I T Feasibility Study
The Feasibility study is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It can decide whether a process be carried out by a new system more efficiently than the existing one.
The feasibility study should examine three main areas; - market issues, - technical and organizational requirements, - financial overview. The results of this study are used to make a decision whether to proceed with the project, or table it. If it indeed leads to a project being approved, it will - before the real work of the proposed project starts - be used to ascertain the likelihood of the project's success.
A feasibility study should provide management with enough information …show more content…
We may have the technology, but that doesn't mean we have the skills required to properly apply that technology. True, all information systems professionals can learn new technologies. However, that learning curve will impact the technical feasibility of the project, specifically, it will impact the schedule.
The bottom line in many projects is economic feasibility. During the early phases of the project, economic feasibility analysis amounts to little more than judging whether the possible benefits of solving the problem are worthwhile. As soon as specific requirements and solutions have been identified, the analyst can weigh the costs and benefits of each alternative. This is called a cost-benefit analysis.
The purpose of a cost/benefit analysis is to answer questions such as:
Is the project justified (because benefits outweigh costs)?
Can the project be done,