Learning How to Write a Feasibility Study in Calgary

Learning How to Write a Feasibility Study in Calgary

1. Introduction: What is a Feasibility Analysis

A feasibility study It is not merely a document but a rigorous investigative process designed to answer a singular, multifaceted question: Should we proceed? The capacity to conduct a robust feasibility analysis is less a singular skill and more a convergence of interdisciplinary competencies—blending financial acumen, market intelligence, regulatory navigation, and technical engineering. Take, for example, David Howse of Feasibility First, a Calgary-based feasibility study consultant.

For professionals and students in Calgary, Alberta, this competency takes on a heightened significance. Calgary is an economic landscape defined by its dynamism—a city that oscillates between rapid expansion in its energy and real estate sectors and periods of strategic recalibration.1 Consequently, the local demand for professionals who can accurately forecast project viability, assess risk, and model economic outcomes is acute. The educational ecosystem in Calgary has evolved to meet this demand, offering a diverse array of pathways ranging from theoretical academic degrees to applied technical diplomas and intensive industry certifications.

This report provides an exhaustive analysis of these educational options. By synthesizing curriculum details, learning outcomes, and institutional philosophies, we establish a roadmap for acquiring the expertise necessary to master the art and science of the feasibility study.

2. Defining the Feasibility Competency

Before examining specific institutions, it is essential to deconstruct the subject matter itself. A comprehensive education in feasibility studies must cover the “TELOS” framework—Technical, Economic, Legal, Operational, and Scheduling feasibility.3 Understanding these components allows prospective students to evaluate whether a specific program offers the depth of training required for their career objectives.

2.1 Market and Economic Feasibility

The bedrock of any feasibility study is the determination of demand. Educational programs must train students to move beyond intuition to data-driven validation. This involves the analysis of supply and demand curves, absorption rates, and demographic trends.4 In the context of real estate, this means understanding the target customer—whether they are tenants, buyers, or investors—and their income levels and preferences.6 A robust curriculum will teach students to perform “highest and best use” analyses, ensuring that a proposed development aligns with market needs.4

Economic feasibility extends into the macroeconomic realm. Students must learn to interpret indicators such as interest rates, inflation, and employment statistics, all of which exert substantial influence on project success.4 Programs that integrate these broader economic factors prepare analysts to “stress test” their models against potential market downturns—a critical skill in Calgary’s cyclical economy.

2.2 Financial Feasibility and Modeling

While market analysis asks “will they buy it?”, financial feasibility asks “can we afford to build it, and will it be profitable?” This is often the most technically demanding aspect of the education. Core competencies here include the construction of pro forma financial statements, which estimate revenues, costs, and cash flows over a project’s timeline.4

Key profitability indicators that must be mastered include:

  • Net Present Value (NPV): The value of future cash flows discounted to the present, critical for comparing projects with different timelines.6
  • Internal Rate of Return (IRR): The expected compound annual rate of return that will be earned on a project or investment.6
  • Return on Investment (ROI): A measure of the profitability of the investment relative to its cost.5

Advanced coursework delves into capital structuring—understanding the “capital stack” of debt and equity. This includes learning to calculate lending risk parameters such as Loan-to-Value (LTV) and Debt Service Coverage Ratios (DSCR), which are essential for securing project financing from institutional lenders.7

2.3 Technical and Operational Feasibility

A project may be profitable on paper but impossible to build. Technical feasibility education focuses on the physical constraints of a project. In real estate and engineering, this involves assessing topography, soil conditions, and site access.6 It also includes the availability of infrastructure such as roads, drainage, and utilities.

Operational feasibility asks if the organization has the resources to sustain the project. This includes assessing the technical skills of the project team, the availability of supply chain partners, and the long-term maintenance requirements of the asset.3 Programs at polytechnics like SAIT often excel in this domain, teaching the practical realities of construction and logistics.

2.4 Legal and Regulatory Feasibility

No project exists in a vacuum. Legal feasibility involves navigating the complex web of zoning laws, building codes, and environmental regulations.5 In Calgary, this means understanding the Municipal Government Act and local land use bylaws. Educational programs must equip students with the ability to interpret these regulations and the political acumen to navigate the approval process, which often involves stakeholder engagement and public hearings.8

3. University-Level Education: The Academic Gold Standard

The University of Calgary (UCalgary) offers the region’s most theoretically rigorous training in feasibility analysis. Through its various faculties, it approaches the subject from distinct yet complementary angles: the financial and commercial focus of the Haskayne School of Business, and the spatial and social focus of the School of Architecture, Planning and Landscape (SAPL).

