Actants influencing the successful compilation of economic feasibility studies: The quantity surveyors' perspective

An economic feasibility study is a document that provides financial information, which supports informed investment decision-making for property development projects. These feasibilities, however, are inconsistent in content, neglected, lack standards, and creates confusion in practice, leading to undesired investment decisions. It is thus imperative to understand where the issues manifest, what they are and how it can be eliminated to ensure quality and successful feasibilities that provide the correct advice in terms of the economic feasibility of a proposed construction project. By employing the Actor-Network Theory (ANT), these objectives and aim were met through the identification of actants in the feasibility network, understanding the relationships between these actants, understanding and mapping the actor-network, and finally identifying where the issues manifest within this network. A literature review was conducted in addition to 23 interviews with quantity surveyors in South Africa. Through the literature review and semi-structured interviews, several actants were identified. The feasibility is a complex process that involves a substantial amount of actants that influence the success of the advice, investment decision and construction project. Descriptions of the relationships of these actants were noted and graphically depicted, while actions that destabilise the network were identified. With a deepening understanding of the feasibility network, the compilation and usage of feasibility studies could be enhanced by improved understanding, careful compilation, and successful investment decision-making.