The alternatives analysis phase provides an orderly opportunity to refine the brainstorming process by examining approaches to the objectives of a proposed project and to examining finances to select the optimum business and technical solution. This phase is vital to project development as it establishes long-term direction. This is pivotal to the "go-no go" decision step, as well as to its capacity to achieve goals by progressing through the supply chain.

The "up-front planning" protocol allows project evaluation team members to collaborate in the development of alternative solutions and approaches. It lets participants impart their perspective and develop "buy-in" on business and technical alternatives pursued through Phase 3: Front End Engineering.

Project Deliverables - Phase 2

1. Approval of project charter
2. Process License package(s) (if needed)
3. Engineering studies
4. Preliminary work breakdown structure
5. Preliminary HSE assessments
6. Scope of work for Phase 3
7. Decision and risk analysis
8. Milestone schedule
9. Cost estimate (+/- 30%)
10. Updated preliminary project execution plan
11. Approval of technical and business objectives and considerations
12. Engineering contracts (if needed)