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