Project Engineering 101 - FEED, page-2

I am not sure what industry you come from professor, but I have been involved with innumerable PFSs and FSs in the iron ore industry and there was never a separate "FEED". Ever. "Preliminary engineering" is done in the PFS. Industry standard is a +/-10% accuracy for FS, not 15%.

And to just show what strange track you're up, a DFS is a construct of marketeers - there is only ever an FS - by definition, an FS is definitive! When that FS is given to a financial institution for their DD, and that DD requires changes/additions, the bank (not the company!) may term it a BFS when it is signed off by them as a study they are willing to fund on.

I agree that a FEED is a normal deliverable requirement for funding, but teasing out what should have been part of the FS is a construct by people to either a) get more consulting work, or b) going into detail and breaking down the FS process to give people the impression they are doing something. In SDL's case its probably both.