Feasibility study is carried by Systems Analysts. The feasibility study or analysis carefully examines technical, economic, operational, scheduling, legal and strategic factors of a system to make sure that the system can be successfully developed. There major areas are considered while determining the feasibility of a project. They are:
a. Technical Feasibility Study:
This study is done by Systems Analysts to find out whether current technical resources which are available in the organization are capable of handling the user’s requirements. If not, then the analysts confirm whether the technology is available in the market.
b. Economic Feasibility Study:
This study evaluates the financial aspects of the project by performing a cost benefit analysis and addressing both tangible (real) or intangible benefits of the system. Economic or Financial feasibility considers the following points:
• Cost of doing full system study.
• estimated cost of hardware,
• estimated cost of software tools and systems development
The concerned organization must be able to evaluate the investment before implementing the entire system. If the system is not economically feasible, the project should not be proceed further.
c. Operational Feasibility Study:
Once it is determined that the system is both technically and economically feasible then it has to be concluded if it is operationally feasible.
It determines whether there will be any problems in implementing the system in its operational environments, looks at issues such as integrating the new system with existing systems in the organization, and assess how the system fits with the strategic business plan and strategic information plan of the organization.
d. Schedule Feasibility Study:
It addresses the time it will take to complete the project, taking into consideration available resources, and additional resources required, if any.
e. Legal Feasible Study:
This study takes into account factors such as copyrights, patents and government regulations.
f). Strategic Feasibility Study:
This study looks into factors such as the ability of the system to increase market share, give the firm a competitive advantages in the marketplace, enhance the productivity of knowledge workers and achieve other strategic goals of the organization.
Aims of Feasibility Study
The aims of feasibility study are;
• Defining the major problem areas, so that the system analyst can plan the strategy for the field investigation.
• Discovering the areas where some specialist knowledge is required for the full investigation.
• Determining whether the objectives stated in the assignment brief are reasonably attainable within the limitations and financial constraints period.
• Determining the approximate time required for the full investigation and there cost.