EVALUATION OF THE IMPACT OF TECHNICAL FEASIBILITY STUDY (REPORT) AS A TOOL FOR SUCCESSFUL BUSINESS OPERATION
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EVALUATION
OF THE IMPACT OF TECHNICAL FEASIBILITY STUDY (REPORT) AS A TOOL FOR SUCCESSFUL
BUSINESS OPERATION
ABSTRACT
The topic of
this great dissertation is Evaluation of the impact of technical feasibility study as a tool for
successful business operation in Enugu Urban.
The survey
and historical research methods were used in the study. A total population of
eight hundred and sixty (860) randomly selected respondents out of which a
sample size of four hundred (400) was selected using yarmane kurmar’s models.
But the effective was three hundred and ninety-one (391) respondents who
correctly filled and returned the questionnaires.
Questionnaires
method were used in gathering data. Also a review of books, newspaper,
magazines and periodicals were carried out the “simple percentage analysis”
statistical test of proportion used in treating the data and testing the
Hypothesis.
However
twenty research question was developed for the respondents.
The study
concludes that the level of awareness about the uses of technical feasibility
studies report in project analysis and appraisal in Enugu urban is well low.
This had contributed immensely to its non utilization among majority of
respondents.
There’s therefore need to create awareness of its
uses among the populace in order to stem the increased business failure, raise
optimal allocation of resources, increase efficiency and effectiveness, reduce
risk of business failure and sustenance of losses.
Based on the
findings , the researcher recommended massive awareness campaign to the
relevant authorities or agencies of the government in order to create the requisite knowledge that will aid
prospective investors in taking the right decisions., also individuals and
organizations should inculcate the habit of patronizing consultants before
embarking on any business venture in order to avail them of expert advice.
CHAPTER ONE
INTRODUCTION
BACKGROUND
OF THE STUDY
Just as the
whole world stepped into the 21st centuryand Nigeria dragging her ship without
recourse to her teeming poverty strickening populace of over one hundred &
forty million (140,000,000) citizen.(2004 National population census). Yet
since over three decades now, after independence from the British coupled with
military “Zoombie” incursion into politics, the Nigerian economy has been in a
dire stress or doldrums. Consequent upon this, many business ventures have submerged
or rather closed shops. Many of those that are still afloat had not made any
reasonable impact but are experiencing economic degeneration due to
multiplicity of factors, among which is lack of proper Technical feasibility
studies/report before embarking in the venture.
Prior to
this, however, there was such a boom that basically business ventures yielded a
satisfactory quantum of demands, such that numerous business and banks were set
up without proper planning/research either (short term or long term). Then when
structural adjustment program (SAP) was introduced during the time of Nigerian
Head of state General Ibrahim Babangida (IBB) during which most business went
out of existence.
The
continued economic crunch has highlighted the need for technical feasibility studies/report before
embarking on any project.
According to
the Holy Bible (KJV) (Luke 14 vs 28 –31) for which of you desiring to build a
tower does not first sit down and count the cost whether he has enough to
complete it? Otherwise, he has laid a foundation and is not able to finish, all
who see him begin to mock him saying “the man begin to build, and was not able
to finish” or what king is going to encounter another king in war, will not sit
clown first and take counsel whether he is able with ten thousand to mock him…
against him with twenty thousand?
Again there
is this management adage, which says, “Failing to Plan is Planning to fail” the
era of rule in business operations is fast becoming ancient history.
In the same
vein, the tremendous progress in information communication technology (ICT) and
application has made it imperative that one must take stock before embarking on
any venture otherwise more prepared contemporaries competitors and rugged
business terrain will submerged the venture though their competitive edge and
vicissitude in theeconomy. The need for sound and proper planning is
accentuated even more by the nature of the Nigerian economy, which has continued
running headless by into the woods. Okpara Avenue that used to thriveto
business activities has become the shadow of the past. Most of these business
outfits there have now been converted to churches at an alarming rate. At Emene
industrial Estate the story is not very different as it is now, a ghost of its
past. It has also become a known fact that else where the rate of business
failure is equally appalling. A visit to Agbani road to Gariki road, Achara
layout or timber shade at Maryland will also confirm this. This kept one in a
ponder state or wonder, whether, proper feasibility studies, its impact are
well carried out before these business ventures were embarked upon.
It is
against this background that the researcher wants to embark on this research
topic titled “An Evaluation of the
impact of Technical feasibility study As a Tool for successful
BusinessOperation –A case of selected companies in Enugu urban, Enugu State,
Nigeria.
