Podcast
Questions and Answers
What is the primary focus of a feasibility study?
What is the primary focus of a feasibility study?
- Risk management and mitigation strategies
- Market demand and social impact
- Short-term ability to execute the project (correct)
- Long-term profitability of the project
How does viability analysis differ from feasibility studies?
How does viability analysis differ from feasibility studies?
- Feasibility results in a detailed market analysis
- Viability focuses on short-term execution
- Viability analysis is ongoing throughout the project life cycle (correct)
- Feasibility assesses market demand
Which aspect is NOT typically included in the evaluation criteria for feasibility?
Which aspect is NOT typically included in the evaluation criteria for feasibility?
- Legal compliance
- Operational factors
- Technical aspects
- Financial returns (correct)
What is a likely outcome of a viability analysis?
What is a likely outcome of a viability analysis?
Which scenario best illustrates a feasibility study?
Which scenario best illustrates a feasibility study?
What type of factors does a feasibility study evaluate?
What type of factors does a feasibility study evaluate?
Which of the following statements about risk management in project evaluation is true?
Which of the following statements about risk management in project evaluation is true?
What is a key difference between feasibility and viability in project management?
What is a key difference between feasibility and viability in project management?
What is the primary focus of feasibility in project planning?
What is the primary focus of feasibility in project planning?
Which component of feasibility examines the technical capabilities necessary for a project?
Which component of feasibility examines the technical capabilities necessary for a project?
What question does viability seek to answer regarding a project?
What question does viability seek to answer regarding a project?
Which of the following best describes market viability?
Which of the following best describes market viability?
What aspect does economic feasibility mainly focus on?
What aspect does economic feasibility mainly focus on?
Which feasibility component ensures compliance with zoning laws and building codes?
Which feasibility component ensures compliance with zoning laws and building codes?
Schedule feasibility is concerned with which aspect of a project?
Schedule feasibility is concerned with which aspect of a project?
What is the main purpose of assessing feasibility in project planning?
What is the main purpose of assessing feasibility in project planning?
What is the primary distinction between feasibility and viability in architectural projects?
What is the primary distinction between feasibility and viability in architectural projects?
Which action is included in the preliminary assessment phase of conducting a feasibility study?
Which action is included in the preliminary assessment phase of conducting a feasibility study?
What does the technical feasibility step primarily focus on?
What does the technical feasibility step primarily focus on?
Why is conducting a cost-benefit analysis important in the economic feasibility step?
Why is conducting a cost-benefit analysis important in the economic feasibility step?
Which of the following is a potential legal barrier to consider during the feasibility study?
Which of the following is a potential legal barrier to consider during the feasibility study?
What is the goal of the economic feasibility assessment?
What is the goal of the economic feasibility assessment?
What kind of analysis is performed during the technical feasibility stage?
What kind of analysis is performed during the technical feasibility stage?
Which step involves reviewing local zoning ordinances?
Which step involves reviewing local zoning ordinances?
What is the primary goal of assessing operational feasibility?
What is the primary goal of assessing operational feasibility?
Which action is NOT part of the financial viability assessment?
Which action is NOT part of the financial viability assessment?
What is a key component of market viability analysis?
What is a key component of market viability analysis?
Which of the following best describes a component of social and environmental viability?
Which of the following best describes a component of social and environmental viability?
What is an example of analyzing financial viability?
What is an example of analyzing financial viability?
Which step involves developing strategies to mitigate negative impacts?
Which step involves developing strategies to mitigate negative impacts?
What is an important factor to understand when determining potential customers' buying behavior?
What is an important factor to understand when determining potential customers' buying behavior?
What would be considered when analyzing market viability?
What would be considered when analyzing market viability?
Why is it essential for a business idea to generate interest from investors?
Why is it essential for a business idea to generate interest from investors?
Which of the following is an example of an operational feasibility action?
Which of the following is an example of an operational feasibility action?
What characteristic does a good business idea need to prevent easy replication by competitors?
What characteristic does a good business idea need to prevent easy replication by competitors?
What should be the primary focus driving a business according to the content provided?
