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Call Us Today: +1 866 205 2414
Studies are the foundation of every capital project. They justify investment, inform approvals, shape execution strategies, and define long-term project economics. Yet across mining, infrastructure, and energy sectors, study quality remains a persistent blind spot.
Many studies check the necessary boxes—but few deliver the kind of clarity, confidence, and alignment needed actually to move projects forward. Assumptions go unchallenged. Scopes are vague. Risks are generalized. Execution realities are ignored. The result is a document that may satisfy compliance requirements, but fails to mitigate the project’s risks in any meaningful way.
At TMG, we believe that study quality is not just a technical concern—it’s a strategic one. A high-quality study does more than present a concept. It connects that concept to real-world deliverability, ensuring that stakeholders, investors, and project teams are aligned from day one.
Poor study quality is one of the most underappreciated factors contributing to failure in capital delivery. At first glance, studies appear complete: tables, diagrams, financial models, risk registers, and technical appendices. However, beneath the surface, there are often deep-seated issues—ranging from vague execution strategies to unrealistic procurement timelines to outdated assumptions about labor and logistics.
These flaws don’t show up immediately. They surface during execution—when budgets start to drift, schedules get reworked, and contractors struggle to interpret design intent.
According to a 2022 report from IPA (Independent Project Analysis), over 60% of capital projects that exceeded their budget by more than 20% could trace the root cause back to incomplete or overly optimistic assumptions made during the study phase.
This is not a technical oversight—it’s a governance failure. And it’s entirely avoidable.
Strong studies do more than define what could be done. They prove what should be done—and how it can be delivered with confidence.
Here’s what elevates a study beyond box-checking:
High-quality studies are not theoretical. They’re grounded in the realities of construction, procurement, labor, and logistics. They don’t simply outline scope—they translate that scope into phases, workfronts, and buildable sequences.
Alignment with execution also means incorporating feedback from those who will ultimately deliver the project. If the people who built the work weren’t consulted during the study phase, the plan is already at risk.
A fundable study doesn’t bury its assumptions—it highlights them. It clearly outlines inputs for pricing, productivity, supplier availability, regulatory approval windows, and other relevant factors. The assumptions are realistic, current, and validated through market feedback or vendor engagement, rather than relying solely on legacy data or internal estimates.
When assumptions are transparent and defensible, they build trust with investors, internal leadership, and future project teams.
All studies identify risk. However, only high-quality studies demonstrate that these risks are understood, quantified, and actively managed. It’s not enough to acknowledge uncertainty—strong studies outline how that uncertainty will be addressed, who will own the response, and how much contingency is embedded in the model.
Good risk analysis anticipates where drift will begin—and builds structure to prevent it.
Capital decision-makers aren’t just looking for upside—they’re looking for confidence. Strong studies present conservative, well-structured financial models that reflect realistic timelines, tested assumptions, and transparent sensitivity analyses. They’re prepared to defend every number, every variable, and every projected return.
They don’t try to impress—they try to inform. And that’s what investors respect.
Study development isn’t just about technical validation. It’s about creating a platform for reliable execution. This is where many organizations fall short. They treat the study phase as a compliance or financing requirement, not as a foundational layer of delivery discipline.
A thorough study provides the project team with a clear playbook. It defines what success looks like, what must be true to achieve it, and how the organization will respond when conditions change.
It’s not just a snapshot. It’s a blueprint.
At TMG, we help project owners build studies that withstand scrutiny—not just from internal stakeholders, but from investors, board members, contractors, and regulators.
We embed execution expertise early in the study development process, ensuring that the plan is connected to the realities of field delivery. Our approach includes:
We don’t author studies from scratch—but we make sure the studies you commission or manage are complete, defensible, and fit for purpose.
A common mistake is assuming that improving study quality means adding more detail, more contingencies, or more engineering. But overdeveloping a study, especially at early stages, can burn time and budget without improving actual outcomes.
TMG helps clients find the right balance. We know how to elevate quality without overengineering. That means focusing effort where it drives value—clarifying assumptions, tightening scope definitions, and reducing ambiguity—while avoiding unnecessary complexity that slows progress or confuses decision-makers.
The goal isn’t perfection. The goal is confidence.
When a study is strong, everyone knows it. Internal leaders feel clear about the plan. Investors understand the path to return. Project teams can translate it into action. And contractors think they’re bidding on something that can be built, not guessing what’s missing.
Strong studies are what unlock capital. They are what convince hesitant boards. They are what create alignment before execution begins. And most importantly, they reduce the number of things that go wrong after ground is broken.
If your study is already underway—or if you’re evaluating whether a completed study is strong enough to proceed—TMG can help.
We bring a field-first lens to study validation, risk alignment, and project planning. Whether you need an objective review, integrated support, or a structured partner to guide your team through the study-development phase, we’re here to help raise the bar before the next phase begins.
Contact a TMG expert today at www.tmgcorporation.com to discuss how we help projects succeed by improving study quality before costly execution risks take hold.
TMG specializes in executive and operational consulting for the Mining, Energy, and Infrastructure sectors. We provide tailored oversight and strategic guidance across all project stages, ensuring optimal outcomes from conception to execution.
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