Question

Discuss the importance of pre-feasibility, feasibility studies and technical analysis is ensuring success in the operational phase of the project.

Answer 1

For an operational phase of the project to be studied, it is important to conduct a pre-feasibility study, a feasibility study and technical analysis of the project to effectively manage and direct the operational phase of the project.

1. A pre feasibility study is a kind of preliminary study which is undertaken to analyse, determine and select rhe best business scenearios of the project. This study is important because in this kind of study, we assume that we have many alternative business scenarios available with us which helps us to understand which alternative is the best to determine the future of the operational phase of the project both financially and technically.

2. A feasibility study on the hand refers to the analysis that would effectively take all the relevant factors into the account of study and thus on overlook of these factors is determined to check how effectively is the project going. These factors include the technical, legal and economical considerations to ascertain of how the likelihood of this completion of the project is going.

3. At last, the technical analysis is the study that represents the technical as well as the engineering aspects of the project of it is being working, examined and is being formulated. These technical aspects are important to understand the various dimensions of the technology and how the project is being affected because of all these factors. It also helps in finding the effective pre-requisites for the commissioning of the project.