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How can you overcome the lack of data in a feasibility study?

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A feasibility study is a crucial step in any construction project, as it helps you evaluate the viability, risks, and opportunities of your proposed plan. However, sometimes you may face the challenge of not having enough data to support your analysis and decision making. How can you overcome this obstacle and still conduct a reliable and effective feasibility study? Here are some tips to help you deal with the lack of data in a feasibility study.

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Matthias Gerber

Stellvertretender Gesch?ftsführer Outlog AG

1 Use existing data sources

One way to compensate for the lack of data is to use existing data sources that are relevant and reliable for your project. These can include public databases, industry reports, market surveys, case studies, or historical records. You can also consult experts, stakeholders, or potential customers who have insights or experience in your project domain. However, you should always verify the accuracy, validity, and timeliness of the data you use, and acknowledge any limitations or assumptions you make based on them.

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Matthias Gerber

Stellvertretender Gesch?ftsführer Outlog AG
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Im Bausektor ist es üblich, dass nicht viele Unterlagen vorhanden sind. Es sind jedoch oftmals deutlich mehr Daten vorhanden, als man auf den ersten Blick erkennen mag. Damit man deren Potenzial entfalten kann, ben?tigt es Fachplaner wie Architekten, Bauingenieure, Elektrofachplaner und HLKS-Ingenieure, welche gemeinsam das Bestandsgeb?ude besichtigen. Aus dem gesehenen k?nnen viele Informationen bereits mitaufbereitet und in die Machbarkeitsstudie einfliessen, was dem Bauherren ein optimiertes Projekt bezüglich Kosten, Terminen und Qualit?t erm?glicht.

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Meriam Lahsaini

Remote sensing, GIS, Data Scientist
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Overcoming the lack of data in a feasibility study involves several strategies that can help ensure the study remains reliable and effective despite data gaps., such as Leverage Public Databases, Industry Reports, and Market Surveys ,Interviews, Focus Groups, Observations, Surveys, SWOT Analysis, and PESTLE Analysis, and validate our findings and recommendations with feedback from relevant sources

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David Halabourda

Project Manager | Process Optimization & Operations Specialist | Published Writer
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Utilizing existing data sources is pivotal when facing data scarcity in feasibility studies. Public databases, industry reports, and expert insights offer valuable information for informed decision-making. However, rigorous validation of data accuracy and acknowledgment of any assumptions are imperative to ensure the study's credibility and reliability.

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Mart Francisco-"Philantrophist" RegCE PMO-CQP MCQI,IMS-QHSE Lead Auditor,CFM,CPM,CCM,COM

PMO Specialist/ Const. Mngr.*Company QHSE /Lead Auditor (ISO 9K:2015,14K:2015 and 45K:2018)*Dip. in Construction/Property/Facility /Operation Mngt/PMP Master Class/Lean Six Sigma/Green Belt/Scrum/Agile/CE
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To address data shortage in a feasibility study, utilize various methods: qualitative research (interviews/surveys with stakeholders), reviewing similar projects, consulting experts, conducting pilot studies, conducting scenario analysis, assessing risks, engaging stakeholders, utilize innovative data collection, follow iterative study process, and maintain transparency in the documentation. By employing these strategies and approaches, you can overcome the lack of data in a feasibility study and make informed decisions about the viability and potential success of the proposed project.

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2 Apply estimation techniques

Another way to overcome the lack of data is to apply estimation techniques that can help you generate reasonable and realistic values for your feasibility study. These can include parametric estimation, which uses statistical relationships between variables to calculate the unknowns; analogy estimation, which compares your project to similar ones that have been done before; or expert judgment, which relies on the opinions of qualified professionals. You should also use sensitivity analysis, which tests how your results change under different scenarios or assumptions.

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Olesia Chikunova

ADU Design in AR| ADU Specialist| Permit Expediter| Construction Manager| Founder
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Estimation techniques work well when you are familiar with a certain type of projects. Referring to past projects with similar requirements, old (but not too old) quotes from material suppliers, using placeholders for the professional fees - these are the tricks to use during an estimation phase.

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3 Use qualitative methods

A third way to deal with the lack of data is to use qualitative methods that can help you capture the intangible or subjective aspects of your project feasibility. These can include interviews, focus groups, observations, or surveys that can help you understand the needs, preferences, expectations, or perceptions of your target audience, stakeholders, or competitors. You can also use SWOT analysis, which identifies the strengths, weaknesses, opportunities, and threats of your project; or PESTLE analysis, which examines the political, economic, social, technological, legal, and environmental factors that affect your project.

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4 Validate your findings

A final way to overcome the lack of data is to validate your findings and recommendations with feedback from relevant sources. You can use peer review, which involves asking other experts or colleagues to evaluate your feasibility study and provide constructive criticism; or pilot testing, which involves implementing a small-scale version of your project and measuring its performance and outcomes. You can also use benchmarking, which involves comparing your project to best practices or standards in your industry or field.

By using these tips, you can overcome the lack of data in a feasibility study and still produce a comprehensive and credible report that can guide your project planning and execution. Remember that a feasibility study is not a one-time activity, but a dynamic and iterative process that requires constant monitoring and updating as new data and information become available.

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David Halabourda

Project Manager | Process Optimization & Operations Specialist | Published Writer
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Validation is key to bolstering the credibility of your feasibility study in the face of data limitations. Peer review, pilot testing, and benchmarking offer avenues to corroborate findings and recommendations. Embracing feedback loops ensures the study remains dynamic and responsive to evolving project needs, enhancing its effectiveness as a guiding tool for project planning and execution.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Olesia Chikunova

ADU Design in AR| ADU Specialist| Permit Expediter| Construction Manager| Founder
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In the huge amount of software solutions available, do not forget to read the small print. In my field, there are several companies promising to let you know if you can or cannot build an ADU on your property. And yet, most of them will also have the small print "always consult with a professional".

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How can you overcome the lack of data in a feasibility study?

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1 Use existing data sources

2 Apply estimation techniques

3 Use qualitative methods

4 Validate your findings

5 Here’s what else to consider

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