Project evaluation is completed through individual studies covering technical and financial aspects of the mine to market. These studies are completed at various levels of detail depending on where the project evaluation is in the project's life cycle. The competency of the studies varies in relation to the quality of data, level of the skills employed, control, management and reporting structure._x000D_
The focus of this paper is managing elements of the study, looking at the cost of opportunity to influence the project, against the value added. Selection of the study manager and study teams is central to getting an integrated project evaluation addressing the correct issues completed on time. Retention of key personnel can reduce rework which, in turn, can reduce time and cost impacts._x000D_
It is important to have a work breakdown structure at the outset so that the study teams have a common numbering and naming system that will integrate areas, equipment, budgets estimates and accounts._x000D_
Having set up the evaluation groups and provided training in the study procedures, understanding the scope and schedule are vital elements in producing a project evaluation that addresses the opportunities and the risks of the final project. Arriving at an accurate capital budget requires integration of the research controlled through common systems. Project evaluation process must also address how the project is to be delivered._x000D_
FORMAL CITATION:Northcote, A E A, 2007. Managing the study risk, in Proceedings Project Evaluation 2007, pp 223-228 (The Australasian Institute of Mining and Metallurgy: Melbourne).