Feasibility study

Definition

A feasibility study is an analysis that evaluates the practicality and potential success of a proposed project or system. It assesses various factors such as technical, economic, legal, operational, and scheduling considerations to determine if the project is worth pursuing. This kind of study is crucial as it helps engineers and stakeholders make informed decisions by providing a structured approach to analyzing risks and benefits before committing resources.

5 Must Know Facts For Your Next Test

1. Feasibility studies can save time and money by identifying potential issues early in the project lifecycle.
2. They are typically divided into several categories including technical feasibility, economic feasibility, legal feasibility, operational feasibility, and scheduling feasibility.
3. The outcomes of a feasibility study can lead to recommendations for further research or adjustments to project plans.
4. In civil engineering, feasibility studies often involve site analysis, environmental impact assessments, and stakeholder engagement.
5. A well-conducted feasibility study provides a foundation for obtaining funding or approvals from regulatory bodies.

Review Questions

• How does a feasibility study support problem-solving strategies in engineering?
  • A feasibility study plays a vital role in problem-solving strategies by providing engineers with a clear understanding of whether a proposed solution is viable. It allows them to evaluate potential obstacles and resources needed before implementation. By assessing technical, financial, and operational aspects upfront, engineers can make better-informed decisions and optimize solutions to meet project goals effectively.
• What specific components should be considered in a feasibility study for civil engineering projects?
  • In civil engineering projects, a feasibility study should consider components like technical feasibility, which examines the project's design and construction requirements; economic feasibility, which analyzes costs and funding sources; environmental impact assessments that address sustainability concerns; legal feasibility regarding zoning laws and regulations; and operational feasibility that looks at the long-term management of the project. This comprehensive approach ensures all critical factors are reviewed to determine project viability.
• Evaluate the impact of a thorough feasibility study on the long-term success of civil engineering projects.
  • A thorough feasibility study significantly enhances the long-term success of civil engineering projects by minimizing risks associated with unforeseen challenges. By systematically addressing potential obstacles and analyzing critical components like costs, regulations, and community needs, it helps align project objectives with realistic outcomes. This preparation not only aids in securing funding and permits but also fosters stakeholder confidence and public support. Ultimately, a solid feasibility study can lead to smoother execution and sustainable results throughout the project's lifecycle.

Related terms

Cost-Benefit Analysis: A systematic process for calculating and comparing benefits and costs of a project to assess its overall value.

Risk Assessment: The process of identifying and analyzing potential issues that could negatively impact key project outcomes.

Project Charter:

A document that formally initiates a project, outlining objectives, scope, and stakeholders involved.