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.