Importance of Feasibility Study – System Analysis and Design
System analysis is a process of gathering & interpreting facts, identifying problems and decomposition of a system into its components. The main purpose of the system analysis is to study different systems or its parts for identifying the objectives of the system. System analysis is a problem-solving technique that helps in enhancing the system and ensuring that all the components of the system work efficiently for accomplishing their purpose. Analysis mainly helps in describing that tasks should be performed by the system (Diab, 2016).
System design is a process that helps to plan a new business system or to replace an existing system by defining its modules or components for satisfying the specific requirements. System Design also focuses on methods for accomplishing the objective of the system. System Analysis and Design mainly focuses on:
Feasibility and Feasibility study
Feasibility refers to the process that describes, identifies and evaluates the proposed system and selects the best system for proper functioning. For evaluating the feasibility, a feasibility study is conducted that helps in determining whether the solution is able to accomplish the requirements practically and is workable in the software. The main purpose to conduct the feasibility study is to establish the reasons to develop the software that is accepted by all the users and can be modified easily as per the requirements (KENTON, 2018). Some of the objectives of the feasibility study are discussed below:
- To determine whether the newly developed software can be integrated with the software that exists already.
- To analyze whether that software has the potential to be implemented with the adoption of the current technology and within the specified schedule and budget.
- To determine whether the software is able to fulfill the requirements of the organization or a user.
Types of Feasibility
Following are the types of feasibility study
- Technical Feasibility: Technical feasibility helps in accessing the current resources as well as technology that is required for accomplishing the requirements of the user in the software within the allocated budget and time. Following tasks are performed by the technical feasibility:
- Helps in determining whether the technology used is stable.
- Analyze the technical capabilities and skills of the team members of software development (Palvia & Palvia, 2004).
- Operational Feasibility: Operational feasibility helps in assessing the extent to which the required software performs a number of steps for solving the problems associated with the business as well as the requirements of the users. Operational feasibility relies on human resources and analyzes whether the software will operate after it is developed properly or not. Following tasks are performed by the operational feasibility:
- Operational feasibility helps in determining whether the solution that is suggested by the team of the software development is acceptable or not.
- Operational feasibility also helps in determining whether the problems that are anticipated in the user requirements are of high priority.
- Helps to analyze whether the organization is satisfied by the alternative solutions provided by the team members of the software development (THAKUR, 2016).
- Economic Feasibility: Economic Feasibility helps in determining whether the required software has the potential to generate financial gains for an organization. This type of study involves the cost incurred on the team of the software development, cost of study involved in conducting a feasibility study, estimated cost of software and hardware. Software can be considered to be feasible only if it focuses on the issues that are discussed below:
- The cost associated with the training, development team, software and hardware.
- Cost required for conducting software investigation such as requirements analysis and requirements elicitation.
- The cost incurred on the development of software for producing long-term gains for an organization.
It is the most important study that is used for measuring the success of the project. All the projects will fail, if not completed at specified time. In scheduling feasibility, an organization is able to estimate the time required for completing the project.
Benefits of conducting a feasibility study
- Enhances the focus of the project team
- Helps in identifying new opportunities
- Provides valuable information for decision making
- Narrows the alternatives of business
- Enhances the rate of success by evaluating a number of parameters (Mukund, 2017).
- Diab, N. (2016). What are the main components of a feasibility study? - Bayt.com Specialties. Retrieved from https://specialties.bayt.com/en/specialties/q/277098/what-are-the-main-components-of-a-feasibility-study/
- KENTON, W. (2018). Feasibility Study. Retrieved from https://www.investopedia.com/terms/f/feasibility-study.asp
- (2017). Why a Feasibility Study is Important in Project Management. Retrieved from https://www.simplilearn.com/feasibility-study-article
- Palvia, P., & Palvia, S. (2004). The feasibility study in information systems: an analysis of criteria and contents. Information & Management, 14(5), 211-224. doi: 10.1016/0378-7206(88)90009-2
- THAKUR, D. (2016). What is Feasibility Study? Types of Feasibility. Explain Feasibility Study Process. Retrieved from http://ecomputernotes.com/software-engineering/feasibilitystudy