Feasibility study is the 2nd second phase of the SDLC. At this stage it is decided whether to proceed or not with the new system. We have different factors to be considered while developing a new system.
The different types of feasibility study are:
Technical: At this stage it is decided whether the technology to develop the new system is available or not.
Economic: At this stage it is decided whether the organization has enough funds to develop the new system or not.
Legal: At this stage it is decided whether the new system is legal or not. If it is not legal, then we are not going to proceed with this.
Operational: In this stage we see whether the staff is competent enough and skilled enough to use the new system.
Time schedule: Here it is decided whether the project of the new system will be completed within the timeframe or not.
Feasibility study comes in the picture when there is a change request in the project and also when there is a transition and migration of the system. At these stages it is very important to do a feasibility study.