Examples Of Feasibility Analysis

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Feasibility Analysis Feasibility analysis is a method of analyzing the possibilities of realizing a structure or product from the idea taking various economic, technological, functional, legal and scheduling requirements into account. In short “nothing is impossible but not everything is profitable”. Feasibility analysis helps to decide whether the idea is possible with minimum efforts and maximum profit. You have an idea in your mind. You want to generate a product with that concept. You start building the product ignoring feasibility analysis. After some time you realize that the product demand some more features. You start working in that direction. Now you realize that the product must satisfy various technological requirements. You try…show more content…
• With feasibility analysis the business man can get a broad picture of the business for which he is proposing the idea. • Feasibility analysis help in taking critical decisions like whether to continue with the idea or stop. • After feasibility analysis the success probability of the proposed idea is very high. Right time for feasibility analysis: Every single step in software development life cycle has its own importance and should be done at right time as well. Feasibility analysis must be done as soon as business idea struck in your mind. It help you to conceptualize your business idea. It also helps you to make critical decisions early before investing lot of resources, money and time. Feasibility analysis must be done before planning as analysis help you find threats and opportunities and help you to make planning decisions. Common factors to consider: Technological feasibility: Technological feasibility evaluates various software and hardware resources along with the available technologies and check if they meet the product demand. • Check to see whether you have technological resources available. • Check to see whether the available resources fulfill the product…show more content…
• Or if the company does not have sufficient time then is it possible to complete the project within available time. • Prepare a time table to complete the project. Decide deadlines. Steps in Feasibility analysis: Primarily feasibility analysis is conducted in three steps: Step 1: Analysis of the project with various analysis factors: The project or product idea under consideration is studied and analyzed based on technological, operational, economic, legal and scheduling factors. If problem arises then brainstorm on several alternatives and select a best fit solution. Use that solution to evaluate further problems. Step 2: Prepare a summary of the gathered results Use the SWOT analysis method to prepare a summary of each factor and its importance according to business perspective. Step 3: Prepare a recommendation for the business Recommendation provides direction to the business action so that the process remains focused and well managed which will finally lead to better implementation of the software product based on the business idea. Advantages of feasibility analysis: • Proper planning of development process • Well managed
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