Commercial success requires careful planning: a thorough understanding of the market, a well-considered product, a capable team, the right timing — and, occasionally, a measure of good fortune.  While good fortune cannot be relied upon, these other factors must underpin project viability.  Gateway reviews should be used throughout the project lifecycle to validate progression from one stage to the next.

Key development gateways should include acquisition and project commencement, with further reviews tailored to the project’s needs.  The RIBA Plan of Work provides a strong starting point.  Different feasibility options should be explored during the initial stages and, where appropriate, revisited as the project develops.  Regular reviews of value, cost, time, finance, risk and opportunity will support investment decisions and authorise further expenditure.  To remain credible, these reviews must be evidence-based, ensuring that assumptions are realistic and well founded.

Giving equal consideration to opportunities and risks will create a balanced view of projected profit and return — or identify when it is better to pause, reassess and start again.  A sensitivity matrix can help quantify and visualise the potential upside and downside of changes in yield, rent, costs and other key inputs influenced by these factors.

The key is to test the plausibility of options and assumptions regularly, and to be willing to amend, update or revisit decisions and proposals as new information or external factors emerge.  By doing so, organisations can work effectively and efficiently towards delivering their expected outcomes — and potentially exceed them.