7 signs your feasibility study is outdated

An outdated study can still look professional. The fonts are fine. The IRR is to two decimals. The problems are structural — and they show up the first time someone asks “what if?”

The seven warning signs

• The model and the deck disagree, because they were last reconciled last Tuesday.
• Every asset type uses the same revenue block with the labels crossed out.
• There is no named downside case — only a single “base” that is already optimistic.
• Financing is a plug, not a schedule with escrow, draws, and covenants.
• Market commentary could apply to any city in the region.
• Changing one assumption takes a day and a new PDF export from three tools.
• The file lives on one laptop, with no audit trail and no way to rerun it next quarter.

What to do instead

Put the engine, the scenarios, and the narrative in one system. Keep data in your own vault. Regenerate the pack when the world moves — do not freeze a week-three PDF and hope the market waits.

If you’re still doing feasibility studies the old way, you’re losing time and money — usually before you notice the IRR was stale.