Feasibility study

In software development a feasibility study is a preliminary investigation that determines the possibility of undertaking a certain project. It appraise the rationality, the need and the coherence of the project with the strategic objectives of the business. This process is very important in order to evaluate the efficiency of the proposed software project in terms of cost, duration and conformance to operational requirements, time constraints and legal considerations.

The Purpose of a Feasibility Study

Therefore, the major objective of a feasibility study is to determine whether a project is worthwhile before many resources are expended. It assist in identifying the potential problems and risks, the extent to which the project is in line with the organizational goals and if the project can be effectively executed given the existing constraints. A feasibility study helps an organization to determine whether to go ahead with a particular project or not, whether to expand or reduce the scope of the project or whether to shelve the project altogether.

Steps Involved in a Feasibility Study

1. Identification of Project Goals, Activities and Needs: The first stage in the feasibility study is to establish the objectives of the project or programme. This includes defining exactly what has to be done and what resources and what is needed to accomplish these tasks.
2. Data Collection: It is imperative to gather data in the feasibility study process. This involves identifying some of the features of the project such as the technological features, operational features and the legal features. This information gathered forms a basis for further research and development or decision making.
3. Technology Demand and Operations Characteristics: The study also looks at the technological requirements of the project such as tools, platforms and infrastructure that are required in the course of the project. It also looks at the working aspects of the project for instance how it will link with other systems and procedures.
4. Regulatory and Compliance Considerations: One of the major aspects of the feasibility study is the assessment of legal and regulatory framework of the project. This entails reviewing any legal issues that may exist, practice within the industry and other regulations that may be relevant to the project.
5. Examination and Analysis: After data has been collected the next step is to compare the samples against the set parameters. This analysis assist in determining the viability of the project from the technical, financial, operational and legal point of view.
6. Risk Analysis: Risk analysis is a very important step in the feasibility study and is an attempt to determine the possible problems that may occur in the project. This entails assessing the probability of occurrence of such risks and the consequences that may arise in the course of the project.
7. Summary and Conclusion: The last activity in the feasibility study is the synthesis of the data gathered and analyzed in the previous activities. This summary gives an overall recommendation of the feasibility of the project, and if the project should be carried out, modified, or scrapped.

Importance of a Feasibility Study

There are several reasons as to why it is important to conduct a feasibility study:

• Informed Decision-Making: It offers an overall assessment that enables the stakeholders to make right decisions regarding the future of the project.
• Cost-Efficiency: In this way, the study is able to prevent the occurrence of possible problems and thus save money and time as well as prevent wastage of resources.
• Risk Mitigation: The feasibility study outlines risk and challenges that can be anticipated and addressed so that they don’t become major issues.
• Strategic Alignment: It makes it possible for the project to be in line with the organization’s strategic plan hence improving the chances of success.

Conclusion

In the context of software development, a feasibility study is a process that consists of estimating whether a particular project is viable and profitable, and if it corresponds to the company’s strategy. The feasibility study offers the organization a way to assess the project’s objectives, data needs, technological needs, and the risks it may encounter in the process of the project, thus, enhancing the chances of implementing the project successfully. This process ultimately helps in the optimization of the use of resources and make it possible to accomplish the project within the set time and other constraints.