What is a feasibility study?

A feasibility study is an assessment that evaluates the practicality and potential success of a proposed project. It is a crucial step in the project management process as it helps stakeholders determine whether the project is worth pursuing based on various factors, including technical, economic, legal, operational, and scheduling aspects.

The feasibility study provides a comprehensive analysis that guides decision-making by identifying potential challenges and opportunities associated with the project. By assessing these factors, stakeholders can gauge whether the project's goals align with the organization's capabilities and resources, ultimately helping to mitigate risks and allocate resources effectively before moving forward with project execution.

In contrast, other options focus on different areas of project management. For instance, an evaluation of the project’s financial risks specifically considers the financial aspect rather than a holistic view of the project’s viability. A summary of completed project tasks pertains to project monitoring and evaluation, often used post-implementation. A plan for stakeholder communication involves strategies for engaging and informing stakeholders rather than assessing project feasibility. These distinctions highlight why the selected answer accurately reflects the purpose of a feasibility study.