Read this post to find out what elements you will need to include in a feasibility study.
Do you know what a feasibility study is? A feasibility study is a problem/opportunity that is studied and includes analyzing the current mode of operation, defining the requirements, evaluating the alternatives, and deciding on an appropriate course of action. A feasibility study can be carried out for anything and everything, including in software development, at the time of acquisition of new equipment, or for any such project.
If you are planning on conducting a feasibility study, you will need to include the following six elements:
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The project scope
First, the business problem/opportunity has to be addressed clearly. The project scope to be to the point and clearly defined. Make sure to also define the business components that would be either directly or indirectly affected, including project participants and end-users.
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The current analysis
This form of analysis is used to evaluate the current method of implementation like a new product or system. From this analysis, you can discover the strengths and weaknesses of the current approach. Conducting a current analysis and identifying the pros and cons of your current system/product can help you save both money and time.
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The requirements
You will need to define your requirements depending on the objective of your project. For instance, how the requirements are specified for a product will be entirely different from the requirements specified for an information system. How you accurately define your requirements is an important factor in a feasibility study.
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The approach
You will next have to choose the recommended solution or course of action to meet your requirements. You can consider various alternatives and then choose a solution that is the most preferable. Before you finalize the approach, ask yourself the following questions:
- Does the approach meet my requirements?
- Is the approach taken a practical and viable solution?
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Evaluation
This element will examine the cost-effectiveness of the selected approach and the estimated total cost of the project. Other alternatives will also be estimated for comparison purposes. After the total cost of the project has been calculated, an evaluation and cost summary will be prepared to include a return on investment, cost/benefit analysis, etc.
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Review
Finally, all the above elements will be assembled into a feasibility study and a formal review will be conducted. The review will be used to verify the accuracy of the feasibility study and to make a project decision. At this stage, you can approve, reject or even revise the study for making a decision. If the feasibility study is approved, make sure that all the involved parties sign the document.
Do you want to conduct a feasibility study for a new product, service or system, but don’t know where to start? We, at Flatworld Solutions, can help you with an accurate and comprehensive feasibility study. Find out more about our feasibility study services.
Interested to know more?
- Who, What, When, Where, Why & How – Answer It All with Market Research!
- How to Find Out If a Product/Service Will Be a Success through Market Research?
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Super to understand
You made a good point that, like any research project, a feasibility study needs a scope first and foremost. I’m planning to hire such a service soon because I’m planning to open my own floral shop and there is a place inside a mall that I can lease right now. I’m not quite sure if it’s best to start now or if I should wait a year or two and see how the global pandemic looks by then.