Miro Medvedec is an experienced business professional who has worked for DME Company in Madison Heights, Michigan. While there, Miro Medvedec’s responsibilities included promoting new products, and using the method of feasibility analysis as a basis.
A feasibility analysis or study is done to create an overview of all primary issues in relation to a certain business idea. This method helps to determine any concerns the idea may cause if implemented, with the goal of ensuring an idea’s success in the marketplace, or eliminating the idea potential failure is indicated. Feasibility studies focus on three major areas: market issues, organizational or technical issues, and financial issues. The study takes a brief look at these issues without going as in-depth as a full business plan would.
A feasibility study also helps businesses identify and evaluate alternatives to the proposed idea. Although feasibility analyses are relatively simple, they still require a good amount of research, and are usually reserved for proposals that may put large sums of money at stake.