Feasibility study is mainly concerned with the evaluation of the sustainability of proposed system from the prospects of economy, technology, operation and human resource. Feasibility study of any project is done before the official start detail study of the project.
The feasibility of system is tested best upon following points:
• Time frame
• Legal aspects
If system is found to be viable based upon above points, then only the project will further enhanced. Otherwise next option will be tested or the scope of the project will be changed. This is how feasibility study determines the viability of system from various aspects. Feasibility study will check whether technology being involved is available or not. Various types of financial analyses like: cost benefit ratio, IRR, break even analysis are done, which help to check the financial or economical viability of the system. Similarly the time frame and legal aspects of the system will assessed. The system will be cleared for further development or implementation only when it passes above assessment. Thus feasibility study is the one of the most decisive stages of system development life cycle.