Feasibility Study
A feasibility study is simply an assessment of the practicality of a proposed project. As the name implies, these studies ask: Is this project feasible? Do we have the people, tools, technology, and resources necessary for this project to succeed? Will the project get us the return on investment (ROI) that we need and expect?
TAKTED specializes in Technical Feasibility where all resources both hardware and software along with required technology are analyzed/assesed to develop project product.
The Importance of Feasibility Studies
In Technical Feasibility current resources both hardware software along with required technology are analyzed/assessed to develop project.
This technical feasibility study gives report whether there exists correct required resources and technologies which will be used for project development.
Along with this, feasibility study also analyzes technical skills and capabilities of technical team, existing technology can be used or not, maintenance and up-gradation is easy or not for chosen technology etc.
The goals of feasibility studies
The goals of feasibility studies are as follows:
- To understand thoroughly all aspects of a project, concept, or new product
- To become aware of any potential problems that could occur while implementing the project
- To determine if, after considering all significant factors, the project is viable—that is, worth undertaking
Tools for Conducting a Feasibility Study
Feasibility studies reflect a project’s unique goals and needs, so each is different. However, the tips below can apply broadly to undertaking a feasibility study:
- Technical Feasibility – In Technical Feasibility current resources both hardware software along with required technology are analyzed/assessed to develop project. This technical feasibility study gives report whether there exists correct required resources and technologies which will be used for project development. Along with this, feasibility study also analyzes technical skills and capabilities of technical team, existing technology can be used or not, maintenance and up-gradation is easy or not for chosen technology etc.
- Operational Feasibility – In Operational Feasibility degree of providing service to requirements is analyzed along with how much easy product will be to operate and maintenance after deployment. Along with this other operational scopes are determining usability of product, Determining suggested solution by software development team is acceptable or not etc.
- Schedule Feasibility – In Schedule Feasibility Study mainly timelines/deadlines is analyzed for proposed project which includes how many times teams will take to complete final project which has a great impact on the organization as purpose of project may fail if it can’t be completed on time.
Once you have finished your basic due diligence, you might consider the elements below as a template of items to include in your study:
- Executive summary: Formulate a narrative describing details of the project, product or service.
- Technological considerations: Ask what will it take. Do you have it? If not, can you get it? What will it cost?
- Existing marketplace: Examine the local and broader markets for the product.
- Required staffing: What are the developers need for this project?
- Schedule and timeline: Include significant interim markers for the project’s completion date.
- Project financials.
- Findings and recommendations: Break down into subsets of technology and software and hardware components.
Key Takeaways
Feasibility study is carried out based on many purposes to analyze whether software product will be right in terms of development, implantation, contribution of project to the organization etc.
This also has the benefit of alerting you to any red flags you may be unaware of:
- A feasibility study assesses the practicality of a proposed plan or project.
- A company may conduct a feasibility study if it’s considering launching a new business opportunity or a new product.
- It’s a good idea to have a contingency plan in case of unforeseeable circumstances, or if the original project is not feasible.
TAKTED is an extremely professional engineer with creative and excellent problem solving skills and deep architectural insights. Quickly understands the big picture and provides detailed overview of project tasks required to be successful.
