What is a feasibility study?

A feasibility study is fundamentally an evaluation of a project's potential success and viability. This assessment typically involves analyzing various aspects, including economic, technical, legal, operational, and scheduling considerations, to determine whether a project should proceed. It provides insights into potential challenges and identifies whether the benefits outweigh the costs, helping decision-makers make informed choices regarding resource allocation and project initiation.

In contrast, the other options represent distinct concepts: analyzing employee performance reviews pertains to human resource management and performance evaluation rather than project viability; compiling project timelines relates to project scheduling rather than an overarching evaluation of feasibility; and reviewing industry trends focuses on external market insights, which, while useful, does not directly assess the specific viability of a particular project. These contexts illustrate why option B is the most accurate definition of a feasibility study.