What Tools and Techniques are Used in Feasibility Analysis?
Several tools and techniques can assist business leaders in conducting a feasibility analysis:
SWOT Analysis: Identifies the strengths, weaknesses, opportunities, and threats related to the proposed initiative. PESTLE Analysis: Examines the political, economic, social, technological, legal, and environmental factors that could impact the feasibility of the plan. Financial Modeling: Creates detailed financial projections to evaluate the economic feasibility of the initiative. Scenario Planning: Develops various scenarios to understand potential outcomes and prepare for uncertainties. Risk Assessment: Identifies and evaluates risks associated with the initiative to develop appropriate mitigation strategies.