FEL is more than just a cost estimate on a project. It is deep analysis to lay the groundwork and technical details after the conceptual development or feasibility study of a project. It provides a wide picture to the investment firm, or owner(s) so they can have a “big picture” view of every project phase that will follow along with schedule and cost and impact. It precedes EPC (Engineering, Procurement, and Construction).
Project management means that all levels of a project will be addressed, managed and executed. This includes the management of engineers and engineering projects, but also includes things like project management basics, methodologies, lifecycle, the necessary tools, team collaboration, schedules and more.