Budget level estimates are prepared for the necessary phases and the financial implications (revenue vs. costs) are estimated. Estimates are prepared to a level of detail (usually 25 – 30%) to give management enough confidence for a go/no-go decision. Metrics such as Net Present Value, Internal Rate of Return, and Payback Period are used to give management a picture of what the cost-benefit equation looks like. Often, but not always, outside consultants are hired for feasibility studies.