A feasibility study is a critical step in the planning of a project. It determines whether a business idea has the potential to be successful. It helps avoid wasting time on hopeless projects that look good in theory.
Studies on buildability have evolved over the years. While many focus on the design stage, others emphasize the need to integrate knowledge throughout the project delivery process.
Cost
A feasibility study is essential in a construction project, as it can minimize risks and uncertainties. It also ensures the project is feasible, preventing unnecessary delays and cost overruns. A good feasibility study requires time and resources, so it’s important to budget accordingly.
A comprehensive feasibility study will assess a commercial endeavor’s viability by analyzing several factors, including land availability and eligibility under current zoning laws. It will also examine the costs and time involved in constructing the project and identify any potential legal hurdles that may arise during execution.
Research has shown that incorporating buildability into construction projects can improve productivity. However, it’s challenging to implement this practice, as most knowledge in the field is implicit rather than explicit. Moreover, incorporating knowledge in the design phase requires collaboration between all parties.
Time
It is vital to schedule a feasibility study well before starting a project, especially if it requires significant resources or detailed planning. A feasibility study can take a month or longer, depending on the scope of the research and its complexity.
Feasibility studies cannot predict everything that may go wrong with a project. However, a thorough assessment should highlight any significant roadblocks. This will help you avoid costly mistakes that could have been avoided with proper research and planning.
Feasibility studies are invaluable tools for any project manager. They offer a comprehensive view of the project’s challenges and opportunities, helping you make informed decisions and prepare effective contingency plans. Whether developing a new software feature or renovating an office space, a feasibility study will help you save time and money by preventing unforeseen challenges and identifying risky ventures. This will give you a leg up over your competitors, making winning your desired business easier.
Safety
As part of the project planning process, feasibility studies should thoroughly assess potential risks. Identifying and mitigating these risks early on can spare your team from costly delays and help ensure your project succeeds. However, balancing the need for accurate risk assessments with a feasibility study’s time-consuming and labor-intensive nature is essential.
While a feasibility analysis can provide you with crucial information to determine the plausibility of a business venture, it is not designed to deliver a black-or-white decision. The problem often comes when project committee members already have a decision made and rationalize the study’s results to fit that pre-determined decision. This can lead to rushed decisions that compromise project success. Then, when problems come up, they are challenging to overcome. This can result in a prolonged tech transfer, increased product transfer costs, and lost time to market. The best way to avoid this is to conduct a feasibility study before you start production.
Sustainability
A feasibility study helps determine whether a project can be completed on time and within budget. It also identifies potential risks and allows investors and lenders to decide about investing their money in the project. In addition, a feasibility study can help nonprofit organizations determine whether their project is worthwhile.
One example of a feasibility study involves the expansion plans of a university science building. The study identified the costs and benefits of the project, including the need to update technology. The study also helped to improve communication among stakeholders.
Several studies have focused on the buildability concept. However, their definitions vary. CIRIA defines buildability as the extent to which a building design facilitates construction based on the overall project requirements. Other researchers have criticized this definition as being narrow in scope, noting that buildability must be integrated into all stages of the project delivery process to achieve its goals. A feasibility study is essential before deciding on an investment or a venture.
