The objective of a _____ is to use the combined judgement and experience of several analysts to evaluate systems projects

General
1

the objective of a _____ is to use the combined judgement and experience of several analysts to evaluate systems projects.

2

The objective of a feasibility study is to use the combined judgement and experience of several analysts to evaluate systems projects.

Answer:

A feasibility study is a critical process in the evaluation of potential projects as it uses the collective judgment, skills, and experiences of several analysts to assess the viability and success potential of systems projects. Let’s explore the components and goals of a feasibility study:

Solution By Steps:

  1. Definition of Feasibility Study

    • A feasibility study examines the practicality and potential success of a proposed project, considering technical, economic, legal, operational, and scheduling perspectives.

  2. Objectives of a Feasibility Study

    • Assess Viability: Determine whether the project is technically feasible, economically viable, legally permissible, and operationally workable.
    • Risk Management: Identify potential risks and challenges that could impact the success of the project and propose mitigation strategies.
    • Resource Evaluation: Analyze the resources required, including time, money, and manpower, and evaluate whether they are available or can be procured.
    • Decision Support: Provide stakeholders with sufficient information to make an informed decision about whether to proceed with, modify, or abandon the project.

  3. Key Components

    • Technical Feasibility: Evaluates whether the technology needed for the project exists or can be developed.
    • Economic Feasibility: Assesses the cost-effectiveness of the project, including cost-benefit analysis.
    • Legal Feasibility: Examines whether the project complies with relevant laws and regulations.
    • Operational Feasibility: Considers whether the project’s processes and team can successfully operate in the long term.
    • Scheduling Feasibility: Evaluates the time required for project completion against available timeframes.

  4. Advantages

    • Informed Decisions: Provides structured insights, allowing stakeholders to make evidence-based decisions.
    • Problem Identification: Early detection of potential barriers or shortcomings can improve planning accuracy.
    • Funding and Stakeholder Support: Can be crucial for obtaining financial support and buy-in from stakeholders.

Conducting a feasibility study is essential to minimize risks, enhance efficiency, and increase the likelihood of a project’s success.