The term 'Evaluation' has a larger meaning and more exhaustive, covering all aspects of a project or business proposal, including utility, profitability, time frame, risk factors, market opportunities, competition, production, marketing and financial plans analysis, strategic strengths, synergies in case of a buying an existing business etc.,
Whereas the term 'feasibility' is generally referred to specific areas and usually limits the meaning to whether the project or business proposal is a worthwhile one in terms of technical, production, marketing and financial feasibility.
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Feasibility Study Report
A Viability study is an in depth investigation of the profitability of the business idea to be converted into a business enterprise. A viability study may contain feasibility-, recommendation- or Evaluation report. http://en.wikipedia.org/wiki/Viability_study
A feasibility report is designed to answers questions about the practical possibility of pursuing a certain objective. Such basic questions as Can it be done? Is it practical? Is it achievable? Are there any pitfalls to consider? Will it meet the stated objective? and so on! A recommendation report is one step on! Such a report outlines the benefits of following a course of action! The likely benefits to be realised! The consequences of not doing it! Therefore it encourages the pusuit of the related course of action.
There are basically two features to a feasibility study report. One feature outlines the positive aspects of a business proposal. The other feature outlines the negative aspects of a business proposal.
This is a long subject, you might want to check this article: http://www.pmhut.com/initiating-phase-feasibility-study-request-and-report