WHAT IS A FEASIBILITY STUDY ?
The most important thing to understand about this plan is that it is not static but totally dynamic and one that is continuously changed and updated until it is either abandoned or complete.
As the plan is based on continuous change and development it is always carried out in Stages. The GOLDEN Rule is that each and every stage must be 100% complete before proceeding to the next Stage. Whenever this GOLDEN rule is broken the project will be out of control and probably be a disaster.
The Stages are given different names - depending on the Industry - but any difference are semantic as the same basic process is repeated - no matter whether it is Construction, Finance, IT or Oil and Gas.
They are all called different names - depending on the Industry - but there are always 5 Stages:-
BE INCLUDED IN Stage 1 ?
This document is always produced at the start of any Project Development Process it is called many different names depending on the industry involved - as shown in the table above - You can see why confusion reigns!
There should be 3 primary elements in Stage 1 and these are:-
1.1) The Identification of the Problem or Oppportunity
Just remember that if the Concept is difficult to explain or describe YOU do not understand what the real problem or opoortunity is!
1.2) The Identification of the Project Objectives and the Scope that will Solve the Problem or provide Profit from the Opportunity
1.3) Why it makes Sense for the Project Promoter to pursue the Objective (Strategic Fit in Corporate Speak!)
WHAT SHOULD BE INCLUDED IN Stage 2 ?Source: www.feasibilitystudyexpert.com