Explain economic, technical & organizational feasibility.
Economic feasibility refers to determining whether a proposed project or investment is financially viable and can generate sufficient profits to cover its costs. It involves evaluating the projected revenues, costs, and financial returns of the project to assess its feasibility. Economic feasibility helps stakeholders identify if the project is economically beneficial and if it aligns with their financial goals and objectives.
Technical feasibility involves assessing whether a proposed project can be implemented using the available technology and resources. It evaluates the technology requirements, availability, and compatibility to determine if the project can be successfully executed. Technical feasibility helps stakeholders identify any potential technological challenges, limitations, or risks associated with the project.
Organizational feasibility evaluates whether a proposed project aligns with the existing organizational structure, culture, and goals of a company. It involves assessing factors such as the organization's capacity, resources, capabilities, and management support to determine if the project is realistic and feasible within the organization. Organizational feasibility helps stakeholders identify any potential barriers or constraints within the organization that may affect the successful implementation of the project.