A feasibility study involves taking actions and asking questions to establish whether a project idea, plan, or thought is likely to succeed. An effective project feasibility study will guide you on whether it’s feasible to proceed with the idea, refine it, or even scrap it altogether. As a building owner, making a decision on projects such as electrical, mechanical, or piping updates can seem overwhelming, and that’s where professional engineering firms like Gausman and Moore come in.
An accurate feasibility study will help you look at the bigger picture first and work from a top-down perspective. A single general starter question will boil down to a host of numerous, more detailed, and narrower questions that lead you closer to getting the ultimate solution. For instance, asking whether the installation of a new electrical distribution panel will improve safety and efficiency of your power distribution system, and ultimately lower your utility bills, is a good point to start.
A feasibility study helps you “get it right” the first time before you commit huge sums of money, time, and resources toward a building project. Plumbing, electrical, or mechanical systems can be costly. It even gets worse when you have to come back later to correct flaws or remove limitations that were never anticipated. For instance, completing a plumbing system only to realize that the piping system used cannot handle the acid waste generated from your building can be a devastating ordeal.
The Role of a Feasibility Analysis
In commercial developments, feasibility studies are used to evaluate a project’s potential for success. At Gausman and Moore, we will conduct the following feasibility studies before we embark on any project requested by our clients:
● Scheduling Feasibility. Scheduling feasibility gives an estimation of how much time the project will take. This assessment is critical to the success of a project, especially if it involves a building that is already occupied. After all, a project that doesn’t complete on time is a failed project.
● Operational Feasibility. This assessment determines whether — and how effectively — the completion of a project meets the needs of the building owner. It ensures that all the requirements (as identified in the project requirements analysis phase) are met.
● Legal Feasibility. A legal feasibility analysis assesses the project’s compliance with legal requirements and building codes. Some of the legal requirements to look into are zoning laws and environmental regulations. The goal is to uncover if any project conflicts with existing laws and regulations.
● Economic Feasibility. The financial aspect of any project must be looked at before the commencement of the said project. This assessment is designed to help the building owner determine the cost and benefits of the project; it’s basically a cost/benefit analysis.
When you examine all these areas, you will be able to identify any potential constraints your commercial property stands to face. In turn, you will be able to ensure timely delivery and adherence to safety and environmental regulations.
A feasibility analysis should be driven by your desire to get it right before committing a budget, time, or resources. Gausman & Moore has been proven expertise services in mechanical engineering, electrical engineering, plumbing engineering, and so much more to the commercial property owners. Contact us or give us a call for a comprehensive feasibility analysis or other engineering services relating to any type of commercial development.