Feasibility study

Feasibility Study is a preliminary study undertaken to determine and document a project's viability. The results of this study are used to make a decision whether to proceed with the project. It is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative.

Definition

A Feasibility Study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to support the process of decision making.

Purpose

The purpose of a feasibility study is to understand the potential positive and negative outcomes of a project before investing a considerable amount of time and money into it.

Types of Feasibility Studies

There are several types of feasibility studies including:

• Technical feasibility - This assessment is based on an outline design of system requirements, to determine whether the company has the technical expertise to handle completion of the project.
• Economic feasibility - This is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis.
• Legal feasibility - Determines whether the proposed system conflicts with legal requirements, e.g. a data processing system must comply with the local data protection acts.
• Operational feasibility - This is a measure of how well a proposed system solves the problems, and takes advantage of the opportunities identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system development.

Process

The feasibility process is completed prior to project initiation or often, it can be utilized to see if a set of processes or procedures will enhance or harm project outcomes.

See Also

• Project Management
• Business Analysis
• Risk Management

References

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