Distinguish between initial investigation and feasibility study. In what way are they related?
Initial Investigation:
- Initial investigation refers to the process of gathering preliminary information and data to assess the potential need or problem that requires attention.
- This stage involves identifying and analyzing the situation, collecting relevant facts and figures, and determining the scope of the project.
- The main purpose of the initial investigation is to establish whether a problem exists and whether it is worth pursuing further.
Feasibility Study:
- Feasibility study is a more detailed and in-depth analysis conducted after the initial investigation to evaluate the practicality and viability of a proposed project.
- This study examines various aspects such as technical, economic, legal, operational, and scheduling factors to determine if the project can be successfully completed.
- Feasibility studies are used to assess the profitability, risks, and benefits associated with the project, and often involve creating alternative scenarios and performing cost-benefit analysis.
Relation between Initial Investigation and Feasibility Study:
- The initial investigation is a precursor to the feasibility study as it helps identify the need for a project.
- The information gathered during the initial investigation informs and provides the foundation for conducting the feasibility study.
- The results of the initial investigation are further analyzed and assessed during the feasibility study to determine the viability of the project.
- In a way, the initial investigation sets the stage for the feasibility study by identifying the problem and gathering preliminary data, which then leads to a more detailed and comprehensive assessment in the feasibility study.