Project Development Process
From start to finish
The project development process covers various aspects across the new venture and project phases. Strategy creation requires input from shareholders, stakeholders, specialists, external parties in order to map all requirements, options, opportunities and risks.
During Concept Definition a Basis of Design (BOD) needs to be developed from the selected concept which will further developed into a Basic Design Package(s) (BDP). The BOD & BDP(s) will be further detailed in a Project Specification or FEED Package.
The front-end-loading process is one of the most important steps in project development because in this phase changes can be made relatively easy without major cost impact. The following picture indicates the importance of the FEL process.
Companies like Independent Project Analysis (IPA) provide various services to assist with FEL.