Feasibility study

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The feasibility study ( English feasibility study ), including feasibility study or feasibility study called, is an instrument and simultaneously a basis for deciding whether and how a project can be carried out. It is already roughly indicative for the implementation and scope of a project. The term “project study” is specified in DIN standard 69905, but this term has not caught on in practice.

It can be found in the early stage of the initialization phase and extends into the subsequent offer phase . A feasibility study has already been fully completed in the implementation phase. If this is not the case, unexpected and significant restrictions and obstacles can arise.

The aim of a feasibility study is to create a basis for decision-making about the feasibility of a project and to specifically warn of projects that are likely to fail.

Often the client carries out his own rough feasibility study in the course of his own initialization phase before a project. The extensive and careful feasibility study, which is also described in this article, is carried out by the contractor in the course of the offer phase. She accompanies the entire project planning process .

Feasibility study

The feasibility study represents the main part of the feasibility study. It essentially deals with the following points:

  • organizational implementation
  • economic feasibility (e.g. budget, financing)
  • technical feasibility
  • Resources and availability (e.g. people, machines, space, material and time)
  • timely implementation
  • legal implementation

The feasibility study is therefore an extended feasibility study, which in addition to technical-scientific analyzes also includes pilot tests and computer simulations as well as random samples and expert surveys.

Technical feasibility

With technical products, problems of various properties are recognized, defined and solved. The design process is suitable for this, with the aid of which the problems and properties of the products are recognized and analyzed in various phases. In the various phases, requirements and problems become visible, which then reveal the technical feasibility of the product.

As a rule, it will be checked in advance whether a comparable project has already existed, as there are often parallels that can be referred to. It saves effort and time and helps prevent errors.

The overall design, which was created at the end of the construction process, can be checked for the following aspects:

  • Calculations regarding technical components and parts were carried out.
  • Practical suitability was ensured through experiments and tests.
  • The manufacturability and assemblability was checked.
  • The availability of all raw materials, consumables and supplies is guaranteed.
  • The budget was adhered to.

Economic feasibility

In addition to checking the technical feasibility, the project is also checked for commercial feasibility. This includes checking financial feasibility, profitability and checking the secured liquidity . A project makes economic sense if it brings more benefits than financial resources have been used in a specified period of time.

Stakeholder Interest Analysis

Depending on the project, the success of the project is heavily dependent on the interests of the stakeholders . The stakeholder interests are important because a project can be blocked so significantly by interest groups that it ultimately fails

Risk analysis

It can be seen from the definitions that a risk poses a threat to the most efficient achievement of the project objective. A risk analysis is usually carried out as the last partial analysis of a feasibility analysis, as this represents the most extensive analysis. If it can be seen from previous analyzes that a project is technically, economically or due to other factors not recommended, failure can be clearly predicted based on these criteria. The aim of the risk analysis is the timely identification of dangers and opportunities and their correct assessment.

The scope of this analysis now also becomes clear here: Risks are identified and assessed at an early stage. Furthermore, the chances of a project can also be examined in this sub-item of the feasibility analysis. They serve to discover possible advantages before the competition and to stay competitive. Depending on the scope of the project, this analysis can be large, as the following points should be observed:

  • Technical risks
  • Planning risks
  • Contractual Risks
  • Commercial risks
  • Personal risks
  • Political and Environmental Risks
  • Opportunity analysis

See also

literature

  • Sophie Theresa Hofmann: The feasibility study as a decision-making tool in project development . Vienna 2005 (Master's thesis in real estate courses at the Vienna University of Technology).
  • Paul Naefe, Jörg Luderich, Construction Methodology for Practice: Efficient Product Development in Examples, 1st edition, Springer Vieweg.
  • Fischer Jan O., Cost-Conscious Construction: Practical Methods and Information Systems for the Construction Process, 1st Edition, Berlin, Heidelberg Springer-Verlag Berlin Heidelberg, 2008.
  • Gerhard Pahl, Engineering Design - Basics of Successful Product Development, Methods and Application, Vol. 1, 7th edition, Springer Vieweg, 2007.
  • Ehrlenspiel Klaus, Kiewert Alfons, Lindemann Udo, Mörtl Markus, Cost-effective development and construction: Cost management in integrated product development, 7th edition, Berlin, Heidelberg Springer Berlin Heidelberg, 2014.
  • Ehrlenspiel Klaus, Integrated Product Development: Thought Flows, Use of Methods, Cooperation, 5th Edition, Munich Hanser, 2013.
  • VDI 2221-1: 1993, methodology for developing and designing technical systems and products.
  • Jakoby Walter, Project Management for Engineers: A Practical Textbook for Systematic Project Success, 3rd Edition, Wiesbaden Springer Fachmedien Wiesbaden, 2015.

Web links

Commons : Feasibility studies  - collection of images, videos and audio files

Individual evidence

  1. ↑ Roland Felkai, Arndt Beiderwieden: Project management for technical projects . 3. Edition. Springer Vieweg Verlag, ISBN 978-3-8348-2467-7 , p. 5 f., 75 .
  2. ↑ VDI 2221-1: Methodology for developing and designing technical systems and products . 1993, p. 9-11 .
  3. ↑ Gerhard Pahl, et al .: Design - Basics of successful product development, methods and application . 7th edition. Springer Vieweg Verlag, 2007, p. 193-200 .
  4. ↑ Gerhard Pahl, et al .: Design - Basics of successful product development, methods and application . 7th edition. Springer Vieweg Verlag, 2007, p. 199-200 .
  5. ↑ Paul Naefe, Jörg Luderich: Construction methodology for practice: efficient product development in examples . 1st edition. Springer Vieweg Verlag, 2016, p. 135-136 .
  6. ↑ Paul Naefe, Jörg Luderich: Construction methodology for practice: efficient product development in examples . 1st edition. Springer Vieweg Verlag, 2016, p. 113 .
  7. ↑ Felkai Roland, Beiderwieden Arndt: project management for technical projects . 3. Edition. Springer Vieweg Verlag, 2015, p. 75 .
  8. ↑ Roland Felkai / Arndt Beiderwieden: project management for technical projects . 3. Edition. Project management for technical projects, 2015, p. 81 .
  9. ↑ Roland Felkai / Arndt Beiderwieden: project management for technical projects . 3. Edition. Springer Vieweg Verlag, 2015, p. 82 .
  10. ↑ Roland Felkai / Arndt Beiderwieden: project management for technical projects . 3. Edition. Springer Vieweg Verlag, 2015, p. 82 ff .