What is feasibility study and business plan, why do we need it?

As the name implies, a feasibility study is an analysis of the viability of an idea. The feasibility study focuses on helping answer the essential question of “should we proceed with the proposed project idea?” All activities of the study are directed toward helping answer this question.

Feasibility studies offer you the chance to “get it right” before committing time, money and business resources to an idea that may not work in the way you originally planned, causing you to invest even more to correct flaws, remove limitations, and then simply try again. Feasibility studies may also open your eyes to new possibilities, opportunities and solutions you might never have otherwise considered. There are no right or wrong answers to the questions you ask, but an answer you don’t necessarily want or expect can create new profit potential.

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals. The plan is prepared based on the feasibility study and details out what to be done, how to be done and what will be achieved accordingly.

Feasibility study - can it be done?

Business plan - how we will do it

Feasibility study is the study of the market, the customer pshychology, buying behaviour and the market dynamics in terms of competition and regulations. The feasibilty study gives economic justification to the business. This answers the most important questions, "Why" the business exists.

The feasibility study is part of the business plan but the business plan has more information about "How" the business will done. It talks about the resources available and the roadmap, vision and mission of the business included.

Feasibility study is the probability detailed analysis how much the particular target is realistic and what are the risk scenarios.  Business plan is practically must to be done because it's budget basement for organization. 

Thanks

Totally agree with Mr. Khalid and Mr. Duncan answers

A feasibility study, or business opportunity analysis, is a planning tool similar to a business plan. The feasibility study is done to flesh out the possibilities in an initial business idea. The business plan then fully describes the business and its financial projections.

Feasibility studies answer the question, “Will this work?” A business plan answers the question, “How will this work?”

Feasibility studies are for the entrepreneur's benefit, to determine whether it's worth proceeding with the business. Business plans are targeted at investors, lenders and future executives to explain how the business works.

Feasibility studies focus on the size of the potential market, availability and prices of suppliers and distributors, and the abilities of the entrepreneur. Business plans also include operations plans, marketing strategies, location, management team and in-depth financial projections.

Feasibility studies usually compare several possible scenarios for how a business might work. Business plans describe a specific business, but include different sections depending on which parts of the business are interesting to the audience.

A business will probably fail if its feasibility study is done poorly the first time. Business plans, however, will go through many iterations and are designed to evolve to describe an ongoing business.

First is under development or done, that hasn't decided on practice, it's a proposal, so it can be changed.

the other is the steps for business that undergoes, it's already approved.

Both are co-related , if feasibility study not done correct way then business plan will not succeeded,

 This is necessarily requirement of each successful business   

I fully agree with the answer stated by Mr. Khalid Ghaffar.

I fully agree with the answers been added by EXPERTS....THanks

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