Feasibility Study

A feasibility study is an assessment of the practicality of a proposed project or system. A feasibility study aims to find strengths and weaknesses of an existing business or new business, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.

There are four areas of feasibility study

Operational Feasibility

• Used for identifying the importance of certain issues in project and how it can be solved
• Helps in measuring, how a solution of the problem will work for any project or in any organization
• Helps in analyzing the behavior of proposed system, whether it is easier than the existing system for the users

Technical Feasibility

Helps to identify whether the technical resources are available to form the project or system. It suggests efficient input and output devices to manage large amount of data

• It measures the hardware and software of existing system to which extent it can support the proposed system
• Helps in checking whether available technology is within the limit such as budget

Economic Feasibility

• Used to determine the Financial resources of the project
• Helps in measuring all costs incurred in development of new system
• Helps in analyzing total cost for development of new system and benefits derived from new system. It is also called cost benefit analysis

Schedule Feasibility

• It is based upon time, it measures whether there is adequate time to do the project
• Some projects are needed to be completed in given timeframe, feasibility determines whether the project can be completed within give timeframe
• This feasibility is used to allocate time for separate module development in proposed system.