Depending on the size of the project, an order of magnitude study may be carried out by a single individual.
It will involve a preliminary mine plan, and is the basis for determining whether to proceed with an exploration program, and more detailed engineering work.
Order-of-magnitude studies are developed by copying plans and factoring known costs from existing projects completed elsewhere and are accurate to within 40–50%.
Preliminary feasibility studies are completed by a small group of multi-disciplined technical individuals and have an accuracy within 20-30%.
A detailed feasibility study will be the basis for capital appropriation, and will provide the budget figures for the project.