Preliminary Project Feasibility and Cost Study

What a good one includes

• A high-level executive summary that clearly states the project's overall viability and key recommendations for stakeholders.
• An order of cost estimate categorized by major building elements and based on current local market rates.
• An assessment of site conditions, zoning regulations, and local planning constraints that could impact the construction timeline.
• A detailed risk register identifying potential structural, environmental, and financial hazards alongside practical mitigation strategies.
• Strategic procurement advice detailing the most efficient contract types and tendering methods for your specific project scale.
• A preliminary project timeline mapping out critical milestones from design approval through to practical completion.

Common mistakes to avoid

• Relying on outdated national cost averages instead of factoring in volatile, hyper-local labor and material prices.
• Failing to account for hidden site risks like poor soil quality, utility easements, or complex drainage issues in the early planning stages.
• Setting an unrealistically low contingency budget that leaves no room for unexpected supply chain disruptions or regulatory delays.
• Skipping the procurement strategy entirely, which leads to disputes over contractor selection and contract structures later on.

Frequently asked questions