Definition:
A project management process involving thorough planning and design at the early stages of a project to minimize risks and ensure alignment with business objectives. FEL is typically divided into phases (FEL-0 through FEL-3), each with specific deliverables and decision points.
Key Components:
- FEL-0: Business Opportunity Identification
- FEL-1: Conceptual Development and Feasibility Assessment
- FEL-2: Scope Definition and Preliminary Design
- FEL-3: Front-End Engineering Design (FEED)
Use Cases/Industries:
- Energy Sector: Oil and gas exploration projects
- Petrochemical Industry: New plant developments
- Pharmaceuticals: Facility expansions
Advantages:
- Risk Mitigation: Identifies potential issues early
- Cost Control: Improves budget accuracy
- Stakeholder Alignment: Ensures all parties are on the same page
Challenges:
- Resource Intensive: Requires significant upfront investment
- Time-Consuming: Extensive planning can extend project timelines
Related Terms:
Front-End Engineering Design (FEED), Stage-Gate Process
Example:
A petrochemical company employs the FEL process to evaluate the feasibility of constructing a new processing plant, ensuring all potential risks and costs are assessed before proceeding.
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Synonyms:
Front-End Planning (FEP), Pre-Project Planning (PPP), Early Project Planning
