Feasibility and viability are tools used in the investment appraisal of a project and its sustainability. Viability is the ability of a thing to maintain itself or get back its potentialities. Viability of a business is measured by means of the length of its survival. It is interesting to note that the sustainable profits the business had made over a period of time determine the viability of a business for that matter.
Feasibility consists in the evaluation of the aim of finding out the workability and the profitability of a business. It is quite normal that partners look into the feasibility of the business before investing money into the venture.
It is true that feasibility paves the way for viability as well. It all depends upon the profitability of a business to survive for lengthy periods of time amidst the tough competition. Feasibility is characterized by factors such as calculation, analysis and estimated projections among several other factors.
Viability on the other hand deals with business tactics and strategies to lengthen the life of the business. Strategies do not play a vital role in the concept of feasibility of a business whereas they do play a very important role in the concept of viability of business.
Business growth and sustainability are the two important aspects of viability. On the other hand feasibility is not concerned much about the aspects of business growth and sustainability. It is concerned only about the profitability and the workability of the business.
Feasibility of a business comes into play only after the particular business satisfies the conditions of profitability and workability. This means that viability follows feasibility. In other words feasibility paves the way for viability of a business.
Thus we come to know that men and material are required to achieve the goal of feasibility of a business. A feasible business is likely to last long and achieve viability too.