INTRODUCTION OF FEASIBILITY STUDY

Feasibility Study is an assesment of the practicality of proposed project. A Feasibility study is an analysis of the ability to complete a project successfully, taking into account legal, market, economical, technical, scheduling, social, environmental and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money.

A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.

A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project implementation.

A feasibility study evaluates the project's potential for success; therefore, perceived objectivity is an important factor in the credibility of the study for potential investors and lending institutions. It must therefore be conducted with an objective, unbiased approach to provide information upon which decisions can be based.

In its simplest form, a feasibility study represents a definition of a problem or opportunity to be studied, an analysis of the current mode of operation, a definition of requirements, an evaluation of alternatives, and an agreed upon course of action. As such, the activities for preparing a Feasibility Study are generic in nature and can be applied to any type of project, be it for systems and software development, making an acquisition, or any other project.

There are basically six parts to any effective Feasibility Study:

1. The Project Scope which is used to define the business problem and/or opportunity to be addressed. The old adage, "The problem well stated is half solved," is very apropos. The scope should be definitive and to the point; rambling narrative serves no purpose and can actually confuse project participants. It is also necessary to define the parts of the business affected either directly or indirectly, including project participants and end-user areas affected by the project. The project sponsor should be identified, particularly if he/she is footing the bill.
2. The Current Analysis is used to define and understand the current method of implementation, such as a system, a product, etc. From this analysis, it is not uncommon to discover there is actually nothing wrong with the current system or product other than some misunderstandings regarding it or perhaps it needs some simple modifications as opposed to a major overhaul. Also, the strengths and weaknesses of the current approach are identified (pros and cons). In addition, there may very well be elements of the current system or product that may be used in its successor thus saving time and money later on. Without such analysis, this may never be discovered. Analysts are cautioned to avoid the temptation to stop and correct any problems encountered in the current system at this time.
3. Requirements and how requirements are defined depends on the object of the project's attention. For example, how requirements are specified for a product are substantially different than requirements for an edifice, a bridge, or an information system. Each exhibits totally different properties and, as such, are defined differently. How you define requirements for software is also substantially different than how you define them for systems.
4. The Approach represents the recommended solution or course of action to satisfy the requirements. Here, various alternatives are considered along with an explanation as to why the preferred solution was selected. In terms of design related projects, it is here where whole rough designs (e.g., "renderings") are developed in order to determine viability. It is also at this point where the use of existing structures and commercial alternatives are considered (e.g., "build versus buy" decisions). The overriding considerations though are: 1) Does the recommended approach satisfy the requirements? 2) Is it also a practical and viable solution? (Will it "Play in Poughkeepsie?")
5. Evaluation examines the cost effectiveness of the approach selected. This begins with an analysis of the estimated total cost of the project. In addition to the recommended solution, other alternatives are estimated in order to offer an economic comparison. For development projects, an estimate of labour and out-of-pocket expenses is assembled along with a project schedule showing the project path and start-and-end dates. After the total cost of the project has been calculated, a cost and evaluation summary is prepared which includes such things as a cost/benefit analysis, return on investment, etc.
6. Review that all of the preceding elements are then assembled into a Feasibility Study and a formal review is conducted with all parties involved. The review serves two purposes: to substantiate the thoroughness and accuracy of the Feasibility Study, and to make a project decision; either approve it, reject it, or ask that it be revised before making a final decision. If approved, it is very important that all parties sign the document which expresses their acceptance and commitment to it; it may be a seemingly small gesture, but signatures carry a lot of weight later on as the project progresses. If the Feasibility Study is rejected, the reasons for its rejection should be explained and attached to the document.

The choice of an optimal research design depends upon the selected area of focus. This premise holds equally for feasibility studies and for other kinds of research. As the knowledge base and needs for an intervention progress, different questions come to the fore. In the initial phase of developing an intervention, Can it work? is usually the main question. Given some evidence that a treatment might work, the next question is generally Does it work?, and does it do so under ideal or actual conditions compared to other practices. Those are the questions addressed by efficacy and effectiveness studies. Finally, given evidence that an intervention is efficacious and effective, the question Will it work? is applied to the myriad contexts, settings, and cultures that might translate the intervention into practice.

Table 1 Phases of intervention development

Intervention Development Phase
Can it work?	Does it work?	Will it work?
Is there some evidence that X might work?	Is there some evidence that X might be efficacious under ideal or actual conditions, compared to whatever other practices might be done istead?	Will it be effective in real-life contexts, setting, and cultures populations that might adopt the intervention as practice?

DATA ENTRY JOBS

Definition: Data entry is a broad term that encompasses a number of occupations. These include electronic data processors, typists, word processors, transcribers, coders and clerks.

In essence, data entry means to operate equipment, often a keyboard, that inputs (alphabetic, numeric, or symbolic) data into a company’s system. The data entry operator may be required to verify or edit data as it is entered.

And while many of the data entry positions listed above fall under the data entry umbrella, jobs that are advertised as “data entry jobs” usually require the least skills and in turn pay the least. Specialized data entry positions, like medical transcriptionists, require more training.

Though many companies only allow those who have been trained in-house to work offsite, data entry can often be done from home. However, work at home data entry jobs are often work at home scams.

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