Feasibility study plays an important part in developing strategies to meet an overall Business plan. It is carried out before the project has full financial approval.
The objectives of a feasibility study include:-
- Defining the problem or opportunity.
- Enabling the Steering Committee to select from a range of business and technical options and to identify the project(s) necessary to implement the chosen option
- Establish a business case for the proposed system and enable the steering committee to decide whether to commit resources to its development
- Recommend the way forward
The resulting feasibility study contains at least the following:-
- A brief description of the requirement.
- A number of options to provide a solution.
- A cost-benefit analysis that includes a payback schedule and a gross estimate of the.
- project costs for each option.
- A tentative schedule for completion of key end products.
- A recommended option.