Feasibility of a Construction Project
The world does not operate in Aladdin’s magical universe where the genie can snap anything into existence even a building. In the real world, buildings required materials, labor force, time span, professional analysis, supervision, and various other things. All of these come together to construct any intended project at hand. (Project owner can have a construction estimating service to gain much insight into a project.) Also, all of them contribute to the likelihood of completion and fruitful outcome. This contribution and possible outcome are estimated before doing anything. This is called the feasibility of the project.
What is Feasibility?
This is the possibility of an idea or plan being changed into actual existence. For any idea or plan, its practicability is studied. In it, the strength and weaknesses of the concerned idea or plan are gone through rationally. This helps with a lot of different aspects of the plan or intention prior to actual construction. It provides details about the project that prove key roles in decision-making.
In this process, various elements of the plan are studied to deliver the result of the project. For a construction project, these include factors such as technical, legal, operational, time, and economical factors. As per these factors, feasibility is studied. In the same manner, they are named i.e., technical feasibility, legal feasibility, operational feasibility, time feasibility, and economic feasibility.
They act in their particular domain and provide the required information for that aspect of the project. All of these act as:
Technical feasibility. This checks if the required technical expertise is available for the concerned project.
Legal feasibility. This estimates the legal requirements such as permits, regulations, and others for the project.
Operational feasibility. This studies the organization’s capacity to carry out a given project. This covers capacity planning, resources, goals, and objectives.
Time feasibility. Time is crucial for completion. That is why, its feasibility is studied as the time required for the project and its deadline. This help with demand planning, production schedule, and other things.
Economic feasibility. Cost holds central importance in construction. For this, a cost-benefit analysis is needed. In this study, the financial cost is compared with the planned benefit.
All these work for the benefit of the construction project before starting construction.
How Does Feasibility Help?
Construction projects are made for many reasons. But no matter the reason, every project needs to achieve those objectives. That in turn requires certain details such as details about construction material for which construction takeoffs can be vailed. In addition to that other information is needed. A major part of it is covered in feasibility studies.
It helps as:
Decision-making for the project is easy with the feasibility. It provides project owners with the details to make vital decisions about their idea.
It tells about the possibility of constructing the intended project at all. In case the location or any other factor hinders construction, it proves vital and saves a lot.
Saves project owners, contractors, and ongoing processes by providing legal details about the project. They make the required arrangements and go through the process.
Cost is roughly analyzed prior to any work. This saves a lot of spending from going to waste. Only as the project owner see fit that he invest his money or look for an investor.
Completion time help with decisions and final results. In case the completion time favors the intended it is good to go. Otherwise, adjustments are made.
Conclusion
Feasibility is studying the possibility of an idea or plan. This plays various important roles in construction projects. Feasibility is classified into various different types such as technical feasibility, legal feasibility, operational feasibility, time feasibility, and economic feasibility. Some of its roles are discussed in the article.