A prefeasibility study for a new renewable energy project is nearing approval.

Conducting feasibility studies is a critical part of project management to ensure that a project is viable and can proceed successfully. According to best practices, it is advisable to obtain approval to conduct the feasibility study in parallel with the prefeasibility study. This ensures that the project timelines are maintained without delay. The feasibility study is an essential step that should not be skipped or merged with the prefeasibility study, as it provides a deeper level of analysis regarding the project’s viability12. References: “Using Feasibility Studies in Project Management [2024]” by Asana1; “What Is a Feasibility Study? How to Conduct One for Your Project” by Jennifer Bridges2.