Feasibility studies are an effective use of time and resources, ultimately increasing chances of success for the studied product. As feasibility studies evaluate and analyse the potential of the project, the strengths and weaknesses of the project are objectively uncovered. This allows for necessary changes to be made to the project to increase its potential.
Feasibility studies consider whether or not the product solves a problem that is worth solving. It also considers whether or not the solution will provide enough advantages to the organisation to be worth the time, effort and money involved in its development and implementation.
Also outlined in feasibility studies, is whether or not the product is technically feasible. This takes into consideration whether or not the product is able to be implemented using existing technologies. This ultimately determines whether or not the product must be cancelled or undergo changes, at a cost, adapting to existing technologies. Technical feasibility is an effective use of time and resources, without it, software can be mass-produced, with no usability by the end user.
Economic feasibility is also outlined, determining whether or not the product meets its objectives with a certain budget. This proves an effective use of time and resources as the cost for development of the project could potentially exceed the budget, resulting in an unwanted and unexpected loss of money. Economic feasibility also covers predicted revenue for the finished product. Without having predicted revenue, as a result of not conducting a feasibility study, the sales for the finished product could be quite insignificant.
Schedule feasibility outlines the predicted time taken to plan, design, implement and test the developed product. Without this information, the required amount of time is most often unknown to developers. This often results in a more than necessary amount of time taken to develop the product, meaning a greater cost for the...