Professional Practice Architecture Practice Test

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What is the term for the detailed analysis of a project’s viability requested by a client?

Consultation
Feasibility Study
Value Management
Risk Assessment

The correct answer is: Feasibility Study

The term for the detailed analysis of a project’s viability that is often requested by a client is a feasibility study. This process involves a comprehensive evaluation to determine the project's likelihood of success. It typically assesses various factors such as economic viability, legal requirements, technical capabilities, operational aspects, and scheduling constraints to evaluate whether the project should move forward. The feasibility study helps stakeholders make informed decisions by providing insights into potential obstacles and the overall practicality of the project based on current conditions and projections. In contrast, while consultation might involve discussions and advice regarding the project, it does not specifically analyze viability. Value management focuses on improving the value of a project through systematic review and analysis of its components, emphasizing cost-effectiveness and utility rather than direct viability analysis. Risk assessment involves identifying and evaluating potential risks involved in the project but does not encompass the broader scope of checking overall feasibility as a feasibility study does.