Studi Kelayakan (Feasibility Study)
Departemen Teknologi Industri PertanianFakultas Teknologi Pertanian IPB
Pengertian Pengkajian berbagai aspek penting dari
sebuah gagasan proyek untuk memberikan landasan kuat apakah proyek dapat diteruskan
Kegunaan studi kelayakan: Merumuskan kegiatan-kegiatan untuk
pengembangan dan implementasi proyek Mengestimasi berbagai keperluan proyek:
waktu, SDM, equipment Mengidentifikasi biaya-biaya yang diperlukan
dan manfaat yang ditimbulkan proyek Kelayakan: operationally, technically, and
economically feasible
Persyaratan User involvement during feasibility study
is critical Considerable experience and technical
expertise are required to gather the proper information, analyze it, and reach practical conclusion
Hindari: terminate a valid project or continue the one that is not economically or technically feasible.
Posisi Studi Kelayakan dalam Investment Project Cycle
Pre-Investment Phase
Operating Phase Investment
Phase
IdentificationOPPORTUNITY
STUDY
Pre-SelectionPRE-FEASIBILITY
STUDY
PreparationFEASIBILITY
STUDY
AppraisalAPPRAISAL
REPORT
SUPPORT STUDIES
Negotiations and contracting
Engineering design
Construction
Pre-production marketing
Training
Commissioning and start-up
Replacement Rehabilitation
Expansion Innovation
The Pre-investment Phase
Opportunity studies: Identification of investment opportunities
Pre-feasibility and feasibility studies: Analysis of project alternatives, preliminary project selection, and project preparation
Appraisal report: Project appraisal and investment decision
Support studies: To be incorporated into pre- and/or feasibility studies.
Opportunity Studies The starting point in a series of investment-related
activities; should analyze the following: Potential natural resources for processing and
manufacturing The existing agriculture pattern that serves as a basis
for agro-based industries Future demand as a result of increasing population or
purchasing power or newly developed goods Imports to identify areas for import substitution Possible interlinkage with other industries Possibilities for product diversification or capacity
expansion Export possibilities
Pre-feasibility Studies
A more detailed study for a project idea just before assigning larger funds for feasibility study
The objectives are to determine whether: All possible project alternatives have been
examined The project concept justifies a detailed analysis The project idea attractive enough for an
investor The environmental situation at the planned site
and potential impact are inline with national standard
Any aspects are critical to its feasibility
Pre-feasibility Studies … A pre-feasibility study should be viewed as
an intermediate stage between a project opportunity study and a detailed feasibility study
The difference is in the degree of detail of the information obtained and the intensity with which project alternatives are discussed
The structure of a pre-feasibility study should be the same as that of feasibility study
Support (Functional) Studies Cover specific aspects of an investment
project; prerequisites for pre-feasibility studies, such as: Market studies of product to be produced Raw material and factory supply studies
covering current and projected availability of raw material supply and price
Laboratory and pilot-plant test Location studies Environmental impact assessment Economies-of-scale studies Equipment selection studies
Feasibility Studies Should provide all data necessary for an investment
decision The commercial, technical, financial, economic, and
environmental prerequisites should be defined and critically examined the project is clearly defined in terms of objectives, marketing strategies, market shares, production capacities, plant location, existing raw materials, appropriate technology and mechanical equipment, and an environmental assessment
The financial part covers the scope of the investment: the net working capital, the production and marketing costs, sales revenues and return on capital invested.
Appraisal Report
Is considered as an independent stage of the pre-investment phase marked by the final investment and financing decisions taken by the project promoters
Aspects to be evaluated: technical, commercial, market, managerial, organization, financial and economic.
Promotion of Industrial Investment Projects
Identification of potential sponsors Negotiations and establishment of
cooperation agreement Determining potential sources of
finance in most developing countries depends on foreign funds due to low saving capacity.
Outline of Pre- and Feasibility Studies Executive summary: a synoptic review of all the
essential findings of each aspect Project background and history:
project sponsors project history cost of studies and investigations already performed
Market analysis and marketing concept: Definition of the basic idea of the project, objectives
and strategy Demand and market
Structure and characteristics of the market The estimated existing size and capacities of the
industry Past imports and their future trends, volume and prices Role of the industry in the national economy
Outline of Pre- and Feasibility Studies …
Marketing concept, sales forecast and marketing budget Description of the marketing concept, selected targets
and strategies Anticipated competition for the project from existing
and potential local and foreign producers and suppliers Localization of markets and product target group Sales program Estimated annual sales revenue from products and by-
products Estimate annual costs of sales promotion and marketing
Production program required: Products By-products Wastes (estimated annual cost of waste disposal)
Outline of Pre- and Feasibility Studies …
Material inputs (approximate input requirements, their present and potential supply position, and a rough estimate of annual costs of local and foreign material inputs): Raw materials Processed industrial materials Components Factory supplies:
Auxiliary materials Utilities: power and energy requirements
Outline of Pre- and Feasibility Studies … Location, site, and environment:
Pre-selection, including an estimate of the cost of land Preliminary environmental impact assessment
Project engineering: Determination of plant capacity: feasible normal plant
capacity Quantitative relationship between sales, plant capacity
and material inputs Preliminary determination of scope of project Technology and equipment:
Technologies and processes that can be adopted Technology description and forecast Environmental impact of technologies Rough layout of proposed equipment Rough estimate of investment cost of equipment.
Outline of Pre- and Feasibility Studies …
Civil engineering works: Rough layout of civil engineering works,
arrangement of buildings, short description of construction materials to be used Site preparation and development Building and special civil works Outdoor works
Rough estimate of investment cost of civil engineering works
Organization and overhead costs: Rough organizational layout: general
management, production, sales, administration Estimated overhead costs: factory, administrative,
financial
Outline of Pre- and Feasibility Studies …
Human resources: Estimated human resource requirements,
broken down into labor and staff Estimated annual human resource costs
Implementation scheduling: Proposed approximate implementation
time schedule Estimated implementation costs
Outline of Pre- and Feasibility Studies … Financial analysis and investment:
Total investment costs Rough estimate of working capital Estimated fixed assets
Project financing Proposed capital structure and proposed financing (local
and foreign) Cost of finance
Production costs ( materials, personnel, overhead, fixed, and variable costs)
Financial evaluation: Payback period Internal rate of return Break even point Sensitivity analysis
National economic evaluation: Foreign exchange effect, value-added generated,
employment effect.
Provides wide scope for consultancy and engineering works; several stages: Establishing the legal, financial and
organizational basis for implementation Technology acquisition and transfer Detailed engineering design and contracting
including tendering, evaluation of bids and negotiations
Acquisition of land, construction work and installation
Pre-production marketing Recruitment and training of personnel Plant commissioning and start-up
The Investment Phase
Short-term viewpoint: relates to the initial period after commencement of production inadequate labor productivity, lack of qualified staff, etc.
Long-term viewpoint: relates to chosen strategies and the associated production and marketing costs as well as sales revenues.
The Operational Phase