The field of evaluating ideas for new product development and new venture creation is moving towards implementing evidence-based interventions that have been rigorously evaluated and found to be both efficacious and effective.
By intervention, I mean any program, service, policy, or product that is intended to ultimately influence or change people's social, environmental, or organizational conditions, as well as their choices, attitudes, beliefs, and behaviors, must go through a test of checklist before being implemented. These checklists help identify evidence-based red flags to prevent hurdles before they become the bottleneck to the product's/idea's operations.
In business studies, this is done by feasibility analysis. It is a broad multi-disciplinary study done to primarily understand the idea's practicality in terms of economic, technical, marketing, financial, legal, and scheduling considerations - to ascertain the likelihood of completing the project successfully.
As part of the feasibility study, product/idea owners must determine whether they have enough market, financial resources, and the appropriate technology.
As a set standard, a feasibility report should include a preliminary analysis of the project along with a description of the product or service. Few significant components of a feasibility study are expected revenues, a market survey, marketing strategy, technology requirements, and resources needed. The report often also includes an organizational layout of the project, a timeline, and forecasts for the financial results.
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