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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