INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They are inexpensive to conduct.
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They are especially important for government projects.
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They are used by businesses in every industry.
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They are not useful for nonprofit organizations.
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Detailed explanation-1: -Which of the following is a true statement about feasibility studies: They are used by businesses in every industry. allow owners/managers to make a sound decision about the venture.
Detailed explanation-2: -1. The Project Scope which is used to define the business problem and/or opportunity to be addressed. The old adage, “The problem well stated is half solved, ‘’ is very apropos. The scope should be definitive and to the point; rambling narrative serves no purpose and can actually confuse project participants.
Detailed explanation-3: -Feasibility studies can identify the logistical, financial, and market challenges of a proposed project by evaluating: What the estimate would be to fund the project. When the potential business will offer a return on investment. The market for the proposed product or service.
Detailed explanation-4: -A feasibility study is simply an assessment of the practicality of a proposed project plan or method. This is done by analyzing technical, economic, legal, operational and time feasibility factors.
Detailed explanation-5: -Economics. The most important part of a feasibility study is the economics. Economics is the reason most projects are undertaken (with some exceptions for government and non-profit projects in which a cost benefit analysis is the primary tool).