This stage is referred to as the project planning stage. The beginning of this phase is defined as the point at which one alternative evaluated during FEL 2 has been selected for further definition, with the goal of taking it to an authorization board for funding. During this phase, most project teams grow in size due to the increased amount of engineering work to be completed prior to authorization.
The goal of FEL 3 is to develop a set of engineering documents (design basis package) that incorporate site-specific conditions and a plan for executing the project, such that reliable cost and schedule estimates can be established. Typically at the FEL 3 stage the cost estimates reflect an accuracy of between ±10 to 20 percent accuracy. The product of this phase will allow a detailed package to be presented at the authorization gate. The specific deliverables for the FEL 3 stage are:
The end of FEL 3 occurs when the project is authorized and the project team receives funding to move into detailed engineering.
IPA offers Overall Assessments and Specialized Analyses for capital projects nearing the end or at the end of the FEL 3 stage that can aid business in determing if a particular capital project is ready for full-funds authorization, as shown below:
Prospective Analysis
Assess a project's readiness to move into execution, predicts the project cost, and estimates that project's operability outcome
Team Functionality Assessment
Helps project teams understand if the team is working well together and if the project team members perceive they have the basis to function effectively to deliver the project
Detailed Cost Analysis
More in-depth analysis that looks at cost as well as labor hours and quantities of materials