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PASSAGE

Chinese Restaurants: A Good Business Opportunity Deepak & Nandan both want to start their own businesses. On conducting an environment & industry analysis & a market study, they found that there is a demand for Chinese food and the market seems quite large. The market study revealed that customers are looking for restaurants that offer fun family dining at a reasonable price in key locations. Presently, there is no competition in lower to medium price range in those locations. Now Dipak & Nandan both want to start a chain of mid $-$priced Chinese food restaurants in key locations. Nandan is a successful investment banker with an experience of $6$ years. He conducted the environment and industry analysis of the project, but he has no background in hospitality and no particular passion for food. Deepak started his career in a junior position in the hospitality industry and is now the operations manager at a well $-$known, high $-$end Chinese restaurant. He has a successful track record of managing restaurants and a strong

Read the following passage to answer the given questions based on ic$.$

From the following which is not the element of project formulation? OPTIONS

Feasibility analysis

Input analysis

Project appraisal

None of the above