3.1 The Haskayne School of Business: Commerce and Real Estate

At the Haskayne School of Business, feasibility analysis is positioned as a core component of investment and development strategy. The Westman Centre for Real Estate Studies serves as a nexus for this learning, offering programs that blend academic theory with industry practice.1

3.1.1 Bachelor of Commerce and MBA in Real Estate Studies

The specialized tracks within the BComm and MBA programs are designed to produce graduates capable of high-level financial modeling and strategic decision-making.

Core Curriculum Analysis:

  • REAL 427 / REAL 627 – Real Estate Investment & Analysis: This course is the cornerstone of financial feasibility training. It moves beyond basic accounting to advanced mortgage underwriting and risk analysis. Students learn to evaluate the risks and rewards of commercial and residential deals, employing Discounted Cash Flow (DCF) models to determine the intrinsic value of assets.1 The ability to perform these calculations is the primary technical skill required for feasibility analysts in investment firms.
  • REAL 317 – Real Estate Development & Urbanization: This course introduces the student to the “front end” of the feasibility process. It covers site analysis and the urbanization trends that drive demand. By understanding the broader context of urban growth, students learn to identify where feasibility studies should be conducted before crunching the numbers.1
  • REAL 437 / REAL 637 – Land Development & Planning: Feasibility is inextricably linked to what is legally permissible. This course provides the regulatory context, teaching students about planning legislation, municipal processes, and the risks associated with planning approvals. It addresses the “Legal Feasibility” pillar of the TELOS framework, emphasizing that a project is only feasible if it can be permitted.1
  • REAL 567 / REAL 667 – Project-Based Capstone: This course represents the synthesis of all feasibility components. Students are tasked with preparing a comprehensive development proposal. This requires them to conduct a full market analysis, build a financial model, develop a physical design concept, and present their findings to industry experts.1 This experiential learning model ensures that graduates have physically produced a feasibility study before entering the workforce.

3.1.2 Entrepreneurship and Innovation

For those interested in business feasibility outside the strict confines of real estate, the Entrepreneurship and Innovation (ENTI) option provides a robust framework for venture validation.

  • ENTI 625 – Opportunity Identification: This graduate-level course focuses on the “Pre-Feasibility” stage. It teaches students to filter raw ideas through a feasibility lens, assessing technical and market viability before significant resources are committed to a business plan.9
  • ENTI 627 – New Venture Development: Building on the pre-feasibility work, this course engages teams in the development of a startup. It effectively serves as a live feasibility test, where the “study” is the active validation of the business model in the marketplace.9

3.2 The School of Architecture, Planning and Landscape (SAPL)

While the business school focuses on the “Deal,” SAPL focuses on the “Place.” The Master of Planning (MPlan) program trains students to assess feasibility through the lenses of urban design, social impact, and physical planning.

Core Curriculum Analysis:

  • PLAN 614 – Real Estate Development and Finance: This is a critical bridge course for planners. It introduces the financial mechanics of development, teaching design professionals how to run the pro formas that determine if a vision is economically sustainable.10 This ensures that planners can speak the language of developers and investors.
  • PLAN 606 – Site Planning Studio: This studio course addresses Technical Feasibility. Students learn to assess a site’s topography, ecology, and infrastructure capacity. The question addressed here is not “will it make money?” but “can the land support this intensity of use?”.10
  • PLAN 610 – Community Planning Studio: Feasibility also involves “Political Feasibility.” This course involves real-world projects with community clients, teaching students to navigate the stakeholder engagement processes that often determine whether a project moves forward or is stalled by community opposition.10

3.3 University of Calgary Continuing Education

For professionals seeking targeted upskilling without the commitment of a full degree, the University of Calgary’s Continuing Education department offers intensive, specialized courses.

  • Real Estate Development and Finance: This course is explicitly designed to teach the mechanics of the feasibility study.
  • Pro Forma Construction: Students examine the “fundamental building blocks” of a project for financing, including the development of revenue and budget projections.7
  • Risk Mitigation: The curriculum introduces a risk identification framework, teaching students to assess project-specific and macroeconomic variables. This connects directly to the “Risk Assessment” component of the feasibility study.7
  • Financing Metrics: The course covers the calculation of key lending parameters like LTV and DSCR. Understanding these metrics is essential for determining if a project is “bankable,” a primary criterion for financial feasibility.7
  • Experiential Learning: The course includes a capstone project where students must present a project for financing, simulating the real-world pressure of a feasibility defense.11

4. Mount Royal University: Business Analysis and Entrepreneurship

Mount Royal University (MRU) approaches feasibility from a practical, undergraduate-focused perspective. Its strength lies in its specific “Business Analysis” and “Entrepreneurship” streams, which treat feasibility as a structured methodology for decision-making.

