Viable refers to something that can function effectively and succeed, indicating feasibility and ultimate prevalence. In the field of botany, a viable seed or spore possesses the ability to sprout and grow.
In the realm of biology, the term signifies the capacity to live, endure, or prosper, particularly under specific circumstances.
It is employed to denote any entity or situation that can thrive, progress, or maintain life successfully.
Originating from the French word ‘Viable,’ meaning “capable of life,” the term first appeared in the English language in 1828.
Starting in 1848, the word was additionally applied to newborn infants. When an infant or fetus is considered viable, it signifies their ability to survive outside the womb after birth, potentially with the assistance of modern medical intervention.
A viable business
When referring to a company, a viable business is one that can endure and achieve prosperity. Essentially, this implies the business consistently generates profit year after year, representing a profitable enterprise. It functions as an ongoing concern by maintaining more revenue inflow than expenditure outflow, ensuring profitability.
In the corporate world, we also employ the term to describe a plan that is perceived as realistic and therefore likely to succeed.
The Financial Times’ glossary, ft.com/lexicon, has the following definition of the term:
“A viable plan, system, suggestion, etc. is realistic and thus has the potential to succeed.”
“A viable company or organization generates profit and possesses the capability to continue conducting business.”
Viable vs. feasible
While both viable and feasible share similarities, their meanings are not entirely interchangeable, as they are utilized in different contexts.
Feasible describes the possibility of accomplishing something. For instance, if someone asks, “Can we construct a house using this material?” I might respond, “Yes, we can. Nevertheless, it would result in a small house, potentially with two bedrooms.”
Feasible indicates the ability to carry out a task or project; it denotes plausibility.
On the other hand, viable focuses on the likelihood of success. If a plan is deemed non-viable, it implies that it will not achieve the desired outcome. While I may be capable of executing the plan, doing so would not be advisable. Conversely, a plan that is deemed unfeasible cannot be implemented.
A seed that lacks viability is unable to germinate. Conversely, a seed that lacks feasibility does not exist because its creation is impossible (although we rarely employ the term ‘feasible’ in this context).
Viability study vs. feasibility study
A viability study entails an extensive investigation of a business concept, primarily assessing its potential profitability. Subsequently, the study determines the feasibility of transforming the concept into a thriving business venture.
A feasibility study, on the other hand, evaluates the practicality of a proposed plan or method. It constitutes an analysis to determine whether successfully completing a project is plausible. Present-day feasibility studies often incorporate an examination of whether a proposal or project can generate long-term profits.
