Feasibility
Feasibility is the measure of the practicality or suitability of a proposed project, method, or system. In the context of project management, feasibility study is an assessment of the practicality of a proposed project or system.
Overview[edit | edit source]
A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
Types of Feasibility[edit | edit source]
There are several types of feasibility which are commonly considered:
- 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 commonly referred to as a 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.
- Scheduling feasibility - This is a measure of how reasonable the project timetable is.
Feasibility Study Process[edit | edit source]
The feasibility study process involves several stages, including:
- Project Definition - This stage involves outlining the plan or project and identifying the key issues.
- Market Research - This stage involves assessing the market for the product or service.
- Technical Study - This stage involves assessing the technical feasibility of the project.
- Business Model Creation - This stage involves creating a detailed business model for the project.
- Financial Assessment - This stage involves assessing the financial feasibility of the project.
See Also[edit | edit source]
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