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Feasibility and Economic Studies

Feasibility and economic studies can vary significantly in scope and complexity. The usual purpose is to evaluate the different operaztion or business decisions available to the client. These comprehensive studies incorporate different parameters such as available processing technologies, capacity and ratio constraints, and economics. 

The objective of feasibility and economic studies is to determine what is the best decision under a given set of circumstances. The client typically requests these studies to obtain thorough decision-making information. Examples of the types of decisions feasibility and economic studies provide information for include:

·        What is the best implementation option for a new idea?
·        What modification will best allow a plant to meet new production requirements?
·        What operational and economic risks does a discretionary capital project contain?

Good feasibility and economic studies are the result of a comprehensive evaluation of options available to the client. Available process technology usually bounds the scope of the project; constraints specific to the client’s technology situation further narrow the options available. During the course of a study significantly superior options may become apparent and it is the responsibility of those doing the study to inform the client of such options.

Sensitivity analysis is a major part of a good feasibility and economic study. In any given study there are many assumptions made. These assumptions include both process unit performance and market-place forecasts, which include supply,demand and price assumptions. Testing an apparent result's sensitivity to the most important of these assumptions is critical. Without a quality sensitivity analysis, a feasibility and economic study is incomplete at best and possibly misleading. With it, the client has a high degree of confidence in a decision to proceed or redirect resources.

Refinery Consulting is well suited to provide feasibility and economic study services. Our proprietary modeling and optimization software allow us to conduct studies with greater efficiency than our competition. That translates into two major benefits for our clients: the first is a saving of the client’s time and money, especially with a limite staff; the second is an excellent sensitivity analysis that provides the client with a clear understanding of the risks involved with the project. This latter benefit is often the most important result of a feasibility and economic study.