Feasibility Studies of Project Ideas Key Terms

Terms that apply to feasibility studies for either market or land use projects

A 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

The feasibility study template is a document that shows how a feasibility study comes together. This is a good tool for all kinds of feasibility planning, so you don't waste time reinventing the wheel.
Try: Get detailed templates for a feasibility study at DocStoc.

Traffic studies

Traffic studies examine the volume and directional trends of vehicle traffic as part of a comprehensive feasibility study for a new land-use project.
Try: Get details on traffic studies, how they are done and how they are used for in feasibility planning from the Tennessee Metropolitan Planning Commission.

Market studies

This 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.
Try: Learn more about market studies at this tutorial from KnowThis.com.

Operating strategies

Operating 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.
Try: Find out more about operating strategies at the Transportation Management Group online.

Quality analysis

Quality 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.
Try: Minitab develops quality analysis software that allows you to set metrics and track your progress.

Surveys

Surveys 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.
Try: Find details on surveys and other feasibility study tools at FAO.

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