In this short article you will learn about Feasibility Studies in Project Development. If you're going to create a college project then I hope this article will help you a little bit.
Introduction
A Feasibility Study determines whether a project is worth doing. The process followed for making this determination is called a Feasibility Study. This type of study determines whether a project can and should proceed. Once it has been determined that a project is feasible, the analyst can proceed and prepare the project specifications that finalize the project specification.
The following are the various types of feasibility studies that can be undertaken.
Technical Feasibility
This is concerned with specifying the equipments and the software to satisfy the user requirements. The technical needs of the system vary considerably but might include:
- The facility to produce outputs in a given time.
- Response time under certain conditions.
- Ability to process a certain volume of transactions at a specified speed.
- Facility to communicate data to a distant location.
Technical feasibility centers on the existing computer system, hardware, software etcetera and to what extent it can support the system. In examining the technical feasibility, the configuration of the system is given more importance than the actual hardware. The configuration should provide the complete picture of the system requirements, for example how many workstations are required and how these units are interconnected so that they would operate smoothly, etcetera. The result of the Technical Feasibility Study is the basis for the documents against which dealer and manufacturer can make bids. Specific hardware and software products can then be evaluated keeping in view the logical needs.
Economic Feasibility
Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a candidate system and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system.
It is not done to analyze the new system. Using a Gantt Chart schedule and part chart. We assumed that the benefit of the project is greater than the cost. So if we can develop the project easily then it is used for the evaluation of the proposed. We calculate the cost/benefit analysis and we assume that the benefit is feasible so we start developing the project. It is an analysis of the cost to be incurred in the system and benefits the derivable from the system. An economic Feasibility Study should demonstrate the net benefit of the proposed course of action in the context of direct and indirect benefits and costs to the organization and to the public as a whole. It should be required for both pilot and long-term activities, plans and projects.
Operational Feasibility
It determines how acceptable the software is within the organization. The evaluations must then determine the general attitude and skills. Such restriction of the job will be acceptable. To the users are enough to run the proposed budget, hence the system is supposed to the feasible regarding all except of feasibility. In operational feasibility, we attempt to enusre that every user can access the system easily. We develop a menu that users can easily access and we provide shortcut keys.
We show a proper error message when any mistakes are made in the program. We provide help and a guideline menu to help the user.
Changes in the ways individuals are organized into groups may then be necessary and the groups may now compete for economic resources with the needs of stabilized ones by converting a number in a file in software.
Behavioral Feasibility
Normal human psychology of human beings indicate that people are resistant to change and computers are known to facilitate change. Any project formulations should consider this factor also. Before the development of the Project titled "Delhi Metro", the need to study the feasibility of the successful execution of the project was felt and thus the following factors are considered for a Feasibility Study.
- Need Analysis.
- Provide the users information pertaining to the preceding requirement.
Feasibility Study Report
The result of the Feasibility Study provides us with the following facts:
- The automated system would increase the efficiency of the system.
- The automated system would increase customer's satisfaction.
- The automated system has many requirements such as Efficiency cost effectiveness, prompt service, Reliability.
- The automated system would add to the security features of the system
- The automated system should be simple to use, incorporate all necessary services and maintainable.
- This will cause some changes in the organization. These are:
Change in staffing policies: present employees will need to be sent for training.
New employees to be recruited will need to have the knowledge of the automated system.