Feasible vs. Viable

Attribute	Feasible	Viable
Definition	Possible to do or achieve within a certain set of constraints	Capable of working successfully; practical or workable
Cost	May be affordable or within budget	Can generate enough revenue to cover costs and provide profit
Risk	May involve some level of risk or uncertainty	Consideration of risks and mitigation strategies
Timeframe	Can be completed within a certain timeframe	Consideration of time required for implementation and return on investment

Definition

Feasible and viable are two terms often used in business and project management to assess the potential success of a plan or idea. Feasible refers to the possibility of something being achieved or put into effect, while viable refers to something being capable of working successfully. While these terms may seem similar, they have distinct attributes that set them apart.

Feasibility

Feasibility is often used to determine whether a project or idea is possible within the constraints of resources, time, and other factors. When something is deemed feasible, it means that it can be accomplished given the current circumstances. For example, a project may be considered feasible if there are enough funds, manpower, and time to complete it successfully. Feasibility studies are often conducted to assess the practicality of a plan before moving forward.

Viability

Viability, on the other hand, goes beyond feasibility and looks at the potential for long-term success. A project may be feasible in the short term, but if it is not viable in the long run, it may not be worth pursuing. Viability takes into account factors such as market demand, competition, and sustainability. For a project to be considered viable, it must have the potential to generate revenue, create value, and adapt to changing circumstances.

Attributes

Feasible projects are those that can be realistically achieved within the given constraints. They are often more focused on short-term goals and immediate results. Feasibility is about practicality and whether something can be done with the resources available. On the other hand, viable projects are those that have the potential for long-term success and sustainability. They are more focused on creating value and adapting to changing market conditions.

Assessment

When assessing the feasibility of a project, factors such as cost, time, and resources are taken into consideration. A feasibility study may be conducted to analyze these factors and determine whether the project is worth pursuing. On the other hand, when assessing the viability of a project, factors such as market demand, competition, and potential for growth are considered. A viability assessment looks at the long-term potential of a project and its ability to succeed in the market.

Risk

Feasible projects may still carry risks, such as cost overruns, delays, or resource constraints. However, these risks are often more manageable and can be mitigated with proper planning. On the other hand, viable projects may face risks such as market fluctuations, changing consumer preferences, or increased competition. These risks may be harder to predict and mitigate, making viability assessments more complex.

Conclusion

In conclusion, while feasibility and viability are related concepts, they have distinct attributes that set them apart. Feasibility focuses on the practicality of achieving a project within given constraints, while viability looks at the long-term potential for success and sustainability. Both feasibility and viability assessments are important in determining the potential success of a project and should be conducted before moving forward with any plan or idea.