It's important to determine if you can even physically build on a site before you try. Read on to learn how to obtain and understand a feasibility report.
The importance of architecture and design throughout history cannot be overstated. Where would we be without the homes in which we live in or the buildings in which we work?
Even now, in the 21st century, the architecture industry is still doing incredibly well. Employment for architects is projected to grow 7 percent over the course of the next decade.
But just because architects are getting more work or attention doesn't mean their jobs are getting any easier. There are numerous details that need to be researched and examined before any type of structure even gets built.
Some of the most significant pieces of information that architects and developers acquire before they break ground on a new project come from a feasibility report.
But how do you obtain one and understand all of its components?
Read on to learn more about how you can get a feasibility report for your next project and ensure that you are utilizing all of the information it offers.
What Exactly Is a Feasibility Report?
Before we can talk about obtaining a feasibility report, we need to break down exactly what it is.
The simplest answer is that it's a document that examines and assesses all of the possible solutions to a project's problems. The report decides which of the potential solutions are viable and if they deserve to be analyzed further.
The report provides the project with its parameters. It gives those who are working on the project the information that they need in order to move forward.
If the project you are working on is particularly large or complex, you may need to conduct multiple studies before you begin construction, such as a preliminary feasibility study, architectural feasibility study, project feasibility analysis, market feasibility, and fundraising feasibility study.
There are some rare cases when feasibility reports are not required. In these instances, detailed business plans usually suffice.
How Do You Obtain One?
Typically, in order to obtain a report, you hire consultants to help you conduct your feasibility study.
To find the best team possible, select them through an RFQ or an RFP process. Most of the time, your team will consist of business planning specialists, engineers, appraisers, and, of course, architects.
You can usually pay for a feasibility study through a grant. You can also fund the study and its report using money from your own organization as a Capital Works in Progress (CIP).
Do sufficient research and make sure you consult both the shareholders and local planning authorities before beginning any type of study on your project.
Understanding and Applying the Information
A feasibility report mainly serves as a reality check.
As mentioned above, it lets you know which solutions are more viable for your project. It provides you with a blueprint, or a map of sorts, of where to go next.
However, keep in mind that the information from this report rarely offers a simple yes or no. It's mainly used as a way to determine which areas of a project need more time, consideration, or, potentially, a full reassessment.
Just remember that this report will most likely not give you all the answers. It supplies you with options that should be furthered examined or considered.
Think of the report as a friend helping to push you in the right direction.
Take the details you learn and address the problems it mentions. Once you do that, you'll finally be able to break ground on the project that you're working on.
Need help coming up with a plan or finding a solution to a problem on a project? We're here to help! Contact us, and we'll be sure to get back to you as soon as we can!