What is the Difference Between Feasibility and Viability

Feasibility and viability are two concepts that become important when planning a new project, product, or business idea. They are similar concepts, but they look at success from different angles.

What is the difference between feasibility and viability? Feasibility looks at whether something can be done. It examines resources, skills, time, and technology to see if a plan is realistic. Viability, on the other hand, looks at whether something should be done. It focuses on long-term survival, profitability, and sustainability.

Key Areas Covered

1. What is Feasibility 
     – Definition, Features 
2. What is Viability
     – Definition, Features 
3. Relationship Between Feasibility and Viability
     – Outline of Common Features
4. Difference Between Feasibility and Viability
     – Comparison of Key Differences
5. FAQ: Feasibility and Viability
     – Answers to Frequently Asked Questions

Key Terms

Feasibility, Viability

What is Feasibility

Feasibility refers to the practicality of carrying out a proposed plan, idea, or project. It evaluates whether a project can be done successfully within given limits such as time, budget, technology, skills, and regulations. The goal of a feasibility study is to check if a project is realistic. It helps find possible problems early and shows whether the project is worth starting before spending a lot of money, time, or effort.

A full feasibility analysis usually examines multiple aspects, including technical feasibility, operational feasibility, financial feasibility, legal feasibility, and scheduling feasibility.

Feasibility studies are used in various industries, from construction and healthcare to IT and product development. They help to reduce risks. By finding weaknesses early, a feasibility study gives organizations the chance to improve their plans, gather better resources, or stop projects that are unlikely to succeed. This helps avoid costly mistakes and makes sure that only realistic projects move forward.

For example, if a company is planning to launch a new mobile app, a feasibility study can check if the company has the right technical team, enough money, and a realistic schedule. It can also look at whether there is real market demand for the app. If all these factors are positive, the study will conclude that the project is feasible.

What is Viability

Viability refers to whether a project, idea, or business can be sustained successfully over the long term. Unlike feasibility, which asks if something can be done, viability focuses on whether it should be done and whether it will be practical, profitable, and sustainable once it is started. In other words, it focuses on the long-term success and survival of a plan.

A viability study often considers:

1. Financial viability: Will the project generate enough revenue or profit to justify the investment?
2. Market viability: Is there real and lasting demand for the product or service?
3. Operational viability: Can the business or project continue to function smoothly with available resources and processes?
4. Sustainability: Does the project have the ability to adapt, grow, and compete over time without collapsing?

Viability studies are important because even if a project is technically possible (feasible), it may still fail if it isn’t viable. By testing viability, organizations avoid wasting resources on ideas that might start well but cannot survive long-term.

For example, if a company develops a new eco-friendly product, a viability study would check if customers are willing to buy it at a profitable price, if production costs can stay low, and if the business can compete in the market over several years. If the answers are positive, the project is considered viable.

Relationship Between Feasibility and Viability

1. Both help to evaluate a project.
2. They help identify problems early so that resources, time, and money are not wasted.
3. A project must be feasible (possible) before it can be viable (sustainable).

Difference Between Feasibility and Viability

Definition

• Feasibility looks at whether a project can be done with the available resources, skills, and time, whereas viability looks at whether the project should be done because it will succeed and last in the long run.

Focus

• Feasibility focuses on the practical possibility of starting and carrying out a project, while viability focuses on the sustainability and profitability of the project once it is running.

Scope

• Feasibility examines technical, financial, legal, and operational requirements, whereas viability examines financial returns, market demand, competitiveness, and long-term survival.

Timeframe

• Feasibility is usually about the short term, i.e., getting the project started, whereas viability is about the long term, i.e., keeping the project alive and successful.

Example

• For example, a new app idea may be feasible to build because the technology and money exist, but it may not be viable if customers aren’t interested or it can’t make a profit.

FAQ: Feasibility and Viability

1. What is an example of viable and feasible?

Building a mobile app is feasible if you have the money, technology, and skilled people to create it. But it is only viable if there is strong market demand and it can make enough profit to survive long term.

2. What is the difference between desirability feasibility and viability?

Desirability analyzes whether people actually want the product or service and focuses on demand and customer needs. Feasibility determines whether it can realistically be built with the available resources, time, and technology. Viability, on the other hand, is about whether the idea can survive long-term by being profitable and sustainable.

3. What is the difference between feasible and viable?

Feasible means something is possible to do with the available resources, skills, and time. Viable means something is not only possible, but also practical, profitable, and sustainable in the long run.

4. What are the three types of feasibility?

The three main types of feasibility are:

1. Technical feasibility – This checks if the project can be done with the current technology, tools, and skills available.
2. Financial feasibility – This looks at whether the project is affordable and whether the expected benefits outweigh the costs.
3. Operational feasibility – This checks if the project will work smoothly in practice, fitting into existing systems and processes.

Reference:

1. “What is Business Viability?” ABS Institute.

2. “Feasibility Study.” Wikipedia. Wikipedia Foundation.

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1. “People Discuss About Graphs and Rates” (CC0) via Pexels