Software Development Life Cycle

Before starting any project, it’s crucial to ask: 'Is it even feasible?' A feasibility study answers this by analyzing technical, financial, and operational aspects. This evaluation determines if a project is practical, achievable, and worth pursuing before starting it. A feasibility study can generally be viewed from three main aspects: technical, economic, and operational. However, when we dive deeper, other important factors come into play, such as schedule feasibility, market feasibility, legal considerations, and more. This can be better illustrated with an example. 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐚𝐥 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: Scenario: Launching a Ride-Sharing App. 1. 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥: Do we have the expertise to build features like real-time GPS tracking and secure payment integration? 2. 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥: Can we operate the product smoothly, from ride-sharing requests to payment processing? Do we have sufficient resources for ongoing maintenance? 3. 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜: Will the revenue from rides cover development, marketing, and operational costs, while ensuring profitability? Can we differentiate ourselves from competitors? 4. 𝐋𝐞𝐠𝐚𝐥: Does the app comply with local transportation regulations and data privacy laws? 5. 𝐒𝐜𝐡𝐞𝐝𝐮𝐥𝐞: Can the app be developed and launched within six months to stay ahead of competitors? Know more about feasibility study: https://lnkd.in/eEnNAMXi