A feasibility study is a comprehensive evaluation of a proposed project that evaluates all factors critical to its success to assess its likelihood of success.
A feasibility study evaluates a project’s or system’s practicality. As part of a feasibility study, a project or venture is evaluated for its viability to determine whether it will be successful.
It tells us whether a project is worth the investment; in some cases, a project may not be doable.
In this article, we will learn about feasibility studies in software engineering as well as their types, processes, needs and benefits.
What Is Feasibility Study In Software Engineering?
In software engineering, a feasibility study is an important step in the initial planning and design phases of a proposed software project.
The primary goal of a feasibility study is to assess the practicality, viability, and potential success of the proposed software solution.
A feasibility study involves a comprehensive analysis of various aspects related to the project, thereby helping stakeholders make decisions before investing time and resources.
Starting with the brainstorming phase, the feasibility study evaluates the idea, considering the needs of the project. Business analysts lay down the rules, defining what the software needs to do. Then, the study takes a close look at both functional and non-functional requirements.
At the end of the day, the feasibility study gives you a reality check. Can your idea become a reality? If it checks all the boxes, wonderful. If not, you will have to adjust expectations and find alternative paths to reach your goals.
In summary, a feasibility study is a compass that guides your software project from dream to reality.
Types Of Feasibility Studies In Software Engineering
Having established how crucial feasibility study is in software engineering, we will be diving into the key types of feasibility studies:
1. Technical Feasibility
For a project to be a success, it requires some necessary technological resources; hence, technical feasibility assesses if it has this. This study not only examines current hardware and software but also evaluates the skills of the development team.
Furthermore, it ensures that the chosen technology is easy to maintain and upgrade, which is critical for the seamless progress of software projects.
In essence, technical feasibility acts as a project’s tech compass, confirming that the technological foundation is sturdy enough to support the envisioned development journey.
This technical feasibility study reports whether there are correct required resources and technologies that will be used for project development. Along with this, the feasibility study also analyzes the technical skills and capabilities of the technical team, whether existing technology can be used or not, whether maintenance and upgrading are easy or not for chosen technology, etc.
2. Operational Feasibility
Operational feasibility anticipates the impact of a new project on daily business operations. For instance, if launching a global e-commerce platform, this study considers the need for local warehouses, service teams, and adapted procedures in different countries.
It ensures that the initial concept, while commercially and technically sound, is also operationally practical.
Essentially, it is about making sure your project not only looks good on paper but seamlessly integrates into the existing fabric of your company’s day-to-day operations.
3. Economic Feasibility
Economic feasibility evaluates the financial backbone of a project, determining whether the anticipated benefits outweigh the incurred costs. It’s a meticulous financial assessment, not just about having funds available, but ensuring that the project’s economic gains surpass its expenditures.
This study involves budgeting, cost analysis, and foresight into potential unforeseen expenses. Essentially, it is a fiscal compass, guiding decision-makers to embark on projects that not only align with their vision but also make sound economic sense in the short and long term.
This means that, as part of this feasibility study, a detailed analysis of the costs of the development project will be made. This includes all costs necessary for the final development, such as hardware and software resources required, design and development costs, operating costs, etc.
It is then analyzed to determine whether the project is financially beneficial to the organization.
In the Economic Feasibility study, the cost and benefit of the project are analyzed. After that, it is analyzed whether the project will be beneficial in terms of finance for the organization or not.
4. Legal Feasibility
Legal feasibility is the project’s compass through the legal landscape. It ensures that proposed endeavors align with existing laws, encompassing data protection, social media regulations, zoning, and more. This study safeguards against legal roadblocks, allowing preemptive steps to address potential issues.
Even with ample resources, a project’s green light hinges on compliance with regional and national legal frameworks. Legal feasibility acts as a strategic shield, ensuring that the excitement of innovation harmonizes with the practicalities of legal requirements, paving the way for a secure and legally sound project implementation.
In a legal feasibility study, the project is analyzed from the perspective of legality. This includes analysis of obstacles in the legal implementation of the project, data protection or social media laws, project certificates, licenses, copyrights, etc. Overall, a legal feasibility study is a study to determine whether a proposed project meets legal and ethical requirements.
5. Schedule Feasibility
Scheduling feasibility helps the project achieve a realistic timeline, ensuring deadlines are practical and met. It includes analyzing the time it will take the team to complete the final project.
