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Feasibility Study Technical Feasibility

The technical feasibility study found that while the team's experience with web-based insurance applications is a high risk, their familiarity with relevant technologies is only a moderately low risk. The project size is considered a medium risk due to the team size and critical timeline. Organizationally, the project has low risk since top executives strongly support it. However, not all potential customers are internet-savvy. The economic analysis found that the system has a good chance of significantly improving profits with an ROI of 170% and NPV of over N3 million after 3 years, reaching the break-even point after less than 1 year. Intangible benefits include improved customer satisfaction and an enhanced competitive position.

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25 views

Feasibility Study Technical Feasibility

The technical feasibility study found that while the team's experience with web-based insurance applications is a high risk, their familiarity with relevant technologies is only a moderately low risk. The project size is considered a medium risk due to the team size and critical timeline. Organizationally, the project has low risk since top executives strongly support it. However, not all potential customers are internet-savvy. The economic analysis found that the system has a good chance of significantly improving profits with an ROI of 170% and NPV of over N3 million after 3 years, reaching the break-even point after less than 1 year. Intangible benefits include improved customer satisfaction and an enhanced competitive position.

Uploaded by

Kc Mama
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Feasibility Study

Technical Feasibility

Technically the insurance system is feasible although there is some risk:

The team’s risk regarding familiarity with web-based insurance applications is high.

 The project team has a strong understanding of the to-be system, but has not built
such kind of system before.
 Numerous web-based insurance applications exist already.

The team’s risk regarding the technology is moderately low.

 The team is familiar with web design techniques and technologies that can help bring
the idea to life
 There are a lot of consultants that are ready to help if need arises.

The project size is considered medium risk.


 The project team is quite large and we are assured of capable hands to handle the
project.
 The project time frame is somewhat critical, since the system is needed to be
deployed as soon as possible.

Organizational feasibility

From an organizational perspective, this project has low risk because the top executives of
the company have a strong interest in the project.
The users of the system (vehicle owners), are expected to appreciate the entry of this product
into the market because of the ease of service that it brings; however, not all vehicle owners
are internet savvy and informed about the importance of vehicle insurance.

Economic Feasibility

A cost–benefit analysis was performed; see attached spreadsheet for details

Conservative estimates show that the system has a good chance of significantly enhancing the
company’s bottom line.
ROI over 3 years: 170%
NPV over 3 years: N 3,124,402
Break-even occurs after 0.8 years

Intangible Costs and Benefits


Improved customer satisfaction.
Enhanced competitive position through expansion of the brand into the internet market space.

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