Feasibility studies and their effects on the success or failure of investment projects. “Najaf governorate as a model”

Abstract

Abstract A feasibility study is considered a strategic tool, a critical principle, and an essential stage of the success of the investment project, and it is regarded as an essential point in the success or failure of the investment project. Therefore, feasibility studies are among the most critical elements of the success of investment projects. The purpose of this study is to find out the reality of the feasibility study in the various departments of the state and its impact on the success or failure of investment projects, in addition to studying, identifying, and analyzing the factors that affect the feasibility study in investment projects. In this research, 23 influential factors were collected from site surveys, interviews with engineers and experts, and previous research in the Arab world. These factors are grouped into five categories: political and legal aspects, economic and financial, consultancy, owner, and contractor. A questionnaire survey of 70 respondents was distributed among different experts. A statistical analysis was done using SPSS and Excel packages. The results accomplished from the survey revealed the significant factors that affect the feasibility study (ranked respectively), namely, the absence of a clear investment policy (86%), the existence of obstacles (85.71%), slow and complicated routine procedures (84%), lack of experience and field knowledge (82.29%), and failure to accurately meet the scientific (79.71%) These findings could help the construction professionals to improve the feasibility study and project performance in Iraq.