The steering committee usually makes the preliminary decision to accept or reject a completed feasibility study. The steering committee-which has been working closely with the consultant-has the most knowledge of the feasibility study and thus should make a recommendation to accept or reject the study. The final decision then rests with the entire group after a full discussion.

The decision to accept or reject a consultant's work should not be influenced by the findings of the feasibility study, but rather by its quality. A well-crafted, but negative, study can prevent learning the same information later in the project process at considerable trouble and expense. By the same token, a feasibility study with positive returns should not be accepted merely because it makes the project seem possible. Thus, the primary objective of the study is not to promote the business start-up but rather to provide an honest evaluation of the project's feasibility; that is, its prospect for success.

Study approval should be based on the study's technical merits. Does it fulfill the work expectations that the group had when contracting with the consultant? Are the study assumptions reasonable and well explained? Is the project conceptualized in a manner very similar to what the steering committee communicated? Does the study contain significant facts, analysis, and accuracy? Is the study sufficiently comprehensive for a full analysis of the project?

If key information is lacking or not felt to be properly analyzed, the study should be revised. If the committee thinks that other marketing avenues should be explored, or that changing conditions warrant further study, for example, then it should ask for those analyses to be done.

In most cases, if major changes occur to the project idea as presented in the feasibility study, the group should have the consultant revise it to reflect these changes or initiate a new study. This permits the group members to make decisions with all applicable information.