Feasibility study – The main aim of feasibility study is to determine whether it would be financially and technically feasible to develop the product. A feasibility study is an initial look at an existing information processing system to decide how it might be computerized or improved.
- At first project managers or team leaders try to have a rough understanding of what is required to be done by visiting the client side. They study different input data to the system and output data to be produced by the system. They study what kind of processing is needed to be done on these data and they look at the various constraints on the behavior of the system.
- After they have an overall understanding of the problem they investigate the different solutions that are possible. Then they examine each of the solutions in terms of what kind of resources required, what would be the cost of development and what would be the development time for each solution.
- Based on this analysis they pick the best solution and determine whether the solution is feasible financially and technically. They check whether the customer budget would meet the cost of the product and whether they have sufficient technical expertise in the area of development.
The contents that a feasibility report are:
• A statement of purpose of the system.
• A definition of system scope.
• A list of deficiencies of the current system.
• A statement of user requirements.
• The cost and benefits of development.
• A conclusion and recommendations.