Every project starts with a thought. A “concept” means anything we have in the back of our minds about what we enjoy or want to do. The development of an idea results in a final form known as a “concept,” which goes through a fine-tuning procedure commonly referred to as feasibility evaluation. A feasibility study is a critical tool for determining whether project ideas should be pursued further (Bergsgard et al., 2019). To establish the viability of a project, the construction industry conducts feasibility studies at an early stage. They are frequently used when working on huge or complicated projects such as Community Sports Center. According to Fried & Kastel (2021), construction projects demand significant time and financial commitment, so it’s critical to determine early on whether the project is even feasible. Thorough planning is required to build successful sports or recreation facility. Unless proper planning is put in place, the facility will most likely fail to fulfil the community’s present and future needs, financial goals or operate efficiently. Hence, the I am of a feasibility study is to check on a proposal’s viability before making any decisions. It is also to find out if the project is viable, to uncover many possible possibilities and to assist in the formulation of business cases and project execution plans that a feasibility study has as its primary goal.
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A Feasibility Study’s Input Requirements
Preliminary facility needs, an overview of the system, and how the system is meant to support the construction of Community Sports Center activities are all inputs to the feasibility study. Lyberger et al. (2020) demonstrate that a feasibility study evaluates a potential enterprise’s predicted cash flow, income, and financial predictions. It predicts whether the project will be beneficial to society. Also, the break-even point should be considered while determining the study’s financial needs.
The feasibility study examines whether supplies and raw materials are readily available, as well as the beginning and operating expenses associated with obtaining them. Investigating potential startup funding sources and potential lenders and loan terms are all financial considerations. The management feasibility requirement assesses the current and prospective projects for appropriateness and continuity. The feasibility looks at managerial issues such as whether the Community Sports Center’s proposed structure is the proper one and what qualifications are needed to build a quality facility.
The technical feasibility requirements are how well facilities meet needs for building Community Sports Center, the suitability of facility location, raw materials, and manufacturing technology efficiency. Production facilities come in all shapes and sizes; therefore, facility requirements should reflect that. For production technologies to be effective, they must be evaluated across several technology providers to uncover any limitations in their offerings. The company’s access to transportation and raw materials is examined in a technical feasibility assessment, as are any environmental concerns and labor and production inputs like water and power (Bergsgard et al., 2019).
Why Feasibility Studies Are Important In the Facility Planning Process for Community Sport Centers
The primary goal of a feasibility study is to determine whether or not the proposed facility will be popular with the local community. With the help of a feasibility study, one will gain valuable insight into how the community views and feels about the facility you plan to build. The facility will be doomed to failure if it lacks support from the local community. It is essential to know whether or not the community wants this facility developed before moving forward with the construction process.
The financial sustainability of your facility is another common goal of a feasibility study. Using these surveys, one can determine the level of interest in the project among the local population and their readiness to contribute financially to its construction (Iowa State University 2020). The growth of the facility will be more financially viable if the stakeholders look into possible funding sources. The knowledge of whether or not the team is financially solid enough to start developing is critical. This can be done with the help of a feasibility study. The vision for the facility is crucial in its development. What are the community’s unmet needs that the Community Sports Center can address? What additional services or products can the facility offer to the community that they may not be aware they need?
Furthermore, a feasibility study will assist in developing a clear vision for the project. While community support is essential for the facility’s success, building community participation is the first step. Before we can expect support from the community, involving them in the planning process and communicating your goals is imperative. A feasibility study can help in connecting with the people who will be affected by the project. Preparation is everything when it comes to becoming successful. A formal method, such as a feasibility study, can help identify any holes or blind spots in the construction process of the Community Sports Center. The feasibility will assist in thoroughly preparing for the planning, development, and financial issues one will face in a business venture of constructing a community facility (Iowa State University, 2020).
Identify Specific Positions
If I were undertaking a feasibility study, my team would include key stakeholders. Those interested in establishing a Community Sports Center or those who the center’s results would impact will be included in the study. Involved parties would range from those who enthusiastically support the construction of the Community Sports Center project to those who are less enthusiastic or even critical of it. The people who will participate in sporting activities, those held at the sports facility, and community leaders, government agencies responsible for community development would all be included. The customer or consultant for the project will also be part of the team. These individuals will consider traditional financial factors such as return on investment, supply and demand in the market, and risk analysis of market circumstances in working out the feasibility study for the project.