Hello guys, I am still writing on series of feasibility study.
The conduct of feasibility study is not peculiar to any particular set of persons. The intended owner of business or services may conduct the feasibility study but that will depends on his/her skills in this area.
At times the owner may lack the necessary expertise for completing the study or may be completely ignorant about it or simply do not have the skills. Even when the skills, knowledge and expertise is there, he/she may not have the time needed to conduct an in-depth analysis of the feasibility study. However, a qualified consultant is often hired to conduct the feasibility study.
According to the USDA in 2009, feasibility study should be conducted by a qualified consultant, who is independent with a recognized experience in the type of operation to be examined. It is very necessary that the analyst should be a firm with a proprietary interest in the project, a vendor, or any other party with interest or vested interest in the outcome of the study.
It is also noteworthy that the individual or consultant conducting the feasibility study should be:
- Someone with prior opinion about what decision should be taken. He/She should be neutral and fair
- Someone whose previous work experience should have proof in the conduct of feasibility study.
If an operation or project is already existing and a feasibility study is to be conducted to i,prove on the existing structure, it is important that all necessary information/data are collected so that the best decision can be made. If the services of a consultant is necessary, the relevant section/department to be improved upon will need to be involved in hiring the consultant and also in the entire study development process. The section or department will be required to provide most of the operational data needed to assess the current operational situation, including the information about costs, staffing and so on.
Next on this series, I will be writing on some components of feasibility study, such as:
- The Economic Feasibility Study
- The Market Feasibility Study
- The Technical Feasibility Study
- The Financial Feasibility Study
watch out!!!!!!
