A feasibility analysis is used to determine the viability of an idea, such as ensuring a project is legally and technically feasible as well as economically justifiable. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. A feasibility study examines the practicability of a proposal, business venture, or idea. There are different types of feasibility they are as below.
Different types of the Feasibility study
Operational Feasibility Study.
Technical Feasibility Study.
Schedule Feasibility Study.
Economic Feasibility Study.
Cultural/Political Feasibility Study.
Legal Feasibility Study.
Operational Feasibility study.
Operational feasibility is the 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. In other words, feasibility defines the urgency of the problem and the acceptability of any solution; If the system is developed, will it be used? Includes people-oriented and social issues: internal issues, such as manpower problems, labor objections, manager resistance, organizational conflicts, and policies; also external issues, including legal aspects and government regulations, also social acceptability of the new system.
Technical Feasibility study.
A technical feasibility study assesses the details of how you intend to deliver a product or service to customers. In other words, technical feasibility is the project feasibility within the limits of current technology? Does the technology exist at all? Is it available within given resource constraints (i.e., budget, schedule,...)?.
Schedule Feasibility study.
Schedule feasibility is the process of assessing the degree to which the potential time frame and completion dates for all major activities within a project meet organizational deadlines and constraints for affecting change. In other word Constraints on the project schedule and whether they could be reasonably met.
Economic Feasibility Study.
The main purpose of an economic feasibility study is to demonstrate the net benefit of a proposed project for accepting or disbursing electronic funds/benefits, taking into consideration the benefits and costs to the agency, other state agencies, and the general public. In other words, the feasibility study is the project possible, given resource constraints? Are the benefits that will accrue from the new system worth the costs? What are the savings that will result from the system, including tangible and intangible ones? What are the development and operational costs?
Cultural/Political Feasibility Study.
Cultural feasibility studies use ethnographic methods to explore ethical, behavioral, and social issues inherent in the design of proposed clinical trials. And political feasibility analysis is used to predict the probable outcome of a proposed solution to a policy problem by examining the actors, events, and environment involved in all stages of the policy-making process.
Legal Feasibility Study.
Legal feasibility determines whether the proposed system conflicts with legal requirements, e.g., a data processing system must comply with the local data protection regulations and if the proposed venture is acceptable in accordance with the laws of the land.
