project life 1

abd34711

In a nutshell, a feasibility study is an early study to determine, among other things, if the project is feasible or not and would include a conceptual design, enough of a design to do a cost estimate (level of accuracy is detemrined by the amount of cost the owner is willing to spend on engineering). It may even be a series of studies to determine concepts and/or alternatives. This study would then be used to do an overall financial analysis of the project to determine if the revenue expected will make it worth the time & money.

FEED is Front End Engineering & Design, typically that is the next step. Once a project is detemrined to be feasible or a good idea that it is, FEED is done to further define the project, along the way cost estimates are continually done as more details on engienering is completed. Sometimes one of the FEED deliverables will be a tender package for the next phase.

The next phase is where you get to the EPC (Engineer, Procure, Construct), although that is only one of many contracting strategies that could be used. There are many variations of the EPC, depending on a multitude of factors.

Greg Lamberson, BS, MBA
Consultant - Upstream Energy
Website:

abd, the project phases are: Conceptual, Feasibility, Definition, Implementation, and Startup/Closeout. Each facility I've worked in used the same process but the jargon is a bit different from place to place. With each phase, more definition or detail is gained and successive engineering estimates remove uncertainty about cost. Some will claim their project processes and terminology are proprietary but they aren't. They are derived from the PMBOK. The only place I've seen anything unique was my first employer and they developed their stuff long before PMBOK. Their project processes were more streamlined (fewer phases) and used different jargon.