Firstly, what is Software Engineering?
A program or group containing instructions that offer desired functionality is known as software. And engineering is creating something that fulfills a certain function and cost-effectively solves issues.
Software Engineering is a study and approach to the design, development, operation, and maintenance of systematic, disciplined, and quantitative software systems.
A feasibility study evaluates the viability of a given project or system in software engineering. Therefore, one of the four steps of the Software Project Management Process is the feasibility study. As the name implies, a feasibility study is a software product measurement in terms of how useful product development will be for the business from a practical standpoint. A feasibility study is conducted for various reasons, including determining if a software product is appropriate in terms of development, implementation, and project value to the business.
In this phase, the degree of service to needs is assessed and how easy the product will be to operate and maintain after deployment. Other operational scopes include assessing product usability, determining whether a software development team's offered solution is appropriate, etc.
To construct a project, resources, including hardware and software and necessary technologies, are studied and assessed. This technical feasibility analysis determines if the resources and technology for project development are available. A feasibility study also examines the technical skills and capabilities of the technical team, whether current technology can be used or not, if maintenance and up-gradation of the chosen technology are simple or not, and so on.
In a Schedule Feasibility Study, the proposed project's timelines/deadlines are analysed, including how long teams will take to complete the final project. This has a significant impact on the organisation because the project's goal may be lost if not completed on time.
The legality of a study project is examined in Legal Feasibility. This involves examining legal impediments to project execution, such as data protection regulations or social media legislation, project certificate, licensing, and copyright, among other things. Overall, a Legal Feasibility Study investigates whether a proposed enterprise meets legal and ethical standards.
The project's cost and benefit are assessed in an economic feasibility study. This feasibility study contains a detailed analysis of the project's development costs, covering all essential costs for final development, such as hardware and software resources, design and development costs, and operations costs. After that, it is determined if the initiative will be financially advantageous to the organisation.
A feasibility study's usefulness originates from an organisation's need to "get it right" before devoting resources, time, or money. A feasibility study may uncover new ideas that change the project's scope. It's preferable to make these selections ahead of time rather than rushing into a project and discovering it won't work. A feasibility study is beneficial to a project because it gives you and other stakeholders a clear picture of what is being proposed.
Aside from the techniques of feasibility research outlined above, certain projects require the analysis of additional limitations -
Preparing a feasibility study for a project is a crucial stage that may help project managers decide whether or not to invest time and money in the project. Feasibility studies may also assist a company's management to avoid a risky business venture by giving vital information.
A feasibility study also assists in establishing new enterprises by offering information on variables such as how a firm will operate, what challenges it may encounter, who its rivals are, and how much and where it will acquire its money. Feasibility studies aim to persuade bankers and banks that investing in a particular firm's endeavor is a good idea.
The findings of your feasibility study are summarised in a feasibility report, which usually includes the components below.
It can help you work more efficiently and effectively.
On the other hand, a feasibility study isn't just for projects that want to quantify and estimate financial advantages. In other words, depending on the sector and the project's purpose, practicality might mean different things. A feasibility study, for example, might establish if a hospital can raise enough funds through contributions and investments to develop and create a new cancer center.
Although feasibility studies may assist project managers in determining the risk and return of continuing a course of action, there are various stages and recommended practices to consider before proceeding.
Seeing the importance of feasibility training, good colleges provide their students with the same. Some of these colleges include:
Feasibility studies help project managers determine the viability of a project or commercial endeavour by identifying the elements that can contribute to its success. The research also reveals the possible return on investment and any hazards to the venture's success.
A feasibility study thoroughly examines what is required to accomplish the planned project. A description of the new product or endeavour, a market study, the technology and labour required, and the sources of finance and capital may all be included in the report. In addition, financial estimates, the chance of success, and a go-or-no-go decision will all be included in the report.