Project feasibility refers to the determination of whether a proposed system or project can be successfully developed and implemented from various perspectives, including technical, economic, operational, legal, scheduling, resource, and market standpoints.
Thank you for reading this post, don't forget to subscribe!- It is a critical step during the Planning phase of the Systems Development Life Cycle (SDLC).
- Its main purpose is to evaluate whether the project is viable and worthwhile before investing significant time, money, and resources.
- This feasibility analysis helps stakeholders and decision-makers make informed choices about whether to approve, revise, postpone, or reject a project.
Types of Feasibility:
1.) Technical Feasibility:
- This determines whether the organization has the technical expertise, infrastructure, and resources required to build the system.
- It evaluates whether the required hardware, software, and technical skills are available or attainable within reasonable constraints.
2.) Economic Feasibility (Cost-Benefit Analysis):
- This determines whether the expected benefits of the system outweigh the estimated costs.
- It includes both tangible (e.g., cost savings, revenue increase) and intangible benefits (e.g., improved customer satisfaction) and evaluates return on investment (ROI).
3.) Operational Feasibility:
- This examines whether the proposed system will function as intended in the existing business environment and whether end-users will adopt and use it effectively.
- It considers usability, organizational culture, and human factors.
4.) Legal Feasibility:
- This verifies that the system will comply with all applicable laws, regulations, and contractual obligations. It involves analyzing data protection laws, labor laws, industry regulations, and licensing requirements.
5.) Schedule Feasibility:
- This evaluates whether the system can be developed and delivered within the required timeframe. It takes into account deadlines, resource availability, and project complexity.
6.) Resource Feasibility:
- This determines whether adequate human, financial, and material resources are available to complete the project successfully. It checks whether the organization has enough staff, equipment, tools, and budget.
7.) Market Feasibility:
- This is particularly important for systems intended for external users or commercial use. It evaluates whether there is a demand or user base for the proposed system or product in the target market.