What are feasibility studies in construction?

Feasibility studies are preliminary studies undertaken in the very early stage of a project. They tend to be carried out when a project is large or complex, or where there is some doubt or controversy regarding the proposed development.

Why is a feasibility study important in construction?

A feasibility study is an important technique which helps to decide which concepts should be developed as a project. Feasibility studies in the construction sector are preliminary studies undertaken at the very early stage of a project. The purpose of a feasibility study is to; Establish if the project is viable.

What are the steps involved in feasibility study?

The major steps include: Define the geographic influence on the market. Review population trends, demographic features, cultural factors, and purchasing power in the community. Analyze competing services in the community to determine their major strengths and weaknesses.

Who does construction feasibility study?

Often, the first concrete steps of a construction project will be to choose a construction management firm and conduct a feasibility report or study. This study, one of the critical stages of the construction project management process, belongs to the planning phase.

What is the purpose of a project feasibility study?

Feasibility Study. Feasibility studies are preliminary investigations into the potential benefits associated with undertaking a specific activity or project. The main purpose of the feasibility study is to consider all factors associated with the project, and determine if the investment of time and other resources will yield a desirable result.

What are the general objectives of the feasibility study?

The main objective of a feasibility study is to determine whether or not a certain plan of action is likely to produce the anticipated result-that is, whether or not it will work, and whether or not it is worth doing economically.

What is feasibility studies on construction project?

Feasibility studies for construction projects. Feasibility studies are preliminary studies undertaken in the very early stage of a project. They tend to be carried out when a project is large or complex, or where there is some doubt or controversy regarding the proposed development. If an environmental impact assessment (EIA) is required, this may involve assessments best undertaken as part of feasibility studies .

Why to write a feasibility study?

The main reason why you would create a feasibility study document is to check whether or not you should commit your time and resources towards a project. A feasibility study may reveal new challenges or concepts which may completely change the scope of a project.