Why Do Construction Projects Often Start with Feasibility Studies?24 June 2021
Construction projects must follow numerous phases so that they can be successful and can be done effectively. These phases include project initiation and conception, project planning, project execution, project monitoring, and project closing.
The first phase of construction projects is the project initiation and conception. During this phase, the involved professionals must conduct numerous feasibility studies that could help determine the viability of the project. This phase likewise defines the project and tries to study solutions that are needed to resolve specific project issues, if there are any. Various team consultations are also made during this phase, ensuring that everything will be set in place before proceeding to the next construction project phases.
The Significance of Feasibility Studies
Feasibility studies are preliminary studies that are often conducted in the early phases of construction projects. Most of these studies are done in large or complex projects, but other small projects can also take advantage of feasibility studies, especially if they will be done in areas with special conditions.
Construction projects often start with feasibility studies since contractors and project managers must already know and establish if the projects are viable or not. These studies can likewise identify possible effective solutions that can make the projects still achievable despite having some complications and issues. Ultimately, feasibility studies can help generate vital project documentation, which may include a project execution plan, strategic brief, and other similar requirements.
The outcome of feasibility studies does not only benefit contractors and project managers, but it can also provide comprehensive results to stakeholders, authorities, and other third parties. Feasibility studies can help contractors and project managers determine if the project can proceed or not. Alternatively, the results of the feasibility studies can provide stakeholders, authorities, and other third parties substantial information about the projects’ viability and sustainability in the long run.
Critical Aspects of Feasibility Studies
There are various aspects of feasibility studies that are often conducted in construction projects.
One aspect of feasibility studies that can be conducted is the technical specifications of the project. This often includes the size of the site, access areas, land topography, soil condition, flood risks, and other environmental factors that can affect the overall result of the construction project. Another aspect of feasibility studies that can be conducted is the legality of the project. Land ownership, planning plan, and other legal requirements must be checked to ensure that the project can proceed legally.
The economic aspect of the construction project should also be checked and assessed during feasibility studies. This specific aspect can evaluate the monetary resources needed for the project, as well as the amount of money needed for future operations. And speaking of operations, the operational feasibility of the construction project must likewise be done to ensure that its resulting structure can certainly perform its intended function and application.
For more information about feasibility studies, just give us a call at Fairdinkum Technical Services. We are a boutique organisation with operation centres located in New South Wales and Queensland, with over 35 years of experience in engineering design and construction. We also offer construction support for small scale domestic improvement projects for homeowner builders.
Optimized by NetwizardSEO.com.au