What should be the primary focus driving a business according to the content provided?
Why should entrepreneurs avoid pursuing business ideas based on trends and fads?
Why should entrepreneurs avoid pursuing business ideas based on trends and fads?
What is a key aspect of a business idea's longevity and survival?
What is a key aspect of a business idea's longevity and survival?
In the evaluation of a business idea, which factor is suggested as being crucial to profitability?
In the evaluation of a business idea, which factor is suggested as being crucial to profitability?
Which of the following aspects is not mentioned as a factor in evaluating the profit potential of a business idea?
Which of the following aspects is not mentioned as a factor in evaluating the profit potential of a business idea?
Flashcards are hidden until you start studying
Study Notes
Feasibility & Viability Overview
- Feasibility assesses the practicality of a project; it answers "Can we do this?"
- Viability determines the long-term sustainability and profitability; it answers "Should we do this?"
- Both concepts are crucial for successful project planning in architecture.
Feasibility: Key Components
- Technical Feasibility: Evaluates the technical execution capabilities using available resources and technology.
- Economic Feasibility: Analyzes costs and financial benefits to ensure funding and budget alignment.
- Legal Feasibility: Confirms compliance with regulations, including zoning laws and building codes.
- Operational Feasibility: Assesses integration within existing operational frameworks, including resource and management capabilities.
- Schedule Feasibility: Evaluates the realism of the project timeline against constraints and deadlines.
Viability: Key Components
- Market Viability: Studies market demand, potential customers, and the competitive landscape.
- Financial Viability: Assesses revenue generation against initial investment to maintain profitability.
- Social & Environmental Viability: Evaluates the positive community and environmental impact, ensuring alignment with sustainable practices.
- Risk Management: Identifies potential risks early on to develop effective mitigation strategies.
Differences Between Feasibility & Viability
- Scope: Feasibility focuses on short-term execution capabilities; viability emphasizes long-term sustainability and success.
- Decision-Making Stage: Feasibility is assessed early; viability is evaluated continuously throughout the project lifecycle.
- Outcomes: Feasibility leads to go/no-go decisions; viability informs investment decisions based on profitability.
- Evaluation Criteria: Feasibility considers technical and operational aspects; viability assesses market demand and social impact.
Application in Architectural Projects
- Feasibility Study: Checks technical, legal, and economic aspects for constructing on a specific site, e.g., assessing old factory repurposing.
- Viability Analysis: Analyzes the attractiveness of a project in terms of market demand and revenue generation, e.g., studying residential unit demand.
Conducting Feasibility Study Steps
- Step 1: Preliminary Assessment
- Identify barriers and obstacles through project scope definition and SWOT analysis.
- Step 2: Technical Feasibility
- Perform site analyses, including environmental impacts and material suitability.
- Step 3: Legal and Regulatory Feasibility
- Review laws, zoning ordinances, and necessary permits.
- Step 4: Economic Feasibility
- Estimate costs and conduct cost-benefit analyses to ensure budget alignment.
- Step 5: Operational Feasibility
- Develop plans for staffing and maintenance to evaluate ongoing project operability.
Conducting Viability Analysis Steps
- Step 1: Market Viability
- Conduct market research to identify target customers and forecast demand and occupancy rates.
- Step 2: Financial Viability
- Create financial projections, analyze metrics like ROI and NPV, and establish contingency plans.
- Step 3: Social and Environmental Viability
- Conduct environmental impact assessments and engage with the community to evaluate social responsibility.
Importance of Market Research
- Identifies customer needs and analyzes competition; helps forecast demand and formulate effective marketing strategies.
Legal and Regulatory Impact
- Impact project feasibility by ensuring compliance with relevant laws and avoiding potential legal challenges.
Questions for Further Exploration
- Distinctions between feasibility studies and viability analyses in architecture.
- Importance of feasibility studies before initiating design projects.
- Influence of project location on feasibility and viability.
- Key components of a feasibility study specific to architectural projects.
- Market research's role in assessing project viability.
- Legal factors' influence on architectural project feasibility.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
