What is a Construction Project Feasibility Study?

09 April 2018

What is a feasibility study?

Feasibility studies are often required when doubt or controversy exists for a proposed development. They are carried out at the beginning of a project. Furthermore, they are largely carried out for large or complex projects. In addition to a feasibility study, an environmental impact assessment may also need to be completed.

The purpose of a feasibility study is to discover the viability of a project. It also identifies how feasible the project is. Furthermore, it is useful in assisting with documentation for a project. Such documentation includes a business case, execution plan and strategic brief.

Large projects sometimes require multiple feasibility studies. Markedly, this is because a range of skill sets are sometimes required.

What issues does a feasibility study cover?

Who is involved in the feasibility study process?

Feasibility studies can involve a range of people or organisations. Correspondingly, stakeholders, authorities and third parties can all be involved in compiling a feasibility study. An assessment may be required. This may happen if the client decides to move on to the next stage or not. Such assessments are carried out in a structured way. Ultimately, information should be presented in an easy to understand format. This allows easy sharing and understanding by a range of people. Furthermore, it should be named & stored in a suitable way. Unquestionably, this ensures it suits long term & operational needs.

Contact Phoenix Design Man today to find out more about feasibility studies

Phoenix Design Man are able to conduct feasibility studies. This includes  residential & commercial architecture, & land development. Correspondingly, by conducting a feasibility study, we can help inform clients on a projects potential. Contact us today to see how we can help.

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