Feasibility study

The feasibility study is the important step in any software development process. This is because it makes analysis
of different aspects like cost required for developing and executing the system, the time required for each phase of
the system and so on. If these important factors are not analyzed then definitely it would have impact on the
organization and the development and the system would be a total failure. So for running the project and the
organization successfully this step is a very important step in a software development life cycle process.

Feasibility study is made on the system being developed to analyze whether the system development process require
training of personnel. This help in designing training sessions as required in later stage. 

Economic feasibility

Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known

as cost analysis the procedure is to determine the benefits and savings that are expected from a candidate system and compare

them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. An entrepreneur must

accurately weigh the cost versus benefits before taking an action.

Cost-based study: It is important to identify cost and benefit factors, which can be categorized as follows:

1. Development costs; and 2. Operating costs.

2. This is an analysis of the costs to be incurred in the system and the benefits derivable out of the system.

Time-based study: This is an analysis of the time required to achieve a return on investments. The future value of a project is also a

factor.

Technical feasibility

Technical feasibility is a measure of how well a proposed system solves the problems, and takes advantage of the opportunities

identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system

development

Advantages of making Feasibility study:

There are many advantages of making feasibility study some of which are summarized below:

 This study being made as the initial step of software development life cycle has all the analysis part in it which helps
in analyzing the system requirements completely. 
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 Helps in identifying the risk factors involved in developing and deploying the system 
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 The feasibility study helps in planning for risk analysis
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 Feasibility study helps in making cost/benefit analysis which helps the organization and system to run efficiently. 

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 Feasibility study helps in making plans for training developers for implementing the system. 
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 So a feasibility study is a report which could be used by the senior or top persons in the organization. This is
because based on the report the organization decides about cost estimation, funding and other important decisions
which is very essential for an organization to run profitably and for the system to run stable