What is the purpose of a feasibility study in IT project management?

The purpose of a feasibility study in IT project management is fundamentally about assessing the viability of a proposed project. This process involves examining various critical factors that determine if the project should move forward. Specifically, the feasibility study evaluates technical, economic, and operational aspects:

1. Technical Feasibility: This involves analyzing whether the project can be implemented with the current technology and resources. It looks at the available technology, compatibility with existing systems, and if the technical skills required are available within the team or if they need to be sourced externally.

2. Economic Feasibility: This factor assesses the financial aspects of the project, including costs versus benefits. It involves detailed cost estimation, the return on investment (ROI), and whether the project aligns with the organization's financial capabilities and goals.

3. Operational Feasibility: This aspect examines how well the project can be integrated into the existing organizational framework and processes. It looks at stakeholder needs, organizational culture, and the potential impact on current operations and workflows.

Conducting a thorough feasibility study helps decision-makers determine whether a project is worth pursuing and helps mitigate risks associated with project execution. This ensures that resources are allocated to initiatives that are likely to succeed based on a comprehensive understanding of their landscape