When starting or growing a business, one of the first steps is determining if the business is feasible. Many people confuse feasibility with viability, but there is a big difference. This blog post will define feasibility and viability and explain the differences between them. We’ll also discuss when each should be used in business planning. Finally, we’ll provide some resources to help you learn more about feasibility and viability.
What is Feasibility?
Feasibility is the measure of how likely it is that a project will be able to meet its objectives. When assessing feasibility, project managers take into account a number of factors, including technical feasibility, financial feasibility, and operational feasibility. Technical feasibility looks at whether the project can be completed using the available resources and technology. Financial feasibility considers the costs and benefits of the project and whether it is affordable. Operational feasibility looks at whether the project can be successfully integrated into the organization’s existing systems and processes. All of these factors must be considered when assessing the feasibility of a project.
What is Viability?
- Viability refers to the ability of a thing to survive or continue. In terms of business, viability is the state of being able to operate and make a profit. A business may be viable in the short term but not in the long term, or vice versa. Viability is often affected by market conditions, such as the availability of customers or competition. Viability can also be affected by the costs of production, such as the cost of raw materials or labor. Viability is an important consideration for any business owner or entrepreneur.
- If a business is not viable, it will not be able to survive or thrive in the long run. Viable businesses are those that have a good chance of success. Viability is essential for any business that wants to be successful. There are many factors that affect viability, and it is important to consider all of them when starting or running a business. Viability is an important factor in determining whether a business will be successful.
- Viable businesses have a better chance of surviving and thriving in the long run. Viable businesses are those that are able to operate and make a profit. Viability is often affected by market conditions, such as the availability of customers or competition.
Difference between Feasibility and Viability
Feasibility and viability are two important concepts in business. Feasibility is about whether or not an idea can be turned into a reality. To be feasible, an idea must be technically possible and there must be a market for it. Viability, on the other hand, is about whether or not an idea can be profitable. To be viable, an idea must generate enough revenue to cover its costs. Feasibility and viability are both important factors to consider when starting a business. However, viability is more important than feasibility because it is not worth pursuing an idea if it cannot generate profits.
Conclusion
So, what is the difference between feasibility and viability? In short, feasibility assesses whether or not a project can be accomplished while viability looks at if a project is worth doing. A business will want to ensure that it can accomplish a project before moving forward, but also that the potential return on investment (ROI) justifies the costs. When making decisions about your next big venture, remember to take both feasibility and viability into account.
