The Feasibility Study Process
The FeasibilityStudy ProcessDeveloped by Tim O’Connell
Objective An understanding of the processinvolved in a cooperative feasibilityanalysis Factors for selecting consultants Differences between feasibilitystudies and business plans.
THE PROJECT CYCLE3. IMPLEMENTATION
The Project Cycle1. IDENTIFICATION: preliminary ideacreation, planning, pre-feasibility studies2. DELIBERATION: refining ideas,feasibility studies, decision to proceedwith project3. IMPLEMENTATION: securing capital,construction, obtaining permits, hiringmanagement
The Project Cyclecont.4. OPERATION: mobilization of manpowerequipment and materials to carry outplan5. EVALUATION: Determine what workedand what did not work
Decisions to Make1. Conduct the feasibility study ornot.2. Who conducts the study.3. How to review the study.4. Accept or reject the study oncemade.5. Implement the study onceaccepted.
Why do aFeasibility Study?
Questions to Answer BeforeInitiating a Feasibility Study1. What is the need for the project?2. What is the membership base andvolume of product?3. What is the market size andcompetitive environment?4. What are the organizational needs forthe project to succeed?
Clients of the Study Feasibility studiesserve both internaland externalaudiences This can includeboth members andfinanciers
What is Feasibility Study? Analytical toolProject planningAssembles the whole projectUses scenarios to assessrisk Provides project evaluation
Feasibility AnalysisTHE ART OF“WHAT IF?”
Scenario Analysis“IF THIS THEN WHAT?”
Scenarios Which Alter theStudy Product volumeEquity capitalProduct pricesCash collection & disbursement scheduleFacility efficiency / labor requirement
What a Feasibility Study isNot Academic research Idea generator Business plan Financial approval game What decides if a project will besuccessful
Characteristics for Selectinga Consultant Experience conducting feasibilitystudies. Knowledge of the industry. Understand cooperatives. Listen to the groups’ ideas. Work closely with the contactmembers of the group.
Characteristics for Selectinga Consultant Accept reasonable revisions to thesubmitted study. Accomplish the study within anagreed upon timeline. Work within the budget designatedby the group.
Consultant EvaluationCriteria Previous experience(0-20) Understand cooperatives (0-20) Qualifications of principal researchers(0-20) Reasonableness of cost (0-15)
Consultant Evaluation Criteria Proposed interaction with steering committeeor board(0-10) Verbal presentation/communication skills(0-15) Miscellaneous/ intangible Total Score(0-10)100
The StudyDocument
What to Look For Comprehensive Bring the pieces of work together Readability– ease of reading– good organization Referenced and well documented
Financial Data and Projections What toAccomplish– Funding request– Financialstatements– Pro forma’s– Assumptions
Assumptions andFinancial Statements Where is the projectheading Resolve informationdeficiencies Formalize the process
The Critical Risks andProblems What to present– Major problems to overcome– Time critical factors– Evaluation of risks internal to project external to project– Worst case scenario
Review of the Study Does it permitplanners to makedecisions? Reasonableness ofassumptions Accuracy Readability– language used– good organization– impression
Review of the Study Professional in organization andpresentation– table of contents– page numbers– details in appendixes– assumptions are documented– section and sub headings– reference page for tables andcharts
Review of the Study Puts boundaries on potentialmembership and volume, givinga firm basis for planning. Clarifies the proposed plan. Permits adaptations of the planto meet the available resources. Focus on the two keyingredients--financing andpatronage (volume).
Accept or Reject the Study Does it present the group’s idea for the project? Does it fulfill the work expectations?– This does not mean necessarily recommendation orsupport for the idea– a negative recommendation can be valuable Conclusions & recommendations– Did the consultant bring all of the pieces together?– Are the key recommendations logical? easy to follow methodology to conclusion?
Implement the Project?The study does not decide on whether toproceed or not, the group does. Why not implement a positive feasibilitystudy? The situation has worsened Risks perceived as too high Requires too much volume, size, capital Why to implement a negative feasibilitystudy The situation has improved Found a partner to share risks Resolved technical limitations
What is a Business Plan ? An implementation andaction strategy for thebusiness Deeper analysis andplanning Builds on the foundationof the feasibility plan
Feasibility Study vs.Business Plan Plan is later in process– Technology is known– more specific details– has the “nuts and bolts”
Feasibility Study vs.Business Plan Feasibility study is an independentanalysis of a business opportunity or lackof an opportunity Business plan is your plan for theoperation of a business A feasibility study- creates the frameworkused for a business plan
Facility efficiency / labor requirement . What a Feasibility Study is Not Academic research Idea generator Business plan . Why to implement a negative feasibility study The situation has improved Found a partner to share risks Resolved technical limitations The study does not decide on whether to .
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Study. The purpose of the Feasibility Study Proposal is to define the scope and cost of the Feasibility Study. Note: To be eligible for a Feasibility Study Incentive, the Feasibility Study Application and Proposal must be approved by Efficiency Nova Scotia before the study is initiated. 3.0 Alternate Feasibility Studies
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