It is the measure and the study of how beneficial the development of the system would be to the organization. This is known as feasibility study. The measurement of feasibility is known as feasibility study. There are number of aspects which are taken into consideration while the feasibility studies. Firstly the project team is formed then with the help of flowcharts and other forms of documentations the characteristics of the system are identified. The system is evaluated and measured against the expected performance. A suitable candidate is selected for the job and a final report is made and presented to the management for further evaluations.
There are number of steps in the feasibility study, some of them are
1) Forming a team for the specific project and appointing a suitable leader.
2) Preparing layouts and flowcharts of the system.
3) Enumerate the candidate systems.
4) Identify and describe the characters of the candidate systems.
5) Determining the performance of each candidate system with the standards set.
6) Reviewing the performance of the system and performing the cost analysis.
7) Selecting the best candidate for the system and preparing the final report for the management.
As noted earlier number of factors determines the feasibility of the system but the 3 prime factors for the feasibility study are technical, economical and behavioral factors. Feasibility study is important in all the organizations before setting up any system.