Conducting a feasibility study is a crucial step in the construction project management process. It helps you and us map out the road ahead and determine what outcomes we can realistically achieve in line with your dream project. What sets Larsa Developments apart as a general contracting company with our clients in the Greater Toronto Area, is having, and sticking to a well-thought out feasibility study.

What’s the purpose of doing a feasibility study in construction?

In simple terms, it’s straightforward: feasibility studies help contractors and their clients figure out if a project is feasible. That means, is it affordable? What are potential risks? Can we achieve what you want, or will certain compromises need to be made? How does this project affect the environment? How much time do we have? And more.

Feasibility studies provide options to make sure that the project is not only within budget and doable, but stays within budget and doesn’t hit any snags down the road. It provides the data that will be the basis of our plan – prior to, during and after execution.

What elements do you consider when doing a construction feasibility study?

It’s important to have good working knowledge of the industry’s moving parts when taking everything into consideration to do a study. Here are a few:

TECHNOLOGICAL

Technology plays a key role in feasibility studies because it consists of any systems that are needed to make the project a success. Those systems must then be accounted for when doing the construction resource planning.

ECONOMICS

Money is the fuel that runs the engine. A feasibility study includes the cost analysis that determines and addresses the projects financial capabilities, and financial risks. That includes being able to procure materials and resources, as well as pay for salaries on time and having an accurate estimate to protect our, and your bottom line.

LEGAL

Legal issues must be identified prior to starting any construction project. This means understanding what regulations are in play, and being able to acquire the necessary permits. Depending on the size and location of the project, this could be a simple process or

a monumental hurdle – which reinforces the need to conduct a feasibility study beforehand to overcome whatever comes up.

ORGANIZATION

Understanding organization in a feasibility study looks at whether the parties involved in the project are capable of completing it successfully. Even when we work as single contractors, we need to ensure that the manpower we need will be available, and create a construction workforce plan accordingly.

SCHEDULING

Scheduling is of course, a bigger picture viewpoint of the project. A feasibility study looks at the timeframe for the project, and aligns it with the timeframe of the client so that every party knows what to expect.

Of course, while the above 5 headings are a great guideline, they are just some of the factors that a feasibility study calculates for. There are certainly other concerns that may need attention depending on each unique project, such as environmental concerns, culture and anything else.

At Larsa Developments, we want to take the time to plan, plan, plan so that our execution is then flawless and to your specific taste. Book a consultation with us here, we’d love to take your project on!