A feasibility study is an assessment of a proposed project to establish whether it is likely to succeed within the parameters set, such as budget, programme, planning constraints and the client’s objectives.
Feasibility work usually takes place at the very start of a project, around RIBA Stages 0 and 1, before significant design fees are committed. The QS contributes an order of cost estimate and, on development projects, often a development appraisal comparing total cost with the expected value or income. A feasibility study typically considers:
- site constraints, such as access, ground conditions, utilities and planning policy;
- alternative options, including doing nothing, refurbishment or new build;
- an outline cost, programme and procurement route for each option;
- the main risks and the information needed to reduce them.
The outcome is a recommendation on whether, and how, to proceed.
Related terms: Order of Cost Estimate, Development Appraisal, Initial Project Brief, Business Case.
