Free

PREPARING THE FEASIBILITY STUDY - Essay Example

Comments (0) Cite this document
Summary
This is because such a system would be highly customized and it would meet their needs directly and would offer a competitive advantage. The decision criteria to…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.7% of users find it useful
PREPARING THE FEASIBILITY STUDY
Read TextPreview

Extract of sample "PREPARING THE FEASIBILITY STUDY"

Preparing the Feasibility Study A large chain of retail stores would require an in-house developed management information system for its operations. This is because such a system would be highly customized and it would meet their needs directly and would offer a competitive advantage. The decision criteria to that is used by a business or an organization to decide on whether to develop an in-house software or to purchase a commercial-off-the-shelf (COTS) software depend on several factors. Some of these factors include: the core function of the software, total ownership costs, scale of operation, flexibility to business changes and time needed to implement the software (Ledeen, 2009). All of these factors are critical but sometimes, some of these factors are overshadowed by others because of some considerations that the business or organization might make.
Give supporting evidence and cite sources(300 words)
The organization under focus is a chain of retail stores that needs a software for processing sales transactions and managing its inventory. All the transactions will be backed up in the system’s main server that will be located in the business’ head office. This means that among other requirements for the software, it should be able to handle a huge volume of transactions, have high security levels as well as have high level of efficiency. Since the core function of the business is supply and retail, the system should give the business a competitive advantage by achieving very high levels of efficiency and significant cost reductions in business operations. These strategic reasons necessitate development of an in-house software that will be developed with the organization’s key requirements.
The costs of developing, implementing and maintaining an in-house software can be high as compared to purchasing COTS but it has a longer economic life than a COTS. This is because COTS will require frequent updates from the vendors and this shortens their life. Developing an in-house software application is cost effective as the software will have only the desired features and functionalities. This is not the case in COTS as the business will pay for features they do not need while purchasing the COTS software (Ledeen, 2009). The developers will also have the opportunity to determine the level of software the retail chain needs based on its financial strength. This is usually a consideration made by the developers before they commence developing the software (Emery, 2007) .
An in-house developed software will give the retail business more control over the software and the entire system. This is because the business will have an in-house team of system experts and technicians to carry out maintenance. This will provide enhanced security for the transactions that involve confidential information such as financial transactions.
The planned software will involve large scale operation and transactions between the retail outlets and the head office servers. An in-house developed software will assist in preventing inherent business risks as a result of communications between retail outlets and head office.
The time needed to develop and implement an in-house developed software is long as it involves several time consuming processes and training the staff who will be using the software. However, it has the advantages of lesser upgrades, longer time economic life and highly flexible. This is because the experts have an in-depth knowledge of the system thus it takes shorter time to perform upgrades and makes changes necessitated by business environment (Lo, 2007).
In view of the above considerations, the retail chain business should go for in-house developed software option as it meets both their short term, medium term and long term needs.
References
Emery, P. (2007, January/ February). Beyond Features & Functions: Evaluating RM Software Alternatives in a Real-World Environment. The Information Management Journal, pp. 28-34.
Ledeen, K. S. (2009). Our Knowlegde: White Papers. Retrieved from Nevo Technologies, Inc Website: http://www.nevo.com/our-knowledge/whitepapers/BuildVsBuy.pdf
CS211 (2007). Transition to System Designs. [PPT Presentation]. Retrieved from http://www.peter-lo.com/Teaching/CS211/L06.pdf Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“PREPARING THE FEASIBILITY STUDY Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
PREPARING THE FEASIBILITY STUDY Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/information-technology/1694650-preparing-the-feasibility-study
(PREPARING THE FEASIBILITY STUDY Essay Example | Topics and Well Written Essays - 500 Words)
PREPARING THE FEASIBILITY STUDY Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/information-technology/1694650-preparing-the-feasibility-study.
“PREPARING THE FEASIBILITY STUDY Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/information-technology/1694650-preparing-the-feasibility-study.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF PREPARING THE FEASIBILITY STUDY

Feasibility study of BAC

...Feasibility Study of BAC Due: Table Content Letter of Transmittal 2 Rationale 4 Need for the Study 4 Scope of the Project 5 Work Plan 5 Findings 5 Implementation 6 Personal Qualification 7 Graph 7 Recommendation 8 Conclusion 8 Letter of Transmittal FS PAL Feasible Firm, Inc. Bucks Office Road, Building 1 78 Goldberg Road Prawn, Claws 234785 (200) 400-3521 FAX (200) 400-686633 December 12, 2011 The Management, BAC Circuitry Board, Inc. St. Elena Office Park, Block 12 40040 Elena Road Maria polis, Elena 15980 (400) 200-5500 FAX (400) 200-2002 Attention: Mr. Happy-Smile BAC Financial Representative Code 3394 Re: Contract N234734-56-E-2353 BAC Circuitry Board Corporation...
4 Pages(1000 words)Essay

