Leaving Certificate Business Definitions Practice Test 2026 - Free Business Definitions Practice Questions and Study Guide

A feasibility study examines whether a project or proposal can be carried out in practice by looking at two key questions: can the required technical aspects be delivered, and is it financially viable? It reviews the technical requirements, resources, and capabilities needed, along with costs, expected benefits, and the potential returns. This step helps determine whether it’s sensible to invest further in detailed planning or abandon the idea.

In contrast, a risk assessment focuses on identifying and evaluating possible risks, a pilot project tests the idea on a small scale to learn lessons before full rollout, and a business case analysis weighs costs and benefits to justify investment with a recommended course of action. For assessing technical and financial viability, the appropriate term is feasibility study.