Feasibility Study in Software Engineering

Feasibility Study

In software engineering, a feasibility study entails planning and evaluating every facet of a project before moving forward. The procedure entails gathering information and assessing various project components in light of predetermined financial and schedule limitations standards. After evaluating all project-related factors, participants will come to a consensus on whether or not it is possible to finish this project within the allocated time frame and budget constraints. Participants will plan how to finish the project after deciding whether it is feasible. This will involve creating documentation for each process step using modeling techniques for software system design, dynamic flow mapping for computer application flow design, and other techniques.

Businesses of all sizes run risks regarding the software they purchase or create. If they examine the products' sustainability and determine whether or not they will succeed in the changing market, these risks can be initially avoided. Feasibility studies can be carried out to determine the proposed project's future scope to validate this idea. Since it is universal, it applies to all industries, and in particular, it provides a more promising future for the software engineering and development sectors.

A feasibility study determines whether a software project will be viable. Whether a project is feasible depends largely on how it will function in the market, what will work, what competitors have produced, and how long this product will last. In this blog, we'll learn the definition of a feasibility study in software engineering and the reasons behind doing one. We will also explore every facet of the study process's viability. We will also understand its types and best practices to help you maintain the new software at its peak performance.

For Example, Should the planning of this project become laborious owing to multiple factors, such as stakeholders' expectations, a pre-feasibility study might be required. In this instance, stakeholders evaluate before actual development starts to ascertain whether this project is feasible. An informal internal communication survey might work fine if such an assessment seems too difficult. This assessment might show that while stakeholders would like to be involved in communicating their needs to those in charge of the project's development, they also want specific features that would make it feasible.

What is a Feasibility Study in Software Development?

Any proposed project or plan in the initial design phase must include a feasibility study. It is done to assess the viability of a project being considered or an existing piece of software the company uses. It can help recognize and evaluate the risks and opportunities in the environment, the resources required for the project, and the likelihood of success.

Regarding software development, the feasibility study ensures that every little detail of the project's or software's viability is examined. The Software Project Management Process consists of four steps at this feasibility study stage. Technically speaking, a feasibility study can assist you in conducting multiple analyses to determine whether the software will survive the market. This feasibility study aids in developers' proper understanding of the product, including development, implementation, project contribution to the organization, etc. Companies are also free to use industry experts' software development services.

The software engineering feasibility study is one of software development's trickiest and most time-consuming parts. In this context, a product's technical development side is called its viability.

As mentioned earlier, technical viability looks into any technical difficulties a project might have. Nonetheless, it is inevitably impacted by and reliant on funding, time constraints, legal restrictions, and post-development tasks (maintenance and support).

In terms of software feasibility, in particular, it first assesses the ideation stage of product development, taking into account the requirements of the pilot project.

• The functional requirements of business analysts define solution features.
• A software architect is typically responsible for gathering non-functional requirements associated with system attributes like scalability and performance.

It starts with analyzing the proposal's feasibility and is validated at the end of the day.

key Aspects of Feasibility Study in Software Engineering

Here are the key aspects typically covered in a feasibility study in software engineering:

1. Technical Feasibility: This aspect assesses whether the proposed software project is technically possible with the available technology, resources, and expertise. It considers software development tools, hardware requirements, integration with existing systems, and potential technical challenges.
2. Operational Feasibility: Operational feasibility evaluates whether the software will fit smoothly into the organization's existing processes and whether users can adapt. It considers factors like user training, change management, and the impact on daily operations.
3. Economic Feasibility: This part of the study focuses on the financial aspects of the project. It includes a cost-benefit analysis to determine if the project is economically viable. This analysis involves estimating the development costs, maintenance costs, potential benefits, and return on investment (ROI). It helps stakeholders understand whether the project is financially justified.
4. Scheduling Feasibility: Scheduling feasibility assesses whether the project can be completed within the required timeframe. It considers factors like project scope, resource availability, and potential risks that might impact the project schedule.
5. Legal and Regulatory Feasibility: This examines whether the proposed software project complies with legal and regulatory requirements. It may involve data privacy, intellectual property rights, and industry-specific regulations.
6. Market Feasibility (if applicable): For commercial software projects, market feasibility examines whether there is a demand for the proposed software in the target market. It involves market research, competition analysis, and potential market adoption.

The outcome of a feasibility study can be one of the following:

• Go Decision: If the study concludes that the project is feasible regarding technical, operational, economic, scheduling, and legal aspects, the project can proceed to the next phase.
• No-Go Decision: If the study determines that the project is not feasible or too risky, it may lead to a decision to abandon the project or revise its scope.
• Revised Scope Decision: In some cases, the study may reveal that the original project scope needs modification to increase feasibility. In this case, stakeholders may refine the project's goals and constraints.

A well-conducted feasibility study is crucial for making informed decisions and avoiding costly and time-consuming errors in the later stages of a software project. It helps in reducing the risks associated with software development and ensures that resources are invested wisely.