Feasibility study

...? and number:   PEEZANO™ CHEESE Feasibility Study Prepared by: Submitted on: June, 20th ContentsContents Page number Background & Introduction 3 Phase 1 : Product/Service Feasibility Analysis 3 Concept and usability testing 4 The market opportunity 6 Target market 7 Intellectual property rights 8 First Movers advantage 8 Phase 2 : Industry/Market Feasibility Analysis  9 Appeal of the market 9 Attractiveness of industry 9 Phase 3 : Organizational Feasibility Analysis 10 Phase 4 : Financial Feasibility Analysis 14 References 16 Peezano™ Cheese Project Feasibility Report Background & Introduction: Health and...
10 Pages(2500 words)Research Paper

Feasibility Analysis Case Study

... Chief Information Office (CIO) [Click here and type CC: [Click here and type 11/25 Re: Purchasing VoIP I am writingin this to you to recommend you to purchase the VoIP system instead of leasing it. In order to come down to a valid conclusion regarding the two available options, I did an NPV analysis (excel sheet attached) and the results of my NPV analysis suggest that NPV would be a wiser option compared to leasing. If you look at the numbers in the NPV analysis template, you will also see that the NPV would be a wiser option to opt for against leasing. At an interest rate of 12%, the template shows that the NPV would be $892 with positive future cash flows. Similarly NPV is positive as shown by the template, for all other lower...
2 Pages(500 words)Essay

Evaluating the Feasibility of Business Opportunities

...is to analyze the extent of customer reach. In order to do a successful competition analysis, the business can involve in identification of relevant real estate competition in the target market. This can be done by preparing a thorough and exhaustive checklist of the important criteria defining a competitor. Then the relevant competitions will be put according to their rank and matched criteria. In real estate business, it is very important to evaluate the goals and objectives of various competitors and find out which of them are closely related to the business in terms of objectives and long term plans (Thompson 24- 60). Other Feasibility Studies Ecological feasibility...
8 Pages(2000 words)Research Paper

Feasibility study

...Topic: FEASIBILITY REPORT TO START UP A NEW BUSINESS Insert Insert Insert Table of Contents Introduction3 Project Environment...4 Project Description..5 Demand Supply Conditions.7 Market Structure & Pricing Strategy8 Expected Budgeted Cost and Return on other alternative..10 Study Conclusion.13 References.14 INTRODUCTION: 1. PROJECT OWNERSHIP: 1.1Type of Business: Basically the feasibility report we are preparing for the business is WEDDING PLANNER in Pakistan. The concept is unique in its kind as Pakistan is underdeveloped country and there is huge potential to run this business as people over there spend heavily on wedding then other things in...
11 Pages(2750 words)Essay

Organizational Technology Plan

...include informing the details of the company to the sales personnel, suppliers and others so that they become aware of company's goals and achievements. FEASIBILITY STUDYFeasibility study is an important phase in the software development process. It enables the developer to have an assessment of the product being developed. It refers to the feasibility study of the product in terms of outcomes of the product, operational use and technical support required for implementing it. Feasibility study should be performed on the basis of various criteria and parameters. The various...
2 Pages(500 words)Essay

Business studies

...BUSINESS STUDIES The important elements of marketing plan are to precisely define the business, identify the goals and serve as the firm's resume. Pro forma balance sheet, an income statement, planning precise strategies and cash flow analyses comprises the basic components of a marketing plan. Preparing a marketing plan helps in the allocation of resources properly, making good decisions and handling of unseen or unexpected complications that may become hurdle in the future development of the business. One of the important aspects of marketing plan is that it provides organized information about the company and importantly a good business plan helps in attaining a loan application. Other important applications include informing... the...
2 Pages(500 words)Essay

Feasibility study

...4 Scope of the new system 5 Specification 5 Interface 5 Project Management 6 Personnel 6 Resource Required 6 Preliminary Project cost 6 Evolution 6 Current system summary 6 Project Schedule 7 Conclusion 7 Recommendations 8 References 8Introduction A Feasibility study is an investigation of a proposed solution and the benefits of undertaking such an activity. The main Reasons why an organization conducts a study of such kind is that it helps them consider all the aspects associated with the activity and allows them to see whether they have the time and resources to implement such a system. Although it is done at the beginning of the project it can be detailed...
3 Pages(750 words)Essay

Feasibility study

...Feasibility Study al Affiliation) Introduction Y15 is a firm that produces designer and custom made t-shirts through computerized prints. The company wants to be the leading producer of custom made t-shirts in a society that idolizes custom made designer clothes. The company aspires to compete against other already established clothing companies like Fubu, Sean John and Hilfiger. The company, located in California, aims to debut its entrance into the market with the introduction of “Cool-Tee”, custom made designer t-shirts. Objectives The company aims:- To gain a competitive advantage over all other clothing line firms by incorporating wearable technology into its t-shirts. To become a trend setter in...
2 Pages(500 words)Essay

PREPARING THE FEASIBILITY STUDY 2

...Feasibility Study: A Look at Cost Benefit Analysis of Software System al affiliation: Feasibility Study Creating an application for Information Technology is considered as an investment for the future because these applications can significantly benefit organizations from the feasible profits. This can be in monetary form or improved working conditions. There are also risks associated with it because in some cases, the estimate can be erroneous. Furthermore, it can also turn out to be non-beneficial to the organization in the long run (FreeTutes 1). Cost benefit analysis is quite beneficial when assessing the proposed cost of a project as compared to the...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic PREPARING THE FEASIBILITY STUDY for FREE!

Contact Us