Which measure of feasibility evaluates both tangible and intangible benefits alongside costs?

The measure of feasibility that evaluates both tangible and intangible benefits alongside costs is economic feasibility. This aspect of feasibility specifically assesses whether the expected benefits of a project or system justify the costs involved. It goes beyond just analyzing the direct financial implications (tangible benefits) and includes any qualitative gains (intangible benefits) that may positively impact the organization.

For instance, economic feasibility analyzes factors such as potential revenue increases, cost savings, improved customer satisfaction, and enhanced employee productivity, all of which contribute to the overall value of the project. By considering these elements, decision-makers can determine if pursuing a project is worthwhile from a financial perspective, encompassing both quantitative and qualitative criteria.

The other measures of feasibility focus on specific aspects of a project: technical feasibility assesses if the technology needed is available and works as intended, operational feasibility examines whether the project's practical implementation aligns with the organization's operations and processes, and schedule feasibility looks at the timeline and whether the project can be completed within the desired timeframe. While all are vital to project assessments, only economic feasibility integrates both tangible and intangible benefits alongside costs.