Feasibility studies make good sense. They enable the pros and cons of a scheme - and of any of the various alternatives - to be examined in depth to ensure that decisions finally made are fully informed ones.
The purpose of the proposed work will be examined and relevant information be assembled.
The brief itself has to be formulated, and an Architect can be of great assistance at this stage, in asking the right questions to establish parameters, not only on the practical aspects but also on the less tangible ones of ambience, image, character, possible changes or future developments, - and financial objectives.
Architects have experience of many other buildings and circumstances and, being trained in working out briefs and in thinking imaginatively, will be able to consider all the aspects logically - and foresee possible conflicts, or matters needing resolution which might not occur to owners, agents, surveyors and so on until much later, sometimes with expensive consequences.
The costs of the alternatives can be estimated, through from the survey and preparation work, to building costs and running expenses balanced against levels of initial cost. Possible life-spans related to the initial expenditure. Alternative staffing costs. Comparisons with any competition. Possible phasing. The projected finished scheme also has to be assessed for profitability on capital value where appropriate, and sometimes possible ratings for insurance, tax etc as well.