What is feasibility study?
Before accepting or committing any requirement, as a Business Analyst, first we need to do the feasibility study, during feasibility study or analysis we need to concentrate on below.
- The requirement is feasible or not.
- Whether it will impact any existing functionalities.
- Whether this requirement may cause to any performance issues.
- Whether this requirement fits in the current system or not.
- What are the dependencies on this requirement?
- What are the integration points?
- Any impact on integration points?
You can discuss with internal and external stakeholders to understand the requirement clearly, if we not understand requirement clearly, then there is a chance to miss out some functionalities. It may lead to system issues/ bugs or client escalations.
If we delivered defect product then client will not happy and they may lose confidence on us. So it is very important to understand the requirement clearly before committing to client.
A feasibility study is a preliminary analysis of solution alternatives or options to determine whether and how each option can provide an expected business benefit to meet the business need or requirement.
A feasibility study may address either a business problem to be resolved or a business opportunity to be exploited.
We can do the feasibility study based on the resource and data available with us. Some tools also can be used to do the feasibility study.
The feasibility study is an integral part of formulating a major business transformation project. Eg. Re-engineering a core business process and supporting technology, establishing a new line of business, increasing market share through acquisition, or developing a new product or service.
I feel this article provided you the the overview of what is feasibility study