An Opportunity Study is executed in the earliest phase of a project. The scope of the study covers a first investigation of a project idea or the identification of opportunities.
General Opportunity Studies identify investment possibilities. Project ideas in a certain region, for a certain industry or based on available raw materials are investigated.
Specific Opportunity Studies are related to an already specified project which will be developed into a specific project proposal. One or more products are selected, and the possibilities of these products are investigated in order to decide if it is worth taking further steps.
In both cases, the studies are completed rather quickly. The scope of the project will be defined. This includes identification of the consumers and their requirements as well as the needs of the Client. Some principle technical information might already be included.