What is a common purpose of conducting a feasibility study in construction?

Conducting a feasibility study in construction primarily serves to evaluate the project's viability and the resources required, which is crucial for informed decision-making. This process involves analyzing various factors such as financial feasibility, site conditions, regulatory requirements, construction methods, and potential risks associated with the project. By thoroughly assessing these aspects, stakeholders can determine whether the project is worth pursuing and can identify the necessary resources—time, budget, labor, and materials—needed to successfully complete the project.

The focus on evaluating viability ensures that projects are not only technically possible but also economically sound and aligned with strategic goals. This preparation helps in minimizing risks and allows for informed planning, ultimately leading to more successful project outcomes. It lays the groundwork for subsequent phases, ensuring that the project is feasible under the constraints and conditions present.