Feasibility Study: Critical Analysis Essay
Introduction: The functionality and purpose of a feasibility study is widely understood as a means of testing the practicality and likelihood of success of a proposed project for a business. While the practice of feasibility studies is regular in the for profit sector, the non-profit sector does not have an extensive amount of experience employing them. This essay will attempt to critically analyse the process of conducting a feasibility study within an arts organisation and examine how appropriate theory and literature have informed and influenced this process through a discussion of each of the sections included in a feasibility study. Firstly the essay will examine the pre-project research section of the study, the combination of methods employed and how specific concepts and theories can influence the design of this section. Following this the essay will discuss the internal and external sections of the feasibility study. Here the essay will discuss the necessity of a business model appraisal and why this is a relevant process during project development when conducting an internal audit before examining how the processing of information is equally important to the feasibility as information collection. Finally this essay will discuss the approach analysis and proposed material section of the study. Throughout this essay, examples and insights from a previous edition of the feasibility study will be discussed and examined to provide a contrast with the processes undertaken when conducting the current feasibility study.