Distinguish between initial investigation and feasibility study. In what way are they related?
Initial investigation and feasibility study are two distinct activities conducted during the planning phase of a project.
Initial Investigation: It refers to the preliminary examination of a project idea or proposal to gather information and determine its potential viability. The main objective of an initial investigation is to identify problems, evaluate opportunities, and assess the overall feasibility of the project. This stage involves conducting research, interviews, and analysis to understand the project's purpose, objectives, and potential challenges. The outcome of an initial investigation is a report that outlines the initial findings, project scope, and potential risks.
Feasibility Study: It is a detailed analysis and evaluation of a project's feasibility based on various factors such as technical, economic, legal, operational, and scheduling aspects. A feasibility study aims to determine the project's practicality and likelihood of success. It examines the project's requirements, costs, benefits, potential risks, and alternatives. The feasibility study provides decision-makers with comprehensive information and recommendations to determine whether the project should proceed or not.
Relationship between Initial Investigation and Feasibility Study: The initial investigation is the first step taken before conducting a feasibility study. It helps in identifying the need for a project and determining whether it is worth pursuing in more detail. The findings from the initial investigation act as inputs to the feasibility study. The feasibility study builds upon the initial investigation by conducting a more comprehensive evaluation of the project's technical and financial feasibility. Thus, the initial investigation acts as a precursor to the feasibility study, providing the basis for further analysis and decision-making.