Feasibility Study In Business Analysis (Professional Business Analyst Training organisation)
Feasibility Study In Business Analysis: Feasibility study is one of the Enterprise Analysis. Feasibility study is a analysis of the viability (possibility) of an idea. It is focuses on helping the answers the essential questions of “Should we proceed with proposed business project idea?�. Feasibility study can be used many ways but mainly focused on proposed business venture.
• A feasibility study is usually conducted after producers have discussed series of scenarios and ideas. • Feasibility Study helps to frame and flesh out specific business scenarios so they can be studied in-depth. • It is a exploratory journey and takes several paths before reach destination.
Feasibility Study Versus Business Plan : A Feasibility Study is not a Business Plan. The Feasibility Study is provides investigating function. It addresses the question of “Is this viable business venture?”. The Business Plan provides a planning function. The BP outlines the actions needed to take the proposal form “idea” to “reality”. “The Feasibility Study is conducted before the Business Plan.”
Reasons Not to Do Feasibility Study: Traditional BA (Waterfall)
Agile BA
1. We know the feasible. An existing business is already doing it. Requirements are documented in Use Cases, Requirements are documented in Epics, User Business Requirements, Functional requirements, Stories and optionally Business (or Essential) Use UI Specifications, Business Rules. cases.
Focuses on completeness of requirement and spends time in ensuring the requirement is unambiguous and has all the details.
Focuses on understanding the problem and being the domain expert so that s/he can answer questions from the development team swiftly and decisively.
2. Why do another feasibility study, when one was done just a few years ago. Focuses on ensuring the requirements meet the Focuses on getting a ‘sign off’ on the requirements. currentbusiness needs, even if it requires updating them. Often there is a wall between the BA/Business and Agile BA (Often called as Product Owner) is part of the Development team. the team.
3. Feasibility studies are just waste of time. Tends to dictate solutions. Long turnaround.
Has to remain in the problem domain, leaving the development team ‘space’ to explore different solutions. Quick turnaround.
Focus on what the requirements document said. In Focus on the functionality of the developed other words, output (Artifact) is a well written software. In other words, output (Artifact) is the thorough requirements document. software that meets thebusiness needs.
The reasons given above should not dissuade you from conducting a meaningful and accurate feasibility study. Once decisions have been made about proceeding with a proposed business, they are often very difficult to change. You may need to live with these decisions for a long time.
Reasons to Do Feasibility Study: 1. Gives focus to the project and outline alternatives. 2. Narrows business alternatives 3. Identifies the new opportunities through investigate process 4. Identifies reasons not to proceed. 5. Provides quality information for decision making.
The Feasibility Study is a critical step in the business assessment process. If properly conducted , it may be the best investment never made before.