Feasibility study

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1 Five common factors 1.1 Technology and system feasibility 1.2 Economic feasibility 1.3 Legal feasibility 1.4 Operational feasibility 1.5 Schedule feasibility 2 Other feasibility factors 2.1 Market and real estate feasibility 2.2 Resource feasibility 2.3 Cultural feasibility 2.4 Financial feasibility 3 Output 4 See also 5 References 5.1 Footnotes

6 External links

Feasibility Report
Feasibility aim to objectively and rationally uncover the strengths and weaknesses of the existing business or proposed venture, opportunities and threats as presented by the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility arecost required and value to be attained. As such, a well-designed feasibility study should provide a historical background of the business or project, description of the product orservice, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project implementation.

Five common factors

The acronym TELOS refers to the five areas of feasibility: Technical, Economic, Legal, Operational, and Scheduling.

Technology and system feasibility

The assessment is based on an outline design of system requirements in terms of Input, Processes, Output, Fields, Programs, and Procedures. This can be quantified in terms of volumes of data, trends, frequency of updating, etc. in order to estimate whether the new system will perform adequately or not. Technological feasibility is carried out to determine whether the company has the capability, in terms of software, hardware, personnel and expertise, to handle the completion of the project. When writing a feasibility report the following should be taken to consideration:

A brief description of the business to assess more possible factor/s which could affect the

study

The part of the business being examined The human and economic factor The possible solutions to the problems

At this level, the concern is whether the proposal is both technically and legally feasible (assuming moderate cost).

Economic feasibility
Economic analysis is the most frequently used method for evaluating the effectiveness of a new system. More commonly known as cost/benefit analysis, the procedure is to determine the benefits and savings that are expected from a candidate system and compare them with costs. If benefits outweigh costs, then the decision is made to design and implement the system. An entrepreneur must accurately weigh the cost versus benefits before taking an action. Cost-based study: It is important to identify cost and benefit factors, which can be categorized as follows: 1. Development costs. 2. Operating costs. This is an analysis of the costs to be incurred in the system and the benefits derivable out of the system. Time-based study: This is an analysis of the time required to achieve a return on investments. The future value of a project is also a factor.

Legal feasibility
Determines whether the proposed system conflicts with legal requirements, e.g. a data processing system must comply with the local Data Protection Acts.

Operational feasibility
Operational feasibility is a measure of how well a proposed system solves the problems, and takes advantage of the opportunities identified during scope definition and how it satisfies the requirements identified in the requirements analysis phase of system development.[4]

Schedule feasibility
A project will fail if it takes too long to be completed before it is useful. Typically this means estimating how long the system will take to develop, and if it can be completed in a given time period using some methods like payback period. Schedule feasibility is a measure of how reasonable the project timetable is. Given our technical expertise, are the project deadlines reasonable? Some projects are

initiated with specific deadlines. You need to determine whether the deadlines are mandatory or desirable.

Other Feasibility Factors

Market and real estate feasibility
Market feasibility studies typically involve testing geographic locations for a real estate development project, and usually involve parcels of real estate land. Developers often conduct market studies to determine the best location within a jurisdiction, and to test alternative land uses for given parcels. Jurisdictions often require developers to complete feasibility studies before they will approve a permit application for retail, commercial, industrial, manufacturing, housing, office or mixed-use project. Market Feasibility takes into account the importance of the business in the selected area.

Resource feasibility
This involves questions such as how much time is available to build the new system, when it can be built, whether it interferes with normal business operations, type and amount of resources required, dependencies,

Cultural feasibility
In this stage, the project's alternatives are evaluated for their impact on the local and general culture. For example, environmental factors need to be considered and these factors are to be well known. Further an enterprise's own culture can clash with the results of the project.

Financial feasibility
In case of a new project,financial viability can be judged on the following parameters:

Total estimated cost of the project Financing of the project in terms of its capital structure, debt equity ratio and promoter's share

of total cost

Existing investment by the promoter in any other business Projected cash flow and profitability

Objectives
The main aim of this project is to develop a web based system which introduces and teaches the Icelandic population Chinese and to encourage Icelanders to learn the essential day to day dialogues. This website will entail that Icelanders should be capable of interacting in Chinese with basic understanding of the language. In order to achieve our aims the following objectives will be accomplished: 1. To conduct a research on web based projects that are similar to our project to get a clear overview on our project. 2. To design a web site that will have features such as. a) Instructions, the user can quickly refer to them if he needs assistance with a given problem. b) Audio files, video clips and still images, where users can watch the dialogues in action and observe to pronunciations. This will support learning flexibility since the apprentice can repeat his practice. Audio and video files will be used to teach how to pronounce and speak Chinese, and to simulate a real dialog. c) Categorization, the website will be broken down into a few categorizes such as pronunciation, vocabulary, possibly some grammar, and topics such as getting around, shopping and other activities. II. Pronunciations will be based on what to emphasize on when speaking Chinese. III. Vocabulary will include how to use the Chinese alphabet and word constructions. IV. Grammar will be kept at minimum, perhaps we will include what is definitely wrong and what pitfalls the user can avoid. d) General conversations, for example taking a taxi, asking for directions,

shopping etc.