A Feasibility Study
According to Swarbrooke (2002 pg 123) a feasibility study is carried out “to test the potential viability of the proposed project as accurately as possible before a decision is made whether or not to go ahead.” In order to achieve this, a feasibility study consists of a collection of independent processes that when collated create the whole; in other words it is not a single document but a number of distinct processes that when put together provide an insight into the project’s long term performance. Swarbrooke (2002) does provide a diagram of the feasibility study process but this is centred towards the attraction element of tourism rather than being generic for any development. It assumes that the type of attraction is known and that the location needs to be found, which is not always the case. Doswell (1997 page 56) suggests a different more generic framework as does Abubakar (2001 page 371) citing Morrison 1996. Although opinions on the exact process and methodology of a feasibility study appear to vary, all the above authors agree with McIntosh & Goeldner (1986 page 235) that a feasibility study should incorporate external environmental, market and financial factors. As this feasibility section is being written from the perspective of a municipality it will also be important to consider factors such as social and community factors.
The Feasibility study process is essentially generic but has to cover more than one type of scenario. For example in the case of a flagship attraction a number of factors may already be known to the Development Officer. It might be that the attraction format i.e. what the attraction will consist of is already known but the exact location is not; where will it go? It might me that the location is already known but the attraction format is not, i.e. what are we going to do with this piece of land or this building? It may be that neither format nor location is known but a tourist attraction is seen as a ‘way out’ from economic decline, i.e. the economy is suffering, other industry such as manufacturing or agriculture is in decline and tourism is seen as an important part of the regeneration programme, what are going to do? Where exactly will we do it?
The purpose of the feasibility study is to develop and assess different options for the redevelopment with a view to selecting a way forward should one be found to be feasible and viable in line with any supplied terms of reference.
A feasibility study can be broken down into a number of distinct processes as shown in Figure 1 – The Feasibility Study Process
Each process is taken in turn and described using 4 main headings namely,
• Objective – What is the purpose of the element or process in question?
• Methodology – How is the process carried out assuming best practice is applied?
• Assessment – How are the findings from the Methodology assessed?
• Outcomes – What are the resulting outcomes of that Assessment?
One of the primary outcomes of the feasibility study in this instance which involves both private and public money is to answer the question. Can it be done without public money?
