A feasibility study is a process in which an individual or organization determines if a specific project or idea is practical, financially feasible, and practical in terms of its time frame. This type of study is necessary for all projects that involve large sums of money or resources, and can be used to assess the likelihood of success and the potential impact of a proposed idea or plan.
A feasibility study generally begins with a general idea and then works to identify the details. This typically includes research on the current market, a review of any existing systems or processes that could be integrated or adapted, a plan for executing the project, and an assessment of the costs, risks, and potential benefits. The study may also include technical analysis of the proposed system or process, including identifying incentives, or how to minimize any potential drawbacks.
One of the goals of a feasibility study is to help confirm whether or not a certain idea or plan can be put into practice. This is a very important step in computer projects, as the cost and complexity of software, hardware, and the necessary infrastructure can be very large and possibly prohibitive for a project. The feasibility study is a useful tool for helping to determine both the potential success and the associated costs of the project.
Another purpose of a feasibility study is to provide a “big picture” overview of the project. The ultimate purpose of the study is to provide a realistic view of the potential outcome before the project is put into action — this could either be to see if it is feasible for the time and resources available, or to see if it has a realistic chance of meeting its goals and providing a return on investment.
When it comes to computers, feasibility studies serve an indispensable role in the planning and execution of software and hardware projects. With careful consideration and a thorough assessment of the project route, a feasibility study can help reduce the associated risks and increase the potential for a successful outcome.
