Feasibility Studies - Scope and Accuracy

Feasibility is a value improvement process for projects. At any stage in project development, a feasibility study can be undertaken, but although the scope generally remains unchanged the extent of detail and level of accuracy usually increases with time. The main scope elements are a business definition, project description and an execution plan. The studies are designed to assess the potential of the project and to secure funding for on-going examination. Invariably, the investigations loop back to earlier stages to establish more appropriate development criteria but a critical stage is reached when a project construction decision is requested. This feasibility study requires very detailed presentation and analysis to a higher accuracy for the owner(s) and their potential lender(s).