By John K M'kirigia
As the Eastern Region Counties continues to grow in programs and the evolution of economic development, County Governments, NGOs, private sector and also all investors require to have a clear picture of what they intend to achieve before they start. This can only be achieved by placing the feasibility study as a key component of achieving success.
A feasibility study examines the practicability of a proposal, development project/ program, business venture or idea. The principal function of this is to determine if the project will continue or not. In economic development & business, feasibility studies work in a number of reasons.
The feasibility report will look at how a certain proposal can work on a long-term basis or endure beneficiaries’ and stakeholder’s acceptability and much more the financial risks that may come. It is also helpful in recognizing potential cash flow. Another important purpose is that it helps planners focus on the project and narrow down the possibilities.
Accordingly, a feasibility study can provide reasons not to pursue the said project or proposal. When it comes to the operational aspect, the analysis determines whether the plan has the necessary resources for it to be practicable.
This will also help you figure out whether or not the people will support the subsequent project/product or service.
Additionally, you can have knowledge of the trends because a feasibility study looks at the present-day market and studies the anticipated growth of your target development or business sector.
Feasibility studies are prevalent in all sectors and should be a key component especially in the public sector development. Whether Hotel, Hospitality, Restaurant, Real Estate, Medical, Office or Industrial. Getting a head start on a Feasibility study from the right expertise will ensure you save time and money on the projects/ programs. Areas that a feasibility study examines, include. Technical, Economic, Legal, Operational and Scheduling Feasibility.
All in all, whether a project/ program is big or small, short term or long term, public or private its very import to conduct a feasibility study for it before taking off for success to be guaranteed and possible risks managed.