What is the main function of a feasibility study in engineering projects?

A feasibility study plays a crucial role in the early stages of engineering projects by assessing the practicality and viability of the proposed plan before any significant resources are committed. This thorough analysis includes evaluating technical, financial, and operational aspects to determine whether the project is achievable and worth pursuing. By examining potential risks, costs, and benefits, the feasibility study helps stakeholders make informed decisions about whether to move forward, adjust the project, or abandon it altogether.

The focus on practicality ensures that all relevant factors, such as technology required, regulatory requirements, and available budget, are taken into consideration. This preparation helps in identifying potential challenges that might arise during project execution, enabling the team to devise appropriate strategies to address them.

In contrast, finalizing project designs solely focuses on detailed planning, which occurs later in the project life cycle, while promoting the project to stakeholders is more about gaining support rather than assessing feasibility. Analyzing marketing strategy, while important, is typically separate from the overall feasibility assessment, as it focuses on market demand and competition rather than the project's operational and technical viability.