A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success.
[4] 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.
[citation needed][5] It must therefore be conducted with an objective, unbiased approach to provide information upon which decisions can be based.
It also takes into consideration its four Ps, its risks and POVs, and its constraints (calendar, costs, and norms of quality).
[7][8][9] This assessment is based on an outline design of system requirements, to determine whether the company has the technical expertise to handle completion of the project.
It is an evaluation of the hardware and software and how it meets the need of the proposed system[13] The selection among a number of methods to produce the same commodity should be undertaken first.
These include: The most important factors that determine the selection of project location are the following: It determines whether the proposed system conflicts with legal requirements, e.g., a data processing system must comply with the local data protection regulations and if the proposed venture is acceptable in accordance to the laws of the land.
These include such design-dependent parameters as reliability, maintainability, supportability, usability, producibility, disposability, sustainability, affordability, etc.
A system design and development requires appropriate and timely application of engineering and management efforts to meet the previously mentioned parameters.
Describe how much time is available to build the new system, when it can be built, whether it interferes with normal business operations, type and amount of resources required, dependencies, and developmental procedures with company revenue prospectus.