QUESTION $1$: $(20$ points; $5$ points each$)$

a$.$ Why is it important to have demand module in a pre$-$feasibility of a project? What

information does it provide?

b$.$ What are the main differences between a pre$-$feasibility study and a feasibility study?

c$.$ Why should a project evaluation be carried out in stages?

d$.$ To measure the incremental benefits and costs of a project, should an analyst consider the

$$before and after$$ or the $$with and without$$ perspectives? Why?