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. It often involves comparing various options, using economic appraisal or some other decision analysis

Decision analysis

Decision analysis is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner...

technique.

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
• Economic appraisal
  • Cost-effectiveness analysis
  • Scoring and weighting