Project appraisal

Project appraisal is a generic term that refers to the process of assessing, in a structured way, the case for proceeding with a project or proposal. In short, project appraisal is the effort of calculating a project's viability^[1]. It often involves comparing various options, using economic appraisal or some other decision analysis technique^[2][3].

Process

• Initial Assessment
• Define problem and long-list
• Consult and short-list
• Develop options
• Compare and select Project

Types of appraisal

• Financial
  • Cost-benefit analysis^[4][5][6]
• Economic appraisal^[7]
  • Cost-effectiveness analysis
  • Scoring and weighting

References

1. ^ John Filicetti (August 2007), PMO and Project Management Dictionary, http://www.pmhut.com/pmo-and-project-management-dictionary 
2. ^ Cost-Benefit Analysis, 2nd edition, (2001) by Boardman, Greenberg, Vining, and Weimer, ISBN 0-13-087178-8 Pearson Education, Prentice Hall.
3. ^ Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, and David L. Weimer, (1996) Cost – Benefit Analysis: Concepts and Practice, 1st Edition, by <http://www.prenhall.com/books/be_0135199689.html>.
4. ^ Hanley, N and Spash, C (1993). Cost Benefit Analysis and the Environment. Edward Elgar. Cambridge University Press.
5. ^ Brent, Robert J. Cost-Benefit Analysis for Developing Countries. Edward Elgar Publishing. Overseas Development Administration. Appraisal of Projects in Developing Countries. A Guide for Economists. HMSO Publications.
6. ^ Layard, Richard and Glaister, Stephen (eds) Cost-Benefit Analysis. Second edition. Cambridge.
7. ^ Kohli, K. N (1993). Economic analysis of investment projects: a practical approach. Oxford University Press.