Abstract :
Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
A well-designed feasibility study
should provide a historical background of the business or project, a
description of the product or service, accounting statements, details of the operations
and management, marketing research and policies, financial data, legal
requirements and tax obligations.Generally, feasibility studies precede
technical development and project implementation.
A feasibility study evaluates the
project's potential for success; therefore, perceived objectivity is an
important factor in the credibility of the study for potential investors and
lending institutions.
It must therefore be conducted with an
objective, unbiased approach to provide information upon which decisions can be based.
Feasibility is defined as the practical
extent to which a project can be performed successfully. To evaluate
feasibility, a feasibility study is performed, which determines whether the solution considered to
accomplish the requirements is practical and workable in the software.
Information such as resource
availability, cost estimation for software development, benefits of the
software to the organization after it is developed and cost to be incurred on its
maintenance are considered during the feasibility study.
The objective of the feasibility study
is to establish the reasons for developing the software that is acceptable to
users, adaptable to change and conformable to established standards. Various other
objectives of feasibility study are listed below.
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