At the inception of a construction project, many owners may feel uncertain about the feasibility due to various factors such as land selection, building scale, budget allocation, and timeline etc. In this article, we introduce the ‘Feasibility Study (FS)’ which effectively visualizes these uncertainties to support decision-making.
What is a Feasibility Study (FS)?
The purpose of FS is to identify numerous uncertainties and requirements in the early stages of consideration, eventually integrating primary factors to clarify the project’s goal. This process visualizes what challenges and goals should be set internally on the client side, organizing sufficient information from an overall optimal perspective to facilitate decision-making
Goal of FS
We, Plus PM Consultant Sdn. Bhd. defines the goal of FS as clarifying the following core factors of the project that clients are deliberating and establishing the goals that the business should aim for :
- The necessary and sufficient conditions required for the project.
- The obstacles to moving the project forward.
- Required Budget and timeline as a guide.
Effective Cases to introduce FS
FS can be effective in the following cases, especially the early stages of project consideration:
- Launching a new business utilizing the construction project
- Initial budgeting
- Evaluation of business development timeline
- Confirmation of legal constraints applicable to potential location
- Refining potential construction sites
- Diagnosis of deterioration and legal compliance status of existing property
Components of FS
The FS process combines the following elements based on the project needs:
- Constraints Survey:
- Clarify design and construction constraints based on Act, hazardous prediction caused by natural disasters, etc.
- Volume Study:
- Visualize the feasible building scale on concept drawings in terms of the proper land usage, as well as the conditions for external components such as motor pool, bicycle parking, planting green space, etc.
- Criteria Setup:
- Organizing necessary specifications and standards required for the project.
- Rough Estimation:
- Calculating anticipated costs for the project.
- Master Scheduling:
- Establishing timelines for each stage of the project.
- Land Selection Support:
- Refining the selection of optimal construction sites.
- Building Diagnosis:
- Assessing the condition and regulatory compliance of existing buildings through desk-checking and on-site investigations.
- Life Cycle Management:
- Establishing maintenance schedule and its budget from the point of a medium to long-term view.
Conclusion
Construction projects involving huge scale of investments, its crucial to assess the feasibility accurately from an overall optimization perspective before embarking on the project. Plus PM Consultant Sdn. Bhd. has a wealth of experience in conducting FS services to clients who have successfully completed the construction project in the past. We strongly encourage you to consider adopting our FS services
if you are starting to plan a construction project.
