Feasibility Study can be considered as a preliminary investigation that helps the management to make decisions about whether study of a system should be feasible for development or not.
- It identifies the possibility of improving an existing system, developing a new system, and producing refined estimates for further development of the system.
- It is used to obtain the outline of the problem and decide whether a feasible or appropriate solution exists or not.
- The main objective of a feasibility study is to acquire problem scope instead of solving the problem.
- The output of a feasibility study is a formal system proposal that acts as a decision document which includes the complete nature and scope of the proposed system.
Steps Involved in Feasibility Analysis
The following steps are to be followed while performing feasibility analysis −
- Form a project team and appoint a project leader.
- Develop system flowcharts.
- Identify the deficiencies of the current system and set goals.
- Enumerate the alternative solution or potential candidate system to meet goals.
- Determine the feasibility of each alternative such as technical feasibility, operational feasibility, etc.
- Weight the performance and cost effectiveness of each candidate system.
- Rank the other alternatives and select the best candidate system.
- Prepare a system proposal of final project directive to management for approval.
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