What is the Difference Between Feasibility and Viability?

The terms feasibility and viability are often used in the context of business, startups, and investments. They have distinct meanings and should not be used interchangeably:

• Feasibility refers to the possibility and ability for something to be done, focusing on whether a project or idea can be successfully executed and completed. Feasibility studies aim to uncover the strengths and weaknesses of an existing business or proposed venture, taking into consideration the opportunities offered by the environment, its resources, and the subsequent success of the venture. Some aspects of a feasibility study include financial and cultural legal and operational feasibility, and resource feasibility.
• Viability, on the other hand, refers to a project or business's ability to survive and make a profit. It deals with strategies on how to make the business grow and succeed. Viability considers factors such as the commercial value of releasing a product, the ability of the business to make a profit, how long it will take to see a positive return on investment, and the product's sustainability and impact on society.

In summary, feasibility is about determining whether a project or idea can be successfully executed and completed, while viability focuses on the project or business's ability to survive, make a profit, and grow sustainably.

Comparative Table: Feasibility vs Viability

The difference between feasibility and viability can be summarized in the following table:

In summary, feasibility focuses on the practical aspects of implementing an idea or project, while viability is concerned with the long-term success and sustainability of the idea or project.