Overview

There are always speculations regarding project feasibility. In fact, it is an indispensable part of a construction project, as it helps in determining the risks associated with a proposed plan. If the project is not properly planned, it will result in the wastage of money, resources and time. Now, the question that arises is: how can you ensure that your project will be feasible. To know more about this, you can elicit the views of property advisory service provider.

Set the Scope and Objectives of Your Project

First, set the scope and objectives of your project feasibility. Once you have done these things, you can focus on the most important part of your project and keep away from irrelevant information.

Collect Data and Information

Your project feasibility depends on the quality of data and information. Collect these things from various sources, such as industry reports, market research, surveys, site visits, interviews, standards, regulations, and best practices. Your data and information should be valid, complete, accurate, and consistent.

Analysis and Evaluation

When you got enough data and information, analyze and evaluate the different alternatives of your project, and compare the price, risks, benefits, and impacts of each alternative. They should meet your criteria. Consider the feasibility of each alternative from various angles, such as financial, technical, operational, social, environmental, and legal and use the right techniques and tools, such as risk analysis, cost-benefit analysis, SWOT analysis and sensitivity analysis to support your evaluation and analysis.

Present Findings and Recommendations

Finally, present your findings and recommendations in a brief and clear manner. Summarize the main results of your analysis and evaluation and showcase the weaknesses and strengths of each alternative. Give your recommendations and justify your choice with reasoning and evidence. In addition, outline the assumptions and limitations of your study and suggest any further research and actions as needed.