The Purpose and Practical Use of Feasibility Studies

Few people would buy a car without knowing the price, purchase a home without an inspection, or accept a new job without salary information. So why start a new certification or certificate program without understanding the market?

Most successful decisions depend on understanding potential risks and rewards, without knowing exactly what the future holds. How long the car will last, if the house will gain or lose value, or if the job will prove rewarding are uncertain, but information is available to inform those key decisions and make reasonable predictions.

The same holds true in credentialing.

Feasibility studies inform decision making by providing essential information to analyze potential challenges and opportunities. A well-designed study allows leaders to evaluate risks and benefits before undertaking a new project or implementing significant changes.