Why is a feasibility study important?

A feasibility study is crucial because it assesses the practicality and viability of a project before significant resources are committed. This involves examining various factors such as technical requirements, market demand, legal considerations, and potential financial performance. By conducting a feasibility study, organizations can identify potential risks and challenges, ensure that the project aligns with strategic goals, and determine whether there are sufficient resources and support for the initiative. This proactive approach can save time and money by preventing projects that may not be viable from moving forward.

The other options do not capture the comprehensive purpose of a feasibility study. Hiring practices relate more to human resources processes, financial outcomes are just one aspect of a broader analysis, and training for project managers is not a core component of determining the project's feasibility.