A comprehensive feasibility study is an all-inclusive feasibility analysis that takes into consideration all aspects of a development project that can impact its success. It includes different types of studies that depend on the project's purpose and participants, any one of which could be the analyst’s sole assignment in a particular situation:
- Strategy study – Assessment of the project and the development objectives, policies, plans and decision criteria;
- Legal study – Determination of the legal and political constraints and problems that may affect the project, including title, zoning and building code;
- Compatibility study – Assessment of the suitability of the development project to surrounding land uses, municipal master plans, public policies, and environmental standards;
- Architectural and engineering study – Evaluation of alternative land-use plans, structure and design alternatives, soil analysis, utility availability, etc.;
- Location and market analysis – The study of the economic base and local market or related aggregate data to determine the general suitability of the location and market for the business;
- Merchandising study – Analysis of the marketing factors for a product, such as consumers, competitive properties, sales and marketing, pricing, and absorption rate;
- Market feasibility study (MFS) – Conducted to assess or reconfirm whether or not a development concept is supported by current and future market dynamics; and
- Financial-economic study – Financial analysis of the project, including assessment of financing alternatives, tax shelter planning, cash-flow forecasting, rate-of-return analysis, capital budgeting analysis, cost-benefit analyses, and holding-period analysis.
The feasibility of a development project can be determined only in terms of given constraints and resources. The consultant concludes whether or not a development project is feasible based on the criteria provided by the developer.
When evaluated in terms of sustainability, a comprehensive feasibility study considers all significant environmental, social and economic factors. However, the feasibility criteria vary for each stakeholder.