A feasibility study is a preliminary analysis of the project. It provides the answers to questions such as whether the project is worth pursuing, what resources are required, and what risks might be involved.
This section discusses how to conduct a feasibility study for your project to determine if it should be pursued or not.
If you are looking to carry out a construction project and are not aware of how to plan out a feasibility study for it, you can take advantage of our expertise as a GTA contracting company. At Larsa Development, we provide a variety of general contracting services in the Greater Toronto Area that will help you execute your project the right way!
Reasons To Conduct a Feasibility Study
Feasibility studies are necessary for any project that has significant financial or time investment, as well as any business or government project. It can also be used for personal projects such as building a house, starting a business, or buying an expensive item.
A feasibility study is often conducted before starting the process of planning and executing a project. It provides information about the cost and benefits of pursuing the project in question and helps to determine if it’s worth it in comparison to other options.
Assists Plan Making
A feasibility study helps the project owner to understand the practicality of the project and make decisions accordingly. A better understanding of the project and its progress can be formed as this document will provide you with an overview of the project, including a list of the steps it will take, a timeline, and costs.
This study can be used for planning and decision-making. It can help to reduce risks, improve time-to-market, reduce cost, and increase profitability.
Get a Broader Perspective
It will help you to get a broader view of your project and determine whether the idea is feasible and worth pursuing. The potential cost, risks, benefits, and opportunities of your project are highlighted.
The process helps to determine the viability of a project. It helps in planning, decision making, and budgeting to determine if the project is worth investing in, if it will be successful or if it will end up being a failure.
Makes Execution Easy
A feasibility study is a project management tool that helps you plan and manage your project. It is the first step you should take before you start executing your project.
The feasibility study is a detailed document that includes all the information about your project, such as: what it is, who it’s for, how much it will cost, when you plan on starting and finishing, etc. It also includes a timeline of milestones and deadlines for each phase of the project.
This makes execution straightforward and easy as you have everything in front of you in a simplified form.
If you’d like to know more, we’d love to consult with you and help you out! Our goal is to help you achieve your dream property, while doing it informed, aware and with a clear vision in mind! Contact us today!