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6 Elements of a Good Feasibility Study

6 Elements of a Good Feasibility Study

Posted on April 10, 2015

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, along with 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 be it for software development, at the time of acquisition or for any such project.

If you are planning on conducting a feasibility study, you will need to include the following six elements:

1. The project scope: The first step is to clearly define the business problem/opportunity that has to be addressed. The project scope has to definitive and to the point. Make sure to also define the parts of the business that would be affected either directly or indirectly. This would include project participants and end-users. A well-defined project scope can ensure an accurate feasibility study.

2. 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.

3. 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. Continue reading