4.1 Bissett School of Business: Entrepreneurship

The Bachelor of Business Administration (BBA) at MRU includes a dedicated concentration in Innovation and Entrepreneurship, which places a heavy emphasis on the “New Venture” feasibility study.

  • ENTR 3333 – New Venture Feasibility: This course is unique in the Calgary landscape as it is explicitly titled “New Venture Feasibility”.12
  • Course Content: Unlike general management courses, ENTR 3333 focuses entirely on the validation phase. Students are required to research and prepare a business plan, but the primary pedagogical goal is to determine the viability of the enterprise prior to launch.13
  • Applied Skills: Lectures expose students to critical marketing and funding issues, using local case material to provide insight into the specific entrepreneurial environment of Alberta. The course acts as a filter, teaching students that a “No” decision based on rigorous feasibility analysis is a successful outcome.13
  • Prerequisites: The course requires foundational knowledge in management (MGMT 2130) or entrepreneurship (ENTR 2201), ensuring that students enter with a baseline understanding of business concepts.13

4.2 Faculty of Continuing Education: Business Analysis

MRU is a leader in “Business Analysis” (BA) education. In the corporate world, the role of a Business Analyst is often synonymous with feasibility analyst—identifying business needs and determining if a proposed solution is viable.

  • Business Analysis Extension Certificate: This program is Endorsed by the International Institute of Business Analysis (IIBA), ensuring that the curriculum aligns with global standards.14
  • XBUA 10007 – Develop a Business Case: In corporate terminology, a “Business Case” is the equivalent of a feasibility study. This course teaches students to construct a rationale for a recommended solution, identify relevant facts, and analyze costs versus benefits.15 It covers the critical thinking skills needed to identify feasible solutions to organizational problems.
  • XBUA 10017 – Strategy Analysis: This course involves analyzing the current state of an organization and defining the future state. Gap analysis—determining what is required to move from A to B—is a central component of operational feasibility.16
  • XBUA 10015 – An Overview of Business Analysis: This introductory course sets the stage by teaching students to identify business needs and provide feasible solutions that align with organizational goals.17

The modular nature of this certificate (classroom and online options) makes it highly accessible for working professionals in Calgary’s downtown core who need to add feasibility analysis to their skill set.14

5. Polytechnic Education: Applied Feasibility at SAIT and Bow Valley College

Calgary’s polytechnics offer education that is less theoretical and more focused on the technical execution of feasibility studies. These programs are ideal for those who will be responsible for the detailed cost estimating and schedule planning that underpin the feasibility models.

5.1 Southern Alberta Institute of Technology (SAIT)

SAIT is the premier institution for construction and engineering training. Here, feasibility is a technical document, heavily reliant on engineering data and precise cost estimation.

5.1.1 Bachelor of Science in Construction Project Management

This four-year degree program provides a comprehensive education in managing the built environment, with feasibility integrated into the project lifecycle curriculum.

  • CPMT 1010 – Introduction to Construction Project Management: This course introduces the project lifecycle, where the feasibility phase is the initiating step. Students learn that a project cannot proceed to planning without a validated feasibility assessment.18
  • Cost Management and Estimating: A major component of construction feasibility is “Cost Feasibility”—can the project be built for the budget available? The curriculum covers detailed estimating (ESTM 360), which feeds directly into the financial viability analysis. Students learn to forecast project costs with high precision, a critical input for any developer’s pro forma.18
  • Capstone Project: Similar to the university programs, SAIT requires a capstone where students solve a management-related issue. This often takes the form of a feasibility study for a proposed construction methodology or development proposal, requiring data collection and analysis.18

5.1.2 Civil Engineering Technology

This diploma program trains the technicians and technologists who support the feasibility process.

  • CIVL 356 – Construction Economics: This course is pivotal for the economic aspect of feasibility. It covers the time value of money, depreciation, and the economic comparison of alternatives. Students learn to perform the calculations that determine if one engineering solution is more economically feasible than another.19
  • CIVL 315 – Project Planning and Control: Feasibility also involves “Schedule Feasibility.” This course teaches students to use Critical Path Method (CPM) and other scheduling techniques to determine if a project can be completed within the required timeframe.19

5.1.3 Continuing Education: Business Analysis Tools

SAIT also offers a specific course titled “Business Analysis Tools and Techniques.”

