Feasibility study is an analysis undertaken to determine whether or not a systems request is worthy of further consideration. The feasibility study helps to “frame” and “flesh-out” the systems specifically so they can be studied in-depth. The general objective of the feasibility study is to answer overall questions concerning technical, operational, economic and schedule feasibility.
Technical feasibility involves determining whether a proposed information system is possible given the current state of technology. This can be quantified in terms of volumes of data, trends, and frequency of updating, 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, and to handle the completion of the project. Also, it must assess the ability of the proposed system to interface with the systems used by the organization’s customers and suppliers.
Operational feasibility is a function of human resources. Also, it is a measure of how well a proposed system solves the problems. Operational feasibility covers two aspects. One is technical performance and the other is acceptance within the organization. Technical performance means determining whether the information system can provide the right information at the right place and time. Operational feasibility includes complete acceptance of the new system by system users. Operational feasibility should answer question whether the organization has the ability and willingness to provide training for users as and when necessary. Operational feasibility also entails the new information system getting full support from the management.
Economic analysis is the most frequently used method for...