Feasibility Study Stage
Depending on the nature, circumstances, value and purpose of the project, each stage has its own importance and impact on the project as a whole, The feasibility study phase, followed up with initial studies, marks the starting point that will set the goal, enabling selection of the guiding ideas and subsequent engineering. The feasibility stage defines the goal as well as the economic feasibility of selected movement in any direction.
A thorough feasibility study conducted by an experienced and competent consultancy is characterized by full discussions and deliberation on all the relevant economic data, with the aim of making all the possibilities fully conscious and eliminating as far as possible any "surprises."
The purpose behind engaging a feasibility study through a competent consultancy is to enable emergence of a more fully-formed and grounded idea of what the owner or ownership group can reasonably expect. After this, the strategic decision must be taken as to whether to go ahead with the project, and — if so — when and how.
In the case of relatively large-scale projects, the selection by the owner or ownership group of the outfit that will conduct the feasibility study is critical, and within this the most critical factor is the consultancy’s track record and history with such projects. In today’s global marketplace, it often turns out that the best combination of skills will be found offshore, somewhere outside the home country of the owner or ownership group.