Name: Ratnali Anil Pawar Roll no: 28 Year: TYAN

Practical No.9: Prepare technological feasibility report of a chosen

product/service
Introduction to Feasibility Study
A feasibility study is an assessment of the practicality of a proposed plan or project. A
feasibility study analyses the viability of a project to determine whether the project or
venture is likely to succeed. The study is also designed to identify potential issues and
problems that could arise while pursuing the project.
As part of the feasibility study, project managers must determine whether they have
enough of the right people, financial resources, and technology. The study must also
determine the return on investment, whether this is measured as a financial gain or a
benefit to society, as in the case of a non-profit project.
Benefits of a Feasibility Study
1. There are several benefits to feasibility studies, including helping project managers
discern the pros and cons of undertaking a project before investing a significant amount of
time and capital into it.
2. Feasibility studies can also provide a company's management team with crucial
information that could prevent them from entering into a risky business venture.
Components
Components that are typically found in a feasibility study include the following:
1. Executive summary: Formulate a narrative describing details of the project, product,
service, plan, or business.
2. Technological considerations: Ask what will it take. Do you have it? If not, can you get it?
What will it cost?
3. Existing marketplace: Examine the local and broader markets for the product, service,
plan, or business.
4. Marketing strategy: Describe it in detail.
5. Required staffing: What are the human capital needs for this project? Draw up an
organizational chart.
6. Schedule and timeline: Include significant interim markers for the project's completion
date.
7. Project financials.
8. Findings and recommendations: Break down into subsets of technology, marketing,
organization, and financials.
Types of Feasibility Study:
The feasibility study mainly concentrates on below five mentioned areas. Among these
Economic Feasibility Study is most important part of the feasibility analysis and Legal
Feasibility Study is less considered feasibility analysis.
1. Technical Feasibility: In Technical Feasibility current resources both hardware software
along with required technology are analysed/assessed to develop project. This technical
feasibility study gives report whether there exists correct required resources and
technologies which will be used for project development. Along with this, feasibility study
also analyses technical skills and capabilities of technical team, existing technology can be
used or not, maintenance and up-gradation is easy or not for chosen technology etc.
2. Operational Feasibility: In Operational Feasibility degree of providing service to
requirements is analysed along with how much easy product will be to operate and
maintenance after deployment. Along with this other operational scope are determining
usability of product, determining suggested solution by software development team is
acceptable or not etc.

3. Economic Feasibility
In Economic Feasibility study
cost and benefit of the project
is analysed. Means under this
feasibility study a detail
analysis is carried out what
will be cost of the project for
development
which includes all required
cost for final development like
hardware and software
resource
required, design and
development cost and
operational cost and so on.
After that it is analysed
whether project will be
beneficial in terms of finance
for organization or not.
4. Legal Feasibility
In Legal Feasibility study
project is analysed in legality
point of view. This includes
analysing
barriers of legal
implementation of project,
data protection acts or social
media laws, project
certificate, license, copyright
etc. Overall it can be said that
Legal Feasibility Study is
study to
know if proposed project
conforms legal and ethical
requirements.
5. Schedule Feasibility
In Schedule Feasibility Study
mainly timelines/deadlines are
analysed for proposed project
which includes how many
times teams will take to
complete final project which
has a great
impact on the organization as
purpose of project may fail if it
can’t be completed on time.
3. Economic Feasibility: In Economic Feasibility study cost and benefit of the project is
analysed. Means under this feasibility study a detail analysis is carried out what will be cost
of the project for development which includes all required cost for final development like
hardware and software resource required, design and development cost and operational
cost and so on. After that it is analysed whether project will be beneficial in terms of finance
for organization or not.
4. Legal Feasibility: In Legal Feasibility study project is analysed in legality point of view.
This includes analysing barriers of legal implementation of project, data protection acts or
social media laws, project certificate, license, copyright etc. Overall it can be said that Legal
Feasibility Study is study to know if proposed project conforms legal and ethical
requirements.
5. Schedule Feasibility: In Schedule Feasibility Study mainly timelines/deadlines are
analysed for proposed project which includes how many times teams will take to complete
final project which has a great impact on the organization as purpose of project may fail if it
can’t be completed on time.
Aim of feasibility study:

1. the overall objective of the organization is covered and contributed by the system or not.
2. the implementation of the system be done using current technology or not.
3. can the system be integrated with the other system which are already exist?

