Why Conduct a Feasibility Study?
The feasibility study is an important component in any building project because it addresses the issue of "is this possible?" Is the proposed change or changes feasible? Is the cost feasible? Are the changes to adjacent or surrounding neighborhoods feasible?
Many factors make up a construction project. Some are legal. Others are economical. Still, others may be technical, operational or involve scheduling. But it's good to know, at the onset, that completing the proposed project is possible. Conducting a feasibility study helps determine how possible a project is, from start to finish.
The benefits of conducting this type of study before construction begins are numerous. It helps define a clear objective for all the parties involved. It can provide valuable, new information that could make or break the project, and it helps improve the chances for project success. It can also identify areas where constraints should be involved, such as budget, or project length.