Feasibility Study : Feasibility Study can be considered as preliminary investigation that helps the management to take decision about whether study of system should be feasible for development or not.

It identifies the possibility of improving an existing system, developing a new system, and produce refined estimates for further development of system.
It is used to obtain the outline of the problem and decide whether feasible or appropriate solution exists or not.
The main objective of a feasibility study is to acquire problem scope instead of solving the problem.
The output of a feasibility study is a formal system proposal act as decision document which includes the complete nature and scope of the proposed system.

Steps Involved in Feasibility Analysis :
The following steps are to be followed while performing feasibility analysis 

Form a project team and appoint a project leader.
Develop system flowcharts.
Identify the deficiencies of current system and set goals.
Enumerate the alternative solution or potential candidate system to meet goals.
Determine the feasibility of each alternative such as technical feasibility, operational feasibility, etc.
Weight the performance and cost effectiveness of each candidate system.
Rank the other alternatives and select the best candidate system.
Prepare a system proposal of final project directive to management for approval.   _{Your Comment}