What are Feasibility Studies?
In the construction sector feasibility studies are used to assess the probability that a specific property development will meet the objectives of the developer/investor. In simple terms they are used to assess the practicality or viability of a project and are undertaken during the planning stages of the project lifecycle.
Purpose of feasibility studies:
Construction projects require a huge financial investment and for this reason it is important to determine whether a project will be feasible during the very early stages of the project. The main purpose of a feasibility study is to provide an objective and independent analysis of a development opportunity. It also provides the client with sufficient information as to whether they should proceed with a project or not.
Feasibility studies are commonly used for the following reasons:
· To support an application for finance
· To provide marketing information
· To identify marketing opportunities
· To define optimum land use
A detailed feasibility report can be time consuming depending on the size of the project
Components of a Feasibility study:
· Objectives of the organisation for whom the feasibility study is being performed
· Financial feasibility report: This is an analytical too used to assess whether a proposed project will satisfy the financial criteria or financial objectives of the client/investor/developer.
· When all the projects feasibility areas have all been examined the study also helps to identify constraints that the project may face such as:
o Aesthetic or ethical constraints
o Legal or political constraints
o Physical constraints
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We're on hand to help you run feasibility studies and provide planning advice, so that your next project gets off the ground. We will work with you every step of the way to make sure that your dream for a new project is fulfilled. Partner with Triumphant Zoe now by emailing firstname.lastname@example.org or visit www.triumphantzoe.com