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Question:
Published on: 23 February, 2025

What is feasibility study? Explain different types of feasibility study.

Answer:

Feasibility study:

Feasibility study is an analysis and evaluation of a proposed project to determine if it (1) is technically feasible, (2) is feasible within the estimated cost, and (3) will be profitable. Feasibility studies are almost always conducted where large sums are at stake.

Different types of feasibility study:

  • Technical Feasibility: Technical feasibility assesses the current resources (such as hardware and software) and technology, which are required to accomplish user requirements in the software within the allocated time and budget.
  • Operational Feasibility: Operational feasibility assesses the extent to which the required software performs a series of steps to solve business problems and user requirements. This feasibility is dependent on human resources (software development team) and involves visualizing whether the software will operate after it is developed and be operative once it is installed. Operational feasibility also performs the following tasks.
  • Economic Feasibilty: Economic feasibility determines whether the required software is capable of generating financial gains for an organization. It involves the cost incurred on the software development team, estimated cost of hardware and software, cost of performing feasibility study, and so on.
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