What is Feasibility

What is Feasibility?

Feasibility is the Capability of being accomplished; possibility; capability of being utilized or dealt with success; suitability; logicality; likely. As used in cultural resource management, it means realistic alternatives, mitigation, or methods to protect resources.

A feasibility study is an evaluation of a proposal designed to determine the difficulty in carrying out a designated task. Generally, a feasibility study precedes technical development and project implementation. In other words, a feasibility study is an evaluation or analysis of the potential impact of a proposed project.

Main Types of Feasibility

Technology and system feasibility

The assessment is based on an outline design of system requirements in terms of Input, Processes, Output, Fields, Programs, and Procedures. This can be quantified in terms of volumes of data, trends, frequency of updating, etc. in order to estimate whether the new system will perform adequately or not. Technological feasibility is carried out to determine whether the company has the capability, in terms of software, hardware, personnel and expertise, to handle the completion of the project

Economic feasibility

Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a candidate system and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. An entrepreneur must accurately weigh the cost versus benefits before taking an action.

Cost-based study: It is important to identify cost and benefit factors, which can be categorized as follows: 

1. Development costs; and 

2. Operating costs. 

This is an analysis of the costs to be incurred in the system and the benefits derivable out of the system.

Time-based study: This is an analysis of the time required to achieve a return on investments. The future value of a project is also a factor.

Legal feasibility

This Determines whether the proposed system conflicts with legal requirements. E.g. a data processing system must comply with the local Data Protection Act.

Operational feasibility

Operational feasibility is a measure of how well a proposed system solves the problems, and takes advantage of the opportunities identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system development.

Schedule feasibility

A project will fail if it takes too long to be completed before it is useful. Typically this means estimating how long the system will take to develop, and if it can be completed in a given time period using some methods like payback period. Schedule feasibility is a measure of how reasonable the project timetable is. Given our technical expertise, are the project deadlines reasonable? Some projects are initiated with specific deadlines. You need to determine whether the deadlines are mandatory or desirable.

Things to Be Studied in Feasibility Study

. The present organizational system, including users, policies, functions, objectives...

. Problems with the present system (inconsistencies, inadequacies in functionality, performance...

.  Objectives and other requirements for the new system (what needs to change?)

. Constraints, including nonfunctional requirements on the system (preliminary pass)

.  Possible alternatives (the current system is always one of those)

 . Advantages and disadvantages of the alternatives

The PIECES Framework

The PIECES framework can help in identifying operational problems to be solved, and their urgency:

Performance - Does current mode of operation provide adequate throughput and response time?

Information - Does current mode provide end users and managers with timely, pertinent, accurate and usefully formatted information?

Economy - Does current mode of operation provide cost-effective information services to the business?

 Could there be a reduction in costs and/or an increase in benefits?

Control - Does current mode of operation offer effective controls to protect against fraud and to guarantee accuracy and security of data and information?

Efficiency - Does current mode of operation make maximum use of available resources, including people, time, and flow of forms,

Services - Does current mode of operation provide reliable service? Is it flexible and expandable?