A feasibility study is a comprehensive assessment of a proposed project's viability across technical, financial, operational, and organisational dimensions. Feasibility studies provide objective analysis informing stakeholder decisions about whether to proceed with projects.
Dimensions of Feasibility Assessment
Technical Feasibility
Technical assessment determines whether required functionality can be achieved with available technology and expertise:
- Technology gaps - Are required technologies available or must new technologies be developed?
- Integration requirements - Can the application integrate with existing systems?
- Performance requirements - Can the system meet required performance targets?
- Resource constraints - Do we have appropriate technical expertise in-house or must we engage external resources?
- Architecture approach - What architectural approach best serves the project requirements?
Economic Feasibility
Financial assessment determines whether projected benefits justify development costs:
- Development costs - Labour, infrastructure, tools, and third-party services
- Operational costs - Ongoing hosting, support, maintenance, and infrastructure
- Revenue projections - Expected income from commercial applications
- Cost-benefit analysis - Do benefits exceed costs within acceptable timeframes?
- Return on investment - What is expected ROI and payback period?
Operational Feasibility
Operational assessment evaluates whether the organisation can successfully implement and maintain the project:
- Change management - How will the application affect existing operations and processes?
- Staff readiness - Are staff prepared to use and maintain the new system?
- Support capability - Can the organisation support the application post-launch?
- Integration with processes - How does the application integrate with existing workflows?
- Scalability - Can the application scale as the organisation grows?
Schedule Feasibility
Schedule assessment determines whether project timelines are realistic:
- Complexity estimation - How long will development actually take?
- Resource availability - Are required resources available when needed?
- Dependency management - Are there external dependencies that might cause delays?
- Risk buffer - Is adequate contingency included for unexpected issues?
- Market timing - Is the project timeline aligned with business opportunities?
Feasibility Study Process
Stakeholder Interviews
Feasibility studies begin by understanding stakeholder expectations, business drivers, and constraints. Interviews with diverse stakeholders reveal requirements and concerns.
Requirements Analysis
Understanding requirements thoroughly enables assessment of implementation complexity and cost. Vague or incomplete requirements introduce uncertainty into feasibility assessments.
Technology Research
Investigation of potential technical approaches, required technologies, and available solutions informs feasibility assessment. Prototyping novel approaches may be necessary for complex requirements.
Cost Estimation
Detailed analysis of labour costs, infrastructure, and third-party services produces cost estimates. Estimates should be conservative, acknowledging uncertainty.
Risk Identification
Feasibility studies identify risks that could impact success:
- Technical risks - Technology unknowns, integration challenges, or performance concerns
- Resource risks - Key person dependencies or availability constraints
- Market risks - Market changes invalidating business assumptions
- Regulatory risks - Compliance requirements affecting implementation complexity
Recommendations
Feasibility studies conclude with clear recommendations:
- Proceed with project - The project is feasible and benefits justify costs
- Proceed with modifications - The project is feasible if requirements are adjusted
- Do not proceed - The project is not feasible or benefits do not justify costs
Feasibility Study Value
Risk Reduction
Feasibility studies identify risks early when addressing them is least expensive. This enables proactive risk mitigation rather than reactive problem-solving.
Cost Control
Realistic cost estimation prevents budget surprises and enables accurate financial planning. Conservative estimates build credibility with finance teams.
Stakeholder Alignment
Feasibility studies create shared understanding between technical, business, and operational stakeholders. This alignment prevents misaligned expectations.
Informed Decision-Making
Executives can make project approval decisions with confidence, understanding true costs and realistic timelines.
Scope Clarity
Feasibility studies clarify project scope, distinguishing critical requirements from nice-to-have features.
PixelForce Feasibility Approach
PixelForce conducts feasibility studies for proposed projects, particularly those with novel technology requirements or significant investment. Our experience spans diverse application domains, enabling realistic assessments based on proven patterns and known challenges.
Common Feasibility Study Mistakes
Optimistic Bias
Feasibility studies sometimes underestimate complexity and costs due to optimistic assumptions. Conservative estimates are preferable.
Incomplete Scope
Feasibility studies conducted before requirements are fully understood produce misleading conclusions. Requirements gathering must precede detailed feasibility assessment.
Ignoring Non-Technical Factors
Projects fail for operational and organisational reasons as often as technical reasons. Comprehensive feasibility studies address all dimensions.
Static Assessment
Feasibility assessment at project start may not reflect changed circumstances. Feasibility should be reassessed during development if significant changes occur.
Feasibility Study Deliverables
- Executive summary - High-level overview and recommendations
- Technical analysis - Assessment of technical viability and approach
- Financial analysis - Cost estimates and ROI analysis
- Risk assessment - Identified risks and mitigation strategies
- Implementation roadmap - High-level timeline and major milestones
- Assumptions and constraints - Underlying assumptions and limiting factors
Feasibility studies represent essential due diligence for significant projects, providing objective analysis that informs confident decision-making about project viability and investment worthiness.