Step 5: Mastering Feasibility Studies
for successful Projects
The feasibility study is a
critical step in software project development, ensuring that the proposed
solution is viable in terms of technical, financial, operational, and schedule
aspects. It evaluates whether the project can be successfully implemented within
constraints like resources, time, and technology.
What is a
Feasibility Study?
- Definition: A
feasibility study is an analysis conducted to determine the practicality
and viability of a proposed project.
- Purpose:
- To
identify potential challenges.
- To assess
whether the project is achievable.
- To
ensure the project aligns with stakeholder goals.
Types of
Feasibility
A comprehensive feasibility study
considers multiple dimensions:
1. Technical
Feasibility:
o
Evaluates whether the technology and tools required
for the project are available and suitable.
o
Key Questions:
§ Is the
required technology readily available?
§ Does the
team have the technical expertise?
§ Are there
any technological risks, like integration issues?
o
Example:
§ For a
mobile app, ensure compatibility with Android and iOS platforms.
2. Financial
Feasibility:
o
Assesses whether the project is financially viable
within the allocated budget.
o
Key Questions:
§ Are there
sufficient funds for development and maintenance?
§ Will the
project deliver a good return on investment (ROI)?
§ Are there
risks of cost overruns?
o
Example:
§ Estimating
the cost of hosting an e-commerce platform and its maintenance.
3. Operational
Feasibility:
o
Analyzes whether the proposed solution aligns with
organizational goals and user needs.
o
Key Questions:
§ Will the
software meet user requirements effectively?
§ Can the
organization adapt to the changes introduced by the project?
o
Example:
§ For a
hospital management system, ensure that staff can easily adopt the system.
4. Schedule
Feasibility:
o
Evaluates whether the project can be completed
within the specified time frame.
o
Key Questions:
§ Are the
deadlines realistic?
§ Are there
sufficient resources to meet the timeline?
o
Example:
§ Developing
a university admissions system before the start of the admission season.
5. Legal and
Regulatory Feasibility:
o
Ensures that the project complies with laws and
regulations.
o
Key Questions:
§ Are there
any legal restrictions on the data being processed?
§ Does the
project comply with data protection laws like GDPR or HIPAA?
o
Example:
§ Ensuring
compliance with online payment regulations for an e-commerce site.
Steps in
Conducting a Feasibility Study
1. Define
Project Scope and Objectives:
o
Clearly outline what the project aims to achieve.
o
Define deliverables and success criteria.
2. Identify Constraints
and Assumptions:
o
Constraints: Budget, time, resources, and
technology.
o
Assumptions: Expected availability of
resources, stakeholder involvement.
3. Collect
Data:
o
Gather information through surveys, market
analysis, stakeholder discussions, and technology research.
4. Analyze
Data:
o
Evaluate the collected data against the different
feasibility dimensions.
o
Identify risks and possible mitigation strategies.
5. Develop
Feasibility Reports:
o
Document findings and recommendations in a detailed
feasibility report.
o
Include a summary of potential risks, benefits, and
next steps.
6. Make a
Decision:
o
Based on the findings, decide whether to proceed
with the project, revise the plan, or abandon the idea.
Feasibility
Study Report
A feasibility study report should
include:
- Executive
Summary: Overview of the project and feasibility
findings.
- Technical
Analysis: Availability and suitability of technology.
- Financial
Analysis: Cost estimation and budget alignment.
- Operational
Analysis: User needs and alignment with goals.
- Schedule
Analysis: Timeline feasibility.
- Legal
Analysis: Regulatory compliance.
- Recommendations:
Final suggestions on the project’s viability.
Example
Project:
Online Library Management System
1. Technical
Feasibility:
o
Required tools: MySQL, PHP, HTML/CSS.
o
The team has expertise in these technologies.
2. Financial
Feasibility:
o
Budget: $5,000.
o
Cost estimation: $4,500 (includes development and
hosting).
3. Operational
Feasibility:
o
Stakeholders: Librarians and students.
o
Both groups can easily use the system.
4. Schedule
Feasibility:
o
Estimated time: 6 months.
o
Timeline aligns with resource availability.
5. Legal
Feasibility:
o
Complies with intellectual property laws for
e-books.
Conclusion:
- The
project is feasible in all aspects and can proceed.
Importance
of Feasibility Study
- Prevents
wasted resources by identifying unviable projects early.
- Reduces
risks by addressing challenges proactively.
- Provides
a clear roadmap for successful project execution.
Common
Challenges
1. Incomplete
Data:
o
Leads to inaccurate conclusions.
o
Solution: Use multiple data collection methods.
2. Overlooking
Constraints:
o
Ignoring critical constraints can derail the
project.
o
Solution: Include all possible constraints in the
analysis.
3. Stakeholder
Disagreement:
o
Differing opinions can delay decisions.
o
Solution: Involve stakeholders in discussions and
reviews.