Elements of Good Feasibility Essay Example for Free

Elements of Good feasibility EssayThose who do not do their homework do not graduate. Bryces Law In its simplest form, a Feasibility Study represents a definition of a problem or opportunity to be studied, an analysis of the authoritative mode of operation, a definition of requirements, an evaluation of alternatives, and an agree upon course of action. As such, the activities for preparing a Feasibility Study are generic in nature and can be applied to any type of project, be it for establishments and software development, making an acquisition, or any other project. There are basically six move to any effective Feasibility Study 1. The protrusion SCOPE which is apply to define the business problem and/or opportunity to be addressed. The old adage, The problem well stated is half solved, is very apropos. The stage setting should be definitive and to the point rambling narrative serves no purpose and can actually confuse project participants. It is also necessary to defin e the parts of the business affected either directly or indirectly, including project participants and end-user areas affected by the project. The project sponsor should be identified, particularly if he/she is footing the bill.I have seen too many projects in the corporate world started without a well defined Project Scope. Consequently, projects have wandered in and out of their boundaries causing them to experience either far too much or far too little than what is truly needed. 2. The CURRENT ANALYSIS is used to define and understand the current method of implementation, such as a system, a product, etc. From this analysis, it is not uncommon to discover there is actually nothing wrong with the current system or product other than some misunderstandings regarding it or perhaps it needs some simple modifications as opposed to a major overhaul.Also, the strengths and weaknesses of the current prelude are identified (pros and cons). In addition, there may very well be elements of the current system or product that may be used in its successor thus saving time and money later on. Without such analysis, this may never be discovered. Analysts are cautioned to avoid the temptation to turn back and correct any problems encountered in the current system at this time. Simply document your findings instead, otherwise you will spend more time unnecessarily in this stage (aka Analysis Paralysis). 3. REQUIREMENTS how requirements are defined depends on the object of the projects attention.For example, how requirements are specified for a product are substantially different than requirements for an edifice, a bridge, or an information system. Each exhibits totally different properties and, as such, are defined differently. How you define requirements for software is also substantially different than how you define them for systems. (See, Understanding the Specifications Puzzle) 4. The attempt represents the recommended solution or course of action to satisfy the requ irements. Here, various alternatives are considered along with an explanation as to why the preferred solution was selected.In scathe of de menage related projects, it is here where whole rough designs (e. g. , renderings) are developed in order to determine viability. It is also at this point where the use of existing structures and commercial alternatives are considered (e. g. , build versus buy decisivenesss). The overriding considerations though are Does the recommended approach satisfy the requirements? Is it also a practical and viable solution? (Will it depend in Poughkeepsie? ) A thorough analysis here is needed in order to perform the next step 5.EVALUATION examines the cost effectiveness of the admission selected. This begins with an analysis of the estimated total cost of the project. In addition to the recommended solution, other alternatives are estimated in order to offer an economic comparison. For development projects, an estimate of labor and out-of-pocket expe nses is assembled along with a project schedule showing the project path and start-and-end dates. After the total cost of the project has been calculated, a cost and evaluation epitome is prepared which includes such things as a cost/benefit analysis, return on investment, etc. . REVIEW all of the preceding elements are then assembled into a Feasibility Study and a formal review is conducted with all parties entangled. The review serves two purposes to substantiate the thoroughness and accuracy of the Feasibility Study, and to make a project decision either approve it, reject it, or ask that it be revised before making a final decision. If approved, it is very important that all parties sign the document which expresses their acceptance and commitment to it it may be a seemingly small gesture, but signatures carry a lot of weight later on as the project progresses.If the Feasibility Study is rejected, the reasons for its rejection should be explained and attached to the document. CONCLUSION It should be remembered that a Feasibility Study is more of a way of thought as opposed to a bureaucratic process. For example, what I have just described is essentially the same process we all follow when purchasing an railcar or a home. As the scope of the project grows, it becomes more important to document the Feasibility Study particularly if large amounts of money are involved and/or the criticality of delivery.Not only should the Feasibility Study contain sufficient detail to carry on to the next succeeding phase in the project, but it should also be used for comparative analysis when preparing the final Project Audit which analyzes what was delivered versus what was proposed in the Feasibility Study. Feasibility Studies represent a sensible approach to planning. Frankly, it is just plain good business to conduct them. However, I have read where some people in the I. T. field, such as the busy methodology proponents, consider Feasibility Studies to be a coloss al waste of time. If this is true, Ive got a good used car I want to sell them.