  • Direct Relevance: The course description explicitly states that students will “discover how to develop persuasive business cases using feasibility studies and risk assessments”.20
  • Learning Outcomes: Graduates will be able to conduct a feasibility study to initiate a project, ensure scope analysis is appropriate, and build a business case that supports solution evaluation.20

5.2 Bow Valley College

Bow Valley College (BVC) focuses on the intersection of business administration and data analytics.

  • Business Administration Diploma: The curriculum includes MGMT 2998 – Business Strategy, a capstone-style course where students integrate marketing, finance, and operations knowledge to assess strategic feasibility.21
  • Data Management and Analytics: As feasibility studies become more data-driven, the DATA 3202 – Designing Data Analysis Projects course becomes relevant. It teaches students to design analytics projects to solve business challenges, effectively conducting “Data Feasibility” studies to determine if an organization has the data maturity to support new initiatives.22

6. Industry-Led Training: The Professional’s Fast Track

For many professionals, the most effective way to learn feasibility studies is through industry associations. These organizations offer training that is often more current and practical than academic institutions because it is designed and taught by active practitioners in the Calgary market.

6.1 Urban Development Institute (UDI) – Calgary/Pacific Region

The UDI is the voice of the development industry. Its educational arm offers the Real Estate and Development (RaD) Management Program, which is arguably the most practical “developer school” available.

Program Structure and Feasibility Modules:

The RaD program consists of nine distinct courses that guide participants through the entire lifecycle of development. Several of these are directly focused on feasibility.23

  • Course Two: Site Acquisition and Feasibility: This module is dedicated entirely to the topic. It teaches participants how to identify sites, conduct “quick yield studies” (a form of preliminary feasibility), and assess site potential. It covers the role of brokers and appraisers in providing the data necessary for the study.23
  • Course Three: Concept Development: Feasibility is an iterative process. This course teaches how to refine a concept based on market fit and physical constraints, ensuring that the project “product” is feasible before detailed design begins.23
  • Course Four: Managing Project Financing: This covers the financial feasibility aspect—securing equity and debt. Participants learn what financing partners look for in a project and how to build a pitch that demonstrates financial viability.23
  • Course Seven: Technical Studies: A feasibility study relies on data from technical consultants (geotechnical, environmental, traffic). This course teaches developers how to manage these consultants and interpret their reports to assess technical feasibility.23

Completion of the RaD program can also lead to a formal micro-credential through a partnership with Royal Roads University, adding academic weight to the industry training.24

6.2 NAIOP Calgary

NAIOP (Commercial Real Estate Development Association) offers the Certificate of Advanced Study in Commercial Real Estate Development, aimed at intermediate to senior professionals.

Key Feasibility Courses:

  • Site Feasibility and Market Analysis: This elective course is designed for experienced professionals. It covers the macro-economics that drive demand and the specifics of site analysis. It moves beyond the basics to look at complex market dynamics.25
  • Financial Analysis of Development Projects: This course provides the “analytical theory and practical tools” needed to evaluate financial feasibility for complex value-add and opportunistic investments. Crucially, it often involves training in ARGUS Enterprise, the industry-standard software for commercial real estate financial modeling. Proficiency in ARGUS is often a prerequisite for feasibility analyst roles in Calgary.25

6.3 Project Management Institute – Southern Alberta Chapter (PMI-SAC)

For project managers, the local PMI chapter provides resources that align with the Project Management Body of Knowledge (PMBOK).

  • Feasibility in PMBOK: In formal project management, the feasibility study is part of the “Initiating” process group. PMI-SAC offers workshops and professional development conferences (PDC) that cover project initiation and business case development.26
  • Networking: The chapter provides access to a network of over 5,000 members, many of whom are senior PMPs managing large-scale energy and infrastructure projects. Mentorship from these individuals provides practical insight into how feasibility studies are conducted in Calgary’s specific industrial context.26

7. Community Pathways: Inclusive Entrepreneurship at Momentum

Feasibility studies are not the exclusive domain of multi-million dollar corporate projects. They are equally vital for small business owners and grassroots entrepreneurs. Momentum, a community economic development organization in Calgary, offers highly accessible programming for individuals living on lower incomes or facing barriers to employment.

7.1 Business Feasibility Study Program

Momentum’s Business Feasibility Study program is a standout for its focus on accessibility and practical application for micro-enterprises.