This study is the compass guiding a project’s timeline, allowing teams to align their efforts efficiently. In a world where time is money, scheduling feasibility is the key to timely project execution, making it an indispensable component in the journey from project initiation to triumphant completion.
6. Operational Feasibility
Operational feasibility analyzes the level of service delivery according to requirements and the ease of operating and maintaining the product after deployment. Along with these other operational areas, it determines the product’s usability, whether the software development team’s decisions for the proposed solution are acceptable, and so on. It also determines if the expected issue in the user request is a high priority.
Furthermore, it determines if the organization is satisfied with alternative solutions proposed by the software development team.
7. Market Feasibility
This refers to evaluating the market’s willingness and ability to accept the suggested software system.
Analyzing the target market, understanding consumer wants and assessing possible rivals are all part of this study. It assists in identifying whether the project is in line with market expectations and whether there is a feasible market for the goods or services being offered.
8. Resource Feasibility
This method evaluates if the resources needed to complete the software project successfully are adequate and readily available. Financial, technological and human resources are all taken into account in this study. It guarantees that sufficient hardware, software, trained labor and funding are available to complete the project without a hitch.
9. Cultural and Political Feasibility
This section assesses how the software project will affect the political environment and organizational culture. This analysis takes into account the organization’s culture and how the suggested changes could be received there, as well as any potential political obstacles or internal opposition to the project.
The Benefits Of A Feasibility Study In Software Engineering
1. It Helps You Gain A Broader Perspective
A feasibility study will help you understand all the ins and outs, opportunities, and risks before you decide to go on with a project in software engineering. You should remember that executing a project successfully is not an easy task.
Having said that, everyone involved in the project bears a great deal of responsibility.
A project manager has the primary responsibility. Hence, it is critical to understand the opportunity and risk involved in initiating and completing a project. One must take a broader view, which also helps you keep every factor in mind, including the key highlights and significance of feasibility studies.
2. Strategy Development
Feasibility studies are like the analyzers of project planning. They dig out hidden risks and opportunities, giving us a deep insight into what lies ahead. Armed with this knowledge, we can strategize like chess grandmasters. Just like the saying goes, when you don’t plan to succeed, you have planned to fail. When we address challenges upfront, we are not just planning; we are creating a winning strategy.
3. It Simplifies Execution
Feasibility studies are just like an instruction manual. It helps you have step-by-step knowledge of what you need to do.
4. Preparing Alternative Plans
Life is unpredictable; hence, a feasibility study helps you get prepared by having other plans in case the initial plan doesn’t work out.
5. Risk Identification
A feasibility study helps identify potential risks and challenges associated with the software project.
6. Allocation Of Resource
It also assists in determining the resources required for the project, including manpower, time, and budget.
7. Cost Estimation
Furthermore, it enables accurate estimation of project costs, helping in budget planning and financial management.
8. Decision Making
It also provides valuable insights for stakeholders to make informed decisions about project viability and feasibility.
9. Feasibility Assessment
The feasibility study evaluates the technical, economic, and operational feasibility of the proposed software solution.
Feasibility Study Process
1. Information Assessment
This involves the assessment of the original project concept and establishing the main aims and objectives.
It is involved with gathering information and, with the help of the system, achieving the goal of the organization. It also confirms if the system can be integrated with the current system and whether it can be deployed utilizing new technologies while staying within the budget.
2. Information Collection
It collects the necessary information and data required to evaluate the project’s many components.
Here, you can easily specify the sources of software information. In general, these sources include users who are willing to use the software, where the software will be used like a company and those who understand user requirements and know how to fulfill them in software, like the software development team.
3. Report Writing
The result of the software development team’s feasibility analysis is called the feasibility report. It includes recommendations on how software development should be continued in the future by the software development team. This report may also include information about changes to the software scope, technical skills budget, and schedule, as well as other suggestions for system requirements.
4. General Information
It gives a summary of the main points discussed in the report on the feasibility study.
It also includes an overview of the system project, acronyms, glossaries, and abbreviations, as well as contact information. The system overview describes the name of the organization responsible for software development, the system name or title, the system category, the operational status, and so on.
Conclusion
From the article, you must have seen various reasons why you must carry out a feasibility study in software engineering.
This technique enables your business to identify success and failure factors and accordingly make plans for the future.
If you do a detailed feasibility study, you are enabling businesses to get higher returns on their investment with access to risk factors market analysis, labor needed, finances, and other information about whether to go for it or not.
