5 Main Aspects of a Feasibility Study in Construction25 February 2022
Contractors have to gain access to many elements just to ensure that construction projects can be carried out and finished. Some of these elements include reliable employees, highly-maintained equipment pieces and tools, and high-quality construction materials.
But one step that they should conduct first before acquiring these elements is to conduct a feasibility study. A feasibility study in the construction industry pertains to a preliminary study that is typically done at the very early stage of a construction project. This specific study aims to assess if a project is viable or doable, identify varying feasible options, and help develop business cases and project plans.
Carrying out a feasibility study can ensure that the project will not waste time, money, and energy. To date, there are five main aspects of a feasibility study that must be accounted for.
- Technical Feasibility
Technical feasibility assesses if the proposed construction project can be done and finished without any technical issues. This aspect of feasibility assesses the size of the project site, key access to the area, land topography, geotechnical information, flooding risks, existing buildings or structures on the site, and other environmental factors. Once these things are assessed, the consultants must then check the availability of materials, labour, resources, and other practical requirements for the project.
- Economic Feasibility
Economic feasibility, as its name implies, assesses the loss and profit considerations of a project. On this aspect of the feasibility study, consultants have to carry out a cost-benefit analysis. A construction project is said to be economically feasible if its profit can outweigh the overall project costs. Various advice and options are then expected to be provided by the consultants to make the project economically feasible.
- Legal Feasibility
Legal feasibility is an aspect of the feasibility study that talks about the legality of the proposed construction project. Through legal feasibility, it confirms that a project will be constructed based on the current legal state requirements and conditions. It likewise verifies that the project is free from any planning permission woes, land ownership/easements, and taxation irregularities.
- Operational Feasibility
Operational feasibility checks if the proposed plan for the project can solve any potential problems and achieve the set goals. This aspect of the feasibility study takes a bigger picture of the whole project, ensuring that the finished property can accomplish its true purpose. A school, for instance, should be able to function optimally once it is done. The same thing should happen with houses, hospitals, and others.
- Scheduling Feasibility
One final aspect of a feasibility study in the construction industry is scheduling feasibility. It primarily estimates the amount of time needed to complete the project. Consultants would typically check the overall design, materials, budget, environmental impacts, risk areas, and regulations to see if these factors can affect the overall scheduling of the project. This aspect of feasibility likewise assesses the total number of months or years needed to complete a project without affecting its quality.
To know more about feasibility studies, you can contact us at GHP. We are the leaders in architectural planning and design projects in Australia.
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