funding considerations. A feasibility study will determine whether the project is feasible and worthwhile.
Often, feasibility studies are based on whether an idea, invention, or technology works or not. A study was conducted to find out whether the idea works as well as other key factors such as cost and method. Companies can test the idea by designing a system prototype or testing a small business to see how it performs. Due to the fact that the cost of the system vs. the expected benefit can be determined conclusively, feasibility studies are sometimes referred to as cost studies.
What is a business plan?
Basically, a business plan is a written document that outlines a business project or goal, the method for achieving them, and the timeframe for achieving them. A business plan consists of aspects that describe the business goals and objectives, the business vision, and the business mission. In addition, the report provides basic information about the companies doing business and how they achieved their goals.
As the name itself suggests, feasibility study is an evaluation of a project so as to consider whether it is feasible to implement it or not. Feasibility revolves around the level such a project is considered to be worthwhile or otherwise. Costs and risks will be considered vis a vis the benefits of the resulting project, possible profits etc.
A business plan o the other hand is more concerned with outlining objectives and the plan that will set out to reach those goals, along with proposed timeframes.
A business plan o the other hand is more concerned with outlining objectives and the plan that will set out to reach those goals, along with proposed timeframes.
Oct 06, 2021 05:36