Why Bother With A Feasibility Study?
We’ve been busy over the summer carrying out feasibility studies for a national gym company. They are planning a major expansion programme over the whole of the UK and they need to pick sites that are just right to achieve success.
What is a feasibility study?
Feasibility studies are fundamental to completing a successful project. In other words, a feasibility study is an assessment of the practicality of a proposed plan or project. The analysis takes into account all the project’s relevant factors – including economic, technical, legal, operational and scheduling considerations (TELOS). They provide us with critical information that allows us to answer questions such as
Is this project feasible?
Do we have the right resources necessary for the project to succeed?
Furthermore, it answers the question of whether the project will get us the return on investment that we need and expect.
Why are feasibility studies important?
Without carrying out feasibility studies, a company could enter blindly into risky business. Feasibility studies allow us to determine the necessary funds and resources required to carry out the project. The assessment of the practicality of a proposed plan or project enables us to plan ahead by recognising possible obstacles early on. The right preparation is the best course of action to ensure the smooth running and success of a project. If a site is picked for the construction of a gym, but a drainage survey hasn’t been carried out, a problem could arise later on when the company realises the site cannot accommodate the water supply necessary for all the showers in changing rooms. Maybe the interior design is crippled by the wrong placement of those facilities as they are too far from the manhole. Acoustic surveys are very important in office spaces where workers can be potentially distracted by external noise, and unable to work undistracted. Feasibility studies ensure the project is worth undertaking and will accommodate the needs of the client and customer. They reflect a project’s unique goals and needs, as every project is unique.
How do we do it?
First of all, we need to look at everything involved in the business case and determine what it is we’re trying to determine is feasible. Reviewing and analysing all the collected data will enable us to make the decision whether to proceed or look for a different, more suitable site. The flood of modern technology being used prevalently means that we can use templates, tools and surveys to extract data that is recorded and researched in depth, mapping over all relevant factors. Bringing in good, reliable data ensures we end up with a detailed report which equips us for the successful project delivery ahead. The project manager or surveyor will look at the site services, location and investigate the conditions of the site: the roof, walls, doors and fire exits. Taking measurements of all different physical components of the site being investigated shows whether it meets the requirements for the project. Having completed the feasibility studies, a project assessment is carried out allowing us to smoothly progress into the next element of design with full confidence.
Project Management Intern,
Iconic Project Management Ltd