A feasibility study is an engineering study based on test work and engineering analysis, and presents enough information to determine the project's suitablity to be advanced to the final engineering and production fabrication stage. Key components in the feasibility study are the design, production schedule, a detailed process flow sheet, consideration of environmental issues, detailed capital and operating cost estimates, and an economic model of the project.
The consequences of not adhering to these steps are project delays and increased costs, including lost opportunity costs. Experience has shown that skipping the pre-feasibility study does not save time or money because issues that should have been identified early in the process were not found, creating delays while these issues are analyzed and addressed, ultimately increasing costs.
WESTEST has broad and deep experience in conducting feasibility studies that will optimize the path from concept to production.