Feasibility Analysis

Part of any software implementation project is the reality check whether it even makes sense. In other words, you are making a business case for it. To carry out a feasibility analysis for your project, address these factors:

Financial Feasibility

A project’s feasibility analysis provides the cost benefit justification of associated expenses regarding factors like operational, procurement, and startup costs.

For example, your project justification should include a financial appraisal that:

Operational Feasibility

Operational feasibility means conducting a study that analyzes how well a project can meet an organization’s goals after completion. Basically, it answers whether it is possible for a business to support and maintain a software solution for a project once it’s in operation.

Before introducing new solutions for projects, businesses often have to improve existing operation, support, and maintenance infrastructures. Along with training, your project will be operationally feasible if these current IT infrastructures can handle the new software.

To illustrate, here are a few issues that should be considered:

Technical Feasibility

A technical feasibility analysis answers the question, “Can it be built?” To do this, technologies that must be used in the project need to be identified. Unfortunately, the problem with technological solutions is that while they may look great on online advertisements, they don’t always work very well in-house. To avoid such scenarios, consider adding alternatives to your project justification document while detailing the pros and cons for the adoption of each.

A technical feasibility study identifies technical resources that your business has at its disposal. It will help you determine whether your technical team is capable and has resources sufficient enough to implement proposed projects.

Typically, the technical assessment of a project can be implemented according to two aspects. The first one addresses issues in the market (e.g. viability of the vendor). The second aspect addresses technological factors like the scalability of the solution.

Market Issues

Technological Issues

Alternative Analysis

There can be a number of other solutions that can offer your business with alternative ways to implement your project. Alternatives may also mean that your project isn’t justified and has uncovered a truth that may save your business time and money.

Project justification drives decision making. It analyzes the pros and cons of how a project will be carried out, what are the resources required for it, and why it makes sense.