Recently, the technical objectives of ITER were redefined aiming at a cost reduction of ~50% from the 1998 ITER design. Machine parameters that would satisfy the revised technical requirements under the engineering constraints were specified using a system code. The performances of the 1998 ITER and a redefined machine were studied and compared. As a result of these studies, final machine parameters were determined with revised conservative physics assumptions. This redefined machine is referred to as ITER-FEAT. It was shown that ITER-FEAT would achieve Q = 10 in inductive operation with reasonable and conservative assumptions. Also, with an efficient current drive system and modest confinement improvement, the possibility of Q = 5 noninductive operations in a steady state was shown.