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The Importance of a Feasibility Study

feasibility study

Conducting a feasibility study ensures that your project will go smoothly.

Any large project that involves engineering is likely to require a lot of time, money, and effort. Before embarking on such a commitment it is wise to conduct a feasibility study. Feasibility studies can make a difference by providing valuable feedback and analysis of your upcoming project, which can shape how the project is managed, identify potential problems, and even save money down the road. Before investing in a project, consider the value of conducting a feasibility study.

Economic Feasibility

While you may know the building cost of a project, it’s important to know the maintenance cost.

If a project will continue to generate revenue after completion, through leasing or commercial use, you should consider how long it will take for the project to break even. Investors will often request a feasibility study in order to evaluate the risk level of a business. This often includes a cost/benefits analysis and may help to cut unnecessary expenses.

Technical Feasibility

There are many considerations when creating a new project. You may need the right licenses, special equipment, advanced technology, specialists, and more! Feasibility studies detail every aspect you need bring your project to fruition. You need to know that you will be able to obtain every resource for your project before the project begins.

Schedule Feasibility

Even the best project can fail if it does not meet its deadlines. Schedule feasibility can determine if your timetable allows you enough time to complete the project. The study considers several details that you may not have considered, including what time of year the project will begin construction, your production capacity, your supply chain and your financing options.

Expansion Possibilities

Feasibility studies are great tools for assessing the future growth possibilities for your project. The study can calculate how much it costs to expand upon the original structure, as well as note any legal or zoning requirements.

About KCW

KCW Engineering Technologies provides engineering, infrastructure and design services to our clients in the greater Maryland and DC areas. We are honored to help our clients build and grow communities. Every KCW project becomes part of someone’s community; whether it’s a church, an apartment building or a transit infrastructure. We love that our work becomes an important thread of the fabric of people’s lives.

Have a look at our civil engineering, land surveying, land planning, electrical engineering or telecommunications engineering services today.

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Contact KCW Engineering Technologies by calling 410.768.7700 or by clicking here.

 

Sources: 1, 2, 3

This entry was posted on Monday, October 17th, 2016 at 3:01 pm. Both comments and pings are currently closed.

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