Additional Details and Considerations for each aspect of a Feasibility Study

Here are some additional details and considerations for each aspect of a feasibility study in software engineering:

1. Technical Feasibility:

• Evaluate the availability and expertise of the required technical skills for the project.
• Assess the compatibility of the proposed technology stack with the existing infrastructure.
• Consider potential technical risks and challenges and plan for mitigation strategies.
• Determine whether the project can be completed within the given technology constraints.

2. Operational Feasibility:

• Identify the key stakeholders, users, and their needs and expectations.
• Assess the willingness and readiness of users to adopt the new software.
• Consider how the new software will impact existing processes and workflows.
• Determine whether the organization has the necessary support structures for successful implementation.

3. Economic Feasibility:

• Calculate the total cost of ownership, including development, maintenance, and operational costs.
• Estimate potential benefits such as increased revenue, cost savings, and improved efficiency.
• Calculate the return on investment (ROI) and payback period.
• Consider alternative solutions and their cost-effectiveness.

4. Scheduling Feasibility:

• Develop a project schedule that outlines tasks, milestones, and deadlines.
• Identify potential bottlenecks, dependencies, and resource constraints that could affect the timeline.
• Evaluate whether the project can be completed within the specified time frame.
• Create contingency plans for handling potential delays or issues.

5. Legal and Regulatory Feasibility:

• Identify and understand all relevant laws, regulations, and industry standards for the project.
• Ensure compliance with data protection, intellectual property, and licensing requirements.
• Establish a strategy for addressing legal and regulatory challenges throughout the project's lifecycle.

6. Market Feasibility (if applicable):

• Conduct market research to identify the target audience and their needs.
• Analyze the competitive landscape, identifying key competitors and their strengths and weaknesses.
• Evaluate market trends, potential growth, and demand for the proposed software.
• Consider pricing strategies, marketing plans, and distribution channels.

It's important to note that the feasibility study should be comprehensive, and its findings should be documented in a formal report. The report should provide clear recommendations and justifications for the project's feasibility or lack thereof.

Feasibility Study Process

The feasibility Study Process is a process of studying feasible data. This process consists of the following stages:

1. Information Assessment:

This part is about collecting information and, with the help of the system, setting the goal of the organization/business. It also checks if the system can be integrated with the current system and whether it can be deployed utilizing trending technologies while staying within the budget.

2. Information Collection:

Here, you can easily specify the sources of software information. These sources generally include clients willing to use the software, where the software will be used, like a company and those who understand user requirements and know how to fulfil them in software, like the software development team.

3. Report Writing:

The feasibility report is the outcome of the software development team's feasibility analysis. The software development team's suggestions for how software development should proceed in the future are included. Along with additional recommendations for system requirements, this report might also contain information about modifications to the software scope, technical skills budget, and schedule.

4. General Information:

Contact details, acronyms, a glossary, and an overview of the system project are also included. The system overview includes details about the system, including its name or title, category, operational status, and name of the software development organization.

Project references, such as project-related documents or older references, can include a list of the references used to prepare this document. Acronyms are definitions or abbreviations that list terms used in this document along with their definitions.

Need for Feasibility Study

Businesses should know the rationale behind conducting a feasibility study on either new or existing software in case they are still unsure of the need to investigate the viability of a proposed application, software, or product.

1. Acquire an expanded viewpoint:

Carrying out a project is not a simple task. A great deal of responsibility is placed on all parties involved in the project. The main person in charge is the project manager or team lead. Therefore, it is essential to comprehend the opportunity and risk associated with starting and finishing a project. It's important to adopt a more comprehensive perspective, which also aids in remembering all the important details and the importance of feasibility studies.

2. It aids in the creation of a plan:

Using a feasibility study at the project's outset gives you a comprehensive list of all potential risks and opportunities. Consequently, planning becomes easier. You might need to reconsider your plan if you cannot finish the study.

3. Execution becomes easier:

The development of a well-thought-out plan puts you halfway in the race, but successful project execution is still necessary. Once the feasibility study is finished, you can draft an appropriate plan to set up the implementation process. Costs, time, and resources will all be needed for execution; therefore, it will be possible to use them all after carefully examining the project's viability and finishing it more affordably while meeting or surpassing client expectations.

Best Practices for a Feasibility Study

You are correct if you believe your software development team can benefit from this feasibility study in every way. Performing risk analysis protects you from risk and keeps your technical team from encountering any problems upfront. It also assesses viability from various perspectives, so if you want to make the most of it, adhere to these best practices.

• Use project management software, such as Project Manager, to work efficiently and effectively with your data organized.
• Use templates or any other technology or data that gives you leverage.
• Involve the right stakeholders to get their feedback.
• Make use of market research to enhance the information you gather.
• To make sure the information you have is accurate, do some research and pose questions.

Conclusion

Your company has every justification to employ a software engineering feasibility study. Using this technique, your company can determine what factors lead to success and failure and adjust its plans accordingly. You can determine which one is most effective for your project and which is not. A thorough feasibility study gives businesses access to risk factors, market analysis, labour requirements, funding, and other information that helps them decide whether to pursue the project, allowing them to receive higher returns on their investment.