I receive a lot of newsletters and sometimes I come across an article that is worth passing along. If you are considering evaluating the replacement of a legacy system, this article written by Emory Moore and Edwin T. Cornelius III, Ph.D. is a must read: Evaluating Your Legacy Administrative Systems: How to Conduct a Study to Determine Options .
The authors cover these 5 basic steps in conducting an evaluation:
1. Prepare the institution for the evaluation
2. Document user experiences with the existing system(s)
3. Gather user requirements
4. Collect information on options going forward
5. Determine the best course of action for your institution
Step 5 - "Determining the best course of action for your institution" includes a chart titled "A High Level Comparison of Four Options Going Forward" which is well worth the read.
One of the best papers on this topic that I have seen in a long time.