3 Functions of Feasibility Studies in Construction Projects

One of the most important considerations in the planning of a project is whether or not it is feasible. Construction endeavors are not exempt from this rule. General and commercial contractors must conduct a feasibility study before as part of the planning or pre-construction process. 

If you want to understand why this is always the first step in any major construction project, read on as we talk about the functions and goals of every feasibility study.

1 – It refines the initial idea

Every construction endeavor begins with a great idea, but the best ideas are always grounded in reality. A feasibility study can take your great idea and refine it by juxtaposing it against real-life circumstances. Essentially, it creates the foundation for specific plans of action that may be enacted later on. 

2 – It identifies possible obstacles

As part of determining the viability of a project, it is important to identify the circumstances and events that may impede it. One of the core functions of a feasibility study for a construction project is to determine exactly what these are. While there is no predicting everything that may happen, you can still prepare yourself for a certain extent. Once these obstacles have been identified, you would be free to work around or solve these problems before you even encounter them.

If you are working with a limited budget, this should be incorporated into your feasibility study. If you are working on restoring a cultural landmark, you might be limited to certain materials and methods. All these circumstances and limitations can help you chart a path to success. 

3 – It lays the groundwork for a methodology

A feasibility study results in the feasibility report. Using the data gathered in the report, you and the construction team will be able to plan the process. You could identify which step to take first, which problems need the most urgent attention, and the quickest and most efficient path to the project’s goals. 

You could also determine the different paths of action you can take, such as what technology and systems to use. After all, there are plenty of different ways to get from point A to point B. Some ways are better than others, and it would be incumbent on you to determine these best paths and practices. 

Final thoughts

As with any challenging endeavor, if you fail to plan, you plan to fail. The feasibility study (and the resulting feasibility report) can serve as the backbone for any plans you create, especially since it reveals the hurdles in the project, refines the original idea, and draws a path to your goals. 

At the end of the day, the success of your endeavor and the efficiency of the process depend on how well you were able to map out what you need to do and prepare for whatever challenges may come. As we mentioned before, you might not be able to predict everything, but you might be able to mitigate the effects of any problems that arise. 

If you’re looking for an efficient and highly-rated contractor in the New York City area, give us a call at JAB Industries Inc. for your quote. We provide high-end commercial and residential contracting at affordable rates. 

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