What is the Feasibility Study? Different Types of Feasibility Study
It is an assessment of the practicality of a proposed plan or method. Which helps to find the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. A feasibility study is used for…,
- To determine whether the objectives stated in the assignment brief are reasonably attainable within the limitation and financial constraints period.
- To define major problem areas, so that the system analyst can plan the strategy for the field investigation.
- To find areas where potential exists for making saving in money, time or effort.
- To determine the approximate time required for the full investigation and cost.
- To discover the areas where some specialist knowledge needed for the full investigation.
There are different types of a feasibility study… which are explained below,
- Technical feasibility
- Economical feasibility
- Operational feasibility
- Schedule feasibility
It measures the availability of technical resources (hardware components or technical equipment). It also studies the availability of the technical manpower for the project. [ if the work performances of the technical manpower are not experienced, the entire system will be certainly insufficient.]
Economical feasibility measures whether finances (investments) are available for the proposed solution, i.e. it looks at the financial aspects (cost/ effectiveness) of the project. This is often called a cost-benefit analysis.
It is a measure of how well the solution of problems or a specific alternative solution will work in the organization. It is also a measure of how people feel about the system. If the system is not easy to operate than the operational process would be difficult. The operator of the system should be given proper training. The system should be made such that the user can interface the system without any problem.
If a deadline (time-limit) is established, it is called schedule feasibility, i.e the deadline of the project is studied under the scheduled feasibility. The scheduled feasibility also depends upon available manpower and economic condition as well.