Project Feasibility Study
A Feasibility Study is a preliminary analysis performed in the conceptual design engineering stage to assess and evaluate the viability of a new project or system and focuses on technical feasibility and commercial profitability.
Conceptual designs that are scalable drawings and define the basic parameters of the project are also part of the exploration of ideas. They are usually void of detail, dimensions, and technical notes so they can be reviewed and modified with ease.
Capital cost and cash flow estimate
For optimum project outcomes, initial project cost estimates and budgets should account for important process considerations that should be evaluated early in project development including the following: a realistic schedule, master planning of the scope and schedule, accommodations for future flexibility, thorough understanding of flows of work in order to design effective layout and configuration for optimum operability and maintainability, process and equipment redundancy, materials of construction, component selection and quality of equipment, level of automation, and utilities and ancillary systems.
Due diligence
Due diligence and technology search encompasses the legal, economic, technology, cost and schedule, environmental and other factors up to the completion of project as well as the commercial operations. Investigative analysis to access plans for recouping expenditure will inform risk management plans.
Preliminary Engineering
Preliminary Engineering builds on the work completed in the conceptual engineering and design phase to develop a complete package required to procure detailed design or design-build services. It will include the project description, basis of design, process layout, equipment schedules, process and instrumentation diagrams, functional description of process controls, materials of construction, and a performance-based specification. The specification package will define required contractor submittals. The performance-based specification describes expectations for service life of equipment, workmanship, operability, maintainability, capacity, reliability, efficiency, and other performance goals of the processes and systems.