A Feasibility Study is a preliminary study undertaken prior to any design work of a project to ascertain the likelihood of a project's success.  It is an analysis which tries to clearly establish whether a project can achieve its goals and its expected results as well as evaluates in detail a project's technical design, its costs and benefits, social and environmental impacts, institutional aspects and funding requirements, etc.

Feasibility studies are usually carried-out in the Project Request Phase of the project cycle.