Industrial Project Feasibility Studies
Many projects fail because adequate studies are not carried out to determine the feasibility and sustainability of the projects before they are embarked on. Project feasibility studies are therefore essential for the success of any project.
Industrial feasibility studies will usually include among others, specific studies like:
- Environmental Impact Assessment
- Market research
- Geo-technical Survey
- Technology assessment and comparison of alternatives
- Raw Material Analyses and Evaluation
Environmental Impact Assessment
All industrial projects require an Environmental Impact Assessment (EIA) to be carried out before construction and operation of the project begins. The EIA helps to identify the activities from the project that will result in negative impacts on the environment.
Preventive and mitigation measures are then put in place that would eliminate or alleviate the negative effect of those activities on the environment. The EIA also proposes a plan to monitor the activities and control the impact on the environment.
Market research provides important information required to identify and analyse the market need, market size, market segmentation and competition.
It is essential for new and existing businesses and is a key factor in maintaining competitiveness over competitors.Businesses that focus on meeting the needs of the market or the needs of customers are more likely to be successful than those who do not.
Geo-technical surveys are performed to obtain information on the physical properties of soil and rock on a parcel of land. This is essential for all industrial projects because the soil should be able to support the industrial structures and buildings that will be erected on the piece of land.
They also help to determine the properties of back-fill materials required for underground transmission lines, pipelines and other buried equipment and structures.
Technology assessment and Comparison of Alternatives
Usually, more than one technology is available for manufacturing a product. Considering a project’s peculiar circumstances and unique advantages, assessments of the various technologies is made and the various alternatives compared, to determine which technology is most suitable for the project.
Raw Material Analyses and Evaluation
Raw materials that are converted to products through industrial processes should meet certain quality specifications for various important reasons. Raw materials of unsuitable quality or specifications could have adverse effects on construction materials of plant and equipment or be incompatible with the manufacturing process.
Product yields or quality from some raw material sources may be unsatisfactory and may make a project not viable. Series of tests and analyses need to be conducted on raw materials to determine their suitability for most industrial operations and manufacturing processes.
Also to determine the quantity of raw materials available for sustainable operation of a project, quantity estimations and evaluations need to be carried out on various sources of raw materials.