▪ Feasibility Study Process: The below steps are carried out during entire feasibility analysis.
a) Information assessment
b) Information collection
c) Report writing
d) General information

How to conduct a technical feasibility Study?

Follow these steps to conduct your technical feasibility study and assess whether the
proposed technical project is viable for your business.
1. Prepare a preliminary analysis
2. Create a projected income statement
3. Conduct a market survey
4. Make a business plan
5. Prepare a balance sheet
6. Review your data and decide

1. Prepare a preliminary analysis: A preliminary analysis can help you determine whether
your project is worth funding in the first place. Performing a brief analysis before moving
ahead with a full study helps you identify potentially costly and time-consuming activities
before the time and money are spent. The two main branches of this analysis include the
following:
Project outline: With as much detail as possible, describe the necessary elements of the
project. These can include who your target markets will be, what need you’ll fulfil, whether
your product or service currently exists and how you will improve existing offerings.
Investigation of accessibility: Examine possible barriers to entry or any factors that could
hinder profitability. These can include unavailable or especially expensive capital
requirements, an inability to market or refer your offerings or production costs that exceed
projected revenues. If the results of your preliminary analysis are promising, consider
continuing with a more in-depth feasibility study of the project.

2. Create a projected income statement: A projected income statement for your technical
product or service offers a quick look at forecasted sales and revenue from moving ahead
with the project. If your preliminary analysis determined your product or service will fulfil a
need, use the projected income statement to anticipate the income the project will
generate and compare it to the costs of producing your offerings, paying your debts and
maintaining normal business operations. If your anticipated net income is positive, continue
to the next phase in your study.
3. Conduct a market survey: A market survey will help you get a more realistic idea of the
revenues your project will generate. Since this is an in-depth study, the market survey will
require several steps, including:
• Consider population and demographic trends: Look at cultural aspects and the average
amount of disposable income of consumers in your target market. The amount consumers
are willing to spend on this technology will affect your project’s success.
• Evaluate similar or competing offerings in your target market: This includes their strengths
and weaknesses related to location, products, pricing, marketing, quality and customer
loyalty.
• Estimate expansion opportunities: This includes adding new products or services,
franchising possibilities and projected response by the community.
4. Make a business plan: A business plan describes your product or service offerings in
detail and outlines a production schedule. The plan offers explanations for start-up expenses
and the cost of ongoing operations. It also provides detailed planning in regards to the
following: • Organizational chart
• Materials, equipment and supplies
• Marketing and merchandising
• Facility location
• Labour costs
• Overhead such as insurance, taxes and utilities

5. Prepare a balance sheet A day-one balance sheet should show the assets and liabilities of
the undertaking at the time of project completion before income is generated. Required
assets include the project’s initial cash and financing capital as well as buildings, land and
equipment needed to execute the proposed plan. Liabilities associated with the project
involve anticipated investments, rent, finance payments and allowance margins for accounts
receivable.
6. Review your data and decide: When you’ve conducted all your research and compiled
your facts and estimations, a final review is necessary. This final review serves to revisit the
preliminary analysis and compare it to the data you’ve obtained since then for the purpose
of deciding whether your project is still feasible. This reflection helps you assess the risks
and costs associated with this undertaking and make a final decision on whether to begin
production.
1. What factors are typically considered in assessing the technological feasibility of a new
product/service?
Technological feasibility assessments often involve evaluating existing technologies,
potential development requirements, scalability, compatibility, and potential technical
challenges.
2. How does a technological feasibility report contribute to the decision-making process
for launching a new product/service?
A technological feasibility report provides critical insights into the viability of implementing a
new product/service by highlighting technical risks, feasibility of development, resource
requirements, and potential technological solutions, aiding in informed decision-making by
stakeholders.

Process Related Product Related Total Date/Sign

(15) (15) (30)