Feasibility Studies of Project Ideas Key Terms
Terms that apply to feasibility studies for either market or land use projectsA business that wants to pioneer a new project or initiate new land use will often use a feasibility study to figure out how best execute a project and estimate its chances of success. Feasibility studies are often collaborative, with employed engineers and other planners gathering data and drawing conclusions. Reading a little about basic key terms for feasibility studies can give business leaders a better idea of what is generally involved.
Feasibility study template
Traffic studiesTraffic studies examine the volume and directional trends of vehicle traffic as part of a comprehensive feasibility study for a new land-use project.
Market studiesThis feasibility tool applies mainly to retail or business plans rather than land-use projects. Market studies evaluate the odds a commercial project will be successful. Those looking to truly advance in a field spend a lot of time conducting market studies to ensure a good profit margin in a specific market.
Operating strategiesOperating strategies are attempts by businesses to define a project implementation strategy to bring the abstract closer to the concrete. These are often part of a feasibility plan.
Quality analysisQuality analysis is simply gathering intelligence and data on the quality of a process. In some general contexts, quality analysis focuses on the end user. You could say this is also true for quality analysis in feasibility studies, where the project end user is the public. Feasibility studies factor in all kinds of variables related to the public's safety and convenience.
SurveysSurveys can be important tools for gathering data for a feasibility study. Surveys are sets of questions that address project metrics, and the results get factored into planning.
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