feasibility study

In this post, we will know about feasibility study and its types.

Feasibility Study

The motives of Feasibility Study is, the existing system is to make a little bit of improvement or to fully develop new systems, this is considered. The feasibility study helps to understand the overview of the problem. The feasibility study is done to ensure that the project is to be forwarded, postponed or cancellated.

To test the system's potential for the success of any system, it is called feasibility study. The main purpose of the feasibility study is to determine whether developing the system is financially and technically possible.

The purpose of the feasibility studyis not to solve the problem, but to determine whether the problem can be resolved or not. In this, all problems in the system are analyzed, and the information of the system is thoroughly examined. And it is determined how success can be achieved in developing the system.

Types of feasibility study

There are three types of feasibility study.

Economical Feasibility

Technical Feasibility

Operational Feasibility

1.Economical Feasibility: - In this feasibility, it is determined that what is the proposed system, how much will it cost and how much profit will it get? Economic feasibility is also called cost benefit analysis.

2.Technical Feasibility: - The technical requirements of the system are determined in this feasibility. In this it is seen that the technology which is required for the proposed system is available and how to integrate that technology into the system. There is also a technically capable expert for handling all kinds of complexities in the new technology.

3.Official Feasibility: - In this feasibility, it is determined how a proposed system will solve the problem and how the system has changed. It is seen in the system whether it is beneficial for the users and whether they are able to meet the needs or not.