  • Program Structure: It is a short, intensive course (typically part-time over 3 days) designed to help aspiring entrepreneurs answer the fundamental question: “Is my business idea viable?”.28
  • Curriculum:
  • Start-up Costs: Participants learn to accurately estimate the capital required to launch, a key component of financial feasibility.29
  • Market Research: The course guides students through researching businesses similar to theirs and defining their target customers. This validates the “Market Feasibility” of the concept.29
  • Go/No-Go Decision: The explicit goal of the program is to produce a decision. It serves as a prerequisite for Momentum’s more advanced “Self Employment Program,” ensuring that students do not invest time in a full business plan for an unfeasible idea.28
  • Impact: This program democratizes the skill of feasibility analysis. By removing financial and educational barriers, it allows a diverse demographic to access the same analytical tools used by major corporations, fostering inclusive economic growth in Calgary.

8. Strategic Comparative Analysis: Choosing the Right Path

With such a diverse array of options, prospective students must align their choice of education with their specific career goals. The following analysis synthesizes the strengths and target audiences of the primary institutions.

Table 1: Comparative Analysis of Feasibility Competencies by Institution

Institution / Program Financial Feasibility (Pro Forma/ROI) Market Feasibility (Demand/Supply) Technical Feasibility (Engineering/IT) Regulatory/Legal Feasibility Primary Target Audience
U of C Haskayne (BComm/MBA) Very High (DCF, Mortgage underwriting, Risk Analysis) High (Urban economics, Demographics) Medium (High-level understanding) High (Planning law, Municipal process) Future Developers, Investment Analysts, Asset Managers
U of C SAPL (MPlan) Medium (Basic finance, Project costing) High (Urban systems, Spatial analysis) High (Site planning, Ecology, Infrastructure) Very High (Zoning, Bylaws, Approvals) City Planners, Urban Designers, Municipal Staff
SAIT (Construction Mgmt) High (Cost estimating, Budgeting) Low (Focus on execution) Very High (Structural, Geotechnical, Logistics) Medium (Building codes, Contracts) Project Managers, Site Superintendents, Cost Estimators
MRU (Business Analysis) Medium (Cost-Benefit Analysis, Business Cases) High (Strategy analysis, Gap analysis) High (IT/Process feasibility) Medium (Corporate policy) Business Analysts, Management Consultants, IT Professionals
UDI / NAIOP (Industry) Very High (Deal structuring, ARGUS, Equity sources) High (Site selection, Yield studies) Medium (Managing technical consultants) High (Political engagement, Approvals) CRE Professionals, Developers, Land Brokers
Momentum Medium (Small business cash flow, Start-up costs) Medium (Customer validation, Competitor analysis) Low (Basic operations) Low (Business registration) Entrepreneurs, Small Business Owners, Startups

8.1 The “Feasibility Gap” and Integrated Learning

A critical insight from this research is the existence of a “Feasibility Gap” between academic theory and industry practice.

  • The Academic Gap: University graduates often leave with strong theoretical knowledge of why a project should be feasible (macroeconomics, urban theory) but may lack the granular practical skills to build the complex Excel models or ARGUS files used in the industry.
  • The Technical Gap: Polytechnic graduates excel at calculating Cost feasibility (the denominator of the ROI equation) but may lack the Revenue modeling skills (market absorption, lease rates) required to calculate the numerator.
  • The Solution: The most robust education often involves a combination. For example, a student might pursue a UCalgary MBA for the strategic framework and supplement it with the UDI RaD Program or a NAIOP Certificate to master the specific mechanics of the Calgary development process. Similarly, a Project Manager might combine a SAIT Diploma with the MRU Business Analysis Certificate to bridge the gap between construction execution and business strategy.

9. Conclusion

The capacity to conduct a feasibility study is a critical intellectual asset in Calgary’s economy. Whether one is analyzing a billion-dollar skyline-altering development or a neighborhood bakery, the fundamental process remains the same: a rigorous, structured inquiry into viability.

For the aspiring real estate mogul, the University of Calgary’s Haskayne School and UDI offer the keys to the kingdom. For the corporate strategist, Mount Royal University’s Business Analysis program provides the methodology to drive organizational change. For the builder, SAIT ensures the physical reality matches the financial dream. And for the community entrepreneur, Momentum provides the essential grounding to turn ideas into livelihoods.

By understanding the distinct focus of each of these educational pathways, students and professionals can strategically acquire the skills needed to navigate the complexities of the feasibility study, ensuring that their projects—and their careers—are built on a foundation of solid evidence and sound judgment.

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