Feasibility studies are preliminary studies that are undertaken in the earliest stages of a project to investigate the viability of a project and to clear up doubts or difficulties related to the proposals.
In order to determine if your project can be constructed, it may require a feasibility study, also known as a feasibility analysis or viability study.
A well-designed and well-planned project will benefit from conducting a feasibility study and should normally determine:
- Whether or not the project is viable.
- What site improvements need to be made in order to complete the project.
- If another location would be better suited.
- The size, scale and positioning of a building or access point.
- Consideration of a project and its surroundings or the impact it may have on others.
- Likely breaches of planning rules or building regulations.
Feasibility studies vary based on the complexity, size, and circumstances of each project.
On a large or complex project, it may be necessary to complete numerous feasibility studies that have different requirements.
In addition to the considerations mentioned above, your feasibility project may include:
- Planning permission such as securing legal/statutory approvals.
- Financial Feasibility – analysing the budget based on client requirements.
- Considering alternative solutions such as a remodel or other possibilities.
- Assessing client-provided site information.
- Consulting statutory authorities, and other third parties.
We have some examples of simple feasibility sketches or initial 3D images of projects past and present here.
Feasibility Studies FAQs
Essentially, a feasibility study aims to find out whether a project is viable.
A feasibility study is an evaluation of a proposed project and it assesses various critical factors that dictate the chance of success in the early stages to avoid problems or heavy costs later. The main factor a feasibility study considers is project practicality.
- A feasibility study could end up saving you money by avoiding a project that isn’t financially or physically viable.
- For projects that are viable, a feasibility study can help you work out how best organise your finances in order to structure and plan the project.
- A feasibility study can also result in recommendations for further studies that could be of use, for example, ecology surveys, drainage surveys and arboricultural surveys.
- A feasibility study can help a person better understand where the benefits or negative issues may lie, and how they can be exploited or fixed in order to overcome the challenges presented by the upcoming project.
A feasibility study is the act of analysing the project systematically to determine if it is capable of being carried out successfully.
A land feasibility study takes into account all the features and challenges of a plot of land to determine if building on it is practical.