Feasibility Study

A feasibility study is a preliminary study undertaken to determine and document a project’s viability. The term “feasibility study” is also used to refer to the resulting document. These results of this study are used to make a decision whether to proceed with the project, or table it. If it indeed leads to a project being approved, it will – before the real work of the proposed project starts-be used to ascertain the likelihood of the project’s success. It is an analysis of possible alternative solutions to a problem and a recommendation on the best alternative. It, for example can decide whether an order processing be carried out by a new system more efficiently than the previous one.
A feasibility study could be used to test a proposal for new system, which could be used because:
The current system may no longer carry its purpose.
Technological advancement may have rendered the current system obsolete.
There is increase in cyber crime .
Customers are complaining about the speed and quality of work the business provides.

A Feasibility study should examine three main areas:
Legal issues
Technical and organizational requirements
Financial overview

Within a feasibility study, major areas must be reviewed, such as:
Technical Feasibility
Economic Feasibility
Operational Feasibility
Schedule Feasibility