Feasibility Study
A feasibility study is the analysis of the practicability of a proposed idea
What is Feasibility Study?
A feasibility study is the analysis of the practicability of a proposed idea. It evaluates the economic, environmental, technical and quality of life aspects of proposed business ideas. Coupled with the project’s compatibility with the local community, this information allows decision makers to have the accurate and relevant information needed to make informed choices.
Project Leader, Business Analyst, Configuration Manager, Development Manager, Project Manager, Technical Architect, IT Manager, System Administrator, Test Manager, Documentation Manager, Technical Writers, System Administrator.
The Feasibility Study analyses potential solutions against a set of requirements, evaluates their ability to meet these objectives, describe a recommended solution, and offer a justification for this selection. It should address issues that could influence the success of a potential project and assess the advantages and disadvantages of each option so they can be ranked.
Scope of Feasibility Analysis
In general terms, the elements of a feasibility analysis for a project should cover the following:
• Need Analysis: Pertinent questions that should be asked include:
• Is the need significant enough to justify the proposed project?
• Will the need still exist by the time the project is completed?
• What are the alternate means of satisfying the need?
• What are the economic, social, environmental, and political impacts of the need?
Process Work: What will be required to satisfy the need?
Cost Estimate: Estimating project cost to an acceptable level of accuracy.
Financial Analysis: An analysis of the cash flow profile of the project.
Project Impacts: Environmental, social, cultural, political, and economic impacts maybe some of the factors that will determine how a project is perceived by the public.
Conclusions and Recommendations: Overall outcome of the project analysis.