STATEMENT OF
THE PROBLEM
It is
believed that business entrants, stay and outlives (Kotler 1980) but the rate
of business failures in Enugu metropolis is excessively high, irrespective of
the fact that “stay in business is very difficult compared to entry” (Louck
1988). The failure of most business is due to lack of proper planning,
foresight by the managers and aggressive implementation of business strategies.
The mostly affected are the small-scale business, which in most cases is being
managed by the owners, who may lack the managerial skill and knowledge.
Most failure
and outlive of business in Enugu is not only based by mismanagement of the
business activities but by carrying out of ineffective feasibility skill
report; thereby leading the business into wrong and negative steps. Businessmen
and women in most cases, falls to place feasibility study into consideration,
before embarking on some of her business operations. In such case, the success
of such business being embarked on is not determined. According to Baumback
(1992), the whole idea of a feasibility study report compliment and facilities
are important functions in business planning and control.
The major
causes of business failure in Enugu urban seems to be lack of identifying the
use of Technical feasibility study as a
tool for investment selection. This havoc was caused as a result of military
intervention in the administration of the nation affairs, which is yet to be
placed in order till date .it is because of above problems that necessitated
the evaluation of the impact of technical feasibility study (report) as a tool
for successful business operation in Enugu urban.
PURPOSE OF
THE STUDY
There is
every need to inculcate the practice of carrying out feasibility studies for
even the smallest of business ideas before diving head long into what may later
turn out to be business water-loo. This study aims at finding out how to:
1. Identifying business failure caused by
non-use of feasibility studies.
2. Identifying the use of feasibility study as
a tool for investment selection.
3. Identifying whether feasibility studies
leads to successful performance in business .
4. Examining factors which might hinder the
attainment of the postulation of a feasibility study.
RESEARCH
QUESTIONS.
The
following research questions were posed to guide the study.
1. Are business failure caused by non use of
feasibility studies ?.
2. Are feasibility studies used as a tool for
investment selection ?.
3. Do feasibility study leads to a successful
performance in business ?.
4. What are the factors that might hinder the
postulation of a feasibility studies ?.
Responses to
the above research question will help to confirm whether the assumption of the
researcher as highlighted or emancipated in the problems and hypothesis hold
true or not.
SIGNIFICANCE
OF THE STUDY
This study
will highlight the relevance of the feasibility study and report in successful
business operation. This will be of immense benefits to those wanting to engage
in new business venture.
It will also
help in minimizing business failure since people will see the need to embark on
feasibility studies before starting any business venture.
Again, apart
from contributing to the existing literature on this topic, it will be of benefits
to those that might like to undertake further studies on this topic or related
issues.
It is also
hoped that the adoption and implementation of the findings and recommendations
of this study will no doubt help significantly in boosting our economy through
business success engendered by the use of feasibility studies.
SCOPE AND
LIMITATIONS OF THE STUDY
Osuala
(1993) an adequate statement of the problem also defines it very carefully in
terms of its scope. The researcher must set forth exactly the bounds of the
topic researched. These are the delimitation and limitations.
DELIMITATIONS
This study
did not study the entire business outfits in Enugu rather a randomly selected
few from which reference can be made. It will depend mainly on historical
records as data. Nevertheless, primary data would be gathered from Enugu and
surrounding suburbs. The study will deal with the evaluation of the role of
feasibility studies like writing the report or carrying out the studies itself.
LIMITATION
The
availability of correct and up to date data is not easy, even when available
one still encounters unnecessary bottleneck due to our socio-cultural milieu,
bureaucracy and subterranean motives. This constituted an impediment to this
research.
The
researcher in the course of the work seriously encountered financial and time
constraints. Exorbitant transportation cost, high-level risk of traveling and
the geographical spread of database constituted limitations in themselves.
DEFINITION
OF TERMS
Technical
Feasibility Study
A close
examination of the cost and benefits of a project to ascertain whether it is
feasible, durable and profitable to undertake as a business venture.
Technical
Feasibility Report
A written
documented plan or blue print of operation of a business project. A business
project, business scheme or undertaken with a view of profit.
Economic
degeneration
Economics
loss of fund or loss of firm’s productive aggregates from higher level of
production in absence of production. Degeneration connotes reduction in level
of business performance.
Investment
Commitment
of fund in the purchase of assets intended to yield future returns
Projects
Plan to
invest money in the purchase of an asset or a combination of assets intended
for installation to yield return to a business concern
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