Feasibility study is process of evaluating viability of the project from various prospects of the operation, technology and economy. The project will be subjected to the real development only after confirming its positive feasibility test. The process of determining the feasibility is done after defining the requirements of the project.
The various areas of determining the feasibility can be listed as:
• Operational Feasibility
• Technical Feasibility
• Economical Feasibility
The operational feasibility of system development is all about ascertaining the views of workers, employees, customers and suppliers about the use of new system. The operational feasibility will determine the support from management and users. It will check whether new system will cause any difficulties or harm to any functioning unit of the organization.
Technical feasibility is about the evaluation of hardware and software viability for the system. The system analyst will ascertain whether the proposed system runs on the existing technical infrastructure or not. It will also give idea what upgrade need to be done on the existing system to meet the requirements.
The economical feasibility will evaluate the cost of the project during its development and operational phase. It will determine what will be the increment in the cost and what benefit it will provide after its implementation. The financial and economic questions raised analysis during preliminary investigation for the purpose of estimating may be: cost of conducting a full system investigation, cost of hardware and software and benefit.