What is the Feasibility Study?:- The dictionary meaning of feasibility is “able to be done”. The main objective of a feasibility study is to test the technical, social & economic feasibility of developing a system.
“A feasibility study is an analysis that takes all of a project’s relevant factors into account—including economic, technical, legal, and scheduling considerations—to ascertain the likelihood of completing the project successfully. Project managers use feasibility studies to discern the pros and cons of undertaking a project before they invest a lot of time and money into it. Feasibility studies also can provide a company’s management with crucial information that could prevent the company from entering blindly into risky businesses.”
Various types of Feasibility Study:-
Technical Feasibility
During this study, the analyst identifies the existing computer systems of the concerned department & determines whether these technical resources are sufficient for the proposed system or not.
Economic Feasibility
Economic feasibility determines the cost & benefits of the proposed system & compares with the budget. The cost of a project should not outweigh the budget.
Operational Feasibility
During an operational feasibility study, it is determined whether the system will operate in the way that the user wants or not.
Social or Behavioural Feasibility
Social or behavioral feasibility is a determination of whether a proposed project will be acceptable to the people or not.
Management Feasibility
It is a determination of whether a proposed project will be acceptable to management. If management does not accept a project, the analyst will consider the project as a non-feasible one.
Legal Feasibility
Legal feasibility is a determination of whether a proposed project is according to known acts, statutes as well as pending legislation or not.
Time Feasibility
Time feasibility is a determination of whether a proposed project can be implemented fully within the specified time period. If a project takes too much it is likely to be rejected.