Feasibility study
From Wikipedia, the free encyclopedia
 |
This article is incomplete and may require expansion or cleanup. Please help to improve the article, or discuss the issue on the talk page. |
A feasibility study is an evaluation of a proposal designed to determine the difficulty in carrying out a designated task. Generally, a feasibility study precedes technical development and project implementation.
Contents |
[edit] Five common factors (TELOS)
[edit] Technology and system feasibility
The assessment is based on an outline design of system requirements in terms of Input, Processes, Output, Fields, Programs, and Procedures. This can be quantified in terms of volumes of data, trends, frequency of updating, etc. in order to estimate whether the new system will perform adequately or not this means that feasibility is the study of the based in outline.
[edit] Economic feasibility
Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a candidate system and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. An entrepreneur must accurately weigh the cost versus benefits before taking an action. Time Based: Contrast to the manual system management can generate any report just by single click .
Cost Based: No special investment is needed to manage the tool. No specific training is required for employees to use the tool. Investment requires only once at the time of installation. The software used in this project is freeware so the cost of developing the tool is minimal
[edit] 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.
[edit] Operational feasibility
Is a measure of how well a proposed system solves the problems, and takes advantages of the opportunities identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system development.[1]
[edit] Schedule feasibility
A project will fail if it takes too long to be completed before it is useful. Typically this means estimating how long the system will take to develop, and if it can be completed in a given time period using some methods like payback period. Schedule feasibility is a measure of how reasonable the project timetable is. Given our technical expertise, are the project deadlines reasonable? Some projects are initiated with specific deadlines. You need to determine whether the deadlines are mandatory or desirable.
[edit] Other feasibility factors
[edit] Market and real estate feasibility
Market Feasibility Study typically involves testing geographic locations for a real estate development project, and usually involves parcels of real estate land. Developers often conduct market studies to determine the best location within a jurisdiction, and to test alternative land uses for a given parcels. Jurisdictions often require developers to complete feasibility studies before they will approve a permit application for retail, commercial, industrial, manufacturing, housing, office or mixed-use project. Market Feasibility takes into account the importance of the business in the selected area.
[edit] Resource feasibility
This involves questions such as how much time is available to build the new system, when it can be built, whether it interferes with normal business operations, type and amount of resources required, dependencies, etc. Contingency and mitigation plans should also be stated here.
[edit] Cultural feasibility
In this stage, the project's alternatives are evaluated for their impact on the local and general culture. For example, environmental factors need to be considered and these factors are to be well known. Further an enterprise's own culture can clash with the results of the project.
[edit] See also
Matson, James. "Cooperative Feasibility Study Guide" United States Department of Agriculture. Rural Business–Cooperative Service. October 2000.
[edit] References
- ^ Bentley, L & Whitten, J (2007). System Analysis & Design for the Global Enterprise. 7th ed. (p. 417).
[edit] External links
 |
The Wikibook Professional and Technical Writing has a page on the topic of |
