Which of the following statements about the financial feasibility report is TRUE?

a$.$ The financial feasibility report must be developed by an external consultant.

b$.$ Since the purpose of the financial feasibility report is to preliminarily assess the feasibility

of the project, no detailed cash$-$flow analysis is needed.

c$.$ An analyst must use both objective information and subjective judgment in developing the

report.

d$.$ Financial feasibility is the first to be evaluated in a feasibility study and therefore is the

most elaborate and important element of the feasibility report