Final answer:
A feasibility study explores possibilities, evaluates potential solutions to problems, and uses mathematical models to estimate costs. It serves to thoroughly understand the viability before proceeding with a project.
Step-by-step explanation:
A feasibility study is critical before making the decision to proceed with a project. It involves the exploration of possibilities and thorough research to evaluate the viability of potential designs, their benefits, and drawbacks. The study begins with an introduction to the problem at hand, followed by a detailed analysis of the problem, exploring a problem through brainstorming or use of a graphic organizer, and a look into various solution approaches.
Conducting a feasibility study is crucial for understanding the problem in depth and examining possible solutions. It often includes mathematical models to estimate costs and benefits of different solutions, ensuring a robust comparison. This study sets the framework for the next steps which include designing, executing research methods, engaging in peer review exercises, and ultimately drawing conclusions and recommendations, indicating whether a project should proceed or not.