Economical Feasibility

Economical feasibility determines whether there are sufficient benefits in sufficient benefits in creating to make the cost acceptable, or is the cost of the system too high. As this signifies cost-benefit analysis and savings. On the behalf of the cost-benefit analysis, the proposed system is feasible and is economical regarding its pre-assumed cost for making a system.

Economical feasibility has great importance as it can outweigh other feasibilities because costs affect organization decisions. The concept of Economic Feasibility deals with the fact that a system that can be developed and will be used on installation must be profitable for the Organization. The cost to conduct a full system investigation, the cost of hardware and software, the benefits in the form of reduced expenditure are all discussed during the economic feasibility.

During the economical feasibility test we maintained the balance between the Operational and Economical feasibilities, as the two were the conflicting. For example the solution that provides the best operational impact for the end-users may also be the most expensive and, therefore, the least economically feasible.

We classified the costs of ONLINE AUCTION according to the phase in which they occur. As we know that the system development costs are usually one-time costs that will not recur after the project has been completed. For calculating the Development costs we evaluated certain cost categories viz.

(i) Personnel costs

(ii) Computer usage

(iii) Training

(iv) Supply and equipments costs

(v) Cost of any new computer equipments and software.

In order to test whether the Proposed System is cost-effective or not we evaluated it through three techniques viz.

Ø Payback analysis

Ø Return on Investment:

Ø Net Present value

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