What kind of study involves research and data analysis to justify a project?

A feasibility study is designed to evaluate the viability of a proposed project or initiative. This type of study involves comprehensive research and data analysis to determine whether the project is practical, considering various factors such as economic, legal, technical, and scheduling aspects. By assessing the strengths, weaknesses, opportunities, and threats associated with the project, a feasibility study helps in making informed decisions about whether to proceed with the initiative.

While the other options also represent forms of assessment, they focus on different specific areas. Market analysis primarily looks at consumer demand and competition to inform business strategy, while an environmental impact assessment evaluates the potential effects of a project on the natural environment. Risk management analysis seeks to identify, assess, and prioritize risks, ultimately helping to mitigate potential issues related to project execution. Each of these studies serves unique purposes, but a feasibility study distinctly encompasses a broader review to justify moving forward with a project.