Final answer:
In deciding to proceed with a project's design, one should conduct a Cost/Benefit analysis, develop a graphical representation, and create a cost estimate using available information; thus, the answer is 'D) all of the above'.
Step-by-step explanation:
When deciding whether to proceed with the preliminary and final design of a given project, several elements should be considered. These include a Cost/Benefit analysis, creating a graphical representation of the project, and developing a cost estimate based on the conceptual level information available. As such, all the mentioned options (A, B, C, and D) are correct.
A Cost/Benefit analysis involves comparing the sacrifices and gains involved in a project decision, using a T shaped chart to list costs on one side and benefits on the other. This includes examining marginal costs and benefits to decide if the additional unit or factor is worth the investment. During the design process, mathematical models may be employed to estimate costs and compare them against the benefits derived from the project, helping to guide decision making.
Graphical representation, such as sketches or more detailed drawings, are crucial in understanding and exploring the design concepts and their strengths and weaknesses. Alongside this, a precise cost estimate is crafted, which will become increasingly vital as the project moves from conceptual to detailed design stages. Such estimates encompass materials, fabrication, operation, and maintenance costs, normalized for comparison purposes.