Final answer:
A pre-feasibility study is an initial evaluation to determine whether a full feasibility study is justified, by assessing the project's potential and viability at an early stage.
Step-by-step explanation:
The pre-feasibility study is a preliminary study conducted to assess whether it is worth the time and resources to proceed with a full feasibility study. It involves a cursory review of the project’s logistics, market, financial, technical, and legal aspects to determine the project's viability at an early stage. This initial evaluation helps in deciding whether or not to invest further in more detailed explorations and preparations.
A pre-feasibility study can help avoid the costs associated with a full feasibility study when the preliminary findings indicate a low probability of project success. It also assists stakeholders in making informed decisions on whether to continue with the project development process. For example, if the preliminary studies show that the market is not favorable or the technical requirements are not feasible, a company might decide to halt further investment and seek alternative solutions.
In the context of the student’s question, the appropriate description for a preliminary study assessing the need for a full feasibility study would indeed be a pre-feasibility study.