Feasibility Study Preparation Practices Among Quantity Surveyors in Ibadan, Oyo State

Feasibility studies are a foundational instrument for investment appraisal in the construction industry, yet their quality and comprehensiveness vary significantly among practitioners in Nigeria. This study examines the practices of quantity surveyors in preparing feasibility studies for building development projects in Ibadan, Oyo State. A descriptive research design was adopted, with 78 registered quantity surveyors drawn from firms in the Ibadan metropolis as respondents. Data were collected through structured questionnaires and analysed using mean scores, standard deviations, and percentage distributions. Findings indicate that most quantity surveyors in Ibadan prepare feasibility studies that prioritise capital cost estimation while giving insufficient attention to operational cost projections, market analysis, and risk assessment components. The study reveals that inadequate client briefs, time pressure, and limited access to reliable data sources constrain the depth of feasibility studies produced. Approximately 61% of respondents acknowledged that their feasibility reports rarely include sensitivity analysis despite its importance in investment decision-making. The research recommends that quantity surveying firms adopt standardised feasibility study templates aligned with international best practices, invest in market intelligence databases, and engage multidisciplinary teams for complex development appraisals. Professional development in financial modelling and investment analysis is also recommended. This study provides an important baseline assessment of feasibility study quality in the South West and highlights areas requiring curriculum reform in Nigerian universities. Keywords: feasibility study, investment appraisal, Ibadan, quantity surveying practice, cost estimation