What Is Feasibility Study?

It's only a feasibility study, but you should take it seriously. The findings of this feasibility study will allow us to build a contingency plan and recommend a course of action that can keep your company running smoothly. A feasibility study is a technical examination of whether conditions are right or wrong to implement a project. Engineers can also do it to discover if they can build something new and exciting. Feasibility studies are usually performed in IT departments to check the feasibility of particular hardware and software setups before ordering new hardware or software. A feasibility study is a type of project that helps to determine if a project is feasible. To drive any precision for the implementation of technologies, engineers might look at a five-point model called TELOS. It includes the following components: technical, economic, legal, operational and schedule. Technical feasibility consists of all technical factors relevant to the project, such as available technology and knowledge base, existing infrastructure that may use for support, and availability of skilled workers for implementation. Economic feasibility checks whether financial resources will be available when needed; this includes customer support from someone else if appropriate or possible. A feasibility study determines whether or not one can do something. Under technical, the engineers ask whether the correct technology exists to support a project. Or, Under economics, they also look at the costs and benefits which are legal. They also look at any barriers to legal implementation, for instance, privacy issues or safety concerns. Under operational, they look at how they can maintain systems after being built. In schedule, they look at the chronology of a project. Feasibility studies can help you move from imagined to achieving. Please look at our project planning service, including feasibility studies and more.