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?
What Exactly is a Feasibility Report?
A feasibility report 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.
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 a Feasibility Report?
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. 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.