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Comprehensive and Detailed Explanation:

Feasibility analysis is a strategic planning activity used to determine whether a proposed event or initiative is practical, valuable, and achievable. CMP professionals conduct feasibility studies before committing significant resources to new meetings or event programs.

A feasibility analysis may include evaluating market demand, potential attendance, financial projections, available resources, competition, organizational readiness, and alignment with strategic objectives. This process helps decision-makers understand opportunities and challenges before investing time and money.

Room allocation planning and registration processing are operational activities that occur later in the event lifecycle. Contract reconciliation focuses on reviewing agreements and financial obligations.

Strategic planning requires evidence-based decision-making rather than assumptions. By conducting a feasibility analysis, organizations can determine whether a new event supports business goals and has a reasonable likelihood of success.

Therefore, feasibility analysis is the correct answer because the planner is evaluating whether the proposed conference should be developed.