For rapid prototyping, design validation and small batch productions process with low tooling cost is preferred. Single Point Incremental Forming (SPIF) is a die-less sheet metal forming process which requires only low cost forming tool driven by CNC machine in a toolpath to form required geometry at room temperature from sheet blank clamped in a low cost and low stiffness clamping system. In this study, effect of process parameters such as tool radius, feed rate and lubrication are considered on the formability of the truncated profile of AISI 321 Variable Wall Geometry (VWA). Set parameters conditions with 2 level layers are optimized using numerical and statistical approach. Experimentation on the same setup is carried out by selecting the most, least and mid favorable solutions optimized on the basis of forming forces and stresses in the sheet. Geometrical accuracy, sheet thinning, and forming forces are compared analytically, numerically and experimentally addressing the inadequacy of analytically models for Variable Wall Angle Geometries.