2A — June 14 - 27, 2019 — M id A tlantic
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists ..... Dan Caldwell, Stout & Caldwell Engineers, LLC Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 11 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Feasibility Study The Who, What, Where, When and Why W Dan Caldwell hat is a feasibility study? According to our trusted free encyclopedia, Wikipedia, it is a practicality assessment of a proposed project or system. This may seem extremely broad but it is … Feasibility studies are used across indus- tries to evaluate a project's potential for success. They bal- ance project costs and the pro- spective value to be attained. The rationale is to look at both strengths and weaknesses as a way of determining whether the proposed project should move forward, be reworked or dismissed altogether. No matter the industry con- sideration is given to external project risks, known as the Four Ps (Plan, Processes, People, and Power) alongside what are termed POVs, or points of vulnerability. While organizations and developers have little control over the ex- ternal risks, such as weather, government structure, envi-
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ronmental issues and socio- cultural factors, they are able to more readily control and/or eliminate POVs. The unique risks and POVs for every proj- ect should be closely evaluated for possible solutions. A feasibility study in the realm of civil engineering can come down to answering two questions: Will the proposed plan work? Should a company or developer proceed with it? Using a basis of test work and comprehensive analysis, the resulting study presents enough information to deter- mine whether or not the proj- ect should be advanced to the final engineering and produc- tion stages. Key components include the design, production
schedule with process flow sheet, environmental consid- erations, estimated capital and operating costs, and an economic model. It should also include historical background, marketing research, legal re- quirements and details of op- erations and management. All these factors and more become part of a thorough evaluative study outlining a project’s possible outcomes and alterna- tives with multiple solutions based on given criteria such as cost and functionality. While a lot of these compo- nents may seem outside the realm of a civil engineering firm, many full service firms offer such services as an inte- continued on page 4A
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