: Types of Feasibility Studies
There are many different types of feasibility
studies:
1- Technical Feasibility :
does the company have the technological resources to undertake the
project? Are the processes and procedures conducive to project success?.
Technical Feasibility assesses the current resources and technology,
which are required to accomplish user requirement in the software within the
allocated time and For this, the software development team ascertains whether
the current resources and technology can be upgraded or added in the software
to accomplish specified user requirements.
Technical
feasibility performs the following tasks:-
It analyses the technical and capabilities of the software development team members.
It determines whether the relevant technology is stable and established.
It ascertains that the technology chosen for software development has large number of user so that they can be consulted when problems arise, or when improvements are required.
2- Schedule Feasibility :
does the company currently have the time resources to undertake the
project? Is the project completable in the available time?
Schedule
feasibility is defined as the likelihood of a project being completed within
its scheduled time frame. If the project has a high likelihood of completion by
the desired due date, then schedule feasibility is considered to be high.
3- Economic Feasibility :
given the financial
resources of the company, is the project something that can be completed? The
economic feasibility study is more commonly called the coast benefits analysis .
Cost/Benefit Analysis :
This is
the standard chart we made in grade school to help us clarify difficult
decisions. You start with the decision that has to be made. Underneath it you
begin listing the various costs involved in each choice. Once each choice has
costs listed, then you list the benefits from making each choice. Analyze each
section and make a decision based upon the choice with the least cost or the
greatest benefit.
There are many other
methods for decision-making when it comes to business choices. The importance
of project management in terms of decision making lies in the fact that
carefully managed projects will have most decisions already made.
5- Operational Feasibility :
this measures how well your company will be able to solve problems and
take advantage of opportunities that are presented during the course of the
project .
Operational feasibility assesses the extent to which the required
software performs a series of steps to solve business problems and user
requirements. This feasibility is dependent on human resource and involves
visualizing whether or not the software will operate after it is developed, and
be operated once it is installed.
It also performs the following tasks:
It determines whether or on Economic Feasibility:
Economic feasibility determines whether the required software is
capable of generating financial gains for an organization. It involves the cost
incurred on the software development team, estimated cost of hardware and
software, cost of performing feasibility study, and so on. For this, it is
essential to consider expenses made on purchases and activities required to
carry out software development. In addition it is necessary to consider the
benefits that can be achieved by developing the software.
Cost incurred on software development to produce long-term gains for an organization.
Cost required to conduct full software investigation.
Cost of hardware, software, development team and training.
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