A Wrong Feasible Study can be Disastrous

As an entrepreneur with a business idea you need finance to start off with the venture. To convince a financer you need to present a feasibility study of your project. Feasibility study is conducted to identify if your project is worth pursuing till completion. They are often conducted prior to project commencement, best through an external consultant who will provide unbiased and accurate assessment.

A feasibility study can also be conducted by a company for a new project about to be launched within or a different move taken by a reputed organization. The feasibility study consultants would make determine the following to present valuable results:

·       Organizational and cultural feasibility- determines if a project is suited for the existing and future organizational culture. This study will look into finding data on overall impact on organization, employees, structure and motivation.

·       Technology feasibility- determines if the organization has the necessary technological resources to complete the project. The ways of acquiring that knowledge and resources are investigated within the budget limits.

·       Schedule feasibility- evaluates if a company or department can allocate necessary resources for a project for a set period of time.

·       Resource feasibility- identifies the overall resources required for a project. Based on the needs of the project, the resources needed, methods of procurement, recruitment and allocated budget, the end result may differ.

If hiring an external feasibility study consultant is not possible for you and you are doing the study yourself there are multitude ways that you can go wrong. And the repercussions of a poorly-conceived or poorly-executed study can be disastrous.

Most common feasibility study mistakes include:

– Misinterpreting market research

– Failing to define key business questions at the start of the study

– Not doing any preparatory research prior to conducting the research report

– Trying to conduct the study without outside expert assistance

By avoiding these common mistakes, you can put your new business on a solid foundation and increase your chances of raising investment capital extensively.

Most companies undertaking a project in construction management Dubai opt for feasibility study consultants who provide detailed and expertly accurate feasibility study in UAE.