Technical feasibilityanalysis is the process of proving that the development of concept is technically possible. It involves development of working model of the system or service. However, few factors influence the successful completion of the project. Familiarity with Functional areais that the analysts are less familiar with the business functionality which leads to misunderstanding the users. The risk increases in developing new systems when the users are unfamiliar or having not enough knowledge with an application. Familiarity with the technology is another factor endanger the project when the system uses new technology that has not been used before in the organization. Users has to become familiar with the new technology in order to use it. Which leads to problems and delays in process. Project size is considerable factor when large number of people involved in development and calculating time it will takes to complete the project. Larger projects are always riskier, because of complicated management and high chances of misunderstanding in gathering the necessary system requirements, especially when project is integrated with other systems.
Economic Feasibility is identifying the financial risk involved in the development of the project. In other words, it is the analysis of project costs and benefits of the proposed system to determine the logical and financial possibility to complete. Development Costs are the tangible expenses incurred while developing the system. These are one-time costs include, project team salaries, software and hardware costs, equipment and office space costs. Operational Costs are tangible costs to maintain the system such as expenses to operation team, software licensing, device/software upgrades, other changes like internet. These costs are necessary and ongoing costs. Tangible Benefits are the revenues and cost savings of the system include increased in sales, reducing the staff, and inventory control.
Organizational Feasibility is allows companies to assess how well the system will be helpful to attract the customers and accepted by its users. Organizational feasibility focuses on not just future users and also how present users benefit from the project. Strategic alignment is the well alignment between the project and business strategy. Which helps to understand how well the goals of the project align with business objectives. Stakeholder Analysis is the process of analyzing the effect of stakeholder on new system. Here, stakeholder might be system users, project champion or the management of organization. Champion is the person who creates the system request, usually the project sponsor. Champion interacts with other organizational decision makers to underlie the project with resources and time within the organization and provides day-to-day support for the system.
Feasibility studyhelps organizations to think twice about investing in development of the project. It forces the organization to consider technical, economical, organizational factors that can affect the project. It helps the IT-professionals in decision making process. Feasibility study can be revised several times while the project is under development. It supports and interprets the important choices that has to be made throughout the process. Each feasibility has relevant ways to identify the issues incurred during the process and helping to choose the decisions wisely.