What is the primary purpose of conducting a feasibility study in construction projects?

The primary purpose of conducting a feasibility study in construction projects is to assess the viability, cost, and potential revenues of the project. This study is essential for determining whether a project is worth pursuing. It involves a thorough analysis of various factors, including financial, environmental, legal, and technical considerations.

By focusing on viability, the study helps identify any potential obstacles that could impact the project's success, whether those are budgetary limitations, regulatory issues, or market conditions. Evaluating costs and potential revenues allows stakeholders to make informed decisions about resource allocation, ensuring that investments made in the project align with expected returns.

A feasibility study provides a foundation for strategic planning and can guide decisions throughout the project lifecycle. It empowers stakeholders and decision-makers by offering a comprehensive picture of what the project entails before significant resources are committed. This makes it a critical component of the initial planning phase of any construction project.