Question

Interpret the importance of any three feasibility analysis you know.

Answer 1

Feasibility analysis helps us to evaluate the practicality and workability of a plan for a project. A plan is made for a project or a solution is identified for a problem is not necessary to be feasible to implement practically. And if not possible to be applied practically then the whole plan can be a failure costing the project to a great extent. Hence a feasibility study is required to analyse the details of the resources, their capabilities and other information of solutions that are used in projects. The three feasibility analyses that can be important for a project are technical feasibility, operational feasibility and economic feasibility.

Technical feasibility assesses the software requirements required to accomplish the task in the given budget and time. The hardware and software resources and technology are upgraded after this analysis to make them meet the user requirements. It also helps in accessing the technical capabilities and skills of the team of software development and making improvements where required. Consulting the users for problems arising in software development for upgrading and making improvements is also done in technical feasibility process.

Operational feasibility analyses the operational capacity of the resources. This study assesses the processes involved in the project and the feasibility of operating the project. A project may look profitable from other aspects but when put to operational activities then it is not practically applicable to run. Hence this analysis helps in understanding how feasible the project can be in the aspect of the operations involved in it. It helps in determining the skills and capabilities of the human resource involved in the project and allocating tasks and responsibilities to them accordingly. It also helps in identifying the additional human capital required for the challenges in the project ahead.

Economic feasibility helps in evaluting the costs of putting the project into operation practically. It helps in identifying the financial contraints and the requirement of the financial needs of the project. Every project has a budget and is essential to stick to the budget throughout its execution. Sometimes the planned budget cna vary from the practical expenses faced in the project. Feasibility analysis helps in identifying these variations and evaluting if the project cna actually be competed in a given budget and financial contraint.