Understanding Feasibility Studies in Connecticut and Their Purpose

Understanding Feasibility Studies in Connecticut and Their Purpose

Before projects begin, many companies choose to conduct Feasibility Studies in Connecticut. What is a Feasibility Study? A study of this type examines the viability of the project and helps to determine if the project should go forward. In addition, when a project appears to be exceeding its budget, a study of this type may be requested, in an effort to find options to bring the project back within spending guidelines or determine alternatives to bring costs under control. With the help of a feasibility study, companies find they can save time, money and hassle at every stage of the process.Feasibility Studies in Connecticut

The Evaluation Stage

  • Preliminary budget review
  • Search for savings during design development
  • Final budget established
  • Schedules duration determined
  • Feasibility issues in construction
  • Life-cycle costs, such as maintenance, operations, energy, capital and systems

The Analysis Stage

  • Site work
  • Architecture
  • Structure
  • Foundations
  • Electrical and mechanical systems
  • Exterior enclosure
  • Finishes

Recommendations Provided

  • Feasibility of construction
  • Availability of materials
  • Labor pool
  • Time needed for installation
  • Associated economics and cost
  • Impact of the project on various other components of the building

Feasibility Study vs. Business Plan

Many question a Feasibility Study vs. Business Plan, believing these two items are one and the same. A business plan functions to outlines any steps required to turn an idea into a reality. A feasibility study, in contrast, examines the project to determine if it is a viable one. This study determines if a business plan should even be created. If the study finds the project isn’t viable, there is no need to develop the business plan. In addition, the study looks at numerous options for the project, in an effort to determine which option works best. Once this as been determined, the business plan then lists each step needed to complete the project.

The Benefits Of Feasibility Studies in Commercial Construction

Feasibility Studies in Connecticut for Commercial Construction provide numerous benefits. First and foremost, the study identifies the probability of the success of the project, by examining all issues related to the project. It determines the project focus and offers alternatives a business may wish to consider. In addition, throughout the investigative process, new opportunities may be found or reasons discovered to halt the project completely. The project has a better chance of success when this type of study is conducted, as it can address and mitigate any factors that may impact the project. The decision making process becomes easier, as those responsible for making these decisions receive quality information. The feasibility study documents every step of the process, making it easier to secure necessary funding, and this study helps a company attract equity investment.

Any company considering a new project should look into Construction Feasibility Studies in Connecticut before proceeding. The process takes time, therefore it should not be a last minute decision. To make the most of the study, determine which options and scenarios are to be explored and move forward from there.The study is well worth the money spent in this scenario.