Scoping of Feasibility Studies

How often does one hear that a recent feasibility study was not a success? Alternatively, when scope of the feasibility study was sent out to tender there was a large discrepancy in tendered prices. If the tendered prices were to be compared to the consumer market, for instance the purchase of a car, where the concept is transport in a controlled and safe manner, prices vary by large factors, but then so do the specifications. In the case of a feasibility study, prices should be within a tighter margin as the tenderers are all quoting against the same concept and specification. Why do these discrepancies occur? Price discrepancies will in every likelihood be attributed to two main factors; one, the perceived amount of work and two, the ability of the bidder to carry the risk associated with the feasibility study. It is, therefore, important that the scoping of the feasibility study covers the detailed requirements as clearly as possible stating what level of accuracy is required. The feasibility study is one of the first activities in the life of a project. The study, like the project it is investigating, is subject to the constraints of time, cost and quality. Its primary objectives are to demonstrate the viability of a project within the outlined scope and